News & Analysis » UK

Bumi PLC, Beacon Hill Resources, Bushveld Minerals, Caledonia Mining, Condor Gold news briefs

Contributed by Fox-Davies Capital

Bumi PLC has announced that Ari Hudaya, a Non-Executive Director of the Company, has today resigned from the Board of the Company with immediate effect.

Beacon Hill Resources has made several board changes and appointed a new MD. Rowan Karstel who worked in the coal sector for over 20 years for BHP, Xstrata and Optimum Coal and most recently Keaton Energy has been appointed as Managing Director, Coal Division. Following an interim period he will join the Board as Group Managing Director. As a result, Justin Lewis, Executive Chairman to revert to a non-executive role by the end of the year. In addition David Premraj has joined the Board as a representative of the Consolidated Group of companies, a significant shareholder of the Group. The Board further intends to finalise the appointment of a non-executive director with experience in the coal industry prior to year end.

Bushveld Minerals Ltd announced an update on its exploration programme at its Bushveld iron ore project. Excellent progress has been made with the drilling programme on both the P-Q Magnetite Zone ("P-Q Layer") and the Main Magnetite Layer (1,525m drilled on the former, and 925m drilled on the latter), sufficient to upgrade resource into indicated category and increase strike length by 1km. The resource is being expanded through drilling on the strike extensions with the Company on track to meet the 1 billion tonne milestone as well as upgrading most of the inferred resource that was announced on admission to AIM, to an indicated resource category. A robust model has been completed, which more clearly defines mineralisation within the P-Q Magnetite Zone and confirms consistency and continuity of these zones along strike and depth. A programme has been initiated over existing licences covered by Bushveld's target mineralisation. A Section 102 application to extend area under the Company's prospecting license and increase the identified mineralisation strike footprint by 75% is nearing completion.

Caledonia Mining has become the first gold mine in Zimbabwe to complete the Indigenisation process at the Blanket Mine. Although the company received its Certificate of Compliance from the Government of Zimbabwe on June 19 the completion of the various indigenisation agreements was subject to the approval by the Reserve Bank of Zimbabwe including the repatriation of funds and interest to Caledonia in terms of the share sale transactions.  The company has now received approval from the RBZ and the various agreements and related transactions have now been implemented. This now paves the way for the further development of the Blanket mine, which can all be funded from cashflow and won't require any external funds. As announced on Tuesday production is continuing the ramp up as grades and recoveries continue to improve. Production in 3Q'12 was 12,919oz Au, a 33% increase on gold production in 3Q'11 (9,743oz) and a 12% increase on gold production in 2Q'12 (11,560oz).

Condor Gold has acquired the La Mojarra Concession adjacent to its La India Project, Nicaragua. The 27km2 La Mojarra Concession was acquired for US$1,010,815 in cash and shares.ƒnThe concession lies 400 meters from La India Vein Set resource of 1,481,000 oz gold at 4.0g/t, which contains an open pit resource of 954,000 oz gold at 3.61g/t and there is the possibility that the La India resource extends to La Mojarra Concession, with alteration and quartz veining at surface suggesting the potential for discovery of a large buried epithermal gold deposit. Condor will initiate a geophysics programme on La Mojarra and other concessions in La India Project within the next 6 months. Payment is staged as the concession is transferred by the minister and receives a drilling permit with a total of US$359k payable in shares and the remainder in cash.