Gulf Keystone Petroleum (LON:GKP) (BUY, £2.00) (77.75p, %u25BC (0.32%)) announced that it has today drawn down £2,000,000 of its £30m Standby Equity Distribution Agreement (SEDA) with YA Global Master SPV, the signing of which was announced by Gulf Keystone on the 7th May 2009. This draw down of funds is the fifth under the SEDA and brings to £19,960,000 the amount of funds drawn down to date. The remaining undrawn funds under the SEDA facility are £10,040,000.
 
Egdon Resources (LON:EDR) (12.25p, %u25BA (0.0%)) has been awarded the Navacelles Permit in the South East Basin of onshore France. The Navacelles Permit, which covers an area of 216km2 was awarded for a period of five years effective from 1 March 2010 and carries a financial commitment of €1.36m. Egdon will be the operator of the Permit with a 60% interest. Egdon's joint venture partners are Eagle Energy Limited (20%) and a subsidiary of Heyco International (20%).
 
Mining Corporate News
 
Metals Exploration Plc (LON:MTL) (13.5p, %u25B2 (1.89%)) announced the results of its Feasibility Study and a resource update for the Runruno Gold-Molybdenum Project on the island of Luzon in the northern Philippines. The study confirms the viability of a project producing an average of 96,700oz of gold per annum over a mine life of 10.4 years. In reserves, 780,000oz gold have been classified, for the first time, as Proven and Probable Mining Reserve. Average forecast operating cost stands at $477/oz gold, and capital costs are forecast to be US$149.3M.
 
Petra Diamonds (LON:PDL) (86p, %u25B2 (3.61%)) announced that it has reached agreement with Stellar Diamonds (LON:STEL) plc to exchange its interest in the Kono Diamond Project in Sierra Leone for shares in Stellar, the project's joint venture partner. Divestment of Petra's interest in Kono for £900,000, will be settled in 4,500,000 Stellar ordinary shares, giving Petra a 4.45% stake in Stellar.
 
Obtala Resources (LON:OBT) (32.5p, %u25BA (0.0%)) provided an update on its alluvial diamond mining operation at Konoma, Sierra Leone. Since acquiring SLHR in January 2010, Obtala has re-started the Dense Medium Separation ("DMS") plant, and is continuing with the optimisation process, while additional spares and components are on order. During this phase the DMS plant has recovered 1,000.54 carats from 1,540 stones contained in 19,800m3 of diamond bearing gravels and this includes an 11.34…

Unlock the rest of this article with a 14 day trial

Unlock with Email
Unlock with Google

Already have an account?
Login here