Proactiveinvestors Australia website

Horizon Oil in US$204M Papua New Guinea gas-condensate deal with Osaka Gas

Thu, 23 May 2013 18:00:00 +1000

Horizon Oil (ASX: HZN) has signed up Japan’s Osaka Gas as a strategic partner in the development of its Papua New Guinea gas and condensate developments under a US$204 million farm-out deal.

Japan's second-largest city gas utility will take up a 40% interest in Horizon’s PNG assets and will work together to commercialise the certified Reserves and Contingent Resources of 125 million barrels of oil equivalent.

This is aimed at supporting a mid-scale LNG project located on the coast in Western Province as well as early condensate production, local gas sales and liquefied petroleum gas sales.

Osaka Gas will pay Horizon US$74 million on completion of the transaction and a further US$130 million in cash upon a final investment decision for an LNG project.

Horizon may also receive production payments where threshold condensate production is exceeded.

This represents a potential profit of US$153 million for Horizon, made up of US$23 million on completion and a further amount of approximately US$130 million upon achieving the LNG FID milestone.

Horizon’s permits are located in PNG’s highly prospective Western Province and contains the Stanley, Ketu and Elevala fields.

The permits are also located close to other fields including Juha, Hides and Moran.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Spot gold price climbs $6.10 to $1,378 an ounce

Thu, 23 May 2013 17:30:00 +1000

Gold has traded US$11.10 higher, or 0.8%, to US$1,380 in the spot market by 4pm EST Australia, as the yellow metal regains some of its lustre following a recent sell-off.

Overnight gold futures rode a price roller-coaster following comments from the Federal Reserve chairman Ben Bernanke, with the June contract swinging in a four per cent range.

Gold and U.S. equities initially rallied after Bernanke said in his testimony to the Joint Economic Committee of Congress that any premature tapering of the bond purchasing policies could threaten the economic recovery, but when pressed for more details by officials, he said the easing of the program could occur in the "next few meetings".

This, combined with minutes from the central bank's April 30-May 1 meeting released later in the that day showed some officials were advocating for the tapering of the bond purchasing as early as June, which led to a sharp sell-off in gold and equities.

Why the S&P ASX200 dived 103 points

Thu, 23 May 2013 17:04:00 +1000

Australian shares tanked after a key report showed that manufacturing activity in China had contracted in May for the first time in seven months, sending the benchmark S&P ASX200 down 103 points, or 2%, to 5,062.4.

The broader All Ords was also down 101.3 points, or 2%, to 5,040.8.

HSBC’s preliminary purchasing managers' index (PMI) fell to 49.6 this month from a final 50.4 in April, putting it below the 50 mark that indicates contraction.

This is the lowest since October 2012’s 49.5 and also the first time it has fallen below 50 since then, reflecting both domestic and overseas economic woes.

The index tracks manufacturing activity and is a closely watched barometer of the health of the economy.

Further downward pressure was placed by U.S. Federal Reserve Ben Bernanke, who suggested that the tapering of the aggressive easing policies could begin in the coming months.

Gold futures for June delivery fell US$10.20, or 0.6%, to US$1,370.10 an ounce Comex division of the New York Mercantile Exchange, in a wild session for the yellow metal amid mixed signals about the Fed's bond buying program. After the close of the Comex session, gold futures declined even further following the release of the minutes from the central bank's latest meeting.

Gold has traded US$6.10 higher, or 0.5%, to US$1378 in the spot market by 4pm EST Australia as a safe haven with demand as the lower China PMI attracted gold bugs. Gold could easily rise in New York as investors digest the China PMI data.

The West Texas Intermediate crude for July delivery lost US$1.90, or 2%, to settle at US$94.28 a barrel on the New York Mercantile Exchange while Brent North Sea crude for delivery in July dropped 89 cents to $US103.91 a barrel.

Sea of red

The major miners and banks were all dragged down by the report out of Australia’s trading partner.

BHP Billiton (ASX: BHP) was down $0.39, or 1.11%, to $34.88, Rio Tinto (ASX: RIO) down $1.20, or 2.13%, to close at $55.10 and Newcrest Mining (ASX: NCM) down $0.32, or 2.15%, to $14.55.

National Australia Bank (ASX: NAB) sank $1.01, or 3.09%, to $31.70, Commonwealth Bank (ASX: CBA) down $1.99, or 2.78%, to $69.71, Westpac Bank (ASX: WBC) closing down $1.27, or 4.07%, to $29.92 and ANZ Bank (ASX: ANZ) down $1.17, or 3.99%, to close at $28.13.

Oil and gas players were also affected with Woodside Petroleum (ASX: WPL) down $0.09, or 0.24%, to $37.47 and Santos (ASX: STO) down $0.24, or 1.83%, to close at $12.86.

Telstra (ASX: TLS) was down $0.19, or 3.7%, to $4.95 while defensive stalwarts Woolworths (ASX: WOW) and Wesfamers (ASX: WES) were down $0.53, or 1.54%, to $33.97 and $0.91, or 2.12%, to $41.98 respectively.

Gainers

Despite the bloodbath, some companies managed to make gains with QBE Insurance (ASX: QBE) rising $1, or 6.57%, to $16.23 while engineering giant WorleyParson (ASX: WOR) was up $0.81, or 4.09%, to $20.62.

ThinkSmart (ASX: TSM) put on 3.64% to $0.285 after reaffirming its guidance that it will report a net profit after tax of $0.5 million for the six months ending 30 June 2013.

This is due to ongoing strong growth from its UK business as well as good progress with its payment plan product, Fido.

Otto Energy (ASX: OEL) made a small 1.41% gain to $0.072 as it prepared to spud the development wells for its Galoc Phase II offshore Philippines.

Asian markets

Japan’s Nikkei dived 7.32% to close at 14,483.98 points on selling triggered by the weak Chinese data while the Hang Seng fell 2.45% to 22,690.41 points.

The Shanghai Stock Exchange Composite Index was down a more modest 1.17% to 2,274.81 points.

OTOC Limited wins $28.7 million Nauru Processing Centre contract

Thu, 23 May 2013 17:00:00 +1000

Resources and infrastructure services provider OTOC Limited (ASX: OTC) has been awarded a $28.7 million contract for the Nauru Processing Centre, which provides the company with a gateway into the government construction sector - while diversifying its earnings.

Subsidary OTOC Australia which won the contract, commenced early works for the centre in November 2012 and this contract forms part of the previously announced early works awards of $12.2 million.

OTOC Australia has been engaged by Canstruct Pty Ltd for the construction of the centre, with its scope of work to supply the labour and material for Stage 1 of a 900 person facility.

OTOC HY 2013 financials include revenue of $50.8 million and a gross profit of $9.1 million. EBIT was $1.9 million (EBIT margin 3.8% up from 1.2% in pcp).

Otto Energy to drill Philippines oil development wells in June

Thu, 23 May 2013 16:30:00 +1000

Otto Energy (ASX: OEL) expects to spud the first of two Galoc Phase II in June with the mobilisation of the Ocean Patriot semi-submersible drilling rig to the Galoc oil field offshore Philippines.

The rig is currently under tow from Singapore and is expected to arrive on site in early June. After it is anchored, it will proceed to spud the Galoc-5H and Galoc-6H wells.

The Phase II development of the Galoc will more than double production to 12,000 barrels of oil per day and ensures the field will remain in production beyond 2020.

It will also Otto and its partners to access the additional reserves in the field.

Otto had in March updated Proved (1P) Reserves at Galoc to 3.4 million barrels of oil while Proved and Probable (2P) Reserves have also been updated to 4.3 million barrels of oil.

This represents a Reserves Replacement Ratio of 115% for 1P and 98% for 2P Reserves.

Otto has a 33% interest in the Galoc oil field (SC14C) while fellow Australian Nido Petroleum (ASX: NDO) holds 22.87952%.

Golden Gate Petroleum to production test Louisiana oil well

Thu, 23 May 2013 16:00:00 +1000

Golden Gate Petroleum (ASX: GGP) will soon participate in production testing of the Hensarling-1 well in the Napoleonville Project, Louisiana.

A workover rig is scheduled to arrive today to run the completion operation and commence production testing from the Cris R III sands, which has 49 feet of net oil pay.

Another 31 feet of net pay was intersected in the Cris R II sands.

Hansarling-1 has post drill Reserves estimate of 952,000 barrels of oil and 400 million cubic feet of gas in the Cris R II & III sands.

Partner Grand Gulf Energy (ASX: GGE) expects the well to be placed on production within 3-6 months from completion.

Golden Gate has a 3.99% working interest in Hansarling-1.

Flinders Mines targeting DSO iron with new Pilbara drilling program

Thu, 23 May 2013 15:40:00 +1000

Flinders Mines’ (ASX: FMS) new drilling program will target DSO quality Brockman Iron Deposit mineralisation at its wholly-owned Pilbara Iron Ore Project.

This follows the company increasing the Brockman Iron Deposit (BID) Exploration Target to between 180 million tonnes and 280 million tonnes at 55% to 58% iron.

Scoping studies completed by the company have indicated the potential for savings in both initial project capital expenditure and operating costs from mining the BID mineralisation.

This is due in large part to the DSO quality which requires no beneficiation as well as the expected lower strip ratio than other parts of the Pilbara Iron Ore Project (PIOP) resource.

Flinders will immediately move to drill test and convert areas of interpreted mineralisation to increase the current 917Mt global resource.

The $1.2 million program will be carried out from June 2013 over the Delta Hills and Blackjack Hills areas.

Delta Hills drilling will focus on those areas immediately adjacent to existing ore intersections, whilst Blackjack Hills drilling will target untested mineralisation in areas that have had no or minimal drilling activity to date.

Background

Flinders first recognised BID on the flanks of the existing channel iron mineralisation in 2010 and has been investigating the potential for further BID mineralisation over the unexplored areas between the channels.

A 2011 drilling program generated outstanding near-surface BID mineralisation up to 54 metres in thickness and around 80% of the holes drilled to date have intersected greater than 4 metres of BID mineralisation.

Green Invest set to finalise funding proposal

Thu, 23 May 2013 15:20:00 +1000

Green Invest (ASX: GNV) has been granted a trading halt today by the ASX - with its shares placed in pre-open - pending a funding proposal.

The company is focused on the expanding environmental sustainability sector.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Monday 27th May 2013.

