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Metminco, Triple Plate Junction, Black Mountain Resources, Jubilee Platinum news briefs

Contributed by Fox-Davies Capital

Metminco announced its quarterly activities report. An internal mining options study focused on optimising grade and return on capital has identified a preferred mining scenario comprising an initial open pit operation followed by an underground bulk mining operation. The total mineral resource is 1.34Bt at a grade of 0.57% CuEq with 7.7Mt of CuEq metal available for extraction at metallurgical recoveries of 87% for Cu and 68% for Mo. The mineral resources amenable to open pit mining to a vertical depth of 500 metres below surface of 274 million tonnes at a grade of 0.42% CuEq (at a cut-off grade of 0.15% CuEq) - inclusive of inferred resources of 21Mt. At the Vallecillo Project a new mineral resource estimate completed in October 2012, with 91% of the resource in measured and indicated categories comprising 8.86Mt containing 227,000 ounces gold, 2.83 million ounces silver, 89,645 tonnes zinc and 27,960 tonnes lead. An internal Scoping Study to be initiated during Q1 2013.

Triple Plate Junction PLC announced that it had been notified by its project partner, Newmont Ventures Limited, a subsidiary of Newmont Mining Corporation, that it will not be allocating a development budget to the joint venture's Morobe project for 2013. TPJ now announces that Newmont has decided to terminate its search for large bulk tonnage gold/copper porphyry systems (target minimum 5M oz) at the JV property, and that Newmont is in the process of exploring their options in consultation with TPJ. Following the Company's own exploration and that conducted by Newmont on behalf of our JV there is a very significant amount of related data which TPJ is evaluating in order to determine whether there are areas within the JV territory which may be appropriate and suitable for TPJ. Of particular interest are areas containing high grade targets that Newmont have discounted as too small for their requirements but which could be of great interest to the Company to develop. Whilst recognising that the costs of exploring in PNG are very high, TPJ has engaged the services of an experienced team of geologists to commence the process of reviewing the project data. The anticipated report is expected to be delivered by the end of February 2013, and a further announcement will then follow.

TPJ is also in discussions with Barrick Gold Corporation about their future intentions for the joint venture at Wamum, where exploration work over the last two years has been very limited.

Black Mountain Resources Ltd announced the initial results from its 13 hole (3,000m) maiden drill programme at its New Departure Silver Project in Montana, USA. Initial drill results, returning grades up to 365 g/t of silver, confirm the down-dip extension of historic workings and indicate a potential projected strike length of 670m. Further drill testing of the extension is scheduled for Q2 2013 and has a potential to significantly extend the current mine plan. Mine development is on-going with adit refurbishment almost complete and new decline extension scheduled to commence at end of January to access historic workings, a significant milestone towards Q1 2013 production. 

Jubilee Platinum PLC announced that it has made application to AIM and the JSE for the listing of the following shares:6,187,765 shares as consideration for the purchase of further shares in the Jubilee subsidiary Power Alt (Pty) Ltd. As a result Jubilee's holding in Power Alt will increase by 9.5% to 68.1%; 907,276 shares as consideration for the purchase of a further 5% interest in Jubilee subsidiary Pollux Investment Holdings (Pty) Ltd. As a result Jubilee will own 67.5% of Pollux; and 584,689 shares to Majestic Filtration Solutions (Pty) Ltd as vendor consideration.

It is expected that the above issue of 7,679,730 ordinary shares of 1 pence each will be admitted to trading on AIM and the JSE on 28 January at 8am GMT and 10am SAST respectively.  Following the above shares issue, the total issued share capital of the Company will be 345,110,121. The Company holds no ordinary shares in treasury. Therefore, following the issue of equity, the total number of voting rights in the Company will be 345,110,121.