Caspian Holdings reported good progress on its drilling programme at La Parrilla, located in southwest Spain. La Parrilla, a former producing open pit mine, closed in the 1980s. But the firm said its latest assay results showed strong indications of continuity of high grades through the western extension area of the site. "Significant mineralisation can be seen in all holes drilled to date," the firm said. "Initial indications suggest strong correlation of mineralised zones between holes." The firm's shares rose 8.6% following the news.
East African exploration firm Aminex hailed an exciting beginning to 2012 and said the rest of the year was expected to be similarly active. This came off the back of a new African gas discovery, divestiture of non-African assets and a robust investment programme targeted on the firm's Tanzanian properties. However, the company failed to give any financial performance figures in its first quarter update.
South African thermal coal producer, Continental Coal, said its Penumbra Coal Mine was set to become the company's third thermal coal mining operation in South Africa. It forecast sales of high quality export thermal coal would generate around $23m a year based on prevailing prices. However, it said minor problems with the soft floors had slowed progress on the mine. The company's share price sell 14% following the announcement.
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Namakwa Diamonds saw shares plunge 15% after it said a lack of available water could put operations at its Kao Mine in Lesotho at risk. It said current supplies would be sufficient to allow the mine to operate in its current configuration until early July 2012. Thereafter, without an alternative source of process water, it is likely that there would be insufficient flow, which could stop the mine from operating, the firm said. The company has started the process of building a new $1.75m pipeline, but warned this would also have added costs in terms of fuel and manpower.
Horizonte Minerals, the gold and nickel explorer focused on Brazil, posted a £690,000 loss in the first quarter of 2012. This was up considerably on the £190,000 loss it posted in the same period of 2011. Loss per share was 0.243 pence for the 3 months and the company said it would not be paying a dividend. The company's shares dropped 11% following the news.
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Parental contributions to kids' university living costs could reach £14,000 a yearParents helping kids with university living costs face contributions of up to £14,000 per year, according to a report from HEPI and TechnologyOne.
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Rightmove: property asking prices hit record highNews Rising demand for top of the ladder home is boosting asking prices, Rightmove research shows. Is now a good time to sell a property?