Other Green Invest news

Green Invest also announced today that it has settled a long running dispute with one of its former directors, John Filippo, in relation to accounting and other fees for work claimed to have been done, the value of which GNV disputed.

The settlement has been confirmed by an order made in the County Court that GNV pay Filippo $180,000. The Company intends to pay this amount by the end of May 2013.

Cogstate's cognitive tests to play key role in international Alzheimer’s study

Thu, 23 May 2013 15:00:00 +1000

CogState’s (ASX: CGS) computerised cognitive tests have been selected as part of the battery of cognition tests in a major global study investigating the early detection of Alzheimer’s disease.

The trial is being run by the international research partnership Dominantly Inherited Alzheimer Network out of the Dominantly Inherited Alzheimer Network Trials Unit at Washington University School of Medicine in St. Louis.

It will evaluate whether two investigational drugs, currently being developed for the treatment of Alzheimer’s disease, can halt or reverse pathological changes in the preclinical biomarkers known to be present in patients with the disease.

The trial will include 210 adults, of which 120 carry a gene mutation linked to a rare form of Alzheimer’s disease, but have not yet demonstrated symptoms of the disease. The remaining trial participants do not carry the gene, but have a parent with the gene mutation.

Cognitive testing is a key part of the trial as it may valuable insights into the earliest mental changes in pre-symptomatic Alzheimer’s disease.

Participants in the study will undergo PET brain scans to track amyloid levels in the brain, and will also have their memory function and other cognitive abilities tested with the computer-based tests developed by CogState at the commencement of the study and at a total of six separate intervals during the 24 month duration of the trial.

The study is being run across over 30 investigational sites spanning the US, UK, Canada, Australia and Europe.

Castle Minerals confirms Ghana prospect as a gold and zinc discovery

Thu, 23 May 2013 14:40:00 +1000

Castle Minerals (ASX: CDT) has confirmed that its Bundi Prospect in northwest Ghana as a new gold discovery with associated zinc mineralisation.

Reverse circulation drilling had intersected a coherent zone of gold mineralisation over at least 1100 metres of strike.

This occurs within a zone of sulphide alteration that has a strong correlation with elevated zinc levels with up to 4% zinc reported from portable XRF analysis.

Coarse sphalerite (zinc sulphide) has also been observed in drill chips.

Notable gold intercepts include 20 metres at 1.13 grams per tonne gold from 50 metres including 10 metres at 1.92g/t gold from 10 metres and 15 metres at 1.15g/t gold from 30 metres including 10 metres at 1.61g/t gold from 35 metres.

Castle plans to carry out individual metre analysis of gold samples, laboratory analysis of zinc zones reported from the portable XRF analysis, rotary air blast and reverse circulation drilling as well as airborne geophysical surveys.

Indus Coal spins six rigs at Indonesian thermal coal project

Thu, 23 May 2013 14:20:00 +1000

Indus Coal (ASX: ICZ) has kicked off a 9100 metre Exploration HQ core drilling program on Block 9 of the Jambi Coal Projects, which is located in the Central Tebo District, Tebo Regency Jambi Provence of Eastern Sumatra, Indonesia.

The area is a known coal producing region with a recognised export thermal grade coal product sought after by Indian and Chinese power producers, with Indus aiming to monetise Jambi and the MukoMuko Coal Project over the next 12 months, with a plan to add scale through acquisitions.

Indus will have six rigs drilling the aggressive program at Block 9, with initial drilling having intersected good thicknesses of Coal Seam A at about a vertical depth of 35 to 40 metres and about 400m down dip from outcrop.

An additional four coal seams below Coal Seam B have been discovered which substantially increases the volume of coal on the Block 9 concession.

The company has conducted all its mining studies on a coal to waste ratio of 1:6, with economic studies on a coal removal cost of US$1.30 per MT of coal and a waste removal cost of US$1.80 per cubic metre.

Indus had around $1.4 million in cash at the end of March 2013.

The Lind Partners: Media sponsor of "Stars in 2013" Industrial Forum

Thu, 23 May 2013 14:00:00 +1000

The New York-based asset management firm 'The Lind Partners' is Media Sponsor of Proactive Investors' "Stars in 2013" Investor Forum to be held in Sydney on Tuesday 4th June 2013. Attendance is free but registrations are essential as seats are limited.

CLICK HERE TO REGISTER

The Lind is a New York-based asset management firm that manages a family of institutional investment funds focused on small- and mid-cap publicly traded companies with an emphasis on Australia, Canada and the United Kingdom.

Since 2009, the core team at Lind has worked on direct investments with a total transaction value in excess of $385 million.

Jeff Easton is the founder and managing director of The Lind Partners, and has spent over 15 years in the funds management business, and in 2009 co-founded SpringTree Global Investors, a New York-based institutional investment firm.

Easton has since been instrumental in developing and implementing an institutional investment platform that has made investments across a wide range of industries including biotechnology, healthcare, oil & gas, coal and other natural resources.

EVENT DETAILS:

Start time: 5:30pm SHARP - Please arrive before 5:15pm.

Date: Tuesday 4th June 2013

PRESENTING COMPANIES

TZ Limited (ASX:TZL)

Chairman Mark Bouris' TZ Limited (ASX: TZL) leverages its Intellectual Property and technology and over 180 patent applications in process, the distributed intelligence of TZ SMArt Devices™ and SMArt Systems™ provide solutions including the Automated Delivery Asset Manager (ADAM) locker system for online shoppers.

Novogen (ASX:NRT)

Novogen (ASX: NRT) has set itself the lofty goal of conquering cancer by developing the CS-6 comprehensive cancer therapy. A bold endeavor that Novogen is passionate about, committed to, and focused on. See why Novogen believes it can succeed where so many others have not fared well.

Cellmid (ASX:CDY)

Cellmid (ASX: CDY) is focused on developing innovative new therapies and diagnostic tests for heart attack, inflammatory diseases and cancer. Cellmid set up a dedicated subsidiary, Advangen International Pty Ltd, for the development of midkine for hair growth. In May, Cellmid made a transformative acquisition of Advangen Inc., Japan, the company that owns the FGF-5 inhibitor hair growth technology.

E&A Limited (ASX:EAL)

E&A Limited (ASX: EAL) is a dividend-paying company based in South Australia and operates nine wholly owned operating businesses providing services across the financial services, mining, defence, water, wind power and heavy industry sectors.

bluechiip Limited (ASX: BCT)

bluechiip Limited (ASX: BCT) is global technology company that provides a unique chain‐of‐custody tracking and monitoring tool which is initially focused on the life science market. Biobanking is the company's first market, where there is a broad and rapidly growing demand.

Orbis Gold hits 3m at 40.83g/t gold in Burkina Faso

Thu, 23 May 2013 13:40:00 +1000

Orbis Gold’s (ASX: OBS) has received a peak gold intercept of 3 metres at 40.83 grams per tonne gold from 142 metres from the recently completed diamond drilling program at its Bantou Gold Prospect in southwest Burkina Faso.

This also confirmed an extension of high grade gold mineralisation within the Bantou structures over an approximate 700 metre strike length and to 125 metres vertical depth.

Notable results include:

-    11 metres at 11.73g/t gold from 141 metres including 3 metres at 40.83g/t gold;
-    6.7 metres at 17.81g/t gold from 104.3 metres including 3.7 metres at 31.49g/t gold from 104.3 metres; and
-    1 metre at 29.6g.t gold from 102 metre and 3.4 metres at 8.36g/t gold from 120 metres.

Notably, the gold mineralisation remains open at depth offering the potential to further extend mineralisation at Bantou through additional drilling, which is being planned.

Assays are also awaited for a further five diamond holes.

Positive exploration results recently announced for the adjacent Safia and Tankoro Prospects also indicate potential for discovery of additional large‐scale gold deposits across the broader permit area.

Rock chip samples of up to 3.77g/t gold were recorded at Safia – a 6 kilometre long high‐order soil anomaly – while samples of up to 57.8g/t gold were recovered from the 12 kilometre long Tankoro.

Bantou is currently centred on a 1,000 metre long zone of artisanal gold workings that are developed over a series of steeply dipping north‐trending gold mineralised structures.

Pan Pacific Petroleum days from spudding Vietnam offshore oil and gas well

Thu, 23 May 2013 13:20:00 +1000

Pan Pacific Petroleum (ASX: PPP) is poised to participate in the drilling of up to three wells in the Nam Con Son Basin offshore southern Vietnam.

The Ocean General semi-submersible drilling rig is now on tow to Block 121, operated by Origin Energy (ASX: ORG) to drill the Ca Voi-1X well targeting the large Whale Prospect.

Ca Voi-1X is expected to spud during the first week of June.

This will be followed by two wells in the Block 07/03, operated by Premier Oil (LON: PMO).

Pan Pacific has a 15% interest in Block 121, which contains significant follow up potential, while Block 07/03 (Pan Pacific 5%), is adjacent to Block 12W which contains the Chim Sao (50 million barrels of oil equivalent) and Dua Oil Fields as well as the Lan Tay and Lan Do Gas Fields (2 trillion cubic feet) in Block 06-1 to the north.

Block 07/03 also contains the CRD-1X oil and gas discovery well that was drilled in June 2009 and produced 3,265.4 barrels of oil and 8.1 million standard cubic feet of gas per day from two zones in the Miocene sands.

Rey Resources completes acquisition of additional interests in Canning Basin oil permits

Thu, 23 May 2013 13:00:00 +1000

Rey Resources (ASX: REY), an associate company of ASF Group (ASX: AFA), has completed its acquisition of an additional 15% stake in two Petroleum Exploration Permits in the Canning Superbasin, Western Australia.

The company had received approvals from Western Australia’s Department of Mines and Petroleum of Western Australia and Foreign Investment Review Board and has paid Buru Energy (ASX: BRU) $6 million for the stakes in EP 457 and EP 458.

Rey now holds a 25% interest in the two permits, 10% of which is free carried to production.

EP457 and EP458 – the Fitzroy Blocks, cover parts of the Ungani oil trend, the Laurel tight gas formation and the Goldwyer Shale

Buru, an experienced operator in the Canning, has flagged it will move forward with exploration on the permits, which are interpreted to contain, amongst other very prospective play types, an extension of the Ungani conventional oil trend.

