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Proactive weekly mining highlights: Pure Gold Mining, Jubilee Metals, Ariana Resources ...

It was a busy week on the junior mining scene as companies revealed how they are responding to the coronavirus outbreak

Pure Gold Mining, Inc. -

Pure Gold Mining Inc (CVE:PGM) (LON:PUR) told investors this week that first gold at its fully funded Red Lake mine in Ontario was only 'months away' as it updated on measures it was taking amid the global coronavirus (COVID-19) pandemic and posted full-year results. The firm says it has adequate funding to complete construction and start producing the yellow metal at the Madsen mine once it is up and running later this year.

Jubilee Metals Group PLC (LON:JLP) delivered a 778% boost to its earnings for the six months to end-December to £6.67mln. Cash generated from operations rose 570% to £4.89mln and cash and cash equivalents in the bank stood at £10.2mln. While work on the ground has been temporarily halted due to coronavirus, management said they will “continue to work remotely where possible, to progress operations and continue to advance our growth strategy”.

Ariana Resources PLC (LON:AAU) said it has received maiden dividends of £1.6mln from its wholly-owned Turkish operation subsidiary Galata Madencilik, after the company’s Kiziltepe gold mine began generating cash and profits. "The maiden dividends from Galata represent the culmination of many years of effort by the company and mark the moment that its subsidiary became the cash-generative engine of growth for the group,” Ariana managing director Kerim Sener said.

Asiamet Resources Ltd (LON:ARS) was boosted after a Singapore-based commodities trader and investor Aeturnum Energy has become its largest shareholder, taking a 19.9% stake. Aeturnum and a small number of long term shareholders have subscribed for 373.39mln new shares, priced at 0.9p each, to raise £3.36mln for Asiamet.

Red Rock Resources PLC (LON:RRR) said it is continuing to plan for a new stage of exploration on the Luanshimba licence in the Democratic Republic of Congo, in spite of the coronavirus crisis.

Sunrise Resources PLC (LON:SRES) told investors it continues to make good progress in the permitting process for its CS Pozzolan-Perlite project in Nevada, USA. Currently, all Sunrise staff are working from home, and this is not having and is not expected to have any negative effect on the company’s business.

Bluebird Merchant Ventures Ltd (LON:BMV) said it has teed up US$5mln of debt finance for its gold mine projects in South Korea. As talks are underway with the lender over borrowings that will be repaid by production from the Gobang and Kochang mines, Bluebird has borrowed £200,000 until funding for the projects is received.

Vast Resources PLC (LON:VAST) told investors that it continues to expect the start of production from the Baita Plai polymetallic mine in Romania. In a project update, it said: “The company can confirm as matters stand that the previously announced shipping updates made on 16, 18 and 20 March 2020 remain on track and also that the company still maintains the Baita Plai target for the commencement of production announced on 10 March 2020.”

European Metals Holdings Limited (LON:EMH) revealed it has reached a final agreement for Czech state power utility CEZ to take a 51% stake in the Cinovec lithium project. The amended terms will see CEZ pay €29.1mln for its stake compared to the original proposal of €34mln.

MetalNRG PLC (LON:MNRG) hailed an “eventful year” as it delivered its full-year results for 2019, having listed on the standard segment of the LSE’s main market in July. Looking ahead, the firm said it is “focused on identifying projects that offer the opportunity for early-stage cashflow and offer significant upside exploration opportunity”, particularly its Gold Ridge project in Arizona.

NQ Minerals PLC (NEX:NQMI) said it has engaged experienced Tasmanian mining specialist consultants to assist it to prepare a mine re-opening due diligence study to assess the opportunities available at the Beaconsfield gold mine. NQ announced on 21 February 2020 that it has entered into agreements to purchase the Beaconsfield gold mine in northern Tasmania.

Europa Metals Ltd (LON:EUZ) was fortunate to complete its first 2020 field season prior to the outbreak of the coronavirus, according to executive director Laurence Read. The European focused lead-zinc and silver developer is thus free to continue with metallurgical and flow sheet work as planned, with all employees apart from a skeleton staff now working from home.

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