Oil & Gas Corporate News
San Leon Energy (LON:SLE) (BUY, £0.80) (SLE, 14.75p, ? (1.67%)) announced the successful completion of the 300 km2 3D seismic acquisition programme covering the Slyne Basin exploration license F4/06 along the Atlantic Margin, offshore Ireland. The data is currently being processed. Final results for interpretation are expected by December. The initial review of the preliminary 3D volume confirms the existence of the Inishmore prospect with estimated mean case recoverable reserves of 1.3 TCF. Additional large structures have been also identified within the survey area with preliminary estimates of more than 3 TCF of natural gas recoverable across the license.
Mining Corporate News
Horizonte Minerals (LON:HZM) (HZM, 8.88p, ? (1.39%)) announced that it has signed a US$4.5 million earn in agreement on its 100% owned Falcao gold project, located in the Carajas Mineral Province of northern Brazil, with major gold producer and exploration partner, AngloGold Ashanti Limited. AngloGold can earn into 51% of the Falcao project by spending US$4.5 million on exploration and development over three years with a first year cash commitment of US$900,000 on exploration funding. Upon earning into 51%, the Falcao project will convert into a Joint Venture and AngloGold may elect to earn an additional 19% to increase its participating share to 70% by funding a Pre-Feasibility Study
Red Rock Resources (LON:RRR) (RRR, 2.42p, ? (2.02%)) announced that it has issued 15,000,000 new ordinary shares in the Company at a price of 2.05p per Share, to raise gross proceeds of £307,500. The proceeds of the placing will be applied towards the Company's general working capital requirements.
Goldplat Plc (LON:GDP) (GDP, 9.5p, ? (1.3%)) announced that, following the conditional approval of the Mining Lease for its Kilimapesa Hill gold mining project, the Commissioner of Mines and Geology of the Republic of Kenya has given his permission for Kilimapesa Gold's processing plant to commence commercial gold production, while the Company awaits the finalisation of the mining lease. Work on recommissioning the processing plant has already started and Goldplat's management expect that it will be at a full processing capacity of 1,000 tonnes of ore per month by early September 2010. The existing stockpiles are expected to provide enough mill feed until full underground operations resume.
