Amur Minerals Corp (LON:AMC) Corporation (AMC 5.38p / £11.33m)*
AIM listed exploration and development company focused on Far East Russia last week announced a placing to new and current investors to raise £2.023m at 5.25p per share. Concurrent with the fund raising, additional exploration results were obtained indicating that there is substantial potential to expand the resource within the largest deposit drilled at Kun-Manie, Ikenskoe, which would double the size of the resource. Induced Polarisation results in conjunction with geochemical sampling adjacent to newly constructed roads support the presence of nickel values in amounts up to approximately 0.8 per cent nickel.
Proceeds from the placing enhance the cash position of the Company, providing sufficient funding into early 2012 to fund the ongoing administrative costs and to undertake additional exploration in 2011 at Kun-Manie, the Company's main nickel exploration project. Work continues with the Russian agencies to obtain the mining licence on the Kun-Manie project; expect some news on this and also details on exploration results over the next few months. The Company has already been granted an extension on its exploration rights at Kun-Manie until 31st December 2012.
With a Pre-Feasibility Survey that indicates an NPV of $84m, an increased resource potential, and funds that should result in significant exploration work, Amur is a highly attractive share.
Angel Mining (LON:ANGM) (ANGM 4.25p / £17.76m)
The Company has completed a detailed survey of the new gold processing plant at its Nalunaq gold mine, with the assistance of Kemix Ltd, a key supplier of cyanide leaching CIP plant components of South Africa. A number of recommendations have been made regarding modifications to the plant which should improve its operational efficiency and reliability from the outset. This work should take around six weeks after which the Company intends to move Nalunaq into full scale production. The CEO commented that the increase in the gold price from their original target date for production means that their gross profit from gold sales during the first year of production should be $3.0 million to $4.0 million higher than originally forecast. Working with Kemix to fine tune the plant is the sensible thing to do in order to ensure that Angel Mining gets this complex plant in good working order before commencing production.
