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Premier Gold, Atlantic Coal, Mariana Resources, Discovery Metals news briefs
Premier Gold Resources has released further soil sampling results from Cholokkaindy licence in Kyrgyzstan. Although very early stage, the results appear to link all four prospect areas into a single continuous target over 5km2 in size. The soil results include 12 coherent gold in soil anomalies of more than 100ppb Au and all the anomalies remain open in all directions. The new data indicates two geologically defined trends up to four kilometres long with significant gold in bedrock and gold soil anomalies over an area of five square kilometres. With the soil sampling programme largely complete, the Company has begun discussions with the drilling contractor about a much larger and more ambitious programme for 2013 including drilling key targets.
Atlantic Coal PLC continues to increase its production at the Stockton Anthracite coal mine since the successful completion of the railroad diversion in April 2012. Highlights include:
- Record clean coal production +130% to 44,633 tons (Q3 2011: 19,424)
- 38% increase in clean coal sold year on year to 33,336 tons (Q3 2011: 24,111)
- Run-of-mine ("ROM") coal washed more than doubled year on year to 107, 625 tons (Q3 2011: 50,816 tons)
- Significant improvement in strip ratio of overburden to clean coal to 21.0 (Q3 2011: 42.9)
- Average sales price realised was US$148.49 excluding by product # 5 (Q3 2011: US$146.98) - continued strong national demand for high quality anthracite but slight quarter on quarter price drop experienced due to cyclical slower summer period
Whilst most other US producers cut production, Atlantic has been able to increase production and maintain prices as it produces anthracite for the domestic retail market. We expect prices should pick up again in Q3 as we head into the winter period in N America.
Mariana Resources has signed a letter of Intent with Condor Resources Inc. for Condor's 102km2 Condor del Oro project located in the Cordillera del Condor in northern Peru. Condor has granted Mariana two options and may earn a 51% interest and operate the Pucayacu Gold-Copper Property and the Yuracyacu Copper-Silver Property. Based on current geological prospecting, surface geochemical sampling, mapping and geophysics, the two separate extensive intrusive-related mineralized centres are approximately 8km apart. The properties are characterised by broad alteration haloes, quartz stockworks, alluvial gold and highly anomalous precious and base metal geochemistry, each forming 4km2 target areas which have not been previously drill tested. Under the terms of the LOI, Mariana has the right to acquire a 51% interest in each property within four years by incurring direct exploration costs of US$12,500,000, and making cash and/or share equivalent payments to Condor for a cumulative sum of US$2,500,000 for each property. A non-refundable US$50,000 payment was made on signing the LOI for Pucayacu and a further US$50,000 is due following successful due diligence completion. Mariana's commitment at the more advanced Pucayacu is a minimum expenditure of US$500,000 in Year 1, including 1,500 metres of drilling. Mariana also has a 90 day exclusive period to option Yuracyacu by payment of US$50,000 within 15 days of signing the LOI and carrying out a geochemical sampling program. A further US$50,000 is due before the end of the 90 day exclusive period should Mariana elect to proceed with the Yuracyacu option.The LOI includes a due diligence provision to be completed by Mariana by October 17, 2012, and parties have agreed to replace the LOI with a Definitive Agreement containing general industry standard terms and conditions. Upon Mariana earning the interests in the Pucayacu and/or Yuracyacu properties, the parties will form a joint venture in accordance with their respective interests to further develop the properties. Although early stage, this looks like a good deal for Mariana which doesn't have to spend a great deal to acquire the licences unless it finds something material.
Discovery Metals Limited has received an indicative, nonbinding proposal from Cathay Fortune Corporation and China-Africa Development Fund to acquire all the shares (not currently held by the Bidder) in Discovery Metals for A$1.70 per share. The DML Board is currently evaluating the Indicative Proposal. This looks like a good offer in the current market, and demonstrates what an excellent job management have done in developing the project, especially CEO Brad Sampson.
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