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SolGold, Forte Energy, Goldplat, Norseman Gold and others feature in Fox-Davies Newsflash



Daily Mining Monitor

Antofagasta (LON:ANTO) has released is 1Q’13 Production Report.

In this news:

Group copper production was 183,800 tonnes in Q1 2013, in line with our expectations. This represents a 12.8% increase on production in Q1 2012 mainly due to higher plant throughput at Esperanza. The 5.2% decrease in copper production compared with Q4 2012 is mainly due to the expected lower production at Los Pelambres as a result of major scheduled plant maintenance

Molybdenum production at Los Pelambres was 2,600 tonnes in Q1 2013 as expected, compared to 2,700 tonnes in Q4 2012

Gold production was 86,200 ounces in Q1 2013, marginally below the 86,400 ounces produced in Q4 2012

Group cash costs (net of by-product credits) in Q1 were 115.5 cents per pound, a 1.8% increase compared with Q4 2012 mainly due to increased cash costs at Los Pelambres, partially offset by lower cash costs at Esperanza

Group cash costs (before by-product credits) in Q1 were 171.7 cents, in line with Q4 2012 cash costs of 171.6 cents per pound

The Group remains on track for production forecasts for 2013 full year as previously guided.

Baobab Resources (LON:BAO) has appointed Dr Mohan Kaul as a Non-Executive Director to the Company with immediate effect.

Continental Coal (LON:CCC) has released its quarterly activities report.

In this news:

Production and operational improvements across all aspects of the Company's thermal coal mining operations in South Africa:

o Record total ROM coal production of 631,557t, a 35% increase on previous quarter

o Penumbra ROM coal production of 52,876t, a 99% increase on previous quarter

o Plant feed of 222,532t through the Delta Plant, a 26% increase on previous quarter

o Export yield of 71.3% on tonnes processed from the Ferreira Coal Mine

o Export yields increase by 46% on tonnes processed from the Penumbra Coal Mine

o Export thermal coal sales increase by 16% on previous quarter

o Increased thermal coal sales of 463,671t, a 4% increase on the previous quarter

Penumbra Coal Mine cashflow positive in first full quarter of operation

All the Company's three thermal coal mining operations in South Africa generating positive cashflow from operations

Financial settlement of the sale of Company's shareholding in the non-core Vanadium and Magnetite Exploration and Development Co (SA) (Pty) completed

Acquisition of the outstanding minority interests in Mashala Resources completed by the Company's principal subsidiary in South Africa

Strategic financing agreements entered into with diversified South African mining company, Village Main Reef Limited

Placement of 100m shares to South African based Village Main Reef at an issue price of A$0.08 per share approved by shareholders

Total cash and cash equivalents as at the end of the Quarter was approx.A$6.2M

The Company has available approx. A$8M under the ABSA Capital Debt Facilities to fund outstanding capital expenditure and working capital costs associated with the development and commissioning of the Penumbra Coal Mine.

Forte Energy (LON:FTE) released its quarterly activities report.

In this news:

On the 15th February the Company entered into a £10M Equity Financing Facility with Darwin Strategic Limited, a majority owned subsidiary of Henderson Global Investors’ Volantis Capital

On 6 March 2013 the Company completed the placement of 29,250,000 Shares each at an issue price of £0.0201 (Placement Shares) to raise £587,177 (before costs)

A 5,000m drilling contract signed with Wallis Drilling Africa Pty Ltd

Drilling in the highly prospective areas close to the A238 prospect and at Hassi Baida is scheduled to start in Mid-May, following the shipment of the drill rig to Mauritania

Forte Energy U3O8 JORC resources (all at a 100ppm cut-off) are 44.9Mlbs at 266 ppm U3O8

Cash at the end of the quarter was A$469k.

Goldplat (LON:GDP) has released an update on its African Gold Recovery Operations.

In this news:

South Africa

New tailings re-treatment carbon-in-leach (‘CIL’) plant on time and within budget in March 2013. Selected tailings currently on site enough for 5 years production

Second rotary kiln is on budget with commissioning planned for end of July 2013

Board has appointed Hansie van Vreeden, a qualified Metallurgist, as General Manager of GPL.

