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Mining Week: 5 September

Friday, September 05, 2008

This week, Altona Resources (ANR) unveiled a JORC compliant coal resource estimate of 1.287 billion tonnes at its Wintinna coal deposit, in the Arckaringa coalfield of South Australia.

Central China Goldfields (GGG) managed to cut its pre-tax losses in the first six months of the year as the company’s mining operations continued to gain ground. Losses came in at £23k in the period to June 30 from £0.8 million last year.

Churchill Mining (CHL) said it had now defined 1.412 billion tonnes of JORC compliant resource, in various categories, at the East Kutai Coal Project. That figure is well ahead of the company's initial 2008 target of 500 million tonnes of thermal coal.

Gemfields Resources (GEM) completed the arrangements granting it an exclusive worldwide licence to use the Fabergé brand name in respect of coloured gemstones, excluding diamonds.

Australian mining group Gippsland (GIP) posted an upbeat message to the market with news that estimated reserves at its Egyptian Abu Dabbab tantalum-tin project had more than doubled to 30.24 million tonnes.

Greystar Resources (GSL) said the first phase of the feasibility study on its wholly-owned multi-million ounce Angostura gold-silver project in Colombia was progressing on schedule.

Kalahari Minerals (KAH) announced plans to merge with compatriot Extract Resources in a move to bring together the two companies’ Namibia-based uranium and base metals operations.

Maghreb Minerals (MMS) unveiled an “excellent” set of results following the completion of its Phase 2 infill and step out drilling programme at the Gite de l'Est deposit, Bou Jabeur, Tunisia.

Minco’s (MIO) 60% subsidiary, Xtierra Inc, acquired the remaining 25% interest in the Bilbao silver-lead-zinc project in Zacatecas, Mexico that it did not already own.

Minerva Resources (MVA) said recent drill results showed significant depth and strike extensions of high grade mineralisation at Tulu Kapi Gold Project in Ethiopia.

Monto Minerals (MON), the AIM-listed mining group which slipped into administration last week is set to be wound down by administrators. The move comes as the company’s board also announced its resignation. Administrators from PricewaterhouseCoopers are compiling an information memorandum for the assets on offer, which are expected to attract strong interest from potential buyers.

Niger Uranium (URU) agreed a deal to buy 74% of Namakwa Uranium, the owner of the Henkries uranium deposit. The company said it was confident that Henkries deposit would become South Africa's first open pit uranium mine with an internal target date of late 2011.

Polo Resources (PRL) intersected a significant coal seam following the completion of a 1,029 metre, nine hole appraisal programme at its Hud project in the South Gobi Basin which is located 75 kilometres from the world class Tavan Tolgoi Mine site.

Strategic Natural Resources (SNRP) reported that its 74% owned subsidiary Elitheni Coal had expanded its blasting programme at its coal deposit near Indwe in the Eastern Cape, South Africa.

Finally, Tertiary Minerals (TYM) announced that following the receipt of first round assay results from its initial drilling programme at Storuman in Sweden, and the start of metallurgical testwork, it has formally commissioned a scoping study to evaluate the technical and economic viability of the Storuman fluorspar deposit.