Mining Week: 29 August
Friday, August 29, 2008
This week African Eagle Resources (AFE) reported what it called exciting early Nickel assay results from drilling at its Dutwa gold and base metals project in Tanzania.
Australia’s Medusa Mining (MML) completed a new mining inventory and JORC compliant ore reserve estimation at the Co-O Mine in the Philippines. The probable reserve estimate is 721,000 tonnes at 10.77 g/t gold containing 249,000 ounces.
Chaarat Gold (CGH) received an exploration licence renewal over its 604 sq km property in the Kyrgyz Republic.
Van Dieman Mines (VDM) secured additional financial support from its strategic partner and major shareholder, The Galena Special Situations Master Fund, for a short term bridging loan of £750,000, which will be used for general working capital purposes.
Elsewhere, Van Dieman said significant progress had been made in implementing its revised mine development plan to bring its Scotia alluvial tin and sapphire mine in Tasmania into production.
Rambler Metals and Mining (RMM) announced further positive drill results from its underground diamond drilling exploration program at the Ming Mine.
Cluff Gold (CLF) said its Kalsaka Gold Project in Burkina Faso had commenced the commissioning of the dry plant and that approximately 4,500 tonnes of ore had been processed and are now stacked on the leach pads.
Churchill Mining (CHL) advised of a delay to the release of the next JORC resource update from the company that was due this week. It said the delay was due to the heavy workload of the independent coal experts preparing the report. The resource update is now expected to be released by the end of next week.
Bisichi Mining (BISI) reported half-year pre-tax profits of £0.8m down from £1.5m last year. The company said that opencast mining had started at the Black Wattle Colliery and that the second half had started with a major uplift in profitability.
Angus & Ross (AGU) said that despite very difficult market conditions, the company was making steady progress towards the re-opening of the famous Black Angel zinc/lead mine in west Greenland. Recently it was decided to delay further construction until next year.
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