Gold Recovery Ghana Limited - Ghana (‘GRG’)

Profitable and Tax free until 2016 but margins under pressure and will institute tighter controls in the procurement department

Refractory failure in one of the fluidised bed incinerators, which has reduced the throughput of that section

Agreed more favourable terms on its toll treatment agreement with Endeavour Mining Corporation’s Nzema Mine in Ghana

Company is planning to add an additional spirals circuit to the Fine Carbon Section which will improve the quality of the feed to the incinerator; a thickener has been delivered to site and will be erected in May 2013 to improve the gold recovery at the CIL plant; and a rotary kiln has been purchased for installation at GRG in 2H’14.

Burkina Faso: Midas Gold SARL (‘Midas’)

Development of 3rd gold recovery operation has been delayed for a number of reasons

Midas has re-commissioned the Environmental Study for the site in Dano which is expected to be completed at the end of August 2013 with all operating licences to be in place by the end of the year

Expected to be in operation by end 2013.

Noricum Gold Limited (LON:NMG) has released details of its 2013 exploration programmes for its Rotgulden and Schonberg Gold & Precious Metals Projects.

In this news:

Rotgulden Project – strategy to advance previously producing mine and high grade gold and multi-element targets along 8km of strike:

o Work will commence with an upgrade of the access road to Friedrichstollen Adit

o Underground diamond drilling programme planned at existing Rotgülden Mine

o Review of historic drill core from the Rotgülden underground mine on-going with results to be released once validated

o Further geophysics, sampling and mapping to be undertaken at the newly identified Wandstollen target

o Surface diamond drilling programme at the Altenberg target in final planning stage

Schonberg Project – advancement of attractive exploration target identified through 2012 exploration

Systematic soil sampling and geochemistry programme to commence in late May

Work to commence following the Spring thaw – late snowfall and wintery conditions have resulted in delays to the commencement of this year’s programme

The Company is sufficiently funded to undertake the current planned work programmes at Rotgülden and Schonberg from its existing cash resources.

Norseman Gold (LON:NGL) has cancelled its Aim listing.

Nyota Minerals Limited (LON:NYO) has appointed Cutfield Freeman to evaluate the options available to the company to develop Tula Kapi.

Rambler Metals and Mining (LON:RMM) has made a further repayment to Sprott Resource Lending Partnership.

In this news:

On 30 April 2013 a payment of CAD$500,000 was made to Sprott Resource Lending Partnership

The payment reduces the outstanding balance on the Company’s recently renewed credit facility to CAD$ 6.5M

Further reductions to this outstanding facility are planned over the coming months, with the intention of having the facility repaid by the end of calendar year 2013.

Scotgold Resources (LON:SGZ) has released its quarterly report.

In this news:

Cononish Final Development Study completed by AMC

The Company’s cash position as of 31 March 2013 was AUS$ 0.6M and this was augmented shortly thereafter through the final drawdown of £0.3M of the RMB pre-development financing totaling £1.5M. All discretionary spending on the project has been cut and Company is looking to defer any immediate capital raise until market sentiment improves.

In the meantime RMB remain supportive and the Company is looking at a number of strategic alternatives, although no details are given.

SolGold (LON:SOLG) has released an update on the Cascabel Project in northern Ecudaor.

In this news:

3D magnetic modelling supports the presence of a copper and gold rich magnetic core zone at the apex of a deep regional intrusion feeding copper gold rich solutions to Cascabel.

Magnetic core zone covers an area of 1000m x 500m under the clay-silica-pyrite cap south east of the outcropping rich copper gold Alpala zone at Cascabel.

Geochemical trenching and mapping confirms mineral zonation typical of a predictable rich porphyry copper gold system.

The extent of surface copper and gold mineralisation, and accompanying clay, pyrite and silica cap rocks cover most of an area of 2km2.

A 1 to 2 billion tonne copper gold porphyry target is supported by 3D magnetic data, surface alteration mapping and the extent of copper-gold-molybdenum anomalism in soil sampling data.

Community liaison programs well received and progressing well.

Drill permitting well advanced.

Drill contractor selection during May.

Company's recently raised A$2.6M to fund the project.


Quick facts: Archer Daniels Midland

Price: 39.31 USD

Market: NYSE
Market Cap: $21.84 billion

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