A1 Minerals Set To Pour First Gold Next Week

West Australian gold company, A1 Minerals Ltd (ASX: AAM) announces that its milestone first gold pour will take place late next week. The gold pour will follow the completion of construction at the Company's fully-owned gold plant, which lies adjacent to its first mining site, the Beta Pit, within its BrightStar gold project in the Laverton region of Western Australia's North Eastern Goldfields. "We regret the small setback we have experienced in our production schedule, however we are now proceeding to full production and look forward to seeing the first gold bar from BrightStar next week," said A1's Managing Director John Williams. Latest metallurgical test work from BrightStar has indicated the gold is reporting to the carbon from the high grade ore, while ongoing mine development of the Beta open cut has shown grades are correlating well with drill assay results. Beta is the first pit developed on A1's BrightStar leases, which stretch north and south of Laverton and have a proven reserve of JORC 150,000 ounces of gold but a JORC resource of 1.7 million ounces. Recent exploration activity identified a new zone of shallow mineralisation within 400m of the plant where assay results have returned quality grades of up to 6 metres at 63 grams/tonne gold. [Read more...]

Alchemy Resources: Final VTEM results identify 33 copper-gold targets at Magnus

Alchemy Resources Ltd (ASX: ALY) announce that the impending exploration program at its Magnus copper-gold project in Western Australia has received a significant boost, with the company now identifying 15 high priority drilling targets and a further 18 secondary targets. The final interpretation of the results from Alchemy's recent VTEM survey at Magnus, 150km north of Meekatharra and immediately adjacent to Sandfire Resources NL's spectacular DeGrussa copper-gold discovery, have further reinforced the Company's view that Magnus is extremely prospective for similar high-grade copper-gold deposits. Alchemy Managing Director Michael Hannington said the geological review found Magnus met three of the key criteria considered ideal for copper mineralisation including: [1.] The geological setting of the Bryah Basin, which hosts the Magnus and DeGrussa Projects, is comparable to rift-related settings that host a number of world class copper systems, such as Besshi in Japan (0.7Mt contained copper) and the giant Windy Craggy deposit in Canada (4.2Mt contained copper). [2.] The greater than 5km thick sequence of mafic volcanic and sedimentary rocks in the Bryah Basin are similar to sequences that host major mafic type copper rich deposits, such as the Windy Craggy deposit. [3.] The Bryah Basin hosts extensional faults which provide the conduits for the transport of copper rich fluids that are deposited as a result of significant pressure changes that accompanied the escape of hot fluids onto the Proterozoic oceanic floor. [Read more...]

Alcyone Resources: Australian Equities Research

Alcyone Resources Ltd (ASX: AYN) is the reincarnation of Macmin Silver Limited, which was a fully operational silver miner until it was forced into administration following various operational challenges which led to financial difficulties. Prior to this, Macmin had delineated resources and exploration targets at Twin Hills and had raised the required debt and equity capital to complete all necessary mining infrastructure. Production from the Twin Hills deposit commenced in March 2007, with its undiluted market cap peaking at approx $165m. When Macmin commenced production, the silver price was approx US$13. After the company was placed into administration, a consortium of investors were successful with their recapitalisation proposal, which included the appointment of a new Board of Directors, a 1-for-20 consolidation of capital and a $4m capital raising at 1 cent per share. Creditors agreed to cancel Macmin's approximately US$11m debt in return for 25m shares in AYN, an up-front $600,000 cash payment, and a $600,000 cash payment upon commencement of commercial production plus a royalty from production. The new Board and management team is currently reviewing all available material, undertaking a detailed metallurgical test program and aims to resume silver production in Q4 2010 as well as to increase the company 's long-term resource inventory through exploration.

