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Mining Week: 13 November

13 November 2009

African Aura Mining (AAAM), the AIM and TSX Venture Exchange listed group with gold and iron ore operations in sub-Saharan Africa, is set to begin a 4,000m diamond drill programme early next year at its Weaju gold project in western Liberia.

African Diamonds (AFD), one of John Teeling’s portfolio of natural resources companies, reported that DeBeers had sold it share in the AK6 diamond project in Botswana, where African Diamonds holds a 29% stake. DeBeers sold its holding to Lucara, a Toronto listed diamond company backed by the Lundin Group for $48 million.

All Star Minerals, the Plus-listed Scandinavia-focused uranium explorer, received promising results from two Alpha Track radon detector cup surveys completed at its flagship Gilpas uranium project in Sweden.

Archipelago Resources (AR), the group working in South East Asia, agreed a provisional deal over the construction of its 85% owned Toka Tindung Gold Project in North Sulawesi, Indonesia.

Ariana Resources (AAU), the gold explorer working in Turkey, came up with some encouraging results from a trenching programme carried out at its Salinbas prospect, which is part of the Ardala mineralised system.

Atlantic Coal (ATC), the AIM listed open cast coal production company, managed to drag its flagship Stockton opencast anthracite mine in Pennsylvania into cash flow positive territory.

Avocet Mining (AVM), the gold producer with operations in South East Asia and West Africa, saw its pre-tax profits hit by some hefty impairment charges in the half year to September - swinging to a pre-tax loss of US$4.5 million, down from a profit of US$30.9 million last time,

Baobab Resources (BAO), the iron ore, base and precious metals explorer working in Mozambique, got underway with a scout drilling programme on parts of the Massamba Group area of its Tete magnetite-ilmenite project.

Beowulf (BEM), the AIM and Aktietorget traded mineral explorer which owns several projects in Sweden, received encouraging results following metallurgical tests of ore grade material from its 100%-owned Ruoutevare iron ore deposit.

Berkeley Mineral Resources (BMR), the group behind plans to reprocess tailings dumps at the Kabwe mine in Zambia, raised £170,000 in a 1p per share placing with clients of a private client stockbroker and other investors.

Chromex Mining (CHX), the chrome miner operating in southern Africa, struck a deal that gives it the right to co-develop a string of chrome concessions in Zimbabwe.

Dannemora Mineral, the Swedish iron ore miner listed on the OMX First North exchange, signed an agreement with Austrian steel company Voestalpine for the delivery of around 10,000 tons of iron ore products.

Australian miner Discovery Metals (DME) reported promising new drilling results from the Plutus prospect of its 100%-owned Boseto Copper Project in north-west Botswana .

Finders Resources (FND), the junior miner behind the Wetar copper project in Indonesia, is set to press ahead with expanding the project after a definitive feasibility study concluded that it was an economically robust project with a mine life of approximately nine years.

Philip Kenny, the chief executive of Firestone Diamonds (FDI) expressed his confidence in the future prospects for the company as prices in the rough diamond market continued to recover from their recent lows.

GMA Resources (GMA) was left ruing disappointing production results from its Amesmessa gold mine in Algeria, which is still being dogged by supply chain problems.

Greystar Resources (GSL), the Canadian group that owns the Angostura gold and silver deposit in north-east Colombia, is set to undertake two exploration drill programmes to investigate near surface oxide gold mineralization recently discovered at the Mongora prospect.

Kalimantan Gold (KLG) reported that analysis of geophysical data from its KSK Contract of Work project in Central Kalimantan, Indonesia, had confirmed the potential for major porphyry copper deposits.

Kefi Minerals (KEFI), the AIM-quoted gold and copper explorer with projects in Turkey and Saudi Arabia, signed a letter of intent with TSX listed Centerra Gold Inc over a joint venture in the 100%-owned Bakir Tepe Project in south-western Turkey.

London Mining (LOND), the steel-feed specialist that listed on AIM last week, is planning to publish JORC-compliant resource estimates for its three main projects by the end of the year.

Mariana Resources (MARL), the gold, silver and copper explorer working on projects in Argentina and Chile, raised approximately £2.6 million in a 13p per share placing. Later on in the week, Mariana signed a joint venture agreement with its largest shareholder, the mid-tier miner Hochschild Mining, to explore and develop three adjoining gold-silver tenements in Argentina.

Nyota Minerals (NYO) identified two new drill targets adjacent to its existing 690,000 ounce gold resource at Tulu Kapi in Ethiopia.

Pangea DiamondFields (PDF), the diamond producer and exploration company, said it had secured an excellent price from the most recent sale of diamonds from its Cassanguidi Project in Angola, despite depressed diamond market conditions.

Patagonia Gold (PGD), the mineral explorer working in the Santa Cruz province of Argentina, started an infill drilling programme at its La Manchuria gold-silver project.

Polo Resources (PRL) increased its stake in Australian mining group Extract Resources, taking its overall interest in the company to 10.32%

Serabi Mining (SRB) raised £2.4 million in order to fund follow-up exploration work around its Palito gold mining project in Brazil.

Sirius Exploration (SXX) commissioned UniQuest Pty Ltd, the contract research arm of The University of Queensland, Australia, to conduct formal research into the concept of using land-bound salt beds as a way of sequestering CO2 as solid carbonates/bicarbonates underground.

Solomon Gold (SOLG) said it was raising £1.7 million in an 8p per share placing with private investors.

Toledo Mining (TMC), the AIM listed nickel mining company working in the Philippines, was hit by news that one of the buyers of nickel laterite ore from its Berong mine had terminated its contract.

Uruguay Mineral Exploration (UGY) completed its merger deal with fellow Canadian mining group Fortune Valley Resources.

AIM listed Vane Minerals (VML) established a new property package in New Mexico and is now planning to explore the area for copper-gold targets.