Resource companies round-up: Stratex, Amur, TXO...

AIM-quoted Africa and Turkey gold exploration outfit Stratex International has notified investors of the end of the so-called 'squeeze out' period for its acquisition of Silvrex, as announced on the past 2nd of December 2011. During said period the firm had the right to compulsorily acquire the remainder of the shares in the company, which numbered 7,500,000, as it has done. In exchange the company has allotted and issued 466,875 ordinary shares in Stratex, at 8p each.

Amur Minerals, a nickel-copper sulphide mineral exploration and resource development company focused on far east Russia, said a shiny new diamond core drilling rig is being transported to its base camp at Kun-Manie. The rig will substantially reduce drilling costs at Kun-Manie by around 40%. "We will soon have identified the drilling targets for the year based on available results from 2011 which are currently fully in hand and are being reviewed in detail," revealed Robin Young, Chief Executive Officer of Amur Minerals. The share price rose to 8.47p from 7.23p overnight on the news, before easing back to in the afternoon session.

Oil firm TXO has confirmed a statement made by Empire, a company in which it last year invested $0.15m, which said that Coleridge Resources has signed a non-binding option agreement with Empire. The option gives Empire the right to acquire all of the issued common stock of Coleridge within 90 days, for a total of $35m. TXO warned that there is no guarantee Empire has sufficient funds to satisfy the considerion. Empire also confirmed it is making preparations to drill its Bellevue prospect early April.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Scotgold Resources says it is keen to ramp-up exploration at its Sron Garbh Mafic complex, Scotland, after an "exciting discovery" has shown the potential for an "extensive mineralised system". Drill hole results show a copper-nickel-platinum group metals-gold 'style' of mineralisation with "highly promising geochemical signatures". Shares were up 7.32% at 5.5p.

"The potential deposit style - 'magmatic Cu - Ni - PGE - Au' - adds an exciting new dimension to Scotgold's exploration program and represents a significant new target in addition to the narrow vein gold and other targets identified elsewhere within the Scotgold's licence areas," said the company's Chief Executive Officer Chris Sangster. Meanwhile, Dave Holwell from the University of Leicester's Department of Geology, has reviewed the results and said that the mineralisation has the "characteristics of a classic magmatic Cu-Ni sulphide deposit with elevated precious metals."

AIM quoted energy Altona has today informed investors that on the past 23rd of February it executed the Share Purchase Agreement covering the conditional purchase of a 95% indirect beneficial interest in two advanced coal exploration licences located in the People's Republic of China. According to the company that will allow it to move rapidly into production and generate strong cash flows, "underpinning the Company's future and participation in the Arckaringa Project with Joint Venture partner CNOOC-NEI." The Company is evaluating a dual listing on the Hong Kong Stock Exchange.