Atlas Iron And Aurox Enter Into Utah Point Port Cooperation Agreement

Atlas Iron Limited (ASX Code: AGO) and Aurox Resources Limited (ASX Code: AXO) today announced that they have entered into a Utah Point Port Cooperation Agreement in relation to Aurox's port capacity allocation at the Utah Point port facility, currently being constructed by the Port Hedland Port Authority (PHPA). In consideration for the Loan, Aurox grants Atlas a first right to use any of Aurox's unused or surplus berth, ship-loading and stockpiling capacity at the Utah Point Port Facility that will become available from 1 March 2012, subject to all necessary government and regulatory consents and approvals. The efficient use of the Utah Point port facility will ensure that Aurox and Atlas will export the maximum number of tonnes allowed by their combined port allocations. "This port cooperation agreement helps ensure that in aggregate 9Mtpa from 1 March 2012, and then 13Mtpa of product from 2015, can be exported by Atlas and Aurox through the Utah Point port facility," commented Atlas Managing Director, David Flanagan. Pursuant to its existing Utah Point facility agreements with the PHPA, Atlas has 6Mtpa of port capacity at the Utah Point facility until 28 February 2012, reverting to 3Mtpa thereafter. [Read more...]

Major Boost for Brockman Resources as Test work Confirms Upgradeability of Marillana Detrital Ore

Australian ASX-300 iron ore company Brockman Resources Limited (ASX: BRM) has received a major boost with recently completed definitive metallurgical test work confirming the ability to upgrade the large tonnage of detrital iron ore mineralisation at its Marillana Iron Ore Project to a final Direct Shipping Ore (DSO) quality final product grading above 60% Fe. The results represent a critical milestone for the Marillana Project, confirming that detrital mineralisation at Marillana can be cost effectively upgraded to between 60.4% and 63.5% Fe, delivering a final product specification that is comparable with Direct Shipping Hematite Ore being mined from other major Pilbara iron ore projects. Additionally, the Marillana metallurgical test work program included pilot-scale test work conducted by Nagrom and Allied Mineral Laboratories in Perth, WA on three separate bulk samples, considered representative of the overall Marillana deposit. Plant design verification test work confirmed the upgradability of the Marillana detrital ore at economic mass recoveries utilising a conventional PFD and simple, low Capex beneficiation techniques. "With the technical viability of the Marillana metallurgy and the processing flow sheet now confirmed, Brockman can now progress forward with completing the Marillana DFS and negotiating an end-to-end transport solution to move ore from the project to port," said Brockman's Managing Director, Mr Wayne Richards. [Read more...]

Chalice Gold Mines: Substantial drilling results confirm high-grade nature of Koka gold deposit

Chalice Gold Mines Ltd (ASX: CHN) reports the new results come from diamond drill holes ZARD 135 through to 144 (results from ZARD 143 pending) which achieved significant intersections of quartz stockwork mineralisation within the Koka Main Zone. Assays have now been received from 15 holes of the 31-hole, ~5,000 metre infill diamond drilling program. Results received to date are consistent with previous drilling that indicated a decline in quartz stockwork development and gold grades at around 150 metres depth. Following completion of the infill drilling program, one of the drill rigs has moved to the Koka East Zone, which lies 80-100 metres into the hangingwall of Koka Main Zone. Planning for drilling of the Koka South Zone is in progress. Koka, which is the flagship deposit at Chalice's 80 per cent-owned Zara Project, has JORC compliant Indicated and Inferred resources of 944,000 ounces. The Zara Joint Venture comprises four Exploration Licenses and two Prospecting Licenses covering an area of 615 km2 situated in northern Eritrea, approximately 160 km northwest of Asmara city. The Koka Gold Deposit within the project contains an estimated resource of 5 million tonnes of ore containing 944,000ozs gold, grading 5.8grams of gold per tonne. [Read more...]

Gindalbie Metals: $120m Karara Earthworks Contract Awarded To NRW Holdings

Gindalbie Metals Limited (ASX: GBG) announces the award of a further major construction contract for the Karara Iron Ore Project in Western Australia. The Joint Venture company, Karara Mining Limited (KML), has awarded a staged earthworks and concrete construction contract, with a total value of $120 million, to the ASX-listed specialist civil and mining contractor, NRW Holdings Limited (ASX: NWH). The award of the earthworks contract follows the award in December 2009 of a $70 million contract for construction of the main camp and accommodation village for the Karara Project to Western Australian company Doric Constructions (Australia) Pty Ltd. Major additional contract packages targeted for award in the next few months include Geraldton Port works, rail spur line construction, water pipeline construction and Karara mining and tailings management. The Lochada camp, located between Karara and Morawa, has been completed and is being commissioned, and, with the existing Karara Exploration Camp will provide accommodation for up to 420 personnel including part of the initial construction workforce for Karara while the main construction camp is completed. Doric Constructions (Australia) Pty Ltd mobilised to site in early February for construction of the main Karara camp, which will provide construction and permanent accommodation and facilities for up to 1350 personnel. [Read more...]

