Mining News
African Eagle Resources (LON:AFE) (AFE LN, 6.63p, ? 0.0%) announced that the first stage of the disposal of 8 African licences to Syrah Resources has been completed, realising proceeds of A$695,120 so far. These proceeds, and the remainder of the proceeds expected later in the year, are to be used to fund AFE?s Dutwa nickel project in Tanzania.
Alecto Minerals (LON:ALO) (SPEC BUY) (ALO LN, 2.25p? 28.6%) has entered into an option agreement for the staged acquisition of Forward Africa Resources, which holds a 711 km2 bauxite licence in Guinea. The licence, situated in a highly prospective area and contiguous to the 3.1Mtpa Kinida Mine, has potential to host in-situ bauxite resources of over 500Mt.
Avocet Mining (LON:AVM) (AVM LN, 234.0p, ? 2.3%) released full results for 2011. The Company?s year was shaped by its decision to sell its SE Asian assets for US$199 M in order to focus on its West African gold projects. Subsequently, production at its 90% owned Inata Gold Mine was ramped up to 167 000 oz from 138 000 oz in 2010, exceeding forecasts. AVM saw profits before tax of US$115.1, compared to its 2010 figure of US$33.5M.
Condor Resources (LON:CNR) (CNR LN, 6.75p, ? 12.5%) announced today that is has received approval from the Minister of Energy and Mines in Nicaragua for the transfer of the Espinito Mendoza concession from Empresa Minera la Mestiza to CNR, for a total consideration of $1,625,000. The concession contains an estimated JORC compliant Resource of 0.98 Mt at 6.7 g/t for 209,000 oz gold and lies adjacent to the La India Concession ? also owned by Condor. Drilling is planned over the concession in 2H 12.
Petropavlovsk (LON:POG) (POG LN, 748.5, ? 1.49%) provided an updated JORC gold ore reserves and mineral resources statement today. POG saw an 11 %increase in Proven and Probable ore reserves to 10.2 Moz at 1.13g/t and a 6% increase in Mineral Resources from 23.1Moz to 24.6Moz. These increases were seen despite depletion of 0.65 Moz from mining activities.
Oil and Gas News
Gold Oil (LON:GOO) (GOO LN, 2.88p, ? 0.0%) Provides an update on the Colombia…
