Mining Week: 31 October
31 October 2008
This week Mariana Resources (MARL) announced that drilling at the Sierra Blanca joint venture project in the Santa Cruz Province of Argentina had been completed. The first batch of samples has been dispatched to the laboratory for analysis and initial assays are expected in the next two weeks.
Platinum Australia (PLAA) said that hot commissioning of the crushing section of the processing plant at the its Smokey Hills Platinum Mine in South Africa had started.
Sylvania Resources (SLV) unveiled plans to construct two new chrome and platinum recovery plants at the Doornbosch and Tweefontein chrome mines, which are owned by South African mining group Samancor Chrome.
Sylvania is also set to sell its interests in the Aurora, Harriet's Wish and Cracouw exploration projects to Great Australian Resources – Sylvania’s 13.8%-owned exploration partner.
Union Resources (UCL) entered into a JV with Bonaparte Diamond Mines and Namibian company Tungeni Investments to jointly develop the companies’ combined marine phosphate tenements off the coast of Namibia.
Dwyka Resources (DWY) reported “excellent progress” with the phase two exploration programme at the Muremera Nickel Project in Burundi. Dwyka's partner, BHP Billiton, confirmed that the phase one programme identified 24 priority targets warranting further drilling and downhole EM geophysical surveys.
Elsewhere, Dwyka said it was pulling out of all its other projects to focus on work in Burundi.
Brazilian Diamonds (BDY) said field operations at its Salvador kimberlite project in central Bahia State, Brazil had been completed. Samples have now been sent to the laboratory for analysis.
Stratex International (STI) unveiled “very encouraging” initial results from Öksüt, the company’s latest gold discovery.
Polo Resources (PRL) said that coal production had started from its Ereen open pit coal mine in Mongolia.
Strategic Natural Resources’ (SNRP) 74% owned subsidiary Elitheni Coal signed its first major commercial coal supply agreement with Indwe Power, which is an indirect subsidiary of Independent Power South Africa (IPSA).
Van Dieman Mines (VDM) pulled out of plans to raise new cash through an equity fundraising and instead extended a short term bridging loan with a view to putting in place a more robust debt facility.
Central China Goldfields (GGG) and its partner the Sichuan Bureau of Metallurgy and Geological Exploration reported “significant results” from diamond drill hole GJ19, from the 2008 round of drilling at the East Nading-Gelong area of the Nimu Copper-Molybdenum project.
Beowulf Mining (BEM) is in talks with new potential joint venture partners after its tie-up with Australian miner WAG on the Ruoutevare and Kallak deposits in Sweden fell apart.
International uranium company Murchison United (MUU) announced that a programme of follow-up resource drilling had started at its 100%-owned Firawa uranium prospect in the Republic of Guinea, West Africa.
Ormonde Mining (ORM) reported “very encouraging” results from the completion of drilling on the first infill cross section at its Barruecopardo Tungsten Project in Salamanca, Spain.
The battle of wills between AIM listed mining group Gemfields Resources (GEM) and its takeover target Tanzanite One (TNZ), reached fever pitch after news that Gemfields’ previously announced tender offer for T1 shares was so far oversubscribed.
However, Gemfields’ efforts to get its hands on 50.1% of T1’s shares – at 42.75p per share – was frustrated by a move by T1 to issue ‘B shares’ in the company that total 50.2% of its share capital.
African Eagle Resources (AFE) and JV partner CGA Mining said a feasibility study at the Mkushi project remained on schedule for completion at the end of October.
Karelian (KDR) said it had discovered a significant north-east extension to its Seitaperä diamondiferous kimberlite pipe in Finland during the delineation drilling programme.
Greystar Resources (GSL) reported that exploratory diamond drilling south of its wholly-owned, multi-million ounce Angostura gold-silver resource in the north-eastern region of Colombia was showing “excellent potential”.
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