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EMED Mining, Oracle Coalfields, Sunrise Resources, SolGold and others feature in Fox-Davies Newsflash

Published: 09:43 25 Mar 2013 GMT

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Daily Mining Monitor

Avocet Mining PLC (LON:AVM) announced that it has completed discussions regarding financing with Macquarie Bank Limited and its largest shareholder, Elliott Management, which is the beneficial owner of 27% of the Company's shares.  The Company has executed financing agreements with both parties.  The successful completion of these discussions has resulted in funding being secured for 2013 activities at the Company's key growth projects - Souma and Tri- K, a reduced hedge book at the Company's cash generative Inata gold mine, and a reduction of the minimum cash balance requirement at Inata's holding company Société des Mines de Bélahouro SA ("SMB"). Key points include a new loan facility from Elliott of up to US$15M to fund completion of the Tri-K feasibility study and general corporate activities; 29,020 hedged gold ounces bought back for a consideration of US$20M, representing 17% of the previous total of 173,250 hedged ounces and the accelerated delivery of the remaining hedge gold ounces, reducing the hedge position to approximately 100,000 ounces by end of 2013 and eliminating it by 2016. Macquarie's current minimum cash balance requirement for Inata reduced from US$37M to its previous level of US$12M; and  Souma's planned exploration costs in 2013 of US$9M to be funded out of Inata's cash flow, subject to certain conditions agreed with Macquarie. Following the above hedge buy back, the Company has a cash balance of US$24.3M prior to the initial draw down on the Elliott loan facility. 

Amara Mining PLC (LON:AMA) announced an updated NI 43-101 compliant Mineral Resource estimate for its 90% owned Yaoure Gold Project in Côte d'Ivoire. There is now a 1.7M oz sulphide Inferred Mineral Resource delineated at Yaoure (34.6Mt at 1.52g/t, and the Indicated Mineral Resource has been upgraded to 0.3M ounces (8.0Mt at 1.31g/t). The resource grade is expected to be updated through definition of additional resources via in-fill drilling below the higher grade CMA North-Central pit. The Resource is open at depth and along strike with all 106 holes drilled in 2011/12 encountering mineralisation. Initial metallurgical test work has confirmed the non-refractory nature of the gold mineralisation with 94% recovery in a conventional carbon-in-leach circuit and a Preliminary Economic Assessment is expected to be completed in Q4 2013. 

Botswana Diamonds PLC (LON:BOD) announced its interim results for the 6 months ended 31 December 2012. The company reported an operating loss of £282K. The company has three programmes on-going in Botswana: a joint venture with a large diamond multinational to identify new diamondiferous kimberlites, an exploration programme on our wholly owned licences in the Orapa region and, finally, an option on 13 blocks in the Gope region of Botswana. Results from the first year's work with our international partner produced a series of targets in the Orapa region. We have applied for ground covering these targets and await the award of licences. It is important to note what is different about this approach. Our partner has a technology which they believe can identify diamondiferous kimberlites. The technology which has contributed to positive findings in a different global region is centred on the use of computer based algorithms and uses as much geophysical and geochemical data as can be gathered. It identifies very specific areas ranging in size from 3 sq km to 20 sq km.

Conroy Gold and Natural Resources Plc (LON:CGNR) announced that it has conditionally raised £573,183, through a subscription of 20,843,000 ordinary shares of EUR 0.03 in the capital of the Company at a price of 2.75 pence Sterling per share, a premium of 20.88 per cent over the closing mid-market price on 22 March 2013, being the last practicable date prior to the publication of this announcement.

EMED Mining Public Ltd* (LON:EMED) announced its audited results for the year ended 31 December 2012. The Andalucian Government key approvals required for the project restart have progressed as follows. The Environmental Plans (AAU): the complete report of AAU public comments from the Environment Ministry of the Junta de Andalucia was received in October 2012 and EMED has completed its responses to the few comments received from the public. The Department of Environment has drafted its conditions of approval to call for any final comments within 15 days from the seven third parties which made comments during the public review period; and all documents relating to the Administrative Standing in respect of legal, technical and economic capacities were updated as at the beginning of September, as requested by the regulatory authority, and lodged for final clearance. The Department has advised that the only outstanding requirements are: the approval of the AAU by the Department of Environment, and an opinion from the Central Government's technical review agency for civil engineering CEDEX (Centro de Estudios Experimentacion de Obras Publicas) with regard to the proposed conditions to be applied to the tailings deposit plan. Upon the setting of conditions to approval of the AAU, the Company will update the Restoration Plan so that it can proceed to public viewing and approval.

Oracle Coalfields PLC (LON:ORCP) announced that the Government of Pakistan has confirmed that equipment and machinery imported for mining activities at Thar Coalfield will be totally exempt from customs duties and related taxes. It is evidenced from the latest Notification from the Federal Government under reference S.R.O (Statutory Regulatory Order) 222(I)/2013 under the Customs Act 1969.  The expected exemptions covering mining equipment, spare parts and vehicles used in development of the Thar Coalfield have already been factored in to Oracle's financial planning and Implementation Plan, released in September 2012.

