Keras Resources (LON:KRS) – CORP: Grants patch update
Market Cap: £14.4m; Current Price: 1.2p
1,427oz mined during April
Keras Resources has completed the haulage of its second parcel of ore to the Paddington Mill from the Accord deposit, located on the Grants Patch Gold Tribute lease area.
17,000t of ore at a grade of 1.93g/t Au containing 1,055oz Au has been hauled and will be processed under the agreement with Paddington Gold Pty Ltd.
During April Keras delivered 1,427oz Au to the Paddington Mill.
Mining operations continue to move between the Anomaly 22 and Accord deposits.
NORTHLAND CAPITAL PARTNERS VIEW: Keras Resources is continuing to deliver on its strategy of cash flow generation at a low capital cost. The company is continuing to advance its plans for the next open pit operations and has commenced negotiations on the refurbishment contracts for the high-grade underground Prince of Wales Mine.
Mariana Resources (LON:MARL) – CORP: Private placement
Market Cap: £17.8m; Current Price: 2p
Private placement to raise £4m to £6m
Mariana Resources is seeking to raise £4m-£6m through a private placing of up to 330,000,000 shares at a price of 1.82p per share with a one for two warrant with an exercise price of 2.5p. As part of the placing a North American royalty company and its consortium have committed US$5m and Mariana has already received commitments in excess of £4m with the ability to raise up to £6m.
Forecasts, rating and price target under review pending the close of the financing expected on 22/04/16.
NORTHLAND CAPITAL PARTNERS VIEW: It is positive to see significant strategic investment already committed to the placement for Mariana Resources, highlighting investor confidence in the quality of the Hot Maden Project and the Mariana Team. The funds from this placing, when closed, will be dominantly used to advance Mariana’s 30% interest in the 3moz Au eq. at a ultra-high grade of 11.2g/t Au eq. Hot Maden Project to Preliminary Economic Assessment and ultimate feasibility.