Modun Resources sees significant upgrade in Nuurst coal quality in Mongolia

Thu, 23 May 2013 12:40:00 +1000

Modun Resources (ASX: MOU) has found that coal briquettes created from coal from its Nuurst coal in Mongolia could be upgraded to the benchmark Newcastle thermal coal energy level.

The testwork saw an increase in calorific value achieved to 5,648 kcal/kg from a 4,178 kcal/kg for the raw coal sample.

The improvements in coal quality were achieved via a cost effective beneficiation process, the improvements ensure a far more efficient burning coal.

Mongolian government

Modun is also in discussions with the Mongolian Government to develop a low cost, high energy and low emission coal to help improve the air quality in Ulaanbaatar.

Modun has also had several discussions with the Mineral Resources Authority of Mongolia over the last few weeks as part of the approval process for the mining licence which Modun expects to receive afer the completion of the administrative process.

The Nuurst thermal coal Project is located in central Mongolia on a 34.5 square kilometre licence area. In November 2012, Modun announced a 478 million tonne JORC reported Coal Resource at Nuurst. It is located 120 kilometres south of Mongolia's capital Ulaanbaatar and just six kilometres from existing rail infrastructure which links directly into China.

Rampart Energy to announce oil and gas exploration agreement

Thu, 23 May 2013 12:20:00 +1000

Rampart Energy's (ASX: RTD) (formally Earth Heat Resources) shares are in pre-open this morning following the ASX granting the company a trading halt, pending details of an oil and gas exploration agreement.

The new Rampart, which has Torey Marshall at the helm (as it did with Earth Heat Resources) has outlined a focus on the acquisition and development of energy assets globally.

Rampart said that these assets include both conventional and unconventional oil and gas, with the aim to identify new opportunities within mature provinces that have established infrastructure and sophisticated investment environments.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Monday 27th May 2013.

Rimfire Pacific Mining completes diamond and reverse circulation drilling at NSW gold project

Thu, 23 May 2013 12:00:00 +1000

Rimfire Pacific Mining (ASX: RIM) has completed diamond and reverse circulation drilling at its Sorpresa gold project in New South Wales with mineralisation encountered in most holes.

All five of the diamond holes intersected mineralisation with some geological consistency noted, indicating the mineralised system is likely continuous and large scale.

Core orientation for structure determination will take a further two weeks, with priority intervals to be finalised and sampled for laboratory assay.

Petrological assessment is being carried out on the cores to assist in the understanding of the characteristics of the various geological components of the Sorpresa mineralisation.

The fifth hole was taken to a depth of about 500 metres to gain further context of the stratigraphy and geology at Sorpresa. The hole is considered to provide guidance on the important geological changes noted in the southeast direction from the other preceding diamond holes.

Many holes in the 38 holes reverse circulation program appear mineralised based on handheld XRF analysis and assays for the program are expected within the next three weeks or so.

Rimfire is also continuing its rotary air blast drilling program to the southwest of the known gold mineralized position at Trench 31 location where much of the highly prospective Sorpresa Project Area has not been explored and is concealed under shallow alluvium.

The company has completed 125 drill holes to shallow depths to date and has identified mineralised bedrock.

Relevant geology appears present including “black silica”, doubling the known area of this important rock type and geochemistry assays will be compiled for the bedrock and used as a basis for deciding deeper reconnaissance drilling to be conducted at a later stage.

Vortex Pipes options iron ore project adjacent to Mamba Minerals in Canada

Thu, 23 May 2013 11:40:00 +1000

Vortex Pipes (ASX: VTX) has signed an agreement to acquire 100 per cent of the Snelgrove DSO iron ore project located in Newfoundland Labrador, Canada, from TSX-listed Cap-Ex Iron Ore (TSX:CEV) and Preston Mineral Resources.

What is likely to get attention is the project is adjacent to mineral claims and hematite deposits owned by Mamba Minerals Ltd (ASX:MAB) and the recently discovered CLC deposit, the Blaire deposit and the RW deposit.

Recent drilling at Mamba's CLC deposit saw a discovery drill hole intersect 303 metres of hematite from a depth of 10 metres. The CLC hematite deposit continues at depth, is open to the north and is prospective to trend southerly.

The Blaire hematite deposit is located approximately 500 metres north of CLC and adjoins the project boundary.

The RW deposit is located approximately 2,500 metres northeast of CLC and also adjoins the project boundary. These deposits form part of the reported hematite targets areas, measuring 7 kilometres strike by 250 metres width.

Due to the success of a 2010 survey, Mamba Minerals has agreed to commission a joint low level, high resolution airborne Falcon Gravity and Magnetometer survey that will consist of approximately 754 line kilometres at 100 metre spacing of which 435 line kilometres is directly over the project area under option by Vortex.

Vortex expects to release the preliminary airborne survey results in the coming weeks.

Vortex is required to pay a modest deposit in order to secure the option over the project until completion of due diligence is completed and approvals are received.

Labrador Trough

Approximately 50 million tonnes of iron ore is exported annually from the Labrador Trough through Port Sept Iles and Port Cartier to the south. Global companies currently operating or partnered in the region include Rio Tinto, Cliffs, Arcelor Mittal, Tata Steel, Wuhan Iron & Steel, Hebei Iron & Steel, Posco, China Steel and Mitsubishi Corporation.

There is significant export infrastructure in the Trough to support iron ore producers in the region as could be expected.

TZ Limited signs delivery giant TNT Express to A.D.A.M. Parcel Locker network

Thu, 23 May 2013 11:28:00 +1000

TZ Limited (ASX: TZL) has formalised a teaming agreement with leading domestic and international express delivery company TNT Express, further building up its parcel distribution and on-line logistics network.

With an extensive Australian network involving about 5,000 staff and over 1,800 vehicles, TNT lends significant weight to the company’s goal of generating parcel delivery flow to its A.D.A.M. Parcel Locker Network as it is rolled out across Australia.

Notably, it follows on the recent teaming agreement with Fastway Couriers, existing agreements with Temando and Toll Group as well as imminent first stage deployment of the Parcel Locker System.

TNT director special services Andrew Lysaght said that partnering with TZ allowed the delivery company to invest in a supply chain solution in the business to consumer market and fulfil customer parcel collection needs.

“It’s a win-win for our customer and the end consumer. By using the A.D.A.M Parcel Lockers we’re able to offer convenience and flexibility to our already-extensive suite of products and services,” Lysaght said.

“The A.D.A.M Parcel Lockers reflect an effective business model that allows for increased operational efficiency and volume, whilst still placing customers’ needs at the forefront.”

TZ executive chairman Mark Bouris attributed the company’s progress to its having built a good understanding of what the key stakeholders involved are looking for from property partners, carrier and logistics providers and consumers.

“We’ve learnt a lot over the course of the last year about establishing an alternative parcel delivery option in the market in support of on-line offer-to-fulfillment requirements,” Bouris said, adding that he was confident the A.D.A.M Parcel Locker System would over time become the community network it envisioned.

“The interest and willingness of significant market players to want to collaborate and work with TZ to build this network is a truly exciting period in this Company’s evolution.”

TNT agreement

Under the terms of the teaming agreement, TZ and TNT will work together, initially under a trial program, to pursue opportunities to leverage the services provided by the A.D.A.M. Parcel Lockers with the delivery needs of TNT’s customers.

Subject to the success of the program and mutual satisfaction, TNT and the Company may agree to negotiate in good faith an agreement for an ongoing relationship.

Analysis

Today's teaming arrangement with TNT Express adds a major piece to TZ Limited's rollout of the A.D.A.M. parcel lockers for consumers. (Express is the second largest player in the B2B express market in Australia with a 19-20% market share and a significant player in the B2C delivery market given an extensive domestic network in Australia with 5000 staff and over 1800 vehicles).

It also adds another significant piece of the puzzle needed to build a successful parcel distribution and on-line logistics network that could not only go head to head with Australia Post but take it past the postal company given TZ's "agnostic" delivery logistics system enables deliveries from any company.

Previous agreements had already covered possibly more than 60% of parcel deliveries in Australia while the company has locked in initial locations for its A.D.A.M. Parcel Locker System and has identified potential sites for the next stage of development.

TZ had this morning entered a trading halt ahead of a planned capital raising. The latest TNT announcement should add signficant impetus to the next 12 months for TZ. We continue to affirm our estimate of "intrinsic value" of TZ is closer to double the current market valuation.

TZ Limited will be presenting at the Proactive Investors One2One Forum in Sydney on 4 June 2013. Click HERE to register.

TZ Limited in trading halt for capital raising

Thu, 23 May 2013 11:20:00 +1000

TZ Limited (ASX: TZL) is preparing to release an announcement regarding a capital raising and has placed its shares into an ASX trading halt.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Monday, 27th May 2013.

TZ has logged significant progress this week, locking in the initial locations for the first stage roll out of its A.D.A.M. Parcel Locker System while signing on Fastway Couriers to use its Parcel Locker Network during a 12 month trial.

To top it off, the company has received a new purchase order from Singapore Post "for a material and significant number of smart lockers."

TZ Limited will be presenting at the Proactive Investors One2One Forum in Sydney on 4 June 2013. Click HERE to register.

Primary Gold could increase gold recoveries to 92% from Toms Gully mine

Thu, 23 May 2013 11:00:00 +1000

Primary Gold (ASX: PGO) has near-term gold production potential from the Mt Bundy Gold Project in the Northern Territory, with the company now re-invigorated following raising funds and changing focus, and its name, from Hydrotech International earlier in the year.

The company recently completed the acquisition of the project, and has now delivered a potential boost to the economics through metallurgical process improvements.

Primary Gold is now in a position where over 50% of gold at Toms Gully underground mine could be recovered by using gravity concentration, with additional process improvements to then potentially improve gold recoveries by 7% to 92%.

The Mt Bundy assets have a combined Inferred and Indicated JORC Mineral Resources of 1.15 million ounces gold, including a 9.0g/t Resource at the Toms Gully underground mine which also hosts a 250,000 tpa processing facility and substantial underground and surface infrastructure.

An ore Maiden Reserve is also on track at Toms Gully in the June 2013 quarter, with a Feasibility Study also on target to be completed in this period as well.

Primary Gold had over $5.2 million in cash at the end of March 2013.

Mt Bundy

The Mt Bundy assets comprise around 1000 square kilometres of tenements which includes the Toms Gully mine and processing facility and the Rustlers Roost open pit. Primary also holds an additional 1,600 square kilometres of exploration tenements in the vicinity.

