SmallCapNews | Mining Week: 27 November

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Mining Week: 27 November

27 November 2009

The latest news, moves, deals, drilling, surveys and speculation from small cap miners

Alexander Mining (AXM), the AIM-listed mining and mineral processing technologies company, has hired Hong Kong based corporate financier Somerley to help it find a Chinese mining partner to finance a potential major base metals sector transaction, which is subject to a competitive tender process.

Allied Gold (AGLD) said it was still enjoying exploration drilling success at the Pigiput and Pigibo gold prospects on Simberi Island in Papua New Guinea.

Anglesey Mining (AYM), the AIM listed group with a 50% stake in a 90 million ton iron ore project in Labrador, Canada, said that test work on ore from the mine showed excellent metallurgical characteristics that should be attractive to steel mills.

Anglo Asian Mining (AAZ), the emerging gold producer behind the Gedabek gold-copper mine in Azerbaijan, secured a further US$3 million loan agreement with the International Bank of Azerbaijan to provide working capital for the company.

ATH Resources (ATH), the UK coal producer, was been given the green-light by council officials in Derbyshire over its planning application for the development of a proposed regeneration scheme at Langton in Nottinghamshire.

Beowulf Mining (BEM), the AIM and Aktietorget traded mineral explorer that owns several exploration projects in Sweden, was granted a new exploration licence covering the Munka area.

Bezant (BZT), the AIM listed gold and copper explorer operating in the Philippines and Tanzania, managed to cut its full year losses to £1.8 million in the year to June – down from £6.9 million the year before. The company ended the period with £1.6 million in cash.

Central Asia Resources, the ASX listed mining group, said it had begun buying up equipment and employing staff ahead of plans for the development of its first gold mine at Dalabai in southern Kazakhstan.

China Goldmines (CGM) finished the year to June 30 with US$6.2 million in cash and US$28.5 million in assets. The company sold its main assets to Westralian Resources in September and is now preparing to set out a new investing strategy under AIM rules.

Conroy Diamonds and Gold (CDG) identified an 18m wide zone of gold mineralisation following further rock chip sampling at its extensive Clay Lake gold anomaly in Co. Armagh, Ireland.

DiamondCorp (DCP), the southern African diamond mining and exploration company, completed its second borehole at the J1 kimberlite in the Jwaneng South Project Area of Botswana. Samples from the project are now being shipped to Johannesburg for microdiamond recovery and interpretation.

Emed Mining (EMED) said it was making progress towards getting approval to start production at its Rio Tinto copper mine in Spain by then end of 2010.

Gold and copper explorer Entrée Gold said that the latest survey work over its Heruga deposit at the Lookout Hill project in Mongolia supported its contention that significant potential exists to expand the known resources there.

South African based GoldStone Resources (GRL) agreed a joint venture deal with Ghanaian company Asasemu Mining to develop the Manso Amenfi prospecting licence.

Greystar Resources (GSL) agreed a deal which could bolster its land holding around its flagship Angostura gold and silver deposit in Colombia. The company entered into a binding purchase agreement with Sociedad Minera La Plata Ltda, a private Colombian company, for an exclusive option to acquire a 100% working interest in the La Plata property.

Griffin Mining’s (GFM) efforts to start working below the 1300 level at its Caijiaying zinc-gold mine hit another stumbling block after the Chinese authorities asked for some changes to an application it submitted nearly two weeks ago.

Horizonte Minerals (HZM), the AIM quoted exploration group with operations in Brazil and Peru, reported positive metallurgical results from the laterite nickel discovery at its Lontra project in the Carajas Mineral Province of Northern Brazil.

Kalimantan Gold (KLG) raised £350,000 from a private placing of shares priced at 0.029p per share. The company intends to use the proceeds from the deal to fund its ongoing gold and coal exploration programmes in Indonesia, as well as general working capital purposes.

Kirkland Lake Gold (KGI) and Queenston Mining reported high grade mineralisation from the latest drill testing at their jointly held South Claims joint venture property in Kirkland Lake, Ontario.

Kiwara (KIW), the AIM listed base metals explorer working in Zambia, is being taken out by London-listed mining giant First Quantum Minerals in a deal worth around £157.6 million.

Kopane Diamond Developments (KDD), the diamond producer, developer and explorer, reported that that last 12 months had seen it sell 85,108 carats valued at $3.4 million. Later on, the company said it had extended an exclusivity agreement over a potential tie-up with another mining company at its flagship Liqhobong project in Lesotho, southern Africa.

AIM and Toronto listed Moydow Mines (MOY) moved ahead with the first stage of its $58 million takeover deal with Franco-Nevada Corporation, which was first announced earlier in November.

Petra Diamonds (PDL) sold the 168.00 carat special white diamond recently recovered at the Cullinan mine in South Africa for US$6.28 million (approximately US$37,380 per carat).

Australian outfit Platinum Australia (PLAA) reported that a prospecting right had been issued for the Rooderand Platinum Project in South Africa, where it is set to acquire a 70% stake.

Red Rock Resources (RRR) said that the first rig to arrive on site at the Migori greenstone belt in Kenya, on the northern part of the Tanzanian craton, was expected on December 7, 2009.

Regency Mines (RGM), the group with copper and nickel interests in Western Australia, Queensland and Papua New Guinea, today raised £200,000 in two separate share deals.

Sirius Exploration (SXX) is teaming up with the Electric Power Research Institute (EPRI) in the US to carry out a cost-to-benefit analysis for a bulk energy storage facility that would support a 134MW electrical power generation plant in North Dakota.

Elitheni Coal, the South African coal company that is 74%-owned by AIM-listed Strategic Natural Resources (SNRP), was awarded an additional 119,374 ha of exclusive new order prospecting rights in the Eastern Cape coalfield.

AIM-quoted mineral exploration outfit Stratex International (STI) reported positive gold results from its drilling programme at the 50 sq km Shehagne exclusive exploration licence in northern Ethiopia.

AIM listed Sunrise Diamonds (SDS) was granted a prospecting licence for base metals, barite, silver, gold and platinum group elements near Bantry, County Cork, in the south-west of Ireland.

Vatukoula Gold Mines (VGM), the AIM quoted Fijian gold mining producer, managed to boost production from its flagship mine after funding a programme of underground development and spending cash on underground mining equipment and improving its power generating facility.

Western Coal (CTN), the AIM and Toronto listed group, said it was aware of a proposed class action lawsuit that had commenced in the Ontario Superior Court of Justice on November 20, 2009.