Kalimantan Gold plunged 22% after it said Tigers Realm Metals had pulled out of drilling at its Jelai epithermal gold project in Indonesia. "TRM did not see the results it expected in [its] modest 6-month drill test and they have provided notice to withdraw from the option deed effective September 30th, 2012, having spent $2m," the company said. "We are currently in discussions with a number of parties that have expressed interest in the project."
Shares also dropped at Serabi Gold after it said it had placed £16.2m of new shares with Fratelli Investments, one of its major shareholders, to finance the development and start-up of underground mining operations at its Palito gold mine. In addition, Fratelli has provided the firm with an interim secured short term loan facility of $6m - around £3.7m - to provide additional working capital to enable the company to commence the initial works at Palito. The firm was trading down 4.3% by 1015 on Tuesday morning, following the announcement.
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