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African Mining & Exploration, Arian Silver Corp, Archipelago Resources, Continental Coal news briefs

Contributed by Fox-Davies Capital

African Mining & Exploration PLC announced that following a corporate review, the Company is in process of implementing a number of cash conservation initiatives to maximise the Company's shareholder return and exploration activity as AME fast-tracks its flagship Kossanto Gold Project in South-West Mali towards defining a maiden resource in 2013. Whilst the Company has a healthy cash position of £1.76M as at 31 December 2012, where additional cost-saving opportunities are recognised they will be implemented as part of an on-going cost management process as the Company continually reviews its cost base. In substitution for the cash remuneration forgone by AME's CEO and senior employees, the Company has granted 4,990,000 share options with an exercise price of 4.62p which is at a premium of 0.5p above the Company's mid-market share price at close of trading on 28 February 2013. The performance conditions attached to the 2013 Share Options are that one twelfth of the quantity granted will vest at the end of each month of completed service over the next 12 months. The 2013 Share Options have an exercise period of 5 years. 2,100,000 of the 2013 Share Options have been issued to Mark Jones, the CEO and a Director of the Company.

Arian Silver Corp. released its Management's Discussion and Analysis and audited Financial Statements for the year ended 31 December 2012. Arian reported a net loss for the year of $4.031M on sales of $4.588M. The decrease in revenues and the net loss was a result of the suspension of milling operations following a dispute with the mill owner. Production was suspended in July 2012 and in November a contract was signed with an independent third party for toll milling a minimum 90,000 tonnes of run of mine. Milling commenced at this mill on 16 February 2013. Consequently, tonnes mined at 51,893 were down approximately 50% and silver production amounted to 165.304oz compared with 235,965oz in 2011. The Company is seeking additional finance to help achieve its strategy of increasing shareholder value by increasing production, productivity and mine capacity, and is actively discussing funding possibilities with interested parties. On 12 March 2012, Arian reported a significant resource estimate upgrade of more than 117Moz of silver.

Archipelago Resources PLC announced further impressive drilling results from its Blambangan and Pajajaran deposits at the Toka Tindung Mine in North Sulawesi, Indonesia.

The results continue to indicate high grade extensions at depth for the Blambangan and Pajajaran deposits. Toka Tindung remains highly prospective, with significant potential to extend Archipelago's already substantial 2.58Moz Au Resource and 1.47Moz Au Reserve. Archipelago remains on track to release an updated Resource & Reserve Statement by the end of Q1 2013.

Continental Coal Ltd. announced it is rereleasing its Half Yearly Presentation to incorporate the confirmation of the JORC Code Classification of the Inferred JORC Compliant Resources at the Kweneng Coal Project, one of the Company's three prospecting licences in Botswana and confirmation that a key part of the Company's strategic focus for H2 FY2013 remains the finalisation of its negotiations with parties that have submitted offers to acquire all or part of the Company's interest in its South African thermal coal business and /or joint venture of specific operating and development projects.