Gindalbie Metals Signs MOU With Ansteel For New Resource Venture Opportunities In Australia

Gindalbie Metals Limited (ASX: GBG) announces that it has signed a Memorandum of Understanding (MOU) with its joint venture partner, the leading Chinese iron ore and steel company Ansteel, under which the two groups will work together to target new resource development opportunities in Australia outside of the Karara Iron Ore Project. The MOU is non-binding but provides a framework for the two groups to work together to identify potential resource opportunities that may be developed on a joint venture basis, similar to the structure of the highly successful Karara Joint Venture. The assets to be targeted will primarily be in the carbon steel materials sector, namely metallurgical coal, manganese, chromite and nickel, as well as downstream processing opportunities such as pellet plants and steel mills. Ansteel will contribute its extensive experience as a global iron ore and steel company and access to capital to potential joint development opportunities which can provide it with long-term sources of supply of raw materials from Australia. Karara will be a key feed source for Ansteel's Chinese steel mills, including the new Bayuquan Steel Mill at the Port of Yingkou in north-eastern China. [Read more...]

Glengarry Resources: Brazil Iron Ore Development Strategy

Glengarry Resources Limited (ASX Code: GGY) provides the following market update and overview of the development strategy for its iron ore business in Brazil following the recent completion of its merger with Centaurus Resources Ltd. To capitalise on the opportunities this growth in Brazil will create, Glengarry has put in place a dual development strategy to build a substantial new international iron ore production company. This growth strategy will leverage off the existing team of professionals in Glengarry's Belo Horizonte office, the substantial tenement and project position in and around the Iron Quadrangle in Brazil and its extensive country presence in the heart of the key iron ore region of Minas Gerais. The first limb of the strategy is the Domestic Iron & Steel Strategy which is based on Glengarry achieving targeted annualised production of at least 3Mtpa of iron ore grading +63% Fe by the end of 2013 which will be sold into the substantial domestic steel industry in Brazil. Another important factor differentiating Brazil, and hence Glengarry, is the very high quality of iron ore products produced in the country, which supports Glengarry's medium term intention to implement an Export Market Strategy. [Read more...]

Glengarry Resources: Proposed Change of Name to Centaurus Metals Limited

Following the recent completion of its merger with Centaurus Resources Limited, the Board of Glengarry Resources Limited (ASX Code: GGY) proposes to change its name to Centaurus Metals Limited. The new name will more accurately reflect the Company's focus on developing a long-term Brazilian iron ore business and capture the significant goodwill that the Centaurus branding has already created in Brazil. The Centaurus Metals name will support the Company's new Domestic Iron & Steel Strategy and Export Market Strategy put in place to leverage off and directly access the strong growth in Brazil, especially over the next five years in the lead up to the 2016 Olympic Games to be held in Rio de Janiero. Commenting on the proposed name change, Glengarry's Managing Director, Mr Darren Gordon said: "With the completion of the recent merger, we are now looking at rapidly developing our Brazilian iron ore operations and changing our name was a logical next step given the strong and overwhelmingly positive presence the Centaurus name has established in Brazil." A General Meeting of Shareholders to approve the Change of Name is scheduled for 31 March 2010, and a Notice of Meeting will be mailed to Shareholders shortly. [Read more...]

