Resource round-up: Thor Mining, ECR Minerals, Jupiter Energy

Thor Mining has said that the deasibility study for the Molyhil tungsten and molybdenum project in Australia's Northern Territory is progressing but there 'remains a substantial amount of due process and procedural work to be completed'. The report is consequently now not due before June 2012.

ECR Minerals has confirmed the extension of the high grade gold mineralisation at the El Abra prospect within the Company's Sierra de las Minas gold project area in Argentina. The best intersection is 3.0m grading at 21.5g per tonne gold. The drilling is ongoing with further analysis scheduled. "We are very encouraged by these results, which demonstrate that gold mineralisation does continue to depth at the El Abra prospect and that this mineralisation is of high grade in at least one area," the firm said.

Jupiter Energy has begun its trail production from the J-50 and J-52 wells, where the initial combined production rate is expected to be 600 barrels of oil per day. The company has signed contracts with two oil traders to buy Jupiter's produced oil at $400 per tonne, equivalent to $58 per barrel. Initial production of 6,000 tonnes has been sold on a 100% pre-paid basis, the firm said. $1.2m has been received already, with the same amount due the week beginning Monday 30th.

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Sylvania Platinum has admitted the quarter ended March 31st was "disappointing" as a result of "industrial action at the host mines where striking staff prevented its crews, who were not on strike, from entering the mine premises", causing it to lose more than four weeks production. Nonetheless, earnings before interest, tax, depreciation and amortisation was $0.7m. The firm was keen to emphasise that it made good progress with the Volspruit mining operation and said the exploration of the Northern limb portion is progressing according to plan.

Nighthawk Energy has reported the early results on its 75% owned project at Jolly Ranch in Colorado has shown increased potential for multi-zone production without hydraulic fracture stimulation. The plans for the drilling of new wells has now been accelerated. Production at the site was severely affected by the programme, will average production in the first quarter falling to 33 barrels of oil per day (Q3: 70 and Q4: 56). Production in the second quarter is expected to increase as wells are brought back online.

Caspian Holdings has reduced its losses in 2011 from £0.196 to £0.087m as a result of negative goodwill on the acquisition of a subsidiary, earning the company £0.1m. Since the year end the firm has won an 18-month exclusive option extension that will enable it to focus on bringing the La Parrilla tailings processing facility on stream, into production and complete the step out drilling in the extension of the La Parrilla mine area. Cash levels rose significantly over the year from £14,476 to £221,393.

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