Resources round-up: Metminco, Sable Mining, Mediterranean Oil & Gas

Metminco said it had made significant progress during the three months to June at Los Calatos in Peru, and Mollacas in Chile. It said conceptual mining studies at the sites had taken the firm closer to mine development and, ultimately, copper production.

Shares rose 4% at Sable Mining after the company reported "highly encouraging" results from its early stage surface sampling and mapping programme on the Kpo Iron Ore Project in northern Liberia. "Newly returned surface sample results from the two northern most targets included high grade material of up to 62.4% Fe, further reinforcing the Kpo Project's potential to be a major new iron ore discovery," Sable said.

Mediterranean Oil and Gas said it was buying up the final 10% of Malta Offshore Area 4 PSC that it doesn't already own from Leni Oil and Gas. The firm said this could help facilitate the current farm out process in respect of the licence and enable it to more effectively pursue the further exploration of the licence. The acquisition is conditional on approval from the Minister for Resources and Rural Affairs in Malta.

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However, shareholders in the seller, Leni Oil & Gas, were not impressed with the deal, pushing its shares down over 6%. The Leni said the sale would allow it to "avoid any further expenditure on Malta and to focus our management and cash resources on our core business of production growth in Trinidad".

Goldstone Resources fell on Wednesday despite saying it was "particularly pleased" that the overall grade increased of ore at its Homase/Akrokerri in Ghana from 1.42 g/t to 1.74 g/t gold. The total resource estimate was raised to 502,000 ounces. "We are also optimistic about the potential for an additional resource update based on 20 completed drill holes not included in this update," Goldstone said. Nonetheless the shares dropped 1.3% following the news.

Forte Energy, which has uranium assets in the Republics of Mauritania and Guinea, West Africa, was in demand after it said JORC compliant resources increased by 21% during the quarter. This included a 68% increase in resources at its Firawa Project. Investors pushed the share price up 13% off the back of the news.

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