Premier African Resources (LON:PREM) – SPECULATIVE BUY*: RHA update
Market Cap: £13.7m; Current Price: 0.73p
From yesterday: Minor delays but mining underway with hoisting expected this week
Premier African Minerals has completed the re-equipping of the 120m vertical shaft and the final inspection and its return to operations is expected this week.
Mining on the 870 level has commenced.
The plant is expected to recommence operations this week with concentrate shipments expected to recommence in June.
Appropriate Process Technologies has completed an agreement with Prem to upgrade the plant by the 06/07/16, the necessary equipment has been ordered.
NORTHLAND CAPITAL PARTNERS VIEW: A series of niggly delays for Premier African Minerals at its 49% owned RHA Tungsten Project, located in Zimbabwe. The upgrades to the crushing circuit at RHA were expected to be completed by April but will now be completed in July. While the re-equipping of the shaft has also been delayed but should now be operational this week (previously expected to become operational in April). These delays are relatively minor and with the commencement of hoisting from the re-equipped shaft and mining underway on the 870m level, the upgrades to the plant remain the only significant known obstacle for the Project.
Thor Mining (LON:THR) – CORP: Placing
Market Cap: £1.4m; Current Price: 0.03p
From yesterday: raises £300,000
Thor Mining has raised £300,000 through the issue of 1,200,000,000 shares at a price of 0.025p with a one-for-one warrant at a price of 0.05p.
As part of the placing Metal Tiger (MTR.L) has subscribed for 400,000,000 shares, representing 6.97% of Thor.
336,000,000 shares and the same number of warrants will be issued on 01/06/16 with the balance potentially issued following a GM subject to shareholder approval.
Following the closure of the second tranche the Company will have 5,736,387,510 shares in issue.
NORTHLAND CAPITAL PARTNERS VIEW: Thor Mining will use these funds to advance existing interests as well as assessing other strategic opportunities and provide general working capital.