SmallCapNews | Mining Week: 5 February

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Mining Week: 5 February

05 February 2010

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

Gold coins.jpg

This week, Alexander Mining (AXM) received an indicative, non-binding proposal from a company that wants to buy its AmmLeach ammonia leaching technology on an outright basis for its global operations. The move follows months of activity surrounding the technology, including approaches by a number of multinational mining companies interested in licensing AmmLeach.

Emerging gold producer Anglo Asian Mining (AAZ) produced a record 3,483 ounces of gold in January 2010 from its Gedabek gold/copper mine in Azerbaijan. The figures represent the sixth successive monthly increase in production since gold started to flow from Gedabek back in July last year.

Baobab Resources (BAO), the iron ore, base and precious metals explorer working in Mozambique, reported encouraging results from two of three diamond drill holes completed prior to the close of the 2009 field season at the South Zone prospect of its Tete magnetite-ilmenite project.

Beowulf Mining (BEM), the mineral explorer behind a string of projects in Sweden, reported that drilling was underway on its copper-gold-uranium joint venture project at Ballek. The work will involve 1,600m of drilling over the course of one month with the results due by the end of April.

South African coal mining group Bisichi Mining (BISI) cheered news that its Black Wattle Colliery arm had been given the green light by the Department of Mineral Resources to mine all of the open cast reserves at Black Wattle.

Jubilee Platinum (JLP) and Sylvania Resources (SLV) entered into a Framework Agreement that firmed up the terms of a partnership deal that was announced last November. The agreement will see the two sides undertake smelting and refining activities using Jubilee’s ConRoast technology.

Canadian group Kirkland Lake Gold (KGI) netted C$32 million (£19 million) in a private placement that was launched in January. Proceeds of the fundraising will be used for exploration and development of the company's five major gold properties in Kirkland Lake, Ontario, working capital and general corporate purposes.

Nyota Minerals (NYO) said it was delighted with news that an early-stage scoping study of its Tulu Kapi gold project in Ethiopia had shown that the project was already on course to be economically viable. Separately, it said that that drill samples from ongoing test work at Tulu Kapi were “extremely encouraging” and demonstrated the potential for high recoveries and low operating costs when the project commences production. Later on, the company said it had sold its 8% minority contributing interest in the Philippine Daguma coal project for US$1.7 million.

South African diamond producer Petra Diamonds (PDL) named the 507 carat white diamond that was retrieved from its Cullinan mine in September last year The Cullinan Heritage.

Operations at Platinum Australia’s (PLAA) Smokey Hills mine in South Africa returned to normal last weekend after successful repairs on damage caused by a lightning strike on January 26.

Mineral exploration group Stratex International (STI) formally signed an agreement with private Turkish company NTF Insaat Ticaret Ltd Sti over developing the Inlice and Altintepe gold projects in Turkey. The definitive deal follows a provisional agreement signed by the two sides back in June 2009.

Gemstones group TanzaniteOne (TNZ) said it was on the road back to profitability following a marked improvement in the market for tanzanite during 2009.