Resources round-up: Sylvania, Botswana, Landore

Miner Sylvania has been served with a summons regarding a claim being brought by Platmin South Africa, a subsidiary of Platmin, declaring that Platmin is a co-owner of the tailings, or, alternatively, the co-owner of the platinum group metals contained in the Lannex Tailings Dam situated on the Farm Grootboom in the District of Lydenburg, South Africa. The claim is the same in nature as a motion put before the High Court by Boynton against Sylvania in 2009, and the firm said it will continue to refute the claims.

By MoneyWeek

published 12 September 2012

Botswana Diamonds has discovered two additional diamonds during the on-going sampling programme on the Libongo palaeoplacer project in Cameroon. One of the diamonds, a 0.25 carat near gem quality stone, was recovered from a stream flowing through the sample area. The second, a 1.3 carat industrial quality diamond, was recovered from the crushed sample. The programme is expected to be completed within weeks, the firm said.

Landore Resources, a Canadian mining explorer, has agreed a subscription of 52.3m new ordinary shares in the company at a price of 5p per subscription share to raise £2.615m before expenses. The proceeds from the subscription will be used to finance working capital, in addition to exploration and drilling expenditures on the nickel deposits at the Junior Lake project in the Province of Ontario, Canada.