Resources round-up: Mariana, Red Rock, Nighthawk

Mariana Resources, the mineral exploration company focused on South America, has completed due diligence and is press on with the earn-in option with Condor Resources for the Condor de Oro project in Northern Peru, as detailed in its announcement on October 4th.

Condor has granted Mariana two options by which Mariana may earn a 51% interest and operate the Pucayacu Gold-Copper Property and the Yuracyacu Copper-Silver Property, by incurring direct exploration costs of $12,500,000, and making cash and/or share equivalent payments to Condor for a cumulative sum of $2,500,000 for each property.

Miner Red Rock Resources tumbled into the red in the year to June 30th, with a pre-tax loss of £4.58m, versus a pre-tax profit of £15.92m the year before. "The change in profit in the current year is attributable to two principal factors," explained Executive Chairman Andrew Bell. "The first of these is the absence of the £14,238,297 profit taken last year as a result of our investment in Jupiter Mines Limited ceasing to be accounted for as an associate in that year. The second is a reversal of the £3,647,104 profit at fair value shown last year on an investment in Ascot Mining plc; in both years the necessity of conducting a Black-Scholes valuation of an embedded derivative has produced unexpected results and this year there was in addition an impairment loss on the investment," Bell added.

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Shale oil development specialist Nighthawk Energy said its 2012 drilling programme is to be expanded to five wells. Drilling of the fourth well in the programme, Steamboat Hansen 8-10, is already under-way. The shares took a tumble, however, as the firm said the second well in the programme, the Pike's Peak WIlliams 4-30, did not produce under initial completion techniques and further completion has been deferred while the stimulation strategy for this well is undergoing re-evaluation.

JH