Horizon Oil to reveal asset disposal

Thu, 23 May 2013 10:40:00 +1000

Horizon Oil (ASX: HZN) has been granted a trading halt by the ASX this morning, with its shares placed in pre-open, pending details of an asset disposal.

During the March 2013 quarter the company's working interest share of production from Maari and Manaia fields in New Zealand was 77,409 barrels of oil. Crude oil sales were 84,210 barrels at an average effective price of US$105.87.

In November 2012 the Maari joint venture exercised its option to purchase the FPSO Raroa from Tablelands Development Ltd at a gross cost of US$32.9m. The transaction was completed on 8 March 2013 and the transfer of operations to MODEC Management Services Pte Ltd was accomplished smoothly and without incident.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Monday 27th May 2013.

Horizon had cash on hand US$34.7 million at end of March 2013, with US$140 million drawn down on
bank facility.

ThinkSmart reaffirms six month net profit guidance of $0.5M

Thu, 23 May 2013 10:20:00 +1000

ThinkSmart (ASX: TSM) has reaffirmed its guidance that it will report a net profit after tax of $0.5 million for the six months ending 30 June 2013.

This is due to ongoing strong growth from its UK business as well as good progress with its payment plan product, Fido.

The result is a $2 million improvement from the corresponding prior year period for the provider of point of sale financing solutions in Australia and the UK.

ThinkSmart’s UK business had achieved a record set of results in 2012 and is expected to deliver further growth in 2013 with both volumes and profit building well.

This is due to high demand for its consumer rental product Infinity and its highly scalable operational capability which resulted in fixed costs in the UK remaining largely flat despite the growth in volumes.

Its Fido payment plan product is also building volumes steadily and in line with expectations.

SubZero awarded $2 million mining service contract from BHP Billiton

Thu, 23 May 2013 10:00:00 +1000

SubZero Group (ASX:SZG) has been awarded a new contract worth $2 million from BHP Billiton (ASX:BHP) for dozer push works at its Mt Arthur Coal mine.

Formerly SVC Group, it acquired 100% of the issued capital of SubZero Group Pty Ltd in a backdoor listing with a change of name to SubZero in April.

The BHP contract will run for approximately four months with the possibility of a 12 month extension.

The contract will be delivered by SubZero’s Mining Service division that provides an extensive range of mining equipment and machinery, available for wet or dry hire on a 24/7 basis.

SubZero was established and is a profitable mining service business based in the Hunter Valley, New South Wales.

In April, SubZero was awarded $5.9 million infrastructure & poly contract with BHP Billiton to upgrade part of the water network at the Mt Arthur Coal mine.

Red Mountain Mining uncovers new 1km gold corridor at Lobo Prospect in Philippines

Thu, 23 May 2013 09:40:00 +1000

Red Mountain Mining (ASX: RMX) has uncovered further high grade gold with peak results of 6.63 grams per tonne gold and 67.4g/t silver from surface sampling at Lobo prospect within its flagship Batangas Gold Project in the Philippines.

This along with new soil sampling geochemistry have allowed the company to define a greater than 1 kilometre long corridor of mineralisation at the southwestern end of the 2 kilometre long Ulupong structure.

“The Ulupong discovery is starting to look very significant. High-grade gold, in outcropping veins, is supported by strong soil anomalies over a one kilometre strike length,” managing director Jon Dugdale said.

“We are excited at the prospect of drilling this new discovery, along with the other high grade, near surface targets at Pica and Japanese Tunnels.”

The sampling was carried out over sub-cropping quartz-sulphide boulders in the Bigaan-Ulupong area about 800 metres along strike to the northeast of the ULOC 4 trench where a recent result of 1.4 metres at 1.26 g/t gold including 0.3 metres at 5.3 g/t gold was produced across northern extensions of the ULOC 4 vein.

Previous sampling across the vein at ULOC 4 intersected 0.45 metres at 23.39 g/t gold while sampling along the vein produced results of 19 metres at 9.77 g/t gold including 7 metres at 23.58 g/t gold.

Drilling is now planned to test the high-grade veins and soil anomalies at Ulupong as part of the next phase of drilling, which is expected to be funded by the Rights Issue of three new shares priced at $0.01 each for every two shares held by shareholders to raise up to $2.8 million.

This is partially and conditionally underwritten by Patersons Securities to $550,000.

Batangas

Batangas, located 120 kilometres south of Manila, comprises two key gold prospects, Archangel and Lobo, which have combined JORC Mineral Resources estimates of 5.78 million tonnes at 2.2 grams per tonne gold and 3.3g/t silver for 408,000 ounces of gold and 606,000 ounces of silver.

The bulk of resources are currently located at Archangel where surface stockwork gold mineralisation hosted by shallow dipping andesitic volcanics remains open to the east and west

Red Mountain has recently discovered four new, high-grade, near surface, epithermal gold vein zones at Lobo, Batangas, that will be the focus of further drilling with the objective of upgrading gold Mineral Resources and significantly enhancing the economics of a potential gold operation at the project.

Recent diamond drilling at Lobo had returned assays of 5 metres at 4.28g/t gold and 15.75g/t silver from 22.4 metres, including 1.3 metres at 9.49g/t gold and 21.5g/t silver, and 1.7 metres at 4.4g/t gold from 58.1 metres.

Triton Minerals receives substantial shareholder notice

Thu, 23 May 2013 09:20:00 +1000

Graphite focused Triton Minerals (ASX:TON) has received a substantial shareholder notice from Craig Stubbs as a result of on-market purchases that took his stake to 5.06%.

Stubbs acquired the shares in February and in May and now holds 8,268,445 shares in Triton.

Triton shares have been firm of late, up 12.7% since 13 May.

During the last quarter, Triton confirmed the presence of graphite in the Balama prospects in Mozambique’s prolific Graphite region of the Cabo Delgado Province.

It focused its initial exploration to defining level 1 and 2 target zones.

Exploration program work will be expanded to incorporate the remaining levels.

The initial interpretation is that the graphite mineralisation continues on the North-East trend, extending up from the Syrah Resources Ltd (ASX SYR) large and high grade graphite deposits.

Sirius Resources continues to discover nickel and copper at Bollinger

Thu, 23 May 2013 09:00:00 +1000

Sirius Resources (ASX: SIR) said that ongoing drilling at its Bollinger nickel-copper deposit continues to define significant widths of sulphide mineralisation.

New assays from the Bollinger deposit continue to confirm significant mineralised intercepts including:

- 14.72 metres at 2.60% Ni and 1.04% Cu from 415.53 metres, including 5.85 metres at 4.89% Ni and 1.82% Cu from 415.53 metres in hole SFRD0306 on line 625N.

- 18.84 metres at 5.15% Ni and 2.24% Cu from 425.02 metres in hole SFRD0297 on line 675N.

- 47.80 metres at 1.41% Ni and 0.64% Cu from 397.20 metres in hole SFRD0316 on line 675N.

- 39.02 metres at 5.15% Ni and 2.20% Cu from 395.67 metres in hole SFRD0321 on line 680N.

- 38.51 metres at 2.06% Ni and 0.75% Cu from 452.36, including 7.20 metres at 5.34% Ni and 1.97% Cu from 483.67 metres in hole SFRD0294 on line 700N.

The new intercepts show the continuous nature of the mineralisation at Bollinger, which comprises a central core of massive sulphide overlain by a more extensive, thick zone of lower grade disseminated sulphide mineralisation.

Reconnaissance drilling

Systematic exploration drilling is ongoing elsewhere within the geological structure known as the Eye. Approximately 50% of the prospective area has now been tested, and drilling will continue to test the remaining 50% over the coming months.

Heritage surveys have been completed at the Yardilla target and drilling is planned to commence once statutory approvals have been received.

July crude off 2% on stimulus tightening concerns

Thu, 23 May 2013 08:50:00 +1000

The energy markets were impacted overnight by suggestions that the Federal Reserve would begin tapering its bond buying program in the near-term, with July crude losing US$1.90, or 2%, to settle at US$94.28 a barrel on the New York Mercantile Exchange, also weighed down.

The U.S. Energy Information Administration also reported Wednesday that crude supplies fell 300,000 barrels for the week that ended May 17.

Analysts polled by Platts expected a 1.2 million-barrel decline. The American Petroleum Institute reported late Tuesday a 532,000-barrel rise in crude supplies.

Yellow Brick Road Holdings launches RetireRight super fund

Thu, 23 May 2013 08:40:00 +1000

Yellow Brick Road Holdings (ASX:YBR) has launched a superannuation fund product, "RetireRight" that is competitively priced in management costs against the top ten super funds in Australia.

The fund is a joint venture with Map Funds Management and OneVue.

Recently, YBR launched a portfolio of home loan solutions that features some of the lowest interest rates in the market.

Gold price rides Bernanke roller-coaster

Thu, 23 May 2013 08:30:00 +1000

There was a wild ride for gold bugs overnight, as the yellow metal reacted to mixed signals about the Federal Reserve's bond buying program.

Gold futures for June delivery fell $10.20, or 0.6%, to settle at $1,370.10 an ounce on Comex.

In the spot market gold has peaked at US$1416 an ounce in the past 24 hours, with the low US$1354 an ounce, which is close to a 5% range. The last traded spot price was US$1370 an ounce.

Gold and U.S. equities initially rallied after Ben Bernanke said in his testimony to the Joint Economic Committee of Congress that any premature tapering of the bond purchasing policies could threaten the economic recovery, but when pressed for more details by officials, he said the easing of the program could occur in the "next few meetings".

This, combined with minutes from the central bank's April 30-May 1 meeting released later in the afternoon that showed some officials were advocating for the tapering of the bond purchasing as early as June, led to a sharp sell-off in gold and equities.

Midwinter Resources looks to make significant asset acquisition

Thu, 23 May 2013 08:20:00 +1000

Midwinter Resources (ASX: MWN) is looking to make a "significant asset acquisition" and has been granted a trading halt by the ASX.

This is expected to last until 27 May.

The company flagged in the recent quarterly that it was continuing to assess projects around the globe.

Previously, Midwinter had been involved in raw materials feed products to the ferrous metals industry, iron ore
and limestone in the Limpopo Province, Republic of South Africa.

The company also has phosphate interests in South Africa and Western Australia.

