Resources round-up: Wasabi, Thor, Condor, Shanta

Wasbi Energy's wholly owned subsidiary Imparator Enerji has made significant progress in Turkey, following sustained growth in the country's economy and the corresponding increase in energy demand. The situation has enabled Wasabi to implement its Kalina Cycle power generation technology as it exploits the changes the country is making in its energy policies. In recent months, Imparator has entered into a series of commercial arrangements with a number of strategic partners, including project developers in Turkey and specifically the purchase of an option to acquire an interest in an advanced geothermal project. The opportunity for the product to generate power by recovering waste heat has been confirmed to be greater than 1,700 megawatt electrical.

Thor Mining has revealed that the economic prospects for the company's Molyhil project in the Northern Territory have been significantly enhanced by recent results from metallurgical test work for tungsten recovery. The tungsten recovery rate is now estimated to be 85% compared with the previous estimate in January of 75%. "This improved recovery will make a substantial difference to the outcome of the feasibility study currently being worked on," the firm said.

Condor, a gold exploration company, has reported an 800 metre (m) strike length of wide gold mineralised intercepts at surface level, with open pit mining potential. The best intercept was 10m at 2.98 grams per tonne (g/t) gold, on the La India vein. Trenches of 104.5m at 1.31g/t gold and 26m at 2.54g/t expand the wide low-grade gold mineralisation at surface level. A trench of 12m at 2.99g/t gold was a new discovery on the Las Lajitas vein.

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Shanta Gold is planning to raise around £22m through the placing of five-year convertible loan notes and at least £6m through an equity placing of new ordinary shares. The notes are underwritten by Liberum Capital with a coupon of 8.5% per annum at a conversion price of 29.53p per share, representing a 25% conversion premium to the closing mid-market price on April 3rd of 23.63p. The notes are expected to be issued at a conversion price of 29.53-32.00p per share.

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