This week: Omega one to watch, Range takes up Soca, Sound news from Silence
Earlier in the week, the International Monetary Fund provided support to the UK’s austerity plans and stated that it expects the UK economy to grow by 1.5 per cent in 2011, with inflation predicted to be above 4 per cent for the remainder of the year, though it anticipates this to return to the target rate of 2 per cent by the end of 2012. At the end of the last week, the FTSE 100 closed some 100 points lower than 7 days prior, whilst the AIM All share improved marginally to close at 880 points. The week ahead will see BoE announcements on the interest rates, which are widely expected to be held at 0.5 per cent, and producer price data, which has a wider impact on inflation rates.
Angel Mining (LON:ANGM) (ANGM 2.88p / £18.53m)
Angel Mining has successfully completed a gold pour at Nalunaq. The Company now expects to be pouring gold weekly and making monthly shipments of ore to be refined in Switzerland. The cash that will come from gold sales will support operations in Nalunaq, corporate costs and contribute to the capital expenditure and debt repayment at Black Angel. Currently, the Company is engaging in discussions with Socius CG II Ltd with regards to Angel Mining’s drawdown of £3m through the medium term loan note program. Socius has agreed to extend the time over which one of the payment conditions relating to the drawdown can be satisfied to 31 May 2011. Nicholas Hall, CEO, observed that while producing gold will greatly aid in acquiring future financing, if the discussions with Socius “do not conclude satisfactorily”, the Company, currently, not only has cash to substantiate immediate commitments but also has access to other forms of medium and long term finance.
Arian Silver (LON:AGQ) Corporation (AGQ 29.88p / £89.98m)
Arian Silver’s results for the three months ended 31 March 2011 highlighted developments at its San Jose property. The work over this period focused largely on mining and production of silver-bearing concentrate with further exploration drilling along the western extension of the San Jose vein. However, the Company’s transition from explorer to producer incurred challenges especially on the operational side. The custom mill and plant, in particular, were not tailored…
