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Amara Mining, Firestone Diamonds, Landore Resources, Ormonde Mining news briefs

Contributed by Fox-Davies Capital

Amara Mining PLC announced the results of the Preliminary Economic Assessment and an exploration update for its Sega Gold Project in Burkina Faso. A technical report supporting the results of the PEA will be filed on SEDAR within 45 days. The PEA has confirmed the potential viability of mining oxide and transitional material at Sega, located 20km north of Kalsaka, and transporting it to Amara's existing heap leach operation at the Kalsaka Gold Mine ("Kalsaka") for processing. Maintaining cash flow is a key priority for the Company and, with Sega's resources located 20km north of Kalsaka, production is expected to continue in Burkina Faso to help fund Amara's development pipeline (Baomahun and Yaoure) and ensure that the Company maintains its status as a gold producer. The project is forecast to give an internal rate of return of 48% with a post-tax net present value of US$49.5M using a gold price of US$1,500/oz and a discount rate of 10%. It will produce 162,825oz of gold at a cash cost of US$821/oz over a 21 month initial life. Production is expected to commence in H1 2013.

Firestone Diamonds PLC announced that one small type 2B blue diamond and 28 type 2A diamonds have been recovered at the Company's flagship asset, the Liqhobong mine in Lesotho. The identification of a blue diamond, albeit small, is significant and confirms that the Liqhobong mine's diamond assortment is diverse and is, to date, relatively untested in terms of its ability to produce diamonds of high quality and size. The recovery of type 2A diamonds within the Liqhobong assortment is highly significant as these diamonds occur predominantly as high quality, high colour crystals and are extremely rare. The world's diamond production comprises approximately 98 per cent of type 1A diamonds whilst less than 2 per cent of the known kimberlite resources produce the high quality, white and colourless type 2 stones.

Landore Resources Ltd announced that drilling has re-commenced on the western section of the Scorpion Zone (B4-7 Deposit + B4-8 prospect), targeting potential B4-7 style massive sulphide mineralization below and to the west of the existing deposit. The first two completed drill-holes on line 50W have successfully intersected significant mineralization. Assays are pending. A deep penetrating 'Direct Current Induced Polarization' (DCIP) and Magnetotellurics (MT) survey is in progress on the Scorpion Zone to investigate below the known mineralization of the B4-7 Deposit, as well as targeting potential mineralisation to the west. A high quality three-dimensional geophysical model will be created from this survey which will outline potential targets up to 1,000+ metres depth.

Ormonde Mining PLC announced further drilling results from its Barruecopardo Tungsten Project, Western Spain. Hole BAR-81 intersected a zone of intense tungsten-bearing veining, similar to that in the main part of the existing defined deposit area where the mineralisation is best developed, and returned 17 metres grading 0.30% WO3 with narrower higher grade intervals below this zone including one metre grading 8.64% WO3. Hole BAR-82 (drilled some 50 metres below BAR-81) intersected the same zone of veining, although a block or "raft" of schist within the granite was encountered where part of the continuation of the BAR-81 intersection would have been expected (the tungsten veining is normally weakly developed in these small localised schist blocks). Despite this, BAR-81 returned good intersections of 5 metres grading 0.31% WO3 and 4 metres grading 1.16% WO3.