Why the Dow swung in near 300 point range

Thu, 23 May 2013 08:18:00 +1000

U.S. equities initially rallied overnight with the Dow Jones and S&P 500 touching new all-time highs before investors hit the sell button in response to mixed messages from the Federal Reserve.

Markets reversed sharp gains as comments from Fed chief Ben Bernanke and minutes from the central bank's latest meeting suggested that the tapering of the aggressive easing policies could begin in the coming months.

The Dow hit an intra-day high of 15,542, before plunging to 15,296. By the close the Dow had lost 80 points to 15,307, while the NASDAQ sank 39 points to 3463.

Bernanke

Earlier, stocks in the U.S. rallied after Bernanke said in his testimony to the Joint Economic Committee of Congress that any premature tapering of the bond purchasing policies could threaten the economic recovery, but when pressed for more details by officials, he said the easing of the program could occur in the "next few meetings".

This, combined with minutes from the central bank's April 30-May 1 meeting released later in the afternoon that showed some officials were advocating for the tapering of the bond purchasing as early as June, led to a decline in equities.

Commodities

Gold futures for June delivery fell $10.20, or 0.6%, to $1,370.10 an ounce Comex division of the New York Mercantile Exchange, in a wild session for the yellow metal amid mixed signals about the Fed's bond buying program. After the close of the Comex session, gold futures declined even further following the release of the minutes from the central bank's latest meeting.

July crude lost $1.90, or 2%, to settle at $94.28 a barrel on the New York Mercantile Exchange, also weighed down by suggestions that the Fed would begin tapering its bond buying program soon.

The U.S. Energy Information Administration also reported Wednesday that crude supplies fell 300,000 barrels for the week that ended May 17. Analysts polled by Platts expected a 1.2 million-barrel decline. The American Petroleum Institute reported late Tuesday a 532,000-barrel rise in crude supplies.

Europe

European markets finished higher today with shares in Germany leading the region. The DAX was up 0.69% while Britain's FTSE 100 gained 0.53% and France's CAC 40 added 0.37%.

NanoViricides reports stronger cash position; sufficient for first clinical trials

Thu, 23 May 2013 01:53:00 +1000

NanoViricides (OTCBB:NNVC), a development stage company creating special purpose nanomaterials for antiviral therapy, said Wednesday its cash position at the end of the first quarter was "sufficient to carry out its initial clinical trials of its first drug candidate."

Current assets, including cash, cash equivalents, collateral advance, and prepaid expenses, rose to $16.9 million as of March 31, from $14.6 million as of December 31, the West Haven, Connecticut-based company said in a statement on Wednesday.

NanoViricides, which is developing drugs against a number of viral diseases including H1N1 swine flu, H5N1 bird flu, seasonal Influenza and HIV, estimated that it currently has sufficient cash in hand to support operations for at least two years at the current rate of cash expenditure, according to the statement.

NanoViricides also estimated that it has sufficient cash in hand to support "initial human clinical trials of its first drug candidate, a broad-spectrum anti-influenza drug in its FluCide&trade program," it said.

The shares rose 1.2 percent to 61.7 cents at 9:56 a.m. They traded as high as 70 cents and as low as 58 cents in earlier trading. The stock gained 28 percent since the beginning of the year through Tuesday.

During the quarter, the company spent $1.4 million in research and development expenses, or R&D, and $831,400 in general and administrative expenses, or G&A, including stock-based expenses. The company's rate of expenditure was in line with the company's budgeted targets.

The company also said it had raised $6 million from three family offices and a charitable foundation in February, as announced previously. The company announced full retirement of its Series C convertible preferred stock held by Seaside 88, LP, with a cash payment of approximately $2.01 million.

NanoViricides said that all of its drug development programs are progressing satisfactorily. The company is advancing its oral broad-spectrum anti-influenza drug candidate, NV-INF-2, towards IND-enabling studies.

"This may be the first ever nanomedicine drug of any kind that is active when administered orally. This drug is being developed for out-patient influenza cases, and may also be useful for influenza prophylaxis, as in use for the protection of health care workers," the company said.

The company also continues to develop its injectable anti-influenza drug, NV-INF-1, towards IND-enabling studies. "This drug candidate has much greater activity than the oral drug, and is intended for use in hospitalized patients with influenza or potentially influenza-like illness. The company believes it will be useable in immuno-compromised populations, and may receive an orphan drug classification for this indication," the statement said.

Soligenix gets key Thermovax technology U.S. patent

Thu, 23 May 2013 01:46:00 +1000

Soligenix (OTCQB:SNGX) shares extended their year-to-date gains on Wednesday after the biopharmaceutical company announced that it has been granted a U.S. patent for its Thermovax vaccine thermostabilization technology.

The company, which is focused on developing products to treat inflammatory diseases and biodefense countermeasures, says the patent claims encompass composition of matter and methods for the technology, which is exclusively licensed to Soligenix by the University of Colorado.

For vaccines that are intended for long-term stockpiling, such as for use in biodefense or in pandemic situations,Soligenix has said that the use of ThermoVax, which has been tested in combination with the company's RiVax and VeloThrax vaccines, can lead to easier storage and the distribution of strategic national stockpile vaccines in emergency situations.

This is because the technology allows the production of thermostable vaccines that do not require storage at refrigerated temperatures.

The patent claims granted Wednesday describe methods of preparing an "immunologically-active adjuvant-bound", thermostable, freeze dried vaccine composition, in which the vaccine uses conventional adjuvants comprised of aluminum salts, the company said.

It added that aluminum salts are commonly used as adjuvants in many vaccines, including those administered to children.

ThermoVax was developed specifically to overcome the problems that are encountered with freeze-drying vaccines that contain aluminum adjuvants while simultaneously engineering them to withstand extremes of temperature.

"The granting of the thermostabilization patent is a significant milestone for the ThermoVax program and is a critical component in our commercialization strategy for vaccines that can avoid the increased costs and logistical burdens associated with cold chain storage and distribution," said president and CEO, Christopher J. Schaber, in the release Wednesday.

"We expect that the introduction of an effective technology for long-term stabilization of vaccines has the potential to be a major advance in the national effort to develop effective countermeasures and therapies for significant biothreats and emerging pathogens."

Schaber also said the company has initiated discussions with "a number" of vaccine companies and non-profit organizations regarding the potential for collaboration on heat-stable versions of their vaccine candidates.

Soligenix is also working to advance its biotherapeutics business, where it is set to start a phase 2 randomized, double blind, placebo-controlled study of SGX942 - its lead compound - for oral mucositis in head and neck cancer patients in the second half of this year. In phase 1 trials, it was shown to reduce the severity and duration of oral mucositis and induce anti-inflammatory activity.

Shares of the company were trading at $1.21 early Wednesday, with its shares more than doubling year-to-date.

Treasury Metals unveils more near-surface drill results ahead of Goliath resource update

Thu, 23 May 2013 01:37:00 +1000

Treasury Metals (TSE:TML) has unveiled additional drill results from its Goliath gold project in northwestern Ontario, with results showing near-surface intersections as high as 4.18 grams per tonne (g/t) gold.

The assays are from an infill drilling program designed to convert the C Zone and near-surface inferred resources into the higher indicated category, as well as from three additional holes done as part of a hydrogeological drilling campaign.

The results from the main zone include near surface intercepts of 7.5 metres at 3.82 g/t gold from 36 metres depth, and 25 metres at 1.42 g/t gold from 152 metres depth, including 6 metres at 4.18 g/t gold in a hole located on the eastern edge of the proposed open pit, outside the current indicated resource area.

Hole TL13-331 also hit 21 metres of 0.87 g/t gold from 24 to 45 metres, including 3.0 metres at 3.64 g/t gold.

The company said that two of the above holes are significant due to their near-surface location within a "sparsely drilled" area between the eastern and centre pits, representing a potential reduction of the overall waste to ore stripping ratios on the main zone of the project.

Treasury also reported Wednesday results from the C Zone, which is located around 30 metres behind the main zone area, with holes showing intercepts of 13 metres at 0.94 g/t gold from 70.5 metres, and 8.5 metres at 1.52 g/t gold from 260 metres depth.

The gold company has been defining near surface resources at the C Zone since drilling started in the region late last year. Treasury believes the area has the potential to increase the current open pit mineable resource at Goliath, and reduce the overall waste-to-ore stripping ratios.

Since finishing the drilling program, Treasury has been working on a gap analysis to determine the location of the holes required to upgrade all ounces within the current open pit design, including both the main and C zones.

A new resource update will follow, which will be used to support a full feasibility study at the project, while the company also works on wrapping up its environmental impact statement - scheduled for later this year.

Earlier this month, Treasury closed the final tranche of a non-brokered private placement financing, raising a total of $1.78 million in the offering for the advancement of its Goliath gold project.

The project boasts near-term production potential, with the company forecasting production start-up in late 2015, with average annual life-of-mine output of around 80,000 gold equivalent ounces at cash costs of $698 an ounce.

IMIC agrees in principle to buy Afferro for £126mln

Thu, 23 May 2013 01:20:00 +1000

International Mining & Infrastructure Corporation (LON:IMIC) has agreed in principle to acquire Cameroon-focused iron ore development group Afferro (LON:AFF) (CVE:AFF) for £126mln.

Investors are being offered 80 pence in cash – a 9.9 pence premium to the Afferro closing share price the day before the bid was agreed – along with a loan note worth the equivalent of 40 pence a share.

The loan note will be repaid in two years, and will carry a coupon of 8% per annum that will be rolled up and paid at the end of the 24-month term.

However, IMIC can also opt to convert the loan note into the equivalent value of IMIC shares at the end of the term.

The offer, which has the backing of Afferro management, who also speak for 6.3% of the AIM and TSX-listed junior, is at the upper end of the scale mooted when IMIC first made its bid approach. Afferro investors were told they could expect between 100 pence and 140 pence share.

Afferro chairman David Netherway said: “The board believes that, taking into consideration the current environment for the resource sector, the 120p per share proposal offers good value now and the ability for further upside with the exposure to the strong relationships built by IMIC with the key consumer that is China.”

Afferro has developed the 2.5bn tonne Nkout iron ore project in Cameroon, which while ranking as truly world-class is hampered by the fact it requires huge infrastructure investment to make it viable.

The sticking point is the railroad required to ship the ore hundreds of kilometres from the interior to the coast for export to markets such as China and India.

