Resource round-up: Bellzone, Uranium Resources, African Potash

Bellzone Mining has announced that iron ore production and product stockpiling for the Forcariah joint venture project in the Republic of Guinea, West Africa, has begun. The maiden blast consisted of 213 holes and the firm anticipates that this will provide more than 30,000 tonnes of run of mine ore for processing through the installed crushing and screening plants. Production operations will be progressively ramped up to achieve the design capacity of four million tonnes per annum over a six month period, with first shipment scheduled for early June 2012.

Uranium Resources, an AIM listed uranium exploration and development company, reported a rise in loss before tax for the six months ended December 31st. Losses rose from $0.88m to $1.89m, equating to a loss per share of 0.33 cents (2010: 0.20 cents). The firm is planning a 20,000 m drilling programme for 2012 and said it is building a pipeline of quality exploration projects in Tanzania. During the six months the company completed its 7,936 metres diamond drilling programme which confirmed the existence of mineralised roll-fronts at depth. Managing Director of the firm, Alex Gostevskikh, said Uranium Resources had made "remarkable progress".

African Potash, an AIM listed African exploration company that was formed in 2011, has reported a loss before tax of $0.99m for the year ended December 31st and said the long term growth fundamentals of commercial potash exploration are highly encouraging, as potash is primarily used as a source of potassium fertiliser. Cash at the end of the period was $9.1m.

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

Bullabulling Gold said that it has been admitted to trading on ASX. In all, over 170m shares were admitted for trading.

Empyrean Energy has agreed the terms for $50m three year term debt facility which will be used to fund the development of eagle ford shale and gas project. The facility draw-downs will be based on proven reserves. Additional funds will be made available as proven reserves increase.

Conroy Gold and Natural Resources has reported 22.9 metres of 1.59 grammes per tonne (g/t) gold, including 14.55 metres of 2.28 g/t. It also posted 2.2 metres of 3.49 g/t gold and 3.4 metres of 2.51 g/t gold, including 1.8 metres of 4.34 g/t. The results confirmed good continuity with the known mineralisation, the firm said.

NR