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Geometric Drilling - UK Based onshore drilling contractor

Mining Week: 29 January

29 January 2010

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

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This week, Avocet Mining (AVM), the gold producer with operations in South East Asia and West Africa, saw production levels reach 25,877 ounces in three months to December 31, 2009. That was down on the 28,734 ounces produced in the second quarter and also down on the 26,766 ounces produced in the third quarter of 2008.

Baobab Resources (BAO), the iron ore, base and precious metals explorer with a portfolio of mineral projects in Mozambique, revealed promising early results from survey work on a previously unexplored area close to its Tete magnetite-ilmenite project called Singore East.

Brinkley Mining (BRM) bounced back onto AIM after taking a bigger stake in ASX-listed Dragon Mining Ltd – a move that brought it into line with AIM rules for investing companies.

Central China Goldfields (GGG) has kicked off field work at the 7,981 hectare Cikoleang gold project in Indonesia. The move comes just over a month after Central China announced plans to scrap its involvement in the Dong Mao Huo project.

AIM listed investing company China Goldmines (CGM) said it was still on the look-out for new opportunities following news that it had received another US$2.2 million from the sale of its Westralian Resources business to Cosmos Castle Management last year.

Irish mining group Conroy Diamonds and Gold (CDG) hired Wardrop Engineering to carry out a JORC compliant scoping study at Clontibret, the company's most advanced gold project.

Diamond mining and exploration company Firestone Diamonds (FDI) finished a planned review of historical data from the eight kimberlites in the Orapa kimberlite field in Botswana covered by a joint venture announced with Tawana Resources in December last year.

Zambian emerald specialist Gemfields (GEM) reported encouraging signs of an increase in demand and interest for emeralds from all of its key markets, including the US and the emerging markets of India, China and the Middle East.

Mariana Resources (MARL) reported that its joint venture partner and major shareholder, Hochschild Mining, had started drilling work on the Los Amigos project in the Santa Cruz province of Argentina.

Metals Exploration (MTL), the Pacific Rim natural resources group, updated its guidance on the economic parameters for its Runruno gold and molybdenum project on the island of Luzon in the northern Philippines. It is now set to target annual production of approximately 100,000 ounces of gold and 1 million pounds of molybdenum oxide over a minimum ten year mine life.

Norseman Gold (NGL), the AIM and ASX-listed Australian gold group, kicked off work at its third mine, OK Decline, during the final quarter of last year as part of its strategy to “fill the mill”.

Canadian miner Rambler Metals & Mining (RMM) said it was launching a new exploration assault on its recently acquired Nugget Pond gold facility on the Baie Verte Peninsula of north-eastern Newfoundland.

Serabi Mining (SRB), the group behind the Palito gold project in the Tapajos region of northern Brazil, launched a geophysical and geochemical exploration programme on 18 targets across the site.

Shanta Gold (SHG) completed initial metallurgical optimisation studies on ore samples from its Chunya project in southern Tanzania. The test work was aimed at figuring out whether a bulk combined sample (ROM sample) would be amenable to gravity concentration and gold dissolution.

Exploration group Stratex International (STI) raised £1.3 million in a share placing priced at 3.5p per share. The funds will be used to accelerate the development of its Ethiopian portfolio of gold assets, identify additional exploration opportunities in Ethiopia and acquire further gold and base metal assets throughout Africa.

Sunkar Resources (SKR) released the results of a mineral resource estimate covering some 40 percent of its 836 sq km Chilisai phosphorite licence in Kazakhstan. The survey put the figure at 293 million tons in the JORC measured and indicated categories with a grade of 10.6% P2O5 at a 5% cut-off grade for a total of 31 million tons contained P2O5.

Thor Mining (THR), the specialist metals group focused on gold and base metals projects and advancing tungsten-molybdenum projects in Australia, said it was raising approximately £140,000.

Vane Minerals (VML) promoted its uranium boss Kris Hefton to the role of chief operating officer. The move comes ahead of a planned exploration and production assault by Vane in 2010 which will focus on its uranium projects in the US.

West African Diamonds (WAD), the mining group run by natural resources entrepreneur John Teeling, returned to trading on AIM after posting documents to shareholders outlining the terms of its proposed acquisition of Stellar Diamonds Ltd in a reverse takeover.

Namibian copper miner Weatherly International (WTI) performed a U-turn on plans to sell its Kombat mine to Cubenco 192 after the South African company failed to come up with the second option fee payment of US$600,000.