Resource round-up: ZincOx, DiamondCorp, Nostra Terra

published 12 June 2012

ZincOx Resources rose on Tuesday after the firm announced its Korean Recycling Plant had been commissioned and was in production and ramp-up mode. The commissioning process had been delayed after problems with gas burners. The firm said the ramp-up process was on track to take four months. Its shares rose 4.3% following the news.

DiamondCorp shares fell 2.5% despite the company saying diamond recoveries were better than expected and costs were well within budget at its Lace mine in South Africa. The firm said it had recovered 7.33 carats per hundred tonnes, 47% above budget, including an 8.3 carat good quality white gem diamond. The company is undertaking a tailing operation, sifting through minerals already mined to find leftover diamonds.

Nostra Terra Oil and Gas said current indications were that the Warrior Prospect in Oklahoma, in which it has a 10% interest, should become stable at approximately 50 barrels of oil per day. It added that drilling was finished on both first and second wells at the Bale Creek prospect, in which it has a 30% interest.