IMIC, with its close ties to African Iron Ore Group, run by Afren founder Bert Cooper, plans to become the continent’s preeminent provider of infrastructure to countries such as Cameroon and has relationships with the end users.

Afferro’s Netherway said: “We have developed a world class asset in the Nkout Project, which, along with our other iron ore projects, is in a substantial new iron ore corridor running through Cameroon.

“It has been of the foremost importance for the board of Afferro to come back to shareholders with a revised and simplified offer.”

IMIC chairman Haresh Kanabar added: “We are delighted to agree the terms of the proposed offer for Afferro with the board of Afferro.

“We believe that the combination of IMIC and Afferro is highly attractive in that it brings together Afferro’s high quality African Iron ore assets with our deliverable infrastructure and offtake solution.”

RESAAS Services to socially power real estate tech expo MRED in Illinois

Thu, 23 May 2013 01:08:00 +1000

RESAAS Services (CNSX:RSS) has been chosen as the social network for the upcoming MREDpalooza event, hosted by MRED, Chicagoland's multiple listing real estate service.

According to a statement released late Friday, MREDpalooza is the largest free real estate tech expo in Chicagoland and one of the largest tech expos in the country. The event is expecting several thousand attendees.

Under the terms of the deal, attendees at MREDpalooza will be given RESAAS profile pages and will be networked together into a private MREDpalooza group to communicate, network and share information during the live event.

“Consistent with our mission at MRED and the vision of MREDpalooza, we are thrilled to bring RESAAS into the fold as a major sponsor and integral part of MREDpalooza,” said CEO of MRED, Russ Bergeron. “I’m excited to give our attendees an innovative way to freely network and communicate during the event.”

RESAAS's social network is designed to allow real-time updating of property listings as well as the ability to sync with social media sites such as Facebook (NASDAQ:FB) and Twitter. Known as real estate broadcasts, RESAAS' reblasts engine automatically generates all of an agency's real estate workflow into social content that is instantly pushed out to the RESAAS platform and other social networks.

The company has so far made significant headway in the West, adding several real estate agencies in the area to its network, and also in April announced that it would be the preferred social networking partner for HousingWire’s Real Estate Expo in June.

“This is RESAAS’ second time socially powering a real estate tech expo and we could not be more excited,” said director of corporate communications at RESAAS, Danielle Sissons, in the release. “MREDpalooza provides real estate professionals the opportunity to enhance their business and we are confident that RESAAS will do just that.”

RESAAS said it will also be a ZAP! Sponsor of MREDpalooza, where RESAAS will be given a training room and a premium booth at the event.

The MREDpalooza event will take place in Rosemont, Illinois on Tuesday, June 18th, 2013.

Shares of RESAAS, with a market cap of $33.7 million, closed Tuesday at $1.20, with its stock up more than 33 per cent year-to-date.

UPDATE: Green Dragon Gas plans to monetise upstream growth

Thu, 23 May 2013 01:02:00 +1000

---Updates with further details ---

Green Dragon Gas (LON:GDG) told investors on Tuesday it will turn into a large self-sustainable E&P focused business in the next 15 months.

The company is committed to streamlining itself to concentrate on its upstream operations by divesting businesses it has bought and developed in its quest to pioneer the Chinese coal bed methane market.

"We turned the corner from investing to be a sustainable business last year and will now focus on scaling it into a materially large self sustainable business over the next 15 months," said chief executive and founder of Green Dragon Randeep S Grewal.

"We have reached the final stretch of the marathon; the finish line and the rewards are in sight. We are confident of our entitlement to the PSCs, comfortable with our production targets from drilling an additional 150 LiFaBriC wells, resolved in being a high growth E&P company focused on shareholder value."

As part of this process, and following the successful demerger of Greka Drilling, it now plans to spin off its Greka Engineering business in the same way.

It also has ideas for its wholesale gas distribution stake and has hired Morgan Stanley for the planned sale of its 29% effective interest in Beijing Huayou United Gas Development Co Ltd (BHY).

In 2012, BHY generated profit before tax of US$10.5 mln on turnover of US$109.5 mln, Green Dragon noted..

The group also expects to repay all its outstanding bonds on June 10 this year - in total US$84.2 mln in principal plus accrued interest.

The end result will be a focused E&P company with reduced fixed cost base, already operationally cash flow positive, Green Dragon said.

It also plans to list Green Dragon on the Hong Kong main board in late 2014 or early 2015 in addition to its existing listing on AIM.

Today also saw Green Dragon update on production, reporting a 61% increase in production in the first quarter of 2013 with production of 7,516 Mcf per day compared to 4,660 Mcf per day at the end of the first quarter 2012.

To overcome the challenges of extracting this unconventional form of gas (CBM) the firm developed a drilling method and the first successful such well was sunk in March 2008 and continues to produce more than 400 MCFPD as at March 31 this year.

Lydian International says costs at Amulsar well below average

Thu, 23 May 2013 01:01:00 +1000

Total costs at Lydian International’s (TSE:LYD) Amulsar gold project are almost a third lower than the global average, according to new research.

The Armenia-based project’s total or all-in costs are US$750 per ounce against an average of US$1,211 for other producers, said Canadian broker RBC, which carried out the comparison for Lydian.

The difference between the total cost and gold price is Lydian’s profit margin and Tim Coughlin, Lydian’s chief executive, said the comparison showed “how remarkably robust the project is”.

RBC based its calculation on last year’s feasibility study and included mining, corporate and administration costs, sustaining capital expenditure (capex), exploration costs, royalties and transportation.

On the more widely used cash cost measure, Lydian also scored better than its rivals at US$469 per ounce compared to a global average of US$738, said RBC

Coughlin added: “Work continues on optimising design, production and overall cost parameters at Amulsar with a feasibility study update expected in the third quarter of this year.

“In these markets it helps to have all bases covered so as well as providing a "scaled-up" scenario which maximises debt-capacity and reduces payback, this study will also test a "scaled-down" option for Amulsar which invokes trucking as opposed to the conveying of ore for the initial production years of the mine.

“The permitting for the new mine layout is in the process leading up to community consultations and government and regional support for Amulsar remains strong.”

Donner Metals unveils high grade results from McLeod Deep zone

Thu, 23 May 2013 00:59:00 +1000

Donner Metals (CVE:DON) continues to hit high grade mineralisation at the McLeod Deep zone at the Bracemac-McLeod project in Quebec.

A recent intercept hit 9.49% zinc, 1.75% copper, 52.96 g/t silver and 1.03 g/t gold over 34.8 metres, the company told investors.

The results have been relayed by partner and project operator GlencoreXstrata and the drill programme - to be completed this year - is aimed at both expanding and confirming resources and establish a higher confidence indicated resource.

So far, 11 holes of the 54 hole programme have been completed

The work should provide a better understanding of the potential size of the resource below the reserves currently scheduled to be mined at McLeod.

Other highlight results include 5.41% zinc, 6, and 29% copper, 117.96 g /t silver and 1.30 g /t gold over a core length of 6 metres.

Another showed 16.45% zinc, 17.6 g/t silver, 0.56% copper and 0.39 g/t gold over 13.4 metres.

The mine is the 12th zinc mine in the Mattagami district of Quebec. The deposit contains proven and probable mineral reserves of 3.7mln tonnes, grading 9.60% zinc, 1.26% copper, and 28.25 grams per tonne (g/t) silver and 0.43 g/t gold.

Inferred mineral resources stand at 2.6 million tonnes grading 8.79% zinc, 1.31% copper, 38.84 g/t silver and 1.06 g/t gold lie near to the proven and probable mineral reserves.

Solo Oil completes acquisition of stake in Pan Minerals

Thu, 23 May 2013 00:58:00 +1000

Solo Oil’s (LON:SOLO) previously announced purchase of a 15% stake in West African onshore operator Pan Minerals & Oil has been completed.

Solo announced the acquisition of a stake the Switzerland-based investment vehicle on May 9.

Solo is paying £200,000 in cash plus 60mln new Solo Oil shares for the stake. It retains a first option on any new Pan Minerals funding in the next 90 days. This could see Solo Oil building a stake of up to 49.9%, the company said.

The injection of funds by Solo Oil will help Pan Minerals in its aim to conclude existing production agreements that it has negotiated onshore in West Africa.

"We have now successfully concluded negotiations with Pan Minerals to convert the previous MOU to a definitive Share Purchase Agreement, and we now look forward to working closely with Pan Minerals to ensure that their West African ventures can be brought quickly to fruition,” said Neil Ritson, Solo’s chief executive officer.

“Our recent capital raising will support this further by giving us the opportunity to increase our stake in what is a very exciting opportunity to access early production revenue in a well understood oil field," Ritson claimed.

Earlier on Tuesday, Solo has told investors that it expects a farm-out deal will be concluded for its Tanzanian assets once the government has approved revised contract terms.

The company was responding to the share price fall on Monday, which was caused by joint venture partner Aminex’s revelation that there would be a delay to the farm out process on their Tanzanian assets.

Solo said that revisions to the production sharing agreement have been agreed in principle with the Tanzanian government, and it expects a farm out deal will be done once this agreement has been formally approved.

Green Dragon Gas continues plan to focus on upstream business

Thu, 23 May 2013 00:57:00 +1000

Green Dragon Gas (LON:GDG) continues to streamline the business and has now announced plans to sell its gas distribution business.

The firm has finished a strategic review and is committed to focus on its upstream (E&P) business.

As part of this, the firm, which hopes to pioneer the Chinese coal bed methane (CBM) market, also plans to spin off its Greka Engineering business through a demerger to shareholders.

The company has hired Morgan Stanley in relation to the proposed sale of the firm's 29% effective interest in Beijing Huayou United Gas Development Co Ltd - the downstream wholesale gas distribution business in Beijing.

The firm also reported a 61% increase in production in the first quarter of 2013 with production of 7,516 million cubic feet (Mcf) per day, compared to 4,660 Mcf per day at the end of the first quarter 2012.

Green Dragon, which is listed on London's AIM market, is AIMing for a listing on the Hong Kong main board in late 2014 or early 2015.

Green Dragon chief executive and founder Randeep Grewal, said: "We turned the corner from investing to be a sustainable business last year and will now focus on scaling it into a materially large self-sustainable business over the next 15 months. We have reached the final stretch of the marathon; the finish line and the rewards are in sight."

