Resources round-up: Angel Mining, Beowulf Mining, Noventa

Angel Mining, which is currently focused on building a successful mining operation in Greenland, cheered its investors with the news that as of July 31st it had sold 7,569 ounces of gold at an average price of 1,668 dollars per ounce since its first gold sale in August 2011. The firm is continuing to work towards its main project, the Black Angel zinc/lead mine, which it expects to become operational by 2014/15. The costs of this are expected to be met by gold sales. The firm said it expects to generate trading profits and to secure funding for the Black Angel project in the current year.

By MoneyWeek

published 31 August 2012

Beowulf Mining has reported significant high grades of iron mineralisation of up to 54.6% iron, encountered on the Kallak North deposit, including the highest average grade of iron mineralisation ever recorded for a section of analysed drill core from the Kallak North deposit to date. The firm also reported a narrowing of pre-tax losses for the first half of 2012, at £386,955 (end of 2011: £276,693) and basic losses per share of 0.18p (end of 2011: 0.17p). No revenue was generated. Cash at the period end fell to £5.05m from £6.05m six months earlier.

Tantalum miner Noventa has been granted a one month extension of its refinancing package with its existing lender and largest shareholder, Richmond Partners Master. The loan, which is for a total of $16m, is unsecured and carries an annual interest rate of 25% per annum. The facility now expires on the 30st of September. The original agreement was made with an outline agreement for a longer term secured loan facility, which Richmond and Noventa are continuing to work towards. If the firm opts not to proceed with this secured loan, it will incur a 30% repayment penalty on the outstanding balance of the loan.