Kagara: 2009 Half Year Financial Summary

The 2009/10 financial half year has seen a return to profitability for Kagara Ltd (ASX: KZL) with a net profit after tax of A$0.1 million for the half year ended 31 December 2009 compared to a loss of A$34.4 million in the previous corresponding half. Pre tax profit was A$0.1 million for the half year (Dec 2008: A$49.9 million loss) and cash on hand plus receivables was $39.2 million as at 31 December 2009 (Dec 2008: $43.4 million). Zinc production increased significantly during the half year to 23,186 tonnes of metal in concentrate from the Mt Garnet polymetallic plant, (Dec 2008: 12,213 tonnes) and copper production was lower at 11,208 tonnes (Dec 2008: 21,300 tonnes) as a result of Thalanga operations moving to tailings retreatment. Zinc cash operating costs after by-product credits for the half year from the polymetallic plant was US$0.48 per pound of payable zinc (Dec 2008: US$0.49) produced against an average realised zinc price of US$0.84 per pound of payable zinc (Dec 2008: US$0.64). Copper cash operating costs after by-product credits for the half year from the Mt Garnet copper plant was US$1.36 per pound of payable copper produced (Dec 2008: US$1.33) against an average realised copper price of US$2.61 per pound of payable copper (Dec 2008: US$2.27). [Read more...]

Marine Produce Australia: $13.5m Capital Raising And Debt Restructure - Key Points

Marine Produce Australia Ltd (ASX: MPA) outlines its plans for a $13.5m capital raising and debt restructure in order to fund major expansion of its barramundi operations. Key points include: [1.] Planned 2-for-1 Entitlements Issue at 3 cents per share to raise up to $13.5M, underpinned by indicative support from top 3 shareholders to a minimum of $9.2m; [2.] Major shareholder, the Hutton Family, to convert its entire $3.3M debt facility to equity under the issue, leaving MPA debt free; [3.] Proceeds to be used to double the size of MPAS’s Cone Bay Ocean Fresh Barramundi Operations to a targeted farm biomass of 2 million kilograms and [4.] Proposal to be put to the shareholders and delist MPA from the ASX to reduce administration and overhead costs to restore the underlying value of the Company. The Company will apply to the ASX for its delisting pursuant to Listing Rule 17.11 prior to it being voted by the shareholders. [Read more...]

Mundo Minerals: Engenho Gold Production on Track as Peru Trial Mining Delivers Record

Mundo Minerals Limited (ASX Code: MUN) provides the following update on its South American gold operations following the resumption of mill production at its Engenho Gold Mine in Brazil in January. As reported last month, the Engenho treatment facility was re-commissioned on 17 January following successful completion of temporary repairs to the tailings dam. 400 ounces of gold were sold in January as the primary focus was on re-establishing circuit stock in the treatment plant. The Company is also confirms that it has met its production target of delivering 2,000 ounces of gold to the refinery in February 2010, with the final shipment of gold to the refinery completed on 17 February. The Company achieved record production from trial mining at the Torrecillas Gold Project in Peru of 1,301 tonnes grading 23 g/t during the month of January. While this has been derived from trial mining, this production profile demonstrates the profitability that can be achieved from mining the narrow vein, high-grade deposits at this operation. Mundo Minerals expects that development work will commence along the 5 Noviembre vein at Torrecillas this week following completion of all preliminary work to access the vein structure. [Read more...]

Sandfire Resources: Phase I Degrussa Resource: 372,000 Tonnes Of Copper And 439,000 Ounces Of Gold

Sandfire Resources NL (ASX: SFR) reports a Phase 1 JORC compliant Indicated and Inferred Resource of 7.13 million tonnes grading 5.2% copper, 1.9g/t gold and 15g/t silver for the DeGrussa and Conductor 1 lenses at its recently discovered DeGrussa VMS Copper-Gold Project, located 900km north of Perth in Western Australia. The Phase 1 resource, which was completed by Coffey Mining Pty Ltd using a cut-off grade of 1.0% Cu, was based on the results of 82 diamond drill holes and nine Reverse Circulation (RC) drill holes completed up to the end of last year. Due to the large volume of assay and geological data still to be processed, the Phase I resource encompasses all drilling up to the end of last year, with the balance of information for Conductor 4, extensions to the known lenses and the chalcocite zone to be incorporated in the Phase II resource due next Quarter. Sandfire has recently commenced regional diamond drill testing to progressively test a series of VTEM targets within the host sequence of the Narracoota Volcanics identified by the regional airborne EM surveys over Sandfire's 400 square kilometres of tenement holdings at Doolgunna. [Read more...]

