Mining News
Aureus Mining (LON:AUE) (AUE LN, 83.13p, ? 0.0%) had announced drilling results for the Leopard Rock target, a south eastern extension of the Ndablama prospect in the Company?s Archaen Gold exploration licence, Liberia. Nine of a total 24 drill holes have been tested with intersections including 4 metres @ 17.6 g/t and 6 metres @ 9.4 g/t. A trenching and sampling programme has also confirmed the mineralised target system extends over at least 1.2km.
Bellzone Mining?s (BZM LN, 32.75p, ? 10%) update on its Forecariah JV project provided the market this morning with news of approval having been received to complete the first blast at Yomboyeli ahead of formal mining approvals beign granted, which the Company now considers a matter of procedure. With this approval, the commissioning of mine and process plant complete and port development continuing, BZM remain confident that production and stockpiling of iron ore will begin at the end of Q1 2012.
Sylvania Platinum (LON:SLP) (SLP LN, 25.13, +2.6) has announced plans to dispose of its iron ore assets on the Bushveld complex, South Africa, currently held by the company?s subsidiary SA Metals Ltd, to allow SLP to focus on expanding production from its PGM tailings dumps. SLP has said it is in discussion with an AIM listed company about purchasing the assets but no other details have as yet been confirmed.
Oil and Gas News
Parkmead (LON:PMG) (PMG LN, 16.5p, ? 1.0%): Here we go again! ? Parkmead has announced that it has completed the acquisition of four stakes of 20% interest each in Blocks 47/4d, 47/5d, 47/10c and 48/6c in the UK Southern North Sea from Sorgenia E&P (UK) Ltd, which contain the 47/10-8 gas discovery, as well as the large Pharos gas prospect and several significant additional exploration targets. This acquisition follows Parkmead?s recent deal which saw it enter the Platypus gas field and the Possum gas prospect, both nearby in the Southern Gas Basin. It further highlights Parkmead?s strategy of investing in North Sea fields and blocks where the Group?s technical and commercial teams have an extensive working knowledge of the assets. Tom Cross? latest vehicle has set about replicating the success that he enjoyed at Dana. With the lessons learnt at Dana, Parkmead should see a brighter future.
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