Mining News
Alexander Nubia International Inc. (BUY, C$0.35) (AAN TSX-V, C$0.09, ? 20.0%) announced results from the current surface sampling program at its Abu Marawat gold-copper-zinc-silver property. Best results include 12 m at 2.22 g/t Au, 8.7 g/t Ag, 0.14% Cu and 0.04% Zn, and 10 meters grading 1.94 g/t Au, 13.2 g/t Ag, 0.20 % Cu and 0.08% Zn.
Aura Energy (BUY, A$0.80) (AEE ASX, A$0.22, ? 4.5%) released results of the economic viability of its Haggan uranium deposit in central Sweden from an independent Scoping Study. The study concluded the project has a NPV of US$1090 M (pre-tax, 10% discount rate) with an IRR of 47%. The total life of mine capital costs of US$769m, including sustaining capital. The Payback Period is approx. 4.3 years, or less than a fifth of current project life. Operating costs of US$36/lb uranium net of by-products have been predicted and a nominal 30 Mtpa operation with a 25 year initial mine life with scope to expand. Aura's next objective is to advance the project into a pre-feasibility study this year. Planning for this has already commenced.
Colt Resources Inc (BUY, C$0.84) (GTP TSX, C$0.50, ? 0.0%) announced that it has received final analytical results for four holes from the ongoing drilling campaign on its Boa Fé gold project in southern Portugal. Best results include 29.4 m at 2.6 g/t Au, 10.85 m at 11.96 g/t Au, and 5.05 m at 3.3 g/t Au.
Continental Coal (LON:COOL) Limited (COOL LN, 16.5p, ? 8.2%) confirmed that it has executed a binding loan documentation with ABSA Capital for the previously announced approx. US$65 million of aggregate debt funding. The Company also advised that satisfaction of the remaining conditions precedent to draw down of the US$35 million, seven year project loan facility to fund the Penumbra Coal Mine development, is ongoing and scheduled to be completed later this quarter, allowing draw down of the debt funds to meet the development cost of the Penumbra Coal Mine.
Copper Development (LON:CDC) Corporation (BUY, 102p) (CDC LN, 26.5p, ? 3.9%) reported assay results from drill holes BSM023 to BSM030 at its Basay Project on Negros Island, Philippines. Hole BSM028 intersected 171 metres of 0.50% Cu, and BSM028 includes an intercept of 21 metres of 1.09% Cu. In the Southeast Deposit, BSM025 has intersected…
