Mining News

ATH Resources (LON:ATH) PLC (ATH LN, 33.50p, ? 3.08%) announced that it has renegotiated the terms of a second legacy contract. Under the new terms of the contract which are effective from 2 January 2012, there will be an increase in the selling price per tonne in consideration for additional options being granted over future coal supply beyond the end of the current contract. The third and final legacy contract will be fulfilled at the end of March 2012.

Aurum Mining (LON:AUR) PLC (AUR LN, 3.25p, ? 4.00%) provided an update on the ongoing drilling campaign on the "El Facho" structure of its Zamora gold project through its Spanish joint venture with Ormonde Mining plc. Best results include 23 m at 1.1 g/t Au, 12 m at 3.4 g/t Au, 3 m at 3.6 g/t Au, and 6 m at 3.7 g/t Au.

Minera IRL (LON:MIRL) Limited (MIRL LN, 71.50p, ? 0.0%) announced the results of a Feasibility Study for the Don Nicolas Project located in Santa Cruz Province, Argentina. The Don Nicolas Project will become Minera IRL's second producing mine with commercial production targeted to commence in Q4 2013. Ore treatment will be at a rate of 350,000 tonnes per annum to produce a steady-state average of 52,400 ounces of gold and 56,000 ounces of silver per year over an initial mine life of 3.6 years. The life-of-mine cash operating cost, after silver credit, is expected to be US$528 per ounce gold. Recoveries of 92.1% of gold and 47.4% of silver are expected. Capital cost is expected to be $55.5 M. Based on a gold price of US$1,250 per ounce, an NPV @ 5% of US$44.7 million (pre-tax) and an IRR of 34.6% (pre-tax) is expected.

Tri-Star Resources PLC (TSTR LN, 0.78p, ? 4.70%) provided an update to its drilling programme on its Goynuk Project, Turkey, which has recently been completed. Best results include an intercept of 7.10% Sb over 4.70m and 2.7 m at 2.3% Sb.

Oil and Gas News

San Leon Energy (LON:SLE) (BUY 60p), (SLE LN, 12.25p, ? 2.00%). Four potential zones for gas production. The Company is analysing the final technical results of the Siciny-2 well located in the SW Carboniferous Basin of Poland. The Siciny-2…

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