Oil & Gas Corporate News
Encore Oil (LON:EO.) (EO/ 59.5, ? (2.59%)) announced that the J.W.McLean rig has arrived at the Cladhan location on UK Northern North Sea blocks 210/29a & 210/30a and operations have commenced to sidetrack and delineate the oil discovery. EnCore have a 16.6% interest with Sterling Resources (39.9%, Operator), Wintershall (UK North Sea) Limited (33.5%) and Dyas (10%).
Mining Corporate News Medusa Mining (LON:MML) (MML, 232.5p, ? (0.65%)) announced through its Philippines operating company Philsaga Mining Corporation, announces a newly completed JORC and NI 43-101 compliant Ore Reserve estimation for the Co-O Mine. The Probable Reserve, as at 21 June 2010, now stands at 505,000 ounces contained in 1,465,000 tonnes at 10.7 g/t gold. Conversion of resources this year has maintained the Probable Reserve contained ounces at a slightly higher level compared to that announced in July 2009 of 500,000 ounces at 14.9 g/t gold in 1,041,000 tonnes. The current Probable Reserve will allow an approximate 5 year mine life at a production rate of 100,000 ounces per year.
Shanta Gold (LON:SHG) (SHG, 17.5p, ? (1.46%)) announced that the Directors have decided to commence with mine construction at the Company's Chunya Project in southern Tanzania, subject to the Company receiving the relevant mining licence for the project. The results of the feasibility study, as announced on 5 July 2010, justify the construction of an open pit mining operation with an expected average annual production of 28,400 ounces of gold and envisages a 11-year mine life that will produce a total of approximately 313,000 ounces of gold from a total resource of 642,716 ounces at an average grade of 2.39g/t (1g/t cut-off). The capital cost is estimated at $23.19 million.
