Ormonde Mining has reported further positive gold assay results at its Zamora Gold Project. Drilling of the nine-hole programme, which is being funded by the firm's joint venture partner Aurum Mining, has been completed and assay results received for the initial three holes (ORMP 13, 14 and 15). The nine-hole programme is designed to test and expand the gold structure over 600 metres.
Proven and probable reserves at oil and gas producer Amerisur Resources have soared 114% to 7.7m barrels of oil (mbo), following an independent reserves report. Proven, probable and possible reserves are 10.6mbo. In addition, the report certifies a further 3.0 (best case) to 5.2 (high case) mbo from the Lower U and N formations as unrisked prospective resources. "We are on track to deliver upon our six well 2012 drilling programme in Platanillo," the firm added.
ATH Resources, a UK coal producer, has revealed that its sales volumes for the first six months of the year are expected to be about 0.79m tonnes, 12% ahead of the same period last year. However, the group continues to be affected by the continued rise in gas oil prices, combined with a weakening international price of coal. Furthermore, in recent weeks the group's sales of high margin domestic product have not recovered from the low demand due to the mild winter and are unlikely to pick up in the remainder of the year given the high stock levels being held by customers.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely 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
If the current situation continues, total annual expected sales volumes for the group will fall to about 1.65m tonnes (2011: 1.67m). Together, these issues are expected to result in a loss of revenues for the remainder of the year of over £4m and the loss of reserves will also likely lead to an exceptional write down of deferred (non-cash) stripping costs (work in progress) of approximately £2m. Debt levels at the end of March 2012 are expected to be slightly lower than at the last year end.
Mining firm Statex International has raised £7.9m before expenses after placing over one million new ordinary shares at 7.625p each. The shares equate to about 22.2% of the issued share capital. The funds will be used to push forward the development of majority-owned projects in east and west Africa.
Mining firm Kirkland Lake Gold is set to purchase Queenston's 50% interest in the seven joint venture properties the two companies own in the Kirkland Lake camp. The transaction will cost Kirkland $60m, which will be paid in installments throughout the year. There is also the potential for royalties.
NR