Paragon Diamonds Ltd***  (LON:PRG) announced that James Ede-Golightly has stepped down as Non-executive Director of the Board for personal reasons with effect from 22nd March 2013.  We thank him for his contributions and wish him every success in the future.

Rare Earth Minerals plc (LON:REM) announced that the Field Work programme has commenced on the El Sauz and Fleur lithium concessions that form part of the Sonora Lithium Project in northern Mexico. The Company will earn an initial interest of 10% in the Concessions with an option to earn up to 49.9% interest in the Concessions from Bacanora Minerals Ltd as announced on 14 February 2013.

Avocet Mining PLC (LON:AVM) announced that it has completed discussions regarding financing with Macquarie Bank Limited and its largest shareholder, Elliott Management, which is the beneficial owner of 27% of the Company's shares.  The Company has executed financing agreements with both parties.  The successful completion of these discussions has resulted in funding being secured for 2013 activities at the Company's key growth projects - Souma and Tri- K, a reduced hedge book at the Company's cash generative Inata gold mine, and a reduction of the minimum cash balance requirement at Inata's holding company Société des Mines de Bélahouro SA ("SMB"). Key points include a new loan facility from Elliott of up to US$15M to fund completion of the Tri-K feasibility study and general corporate activities; 29,020 hedged gold ounces bought back for a consideration of US$20M, representing 17% of the previous total of 173,250 hedged ounces and the accelerated delivery of the remaining hedge gold ounces, reducing the hedge position to approximately 100,000 ounces by end of 2013 and eliminating it by 2016. Macquarie's current minimum cash balance requirement for Inata reduced from US$37M to its previous level of US$12M; and  Souma's planned exploration costs in 2013 of US$9M to be funded out of Inata's cash flow, subject to certain conditions agreed with Macquarie. Following the above hedge buy back, the Company has a cash balance of US$24.3M prior to the initial draw down on the Elliott loan facility. 

Amara Mining PLC (LON:AMA) announced an updated NI 43-101 compliant Mineral Resource estimate for its 90% owned Yaoure Gold Project in Côte d'Ivoire. There is now a 1.7M oz sulphide Inferred Mineral Resource delineated at Yaoure (34.6Mt at 1.52g/t, and the Indicated Mineral Resource has been upgraded to 0.3M ounces (8.0Mt at 1.31g/t). The resource grade is expected to be updated through definition of additional resources via in-fill drilling below the higher grade CMA North-Central pit. The Resource is open at depth and along strike with all 106 holes drilled in 2011/12 encountering mineralisation. Initial metallurgical test work has confirmed the non-refractory nature of the gold mineralisation with 94% recovery in a conventional carbon-in-leach circuit and a Preliminary Economic Assessment is expected to be completed in Q4 2013. 

Botswana Diamonds PLC (BOD LN, MCap:£4.67M, 3.375p) announced its interim results for the 6 months ended 31 December 2012. The company reported an operating loss of £282K. The company has three programmes on-going in Botswana: a joint venture with a large diamond multinational to identify new diamondiferous kimberlites, an exploration programme on our wholly owned licences in the Orapa region and, finally, an option on 13 blocks in the Gope region of Botswana. Results from the first year's work with our international partner produced a series of targets in the Orapa region. We have applied for ground covering these targets and await the award of licences. It is important to note what is different about this approach. Our partner has a technology which they believe can identify diamondiferous kimberlites. The technology which has contributed to positive findings in a different global region is centred on the use of computer based algorithms and uses as much geophysical and geochemical data as can be gathered. It identifies very specific areas ranging in size from 3 sq km to 20 sq km.

Conroy Gold and Natural Resources Plc (LON:CGNR) announced that it has conditionally raised £573,183, through a subscription of 20,843,000 ordinary shares of EUR 0.03 in the capital of the Company at a price of 2.75 pence Sterling per share, a premium of 20.88 per cent over the closing mid-market price on 22 March 2013, being the last practicable date prior to the publication of this announcement.

EMED Mining Public Ltd* (LON:EMED) announced its audited results for the year ended 31 December 2012. The Andalucian Government key approvals required for the project restart have progressed as follows. The Environmental Plans (AAU): the complete report of AAU public comments from the Environment Ministry of the Junta de Andalucia was received in October 2012 and EMED has completed its responses to the few comments received from the public. The Department of Environment has drafted its conditions of approval to call for any final comments within 15 days from the seven third parties which made comments during the public review period; and all documents relating to the Administrative Standing in respect of legal, technical and economic capacities were updated as at the beginning of September, as requested by the regulatory authority, and lodged for final clearance. The Department has advised that the only outstanding requirements are: the approval of the AAU by the Department of Environment, and an opinion from the Central Government's technical review agency for civil engineering CEDEX (Centro de Estudios Experimentacion de Obras Publicas) with regard to the proposed conditions to be applied to the tailings deposit plan. Upon the setting of conditions to approval of the AAU, the Company will update the Restoration Plan so that it can proceed to public viewing and approval.

