Mining News
Aureus Mining (LON:AUE) (AUE LN, 83.5p, ? 1.18%) has today announced an NI 43-101 compliant maiden reserve for its New Liberty Gold Project at its Bea Mountain mining licence, Liberia. The 873 000 oz reserve grading 3.1 g/t Au supports an open pit operation with an average annual production of approximately 123 000 oz for the first 4 years and operating cash costs of US$ 632/oz. The technical study has also decreased the previously reported strip ratio by 21 %. The NI 43 101 report has also updated Mineral Resources to 1.6 million ozs at 3.6 g/t Au, with 1.1 million of these in the Measured and Indicated categories. With its maiden reserve Aureus now plans for a feasibility study to follow in March 2012 and are aiming for first production in 2014.
Central Asia Metals (LON:CAML) (CAML LN, 65.25p ? ? 2.76%) has provided an operational update for the Kounrad Copper Project, Kazakhstan and announced plans to increase its ownership of the project to 100% conditional on documentation. Construction of the Project plant is now complete with capital expenditure on construction below budget. First copper production is now expected in April 2012. SaryArka Social Entrepeunerial Corporation National Compay JSC has conducted a tender process for the sale of its 40% interest in the project to a subsidiary of JSC SAT & Company and CAML has agreed to subsequently acquire the 40% in exchange for 8,616,593 shares in CAML.
Connemara Mining Company (CON LN, 9.38p, ? 1.35%) has announced a joint venture agreement with private Canadian company Hendrick Resources Ltd to explore its four licences on the Wicklow/Wexford border, Ireland. The licences are known to be prospective for gold. Hendrick Resources will spend EUR 500 000 to earn a 50 % interest in the licences and has the option to spend a further EUR 500,000 to increase that interest to 75%.
Mwana Africa (LON:MWA) (MWA LN, 4.89p, ? 1.31%) announced a 41% increase to its JORC compliant gold resource at the 80% owned Zani Kodo gold prospect in the north eastern region of DRC. The total combined resource in both the Indicated and Inferred category across three areas of the Zani Kodo prospect now stands at 2.01Moz based on a cut off grade of 0.5g/t. Resources…