More follows...............

Horizonte Minerals metallurgical work returns "excellent" results; next stop PFS

Thu, 23 May 2013 00:52:00 +1000

Horizonte Minerals (LON:HZM, CVE:HZM) said the completed metallurgical test programme for its Araguaia nickel project in northern Brazil has returned “excellent results”.

It reveals the Araguaia’s ore is suitable for treatment in a rotary kiln electric furnace, established technology with a 60-year track record.

What comes out the other end of the furnace is a ferronickel grading 15-17%, which meets the requirements of the world’s stainless steel plants.

The data will now be fed into a pre-feasibility study to be carried out in the second half of the year.

Chief executive Jeremy Martin said: "Our metallurgical test programme at Araguaia has returned excellent results and its completion is a major de-risking milestone for the Company.

“This work confirms the decision to proceed with the pre-feasibility study based on conventional rotary kiln electric furnace, processing through the application of the tried and tested technology, currently used across some 19 plants around the world for nickel production.

"There are a number of nickel projects out there today that due to the chemical composition of the deposit or isolated locations with limited access to power, are not amenable to the rotary kiln electric furnace or other proven processes and as such have to look at new technologies many of which are not commercially proven. “This is the major difference between Araguaia and many of its peer group.

"The next step is to award the PFS contract, for which we are in the final stages and commence the study with a view to completion in 2014."

Providence Resources: Atlantic Petroleum joins Dunquin venture

Thu, 23 May 2013 00:43:00 +1000

Providence Resources (LON:PVR) has a new partner in the ExxonMobil led Dunquin exploration project offshore Ireland.

Exxon has sold a 4% stake in the venture to Atlantic Petroleum, a Faroe Island based oil firm, though the value of the deal was not disclosed.

Drilling began on the Dunquin well about a month ago and the programme is expected to run for several months.

The ExxonMobil operated well is being drilled by the large Erik Raude deep water rig. The Cretaceous target is estimated to host between 1.7bn and 3.7bn barrels of oil equivalent, in what is believed to be a Cretaceous target akin to the high profile discoveries off the coast of West Africa.

Exxon retains a 25.5% stake in the project, while ENI and Repsol own 27.5% and 25% respectively. Providence has a 16% stake and minor partners Atlantic Petroleum and Sosina in turn own 4% and 2%.

Minera IRL moves closer to environmental and social approval for Ollachea

Thu, 23 May 2013 00:39:00 +1000

Minera IRL (LON:MIRL, TSE: IRL) expects to receive final social and environmental approval for its Ollachea mine in Peru in the second half of 2013.

It comes after the firm completed the final community workshop as part of getting the Ollachea Environmental and Social Impact Assessment (ESIA), and after a 30-year development and operations deal was inked with the Ollachea community last year.

The final public audience was held on May 14 and included strong participation from the community, with around 600 people attending.

Minera executive chairman Courtney Chamberlain said: "Once again, we have received outstanding support from the Ollachea community with unanimous endorsement of the ESIA at the final workshop."

Also, the firm said it was progressing project financing negotiations with a view to starting project development in late 2013, in line with its target of starting to produce gold in 2015.

The Ollachea ESIA has included over three years of technical studies, including a definitive feasibility study, social baseline studies, comprehensive water management plan and numerous public consultations.

Triple Plate Junction agrees sale of Wamum stake

Thu, 23 May 2013 00:38:00 +1000

Gold explorer Triple Plate Junction (LON:TPJ) has accepted US$750,000 cash for its holding in the Wamum project in Papua New Guinea.

TPJ has a 12% stake in the project and said the sale depends on partner Barrick completing its negotiations for a joint venture involving its 88% holding.

TPJ has been cutting back on its operations and conserving cash after its major gold mining partners scaled backed operations in Papua New Guinea.

Earlier this year, it sold its stake in Crater Mountain, while the Morobe licence will now be relinquished after partner Newmont pulled any further funding and could not find a buyer for its stake.

Newcrest, meanwhile, will tell TPJ what its exploration plans are for Manus Island this month.

Elsewhere, TPJ has a 10% interest in an early stage exploration in Vietnam where field work has shown a potential new drill target that has the potential to contain higher alkalic porphyry copper grades.

The company said it is also looking at exploring acreage in Papua New Guinea that Barrick, Newcrest or Newmont are not following up, but the costs of operating in the country are too high in its own, it said.

TPJ is also looking at other parts of the world where the board have experience, but no opportunity has yet given the right balance between risk and dilution for shareholders.

Net cash currently stands at £1.2mln.

Magnolia Petroleum adds more wells to its American portfolio

Thu, 23 May 2013 00:36:00 +1000

Magnolia Petroleum (LON:MAGP) has added more wells to its ever expanding portfolio in the United States.

It has taken participating interests in eleven new wells, split between the Mississippi Lime and Woodford plays in Oklahoma, as well as the Bakken and Three Forks Sanish plays in North Dakota.

The AIM quoted firm is taking minor stakes in most of the wells, though, significantly, it will have a 12.5% working interest in the Blaser 1-10H well in the Mississippi Lime.

Magnolia also confirmed that three wells from its existing portfolio have now started production. It has minor interests in the wells, which together add five barrels of oil per day net to Magnolia.

Chief operating officer Rita Whittington said: "The speed with which we have started to deploy the recently raised funds demonstrates the high level of activity in US onshore liquids rich plays, the large number of opportunities we continue to see and, more specifically, the considerable potential of the 13,500 plus net mineral acres we hold.

“Both the above average interest in the Blaser well, along with an aggregate net investment of almost US$1.4million into new wells, are in line with our strategy to rapidly grow net production and reserves through drilling, as we look to generate further value for shareholders.

“This is a highly exciting time for Magnolia and I look forward to providing further updates on our progress in due course."

Europa Oil trims portfolio to focus on northern Europe

Thu, 23 May 2013 00:34:00 +1000

Europa Oil & Gas (LON:EOG) is to relinquish licences in Romania and the Saharawi Arab Democratic Republic (SADR) to concentrate on the west of Ireland, France and the UK.

The company said it had served a Notice of Withdrawal on the EPI-3 Brates licence in Romania yesterday.

Exploration costs were taken in the last results and no further write downs are anticipated in Romania or at the Bir Lahlou and Hagunia licences in SADR.

Hugh Mackay, Europa’s chief executive, said the decision to relinquish the licences followed an in–depth portfolio review last year.

“As a result, our current focus is on production and exploration in the UK, exploration in the South Porcupine Basin, offshore Ireland; and a gas appraisal project in onshore France.

"We expect to report progress across our asset base during the second half of the year including our participation in an exploration well at the Wressle Prospect onshore UK, which we rate as having a one in three chance of materially adding to our existing production.

Offshore Ireland, following the recent farm down to Kosmos Energy of an 85% interest in our two licensing options in the South Porcupine Basin, the next steps involve their conversion into full Frontier Licences and a 3D seismic acquisition programme to further evaluate the prospectivity.

“Onshore France we are awaiting the renewal of the Bearn des Gaves permit, home to Berenx, a deep gas appraisal project with a CPR assigned contingent resource of 277BCF.”

Jubilee Platinum sees increase in revenue and profits in first quarter

Wed, 22 May 2013 23:20:00 +1000

Shares in Jubilee Platinum (LON:JLP) advanced more than 3% on Wednesday as it posted an increase in revenue and profits in the first quarter of 2013.

Sales from the group's smelting and refining operations and third party electricity sales increased 32% to £1.17 million from £0.89 million in the previous three months.

Gross profit was lifted 47% to £0.80 million) from £0.54 million in Q4 last year, it said in an operations update.

The company also noted it had increased its interest in Power Alt - the owners of the Middelburg smelting refinery, to 70% in February this year.

Jubilee also updated investors on its proposed purchase of Platinum Australia (PLA) saying the end date for the merger has now been put back to July 31 this year to allow terms of the deal to be amended.

The business model for Platinum Australia’s near surface Phokothaba mine has been changed and Jubilee has received a request for the processing of thirs party material, which means the funding required to bring the mine back into full operation is significantly reduced.

This move has potential to add significant flexibility to the PhokaThaba operation to counter the volatility in the platinum price through increased toll processing, the firm also noted.

Jubilee's chief executive Leon Coetzer told investors: "Jubilee continues to drive growth in its operations despite the challenging trading conditions. During Q1 of 2013 Jubilee has taken significant strides towards implementing its mine-to-metals strategy.

The increases in revenue and gross profit highlight the benefits of our focus on earnings growth. Increased processing rates, growing rates of power sales and the creation of a platinum, exploration, mining, processing and smelting and refining business are key to the continued development of the business."

Shares rose 3.64% to stand at 7.125p each.

Tangiers Petroleum completes Australian farm out

Wed, 22 May 2013 18:02:00 +1000

Tangiers Petroleum (AIM:TPET, ASX:TPT) has confirmed that its deal to sell stakes in its Australian exploration permits is now complete.

CWH Resources (ASX: CWH) will now have a 70% interest in the assets, and Ansbachall will take a 3% stake.

In return, CWH is funding all the costs for a seismic programme and drilling up to a maximum of A$35mln.

“The execution of the farm-out agreement represents another key milestone in Tangiers' strategy to build an international oil and gas company with strong growth prospects,” the company said in a stock market statement.

“The farm-out agreement is consistent with the company's stated plan to either reduce or eliminate altogether its near-term expenditure commitments on its existing assets while retaining significant exposure to their potential upside."

Tangiers also said it is seeking opportunities to acquire new interests, in African petroleum assets.

Bulletin Resources to increase cash position

Wed, 22 May 2013 17:00:00 +1000

Bulletin Resources (ASX: BNR) is preparing to release a capital raising update, with the ASX granting the company a trading halt today - with its shares placed in pre-open.

Earlier in the month Bulletin announced the final results from a 5000 metre reverse circulation drilling program at the wholly-owned Lamboo Gold Project in Western Australia.

Recent highlights from the project include resource expansion drilling at Nicolson’s which delivered: 3.0 metres at 5.0g/t gold; and 2.0 metres at 27.5g/t gold.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Friday 24th May 2013.

Leyshon Resources expects results from Chinese coal seam gas wells next week

Wed, 22 May 2013 16:40:00 +1000

Leyshon Resources (ASX: LRL) is continuing flow testing of two coal seam gas wells in the Ordos Basin, China, with initial results expected next week.

