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Market:	ASX
Sector:	General Mining
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Toronto small board news; Otis Gold Corp, Tournigan Energy and IROC Energy Services in focus

Thursday, February 23, 2012 by Proactive Investors

From North America: Sunridge Gold (CVE:SGC) Wednesday announced a new independent resource estimate for the Adi Nefas zinc-gold-copper volcanogenic-massive-sulphide (VMS) deposit at its 100 percent-owned Asmara project in Eritrea.

The company said that indicated resources in the primary zone are 1.8 million tonnes averaging 10.05% zinc, 3.31 grams per tonne (g/t) gold, 1.78% copper and 115 g/t silver.

Otis Gold Corp. (CVE:OOO)(OTCQX:OGLDF) said Wednesday that it has acquired 1,880 acres of land contiguous to the Kilgore gold project in Clark County, Idaho, boosting its land position by 58 percent.

Its total Kilgore land package now amounts to 5,130 acres. The additional land comprises 70 Federal lode mining claims, totaling 1,400 acres, and one Idaho State Land Use Permit of 480 acres.

African Queen Mines (CVE:AQ) said Wednesday that it has now started its 2012 core drilling program at its Noyem-Nyanfoman project on Ghana’s Ashanti Belt.

The initial phase is planned to be a minimum of 2,000 metres, and will be expanded on a "result-contingent" basis, the company said.

Tournigan Energy (CVE:TVC) said Wednesday it is taking the final steps to become European Uranium Resources as it finalizes plans to bolster its Uranium presence in Europe.

Stonecap Securities Wednesday began coverage on IROC Energy Services (CVE:ISC) with an "outperform" rating and $3.50 target price. Headquartered in Calgary, IROC focuses on well servicing operations in western Canada.

In a research note, Stonecap analyst Aminul Haque said: "At current price levels, IROC's shares provide an attractive potential total return of 50 percent.

New Zealand Energy Corp. (CVE:NZ)(OTCQX:NZERF) said Wednesday that based on its early operational success in the Taranaki Basin of New Zealand's North Island, it has forecast an exit production rate of 3,000 barrels of oil equivalent (boe) per day for 2012.

Stonecap Securities Wednesday increased its price target on Aurcana (CVE:AUN) to $1.20 from $1.10 after the junior miner raised its ownership in the Mexican La Negra mine to 99.86 percent.

Aurcana is a silver explorer with interests in the Shafter silver mine in Texas as well as La Negra. Its partner in La Negra has been diluted down to a 0.14 percent ownership interest.

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