Mining News
Sylvania Platinum (LON:SLP) Ltd (SLP LN, 41.0p, ? 2.5%) announced that the Sylvania Dump Operations generated half year production of 25,179 PGM ounces for the period up to December 2011, a 36% increase compared to 18,530 ounces for the same period in the 2011 financial year. Production of 13,089 ounces in the first quarter, and 12,090 ounces in the second quarter, were the two highest totals in the Company's history. The completion of the Mooinooi expansion 'No 2 plant', the sixth in the Sylvania stable, will now result in both Mooinooi plants recommencing treatment of current arisings from the host mine which could not be done whilst the expansion plant was being built. This is expected to ensure that the third quarter will continue the overall upward trend in production at the Company.
Mwana Africa (LON:MWA) PLC (MWA LN, 41.0p, ?2.5%) announced that the Freda Rebecca gold mine produced 11,573oz of gold in the December quarter. At the Zani Kodo gold exploration project, drilling results from Zani Central and Kodo Downdip Extension indicate excellent continuity of the broad mineralized zone both at depth and along strike.
African Barrick Gold (LON:ABG) PLC (ABG LN, 41.0p, ?2.5%) announced a significant uplift to the previously declared Mineral Resource estimate for the Tusker deposit at the Nyanzaga Project. This increases our confidence that the project, which comprises the Tusker and Kilimani deposits, has the potential to be our next mine in Tanzania. The updated in-pit resource is in excess of 4Moz Au, consisting of 3,481Koz at 1.47g/t Au Indicated and 598Koz at 2.05g/t Au Inferred. This represents a fourfold increase on the previously declared resource of 313Koz Indicated and 650Koz Inferred, and is another highly encouraging step in the Company's overall strategy of realising the potential of its existing portfolio of high quality assets.
Oil and Gas News
Solo Oil (LON:SOLO) PLC (SOLO LN, 1.75p, ? 1.96%) today provided an update on the drilling of the Ntorya-1 exploration well in the Ruvuma Basin onshore in Tanzania operated by Ndovu Resources Ltd (a subsidiary of Aminex). The well was spudded on the 22 December 2011 and has been drilled to 1,535 metres where an intermediate casing string has been set. The well is now drilling…
