SmallCapNews | Mining Week: 28 November

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Mining Week: 28 November

Friday, November 28, 2008

Horizonte Minerals (HZM), the AIM listed mining group with operations in Brazil and Peru, said that because of changing market conditions and despite promising results from test work at its Lontra nickel project, its exploration activities over the next 12 to 18 months will primarily be focusing on gold.

Obtala Resources (OBT) identified a new gold zone following soil sampling conducted over the Buckreef licence in Northern Tanzania within the Lake Victoria Goldfields. Elsewhere, the company said it had also identified multiple soil geochemical anomalies from soil sampling conducted over the Rulenge licence in Northern Eastern Tanzania.

Peruvian gold producer Minera IRL (MIRL) announced encouraging gold intersections at its second project, Ollachea. Assays from initial diamond drill holes included 94m grading 3.02g/t, 122m grading 2.95 g/t and 126m grading 2.30g/t gold.

Mariana Resources (MARL) reported “significant” initial results from exploratory drilling at its Sierra Blanca silver-gold project in Santa Cruz Province in southern Argentina. Mariana said it had also discovered new high grade gold targets at Pampa del Tongoril, also in Santa Cruz.

Gippsland (GIP), which is developing the world-class 44.5 million tonne Abu Dabbab project in Egypt, said the German government had agreed to insure the project against commercial and political risk meaning that lenders would be able to offer project finance at a reduced interest rate.

EMED Mining (EMED), the copper and gold mining group whose operation include an effort to restart production at the well-known Rio Tinto mine in Spain, extended the anticipated life of the mine from 10 to 14 years.

Kalahari Minerals (KAH) said its 39.11% owned Extract Resources was continuing to see high grades and strike extensions from test drilling at the Rossing South uranium prospect in Namibia.

Solomon Gold (SOLG) signed a term sheet outlining the principal terms of a proposed agreement with Newmont Ventures, part of Newmont Mining, in respect of Solomon’s copper gold exploration projects on the island of Guadalcanal in the Solomon Islands.

Central China Goldfields (GGG) and its partner the Sichuan Bureau of Metallurgy and Geological Exploration reported significant results from hole GJ21 at the Gangjiang exploration licence area, Nimu Copper-Molybdenum Project.

Albidon (ALD) secured US$16m of new funding and a US$5m debt conversion, with the new cash being used to provide working capital for the Munali nickel project to bring it through from commissioning to steady state production.

Elsewhere, Albidon rebuffed press reports questioning its relationship with partner Jinchuan Group. The two companies have a “life of mine” offtake agreement for 100% of the nickel concentrates produced from the Munali mine.

Australian based iron ore company, Cape Lambert Iron Ore (CLIO) is making progress on drill testing at its Cape Lambert South project, which is located in the coastal Pilbara region of Western Australia. The drilling is expected to be completed during December and results available two months after that.

Africa-focused mining group African Eagle Resources (AFE) unveiled the initial inferred mineral resource estimate for its Dutwa nickel laterite project in Tanzania. The numbers come in at 31 million tonnes at an average grade of 1.1% nickel and 0.034% cobalt. At a cut-off grade of 0.5% nickel, this gives Dutwa a contained metal endowment of some 340,000 tonnes of nickel and 11,000 tonnes of cobalt.

Mano River Resources (MANA) said it was close to completing a JV deal with Severstal Resources ahead of new investment in the Putu Range iron ore project in Liberia.

Finally, Allied Gold (AGLD) announced further continued exploration success at the Simberi Gold Project. An additional 204,000 ounces in oxide gold resources at the Pigiput Ridge has been defined including new discoveries at Pigiput East.

Weekly Round-Up

Relevant Companies

For more Company information and share price data click below:

Horizonte Minerals plc

Mariana Resources Limited

Kalahari Minerals plc

Albidon Ltd

Allied Gold Ltd