Sandfire Resources Launches $50 Million Placement Plus SPP

Sandfire Resources NL (ASX: SFR) today announced an equity raising comprising a fully underwritten share placement to raise approximately $50 million and a non-underwritten share purchase plan (SPP) capped at $15 million. The Placement will comprise a ~$41 million placement to institutional and sophisticated investors and a ~$9 million conditional placement to Sandfire's major shareholder Posco Australia. The new shares issued pursuant to the Institutional Placement are expected to be allotted and issued on 5 March 2010 and will rank equally with existing Sandfire ordinary shares. A waiver is also being sought from ASX for Listing Rule 6.18 in relation to the Posco Australia Share Subscription Agreement, however if this waiver is not granted the Sandfire board intends to exercise its discretion to conduct the Posco Placement pursuant to its Listing Rule 7.1 capacity. The Posco Placement price will be equal to the final placement price for the Institutional Placement. In addition to the Placement to raise approximately $50 million, Sandfire also intends to make a ~$2.5 million non-underwritten conditional placement to allow interests associated with Non-Executive Director and 5% shareholder, John Hutton, to maintain their percentage shareholding in Sandfire. This conditional placement will be subject to shareholder approval at a general meeting to be scheduled following settlement of the Institutional Placement. [Read more...]

Talisman Mining Raises $9.5 Million Through Strongly Supported Share Placement

Talisman Mining Raises $9.5 Million Through Strongly Supported Share Placement Talisman Mining Limited (ASX: TLM), advises that it has firm commitments and undertakings to raise a total of approximately $9.515 million (before issue costs) through a private placement to sophisticated investors. The funds raised will be used to strengthen Talisman's working capital position, to enable it to continue to pursue exploration activities including forthcoming drilling programs within its extensive portfolio of copper-gold projects in the Bryah Basin in Western Australia. The ordinary share issue is within the limit set out in the ASX Listing Rules and will be issued next week under the Company's 15% placement capacity once cleared funds are received. The placement shares will rank pari passu with the Company's existing ordinary shares. Following allotment of the shares under the placement, Talisman will have approximately 104.63 million ordinary shares on issue and cash reserves of approximately $15.5 million. Talisman holds an extensive portfolio of exploration projects across the prospective Bryah Basin region in Western Australia which are considered prospective for the discovery of volcanogenic massive sulphide (VMS) deposits following the recent discovery of the high grade copper-gold DeGrussa Deposit by Sandfire Resources. "The ability to continue the exploration and development of our portfolio of exploration projects across the Bryah Basin positions Talisman to take advantage of the emergence of what may be a new highly prospective VMS province," said Talisman's Managing Director, Mr Gary Lethridge.

Westgold Resources: Rover 1 - Maiden JORC Resource >1Moz (Gold Equivalent)

Westgold Resources Limited (ASX: WGR) announces a maiden JORC Mineral Resource estimate comprising 5.3Mt at 6.1g/t gold equivalent for 1,037,600 gold equivalent ounces for the Rover 1 gold-copper deposit, located approximately 80km south-west of Tennant Creek in the Northern Territory. Importantly, the resource includes internal high-grade gold and copper zones totalling 2.4Mt at 9.3g/t gold equivalent for 728,700 gold equivalent ounces. Rover 1 is the first major Iron Oxide Copper Gold (IOCG) system discovered in the Rover Mineral Field and has significant further potential as all three zones discovered to date remain open in most directions, particularly along strike and down-plunge. The resource comprises drilling results from the Jupiter (including Jupiter Extended) and the Western Zones with the recent deeper drill results from within the Southern Zone excluded from the estimate. The deposit comprises extensive zones of wide-spread copper-gold-silver-cobalt-bismuth mineralisation overprinting highly altered and deformed Proterozoic-aged sediments and massive hematite and magnetite ironstones. Detailed diamond drilling has defined three major mineralised zones - Jupiter, Western and the deeper Southern Zone. All three major zones contain narrower high-grade gold and copper zones with associated silver, bismuth and cobalt mineralisation. [Read more...]