Mining News

European Goldfields (LON:EGU) Ltd (EGU LN, 795.0p, ? 0.95%) announced that the Supreme Court of Yukon has granted the Company an interim order to commence the process of securing the required approvals pursuant to which Eldorado Gold Corporation will acquire all of the issued and outstanding securities of the Company via a plan of arrangement under the Yukon Business Corporations Act. The Arrangement is expected to close on or about February 24, 2012 and it is expected that the common shares of the Company will be delisted from the TSX and AIM as soon as practical thereafter.

African Minerals Ltd (AMI LN, 516p, ? 4.44%) announced the launch of a book-build offering of up to US$350 million of Convertible Bonds due 2017. The Company intends to use the net proceeds of the Offering primarily for the continued expansion of production at its Phase I Tonkolili iron ore operation to 20 million tonnes per annum. The Bonds are expected to have a coupon of 8.50% payable semi-annually in arrear and will be convertible into fully paid ordinary shares of the Company. The conversion price is set at US$10.98 being GBP 7.00 converted into US$ at today's exchange rate. The Company may increase the US$300 million issue by up to US$50 million.

Metminco (LON:MNC) Limited (MNC LN, 11.38p, ? 1.1%) announced its quarterly activities report for the 3 months to December 2011. The Phase 3 drilling program at Los Calatos was completed during Q4 2011. Final results from the Phase 3 drilling program completed in Q4 2011 include: 1,220 m @ 0.36% Cu, 153 ppm Mo, 347 m @ 1.03% Cu, 103 ppm Mo.

Oil and Gas News

Gulfsands Petroleum (LON:GPX) PLC (UNDER REVIEW) (GPX LN, 166.5p, ? 0.0%) today provided an update on operations in Syria. Drilling, logging and well testing operations have now concluded at the Khurbet East 102 ("KHE-102") appraisal well, which has tested the structural elevation, reservoir quality and reservoir fluids present in the Triassic Butmah and Kurrachine Dolomite Formations on the north flank of the field some 2.3 kilometres north of the Khurbet East 101 well ("KHE-101") drilled earlier in 2011. Originally spudded on October 13th 2011, KHE-102 has encountered gas and oil in the Butmah Formation and the results of the well are interpreted…

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