Mining News
Bullabulling Gold Ltd (BGL LN) following yesterday?s approval by the UK court of the UK Scheme of Arrangement and the capital reduction, GGG shares were cancelled from trading this morning whilst the new Bullabulling Gold Limited shares were admitted for trading on AIM. In aggregate, 170,680,298 ordinary shares have been admitted.
ENK (LON:ENK) (ENK LN, 13.1p, ? 7.0%) has appointed Dean Stuart as Chief Operating Officer, a mining engineer, previously with Avocet mining as GM at North Lanut and Penjom, and prior to that with ASX-listed Aurora Gold.
Scotgold Resources (LON:SGZ) (SGZ LN, 5.38p, ? 0.0%) has released its Interim Financials. Losses for the half increased from US$514k in 1H10 to US$723k, with the difference unsurprisingly being caused by increased legal and consultants? fees. However, the key point from the results is the timeline to development at Cononish. The project development study is expected to be complete in the next month and the company expects the mining lease to be issued in May. Development is expected to commence in 2H12 with the company currently examining the options to fund the project. Capex was around US$20m, but with US$1.3m cash and equivalents we expect the company will be looking to raise ~US$25 through a combination of debt and equity.
Rambler Metals And Mining (LON:RMM) (RMM LN, 34.1p, ? 0.0%) has reported that a preliminary economic assessment (?PEA?) to include the Lower Footwall Zone mineralization in its mine plan at the Ming Copper-Gold Mine in Newfoundland, has been completed. The PEA is based on an optimization of the current high grade operation at the Ming Mine and Nugget Pond milling facility followed by a transition into a 20+ year bulk tonnage mine and has returned key financial parameters of: an NPV of $251M based on trending copper and gold prices; an estimated initial CAPEX requirement of $231M for the entire ramp-up of the project including expansion to the mining fleet and a new 3,500 mtpd copper concentrator; Average annual cash operating cost of $1.94 per equivalent pound copper.
Oil and Gas News
Borders & Southern Petroleum (BOR LN, 64.75p, ? 4.4%) ? Darwin East?s Evolution Delayed: The Company has stated that operations are on-going and the drilling of the well 61/17-1 has gone according to design. However,…
