Mining News
Avocet Mining (LON:AVM) Plc (AVM LN, 239.5p, ?2.130%) announced an updated Mineral Resource estimate of 3.46 million ounces and an increased Mineral Reserve estimate of 1.85 million ounces within the Inata mine licence area. The new Mineral Reserve estimate represents an increase of 385,000 ounces or 27% over the previous Mineral Reserve and extends the mine life to 12.5 years at the current life of mine average annual production capacity of 2.7 Mt of ore processed.
Cluff Gold (LON:CLF) plc (CLF LN, 89.0p, ? 1.14%) announced that it has entered into a legally binding, conditional sale and purchase agreement with Orezone Gold Corporation for the acquisition of the licences comprising Orezone's Sega Gold Project located approximately 20km by road from Cluff Gold's Kalsaka project in Burkina Faso. The acquisition hosts a NI 43-101 compliant gold resource comprising 450,366oz Indicated (8.3Mt at 1.69 g/t) and 147,344oz Inferred (2.9Mt at 1.58g/t). The company has paid a consideration of 11 million new Cluff Gold ordinary shares and US$15 million cash. Detailed metallurgical test work completed by Orezone has indicated average heap leach recoveries of 85% for oxide and transitional ore.
Condor Resources (LON:CNR) Plc (CNR LN, 6.5p, ? 0.0%) announced that further drill results have been received from the 2011 drilling campaign on the La India Vein Set and the America Vein Set. Best intercepts include 4.19m at 6.94g/t gold and 7.37m at 6.31g/t.
Nyota Minerals (LON:NYO) Limited (NYO LN, 7.25p, ? 5.84%) announced a conditional placing of 161,000,000 new ordinary shares of the Company to raise approximately GBP9.66 million before expenses. Under the Placing, 146,720,000 Ordinary Shares will be issued to UK investors at GBP0.06 per Ordinary Share and the remaining 14,280,000 Ordinary Shares will be issued to Australian investors at A$0.089 per Ordinary Share. The funds will be used for exploration drilling at its Northern Block exploration properties; and to progress the Tulu Kapi project after completion of the Definitive Feasibility Study ('DFS') but before project finance.
Oil and Gas News
Oil Markets: Geopolitical tensions to keep oil prices high, despite slowing demand and growing supply. It would appear that the US is taking up Iran?s game of brinksmanship with Congress set to pass new Iran sanctions aimed at further restricting the…