Oracle Coalfields PLC (LON:ORCP) announced that the Government of Pakistan has confirmed that equipment and machinery imported for mining activities at Thar Coalfield will be totally exempt from customs duties and related taxes. It is evidenced from the latest Notification from the Federal Government under reference S.R.O (Statutory Regulatory Order) 222(I)/2013 under the Customs Act 1969.  The expected exemptions covering mining equipment, spare parts and vehicles used in development of the Thar Coalfield have already been factored in to Oracle's financial planning and Implementation Plan, released in September 2012.

Paragon Diamonds Ltd*** (LON:PRG) announced that James Ede-Golightly has stepped down as Non-executive Director of the Board for personal reasons with effect from 22nd March 2013.  We thank him for his contributions and wish him every success in the future.

Rare Earth Minerals plc (LON:REM) announced that the Field Work programme has commenced on the El Sauz and Fleur lithium concessions that form part of the Sonora Lithium Project in northern Mexico. The Company will earn an initial interest of 10% in the Concessions with an option to earn up to 49.9% interest in the Concessions from Bacanora Minerals Ltd as announced on 14 February 2013.

SolGold plc (LON:SOLG) announced that recent follow-up channel sampling at its Alpala Prospect within the Cascabel Project in Ecuador has returned highly encouraging gold and copper assays from all follow-up trenching. These results significantly expand the area of mapped and mineralised porphyry gold-copper stockwork veining in the Alpala region. A channel sample intersection at Alpala, previously reported on 24th January 2013 (Trench TH46, previously labelled by SolGold as TR5: 46m grading 0.81 g/t gold and 0.59% copper), occurred in outcropping porphyry mineralisation within a copper-molybdenum-gold soil geochemical anomaly. Subsequent follow-up channel sampling (Trench TH57) 130m south-southeast of Trench TH46 yielded 45.50m grading 0.46 g/t gold and 0.25% copper.  The result has been calculated after the application of an upper Cu cut-off of 10% to one sample in the trench over 0.35m which returned 43.67% copper and 12.2 g/t gold.  Follow-up trenches TH56B and TH56C located 30m west of TH46 respectively assayed 21.45m grading 0.47 g/t gold and 0.42% copper, and 2.3m grading 0.30 g/t gold and 0.96% copper.  Another trench (Trench TH56A) located up to 80m northwest of TH46 yielded 56.93m grading 1.16 g/t gold and 0.30% copper.  A single channel sample (TH56D) collected from a fourth area 22m further west of TH56A assayed 0.32 g/t gold and 0.52% copper over 0.65 metres, confirming the mineralised stockwork is open to the west.  Additional stockwork veining has also been observed further south of the current area of channel sampling.

Sunrise Resources Plc (LON:SRES) announced positive diamond results from the recently discovered kimberlite float at Target 5 on its wholly owned Cue diamond project in Western Australia. The results released today are from a 46kg sample collected in early February 2013 as a composite of kimberlite float lying on surface over an area roughly 100m in diameter where the kimberlite float is dense and forms the majority of the surface float material. Key points include the Target 5 float sample (46.5kg) returns high microdiamond count (1.27 per kg). 71% of microdiamonds are white/colourless and 98% transparent. The stone size distribution shows potential for larger stones in larger samplesannounced that recent follow-up channel sampling at its Alpala Prospect within the Cascabel Project in Ecuador has returned highly encouraging gold and copper assays from all follow-up trenching.  These results significantly expand the area of mapped and mineralised porphyry gold-copper stockwork veining in the Alpala region. A channel sample intersection at Alpala, previously reported on 24th January 2013 (Trench TH46, previously labelled by SolGold as TR5: 46m grading 0.81 g/t gold and 0.59% copper), occurred in outcropping porphyry mineralisation within a copper-molybdenum-gold soil geochemical anomaly. Subsequent follow-up channel sampling (Trench TH57) 130m south-southeast of Trench TH46 yielded 45.50m grading 0.46 g/t gold and 0.25% copper.  The result has been calculated after the application of an upper Cu cut-off of 10% to one sample in the trench over 0.35m which returned 43.67% copper and 12.2 g/t gold.  Follow-up trenches TH56B and TH56C located 30m west of TH46 respectively assayed 21.45m grading 0.47 g/t gold and 0.42% copper, and 2.3m grading 0.30 g/t gold and 0.96% copper.  Another trench (Trench TH56A) located up to 80m northwest of TH46 yielded 56.93m grading 1.16 g/t gold and 0.30% copper.  A single channel sample (TH56D) collected from a fourth area 22m further west of TH56A assayed 0.32 g/t gold and 0.52% copper over 0.65 metres, confirming the mineralised stockwork is open to the west.  Additional stockwork veining has also been observed further south of the current area of channel sampling.

Sunrise Resources Plc (LON:SRES) announced positive diamond results from the recently discovered kimberlite float at Target 5 on its wholly owned Cue diamond project in Western Australia. The results released today are from a 46kg sample collected in early February 2013 as a composite of kimberlite float lying on surface over an area roughly 100m in diameter where the kimberlite float is dense and forms the majority of the surface float material. Key points include the Target 5 float sample (46.5kg) returns high microdiamond count (1.27 per kg). 71% of microdiamonds are white/colourless and 98% transparent. The stone size distribution shows potential for larger stones in larger samples

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