Resources round-up: Sunrise Resources, Toledo Mining, Botswana Diamonds

Sunrise Resources, an AIM-quoted diversified mineral exploration and development specialist, has said it notes the press speculation in last Friday's Investors Chronicle Magazine and said it expects to be in a position to make an announcement about the preliminary diamond sampling results from the Cue 1 kimberlite outcrop and also on the scoping study at the Company's Derryginagh barite project. The firm said it has no reason to believe that these updates will not be of a positive nature and added that its cash position is currently around £0.62m.

By MoneyWeek

published 22 October 2012

in Features

Toledo Mining has entered into a Memorandum of Understanding with DMCI Mining Corporation of the Philippines, according to which DMCI will acquire 31% of the shares of Nickeline Resources from Toledo for a cash consideration of $6.552m. Nickeline holds 60% of Berong Nickel Corporation. Toledo will use the proceeds of the sale to fund the acquisition of ENK's 18.7% stake in Berong Nickel, with the completion of the sale set to be agreed no later than December 15th. Toledo's interest in Berong will not materially change, but will give it greater representation of the board through its increased indirect holding.

Botswana Diamonds has said that data from the PL170/2012 licence in the Orapa area of Botswana shows areas with concentrations of diamond indicator minerals. "These are very encouraging results which enable us to move forward to the next stage of exploration activity with confidence," the firm said. "We believe the five target areas we are now focussing on offer very high potential, and look forward to providing a further update on the findings of the ground magnetic and gravity surveys before the end of the year."