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Diamond Corp, Mariana Resources, Red Rock Resources, Sylvania Platinum news briefs

Contributed by Fox-Davies Capital

Diamond Corp Plc announced that it has placed 28,571,430 new ordinary shares of 3 pence each in the Company at a price of 3.5 pence per share to raise, in aggregate, £1M gross proceeds for the Company. The net proceeds of the Placing (which are expected to be approximately GBP 940,000) will be used to fund the development of the Lace mine, corporate overheads and for general working capital purposes. Application has been made to the London Stock Exchange and the JSE for the Placing Shares to be admitted to trading on AIM and AltX. It is expected that Admission will become effective and that trading in the Placing Shares will commence on AIM and AltX at 8.00 am UK time on 25 October 2012. The Placing Shares will rank pari passu with the Company's existing issued ordinary shares.

Mariana Resources Limited announced that it has completed its due diligence process and will proceed with the terms of the earn-in option for the Condor de Oro project in Northern Peru.  The terms of the option are per the signed Letter of Intent (release 4 October 2012) with Condor Resources Inc. (TSX-V:CN for Condor's 102sq.km Condor del Oro project located in the Cordillera del Condor in northern Peru, one of the most significant underexplored gold-copper belts in South America, and approximately 130km southwest of Kinross' Fruta del Norte gold deposit. Condor has granted Mariana two options by which the Company may earn a 51% interest and operate the Pucayacu Gold-Copper Property and the Yuracyacu Copper-Silver Property.

Red Rock Resources plc announced a consolidated pre-tax loss of £4,580,727 compared with a profit for the year to 30 June 2011 of £15,919,442. This latter figure is restated from £13,973,537 as a result of re-categorising its interests in Colombia following a decision in principle to sell which it made before the end of the financial year. The change in profit in the current year is attributable to two principal factors. The first of these is the absence of the £14,238,297 profit taken last year as a result of its investment in Jupiter Mines Limited ceasing to be accounted for as an associate in that year. The second is a reversal of the £3,647,104 profit at fair value shown last year on an investment in Ascot Mining plc; in both years the necessity of conducting a Black-Scholes valuation of an embedded derivative has produced unexpected results and this year there was in addition an impairment loss on the investment. A third factor in the latest year's profit figure was the £3,686,211 profit booked on receipt of the first tranche of proceeds from the partial sale of a royalty interest.

Sylvania Platinum Limited announced that a settlement has been reached with the National Union of Mineworkers in respect of all the Company's Eastern Operations following assistance from the CCMA. While there has been no disruption at the Eastern operations (Steelpoort, Doornbosch, Lannex and Tweefontein plants), this agreement should ensure that operations will not be disrupted going forward. As announced on 17 September, negotiations have been underway for over 6 months to reach a final, signed agreement and there is a settlement certificate issued by the Commissioner of the CCMA that will see the overall wage bill increasing by 11.8%. This settlement is for the Company's 2013 financial year.