The ZJS5 and ZJS6 wells are part of an initial program designed to explore and test the potential for commercial gas production in a highly prospective and unexplored 380 square kilometre central depression area.

This area appears to demonstrate good continuity with the neighbouring Sanjiaobei discovery operated by fellow Australian Sino Gas & Energy (ASX: SEH).

The testing is part of the previously announced US$20 million accelerated exploration and appraisal program on the Zijinshan Gas Project, located on the eastern fringe of the prolific Ordos Gas Basin in Central China.

ZJS5 and ZJS6 are located within 10 kilometres of a tie-in point on the recently commissioned Lin-Lin pipeline which supplies the growing demand in Shanxi Province.

Discussions with potential off-take partners suggest that there continues to be a shortage of locally sourced gas to feed the pipeline and as a result prices are continuing to rise.

Locally based major industrial users are reportedly paying around U$ 12 per thousand standard cubic feet of gas.

Winmar Resources delivers maiden Indicated Iron Resource at Hamersley

Wed, 22 May 2013 16:20:00 +1000

Winmar Resources (ASX: WFE) infill drilling campaign at the Hamersley iron project in the Pilbara region of Western Australia has delivered a maiden Indicated Resource.

Hamersley is located in the Tom Price Region of the Pilbara, in close proximity to Fortescue Metals’ (ASX: FMG) Solomon project and Rio Tinto’s (ASX: RIO) Marandoo and Brockman mines.

The Indicated Resource is 42.6 million tonnes at 55.2% Fe (57.3% CaFe) and was conducted by RungePincockMinarco, with Inferred 300.6 million tonnes at 54.5% iron (58.0% CaFe) for a total Resource of 343.2 million tonnes at 54.5% iron (57.9% CaFe).

Importantly for Winmar is that the Indicated portion of resource is near surface, which opens up the potential for future DSO production, which brings cash flows. The company will now focus on this part of the resource with Pre-Feasibility Studies and infrastructure discussions underway.

Winmar has also outlined that talks are underway with multiple parties to identify and collaborate on strategic infrastructure solutions in line with the project’s development plan. Both road and rail opportunities are being pursued with associated port opportunities.

Joint Venture

Winmar recently satisfied the expenditure requirements of its Farm-In and Joint Venture with a subsidiary of Cazaly Resource (ASX: CAZ) for Hamersley.

The joint venture between Winmar and Cazaly was subsequently formed on 11 February 2013 with respective participating interests of the parties: Winmar 51% and Cazaly 49%. Winmar continues to manage the project.

TZ Limited locks in first six Australian locations for A.D.A.M. parcel lockers

Wed, 22 May 2013 16:00:00 +1000

TZ Limited (ASX: TZL) has locked in six locations in eastern Australia for the first stage roll out of its A.D.A.M. Parcel Locker System.

Installation of the lockers will commence towards the end of next week and will go ‘live’ shortly thereafter following brief site testing of parcel drop-off and pick-up workflows with enabling partners.

The lockers will be located at MLC Centre at Martin Place in Sydney, Melbourne Central Shopping Centre in the Melbourne CBD and BP Petrol Station at Church Street, Richmond in Victoria.

The last three sites are located in Sydney, Melbourne and Brisbane and will be identified once leasing and license agreements are finalised.

Expansion of the Parcel Locker Network, including sites in South Australia and Western Australia, will progress in the next stage of deployment which is currently scheduled for September this year.

The company has already identified possible sites for this next stage of development and is already in discussions with prospective partners that will further extend and expand the Parcel Locker Network.

TZL had yesterday reached an agreement with Fastway Couriers to use TZ’s Parcel Locker Network during a 12 month trial.

Taken together with other teaming agreements with Temando and Toll Group, the company believes that the conditions are in place for generating parcel delivery flow to the A.D.A.M. Parcel Locker Network as it is rolled out across Australia, ultimately providing significant benefit to TZL and its network of partners.

These agreements could represent in excess of 60% of the parcel deliveries in Australia.

TZ Limited will be presenting at the Proactive Investors One2One Forum in Sydney on 4 June 2013. Click HERE to register.

Obtala on course to sell first sun-dried tomato crop in September

Wed, 22 May 2013 15:52:00 +1000

Africa-focused agri-business Obtala Resources (LON:OBT) confirmed its first harvest of sun-dried tomatoes is due in September as it turned to the market to raise £269,340.

Shares were placed at 6.15 pence each (compared with a close of 7.54 pence), while the group has also issued warrants with a strike price of 7.69p that can be exercised immediately and are valid for four years.

Operationally, Obtala said it has made “significant progress” on the Morogoro sun-dried tomato project in Tanzania.

A total of 130 hectares have now been cleared, with a detailed topographic survey for drainage control underway, it added.

Land preparation and substantial water supply work is expected to be completed by the end of June and the installation of a nursery and drip irrigation equipment is expected to be completed by the end of July, with plantlets being sown simultaneously, it went on.

On that basis, first production supplying around 100 tonnes per month of sun-dried product to an off-take partner will be completed by September, Obtala confirmed.

Chairman Francesco Scolaro said: "Our focus is to move as swiftly as possible to fulfil our orders under our off-take agreement and generate cash flows with high margins, meeting all EU food regulation and requirements.

“We are comfortable that the company now has sufficient funds to take phase-one through to production and delivery, whereby phases-two and three will be funded internally through revenues generated by phase-one.

“I am confident that our agriculture model will be successful, notwithstanding external delays, and prove to be profitable. I am encouraged by the continued support of our European off-take partners and our team on the ground in Tanzania."

Leopard Resources gains exposure to Yandal Greenstone Belt gold quest

Wed, 22 May 2013 15:40:00 +1000

Leopard Resources (ASX: LRR) is moving towards acquiring the Cables and Mission project in the Yandal Greenstone Belt in Western Australia, with the company providing an update that an exploration program has commenced on the project.

Leopard said that Mobile Metal Ion sampling has commenced at the Mission and Cables Gold prospect, with the program also including a 3500 metres of reverse circulation drilling which will target an upgrade to the Resource of 1.2 million tonnes at 2.8g/t gold for 109,900 ounces.

Highlighting the prospectivity of the tenements, they are located in the Mount Margaret Mineral Field, and form part of the Yandal Belt area which has been a major gold producing region for many years.

Deposits in the belt include Jundee/Nimary (historical production of 7.3Moz), Bronzewing (3.6Moz), Darlot (3Moz) and Mt McClure (1.8Moz). The 3Moz Darlot/Centenary Gold Mine (operated by Barrick Gold) is located seven kilometres south of the prospects.

Financing update

Leopard said that it is well advanced in discussions to raise up to $1.5 million to provide the necessary additional funding to complete the next stage of drilling and development at the Mission and Cables gold project.

Funds would also be allocated to the Nacimiento project in Mexico and general working capital.

Silver Lake Resources director increases stake on market

Wed, 22 May 2013 15:20:00 +1000

Silver Lake Resources (ASX: SLR) non-executive director Brian Kennedy has increased his indirect interest in the company by a further 280,000 shares acquired on-market.

The shares were acquired at an average price of $0.689375 per share for a total consideration of $193,025 by Pauline Kennedy and Briken Nominees as trustees for the Briken Trust.

Kennedy now holds 75 shares directly and 4,555,377 shares indirectly.

Silver Lake has logged further thick, high grade copper and gold intercepts from infill drilling at its Hollandaire deposit within the Eelya Complex, part of the Murchison gold project located 600 kilometres north of Perth.

This could add a copper, gold and silver concentrate revenue stream to the Murchison gold project, thereby reducing all-in-sustaining cash costs at the gold operation.

The nearby gold mill has been constructed with the possible addition of a concentrate circuit in mind. The crusher already has excess capacity and provision has been made for the ready addition of a grinding and flotation circuit.

The Hollandaire inferred resource of 2.8 million tonnes at 1.6% copper, 0.4 g/t gold and 5 g/t silver with the supergene zone averaging 4.7% copper sits below gold mineralisation that extends from the surface down to 50 vertical metres depth.

Europa Oil & Gas: Gearing up for bigger and better things

Wed, 22 May 2013 15:19:00 +1000

Europa Oil & Gas (LON:EOG) revealed today it would drop non-core assets in Romania and the Saharawi Arab Democratic Republic (SADR), yet the share price didn’t budge.

The fact that Europa, a company worth less than £6mln almost eighteen months ago, has shrugged off the relinquishment with no ill effect in the market reflects the progress under Hugh Mackay, and his team.

It is also another signal that the small-cap oil firm is gearing up for bigger and better things.

Specifically Europa says it will focus on its core assets in Ireland, France and the UK.

But, a quick glance at the share price chart shows exactly where the real excitement comes into it.

Europa shares shot up over 70% in April after it unveiled a breakthrough farm-out deal with American exploration group Kosmos Energy, for its very prospective but early stage exploration acreage in the Porcupine basin, off Ireland’s west coast.

Kosmos will take the lead in the venture with a seismic exploration programme possible later this year and with paid-for drilling coming later, potentially within three years.

The project, if successful, could utterly transform Europa.

And, in the nearer term, investors could get a sense of things to come as ExxonMobil is currently drilling the Dunquin prospect nearby.

Dunquin is a deep water target with big very potential, prior to drilling it was estimated in the order of 1.7bn barrels oil equivalent. A success is likely to ‘open up’ the basin in the eyes of investors and the industry, and it would also provide a catalyst for the other explorers in the area.

Aside from Ireland, Europa is still pursuing its plans for an appraisal project on the deep gas resources at its Bearn des Gaves permit in France.

Drilling in England will also provide another highlight and catalyst in the comings months. Europa has a 33% stake in the upcoming programme at the Wressle project, in Lincolnshire.

Wressle is located ‘on trend’ with nearby producing fields and for an exploration play it is considered to be a relatively low risk opportunity.

Investors can find out more about Europa at Proactive Investors at the One2One Investor Forum at the Midland Hotel in Manchester on Wednesday May 22 (click here for details)

UPDATE: ImmuPharma strengthens hand with £50mln financing deal

Wed, 22 May 2013 15:14:00 +1000

ImmuPharma’s (LON:IMM) £50mln equity draw-down facility has strengthened the company’s hand in negotiations with companies interested in licensing its lead drug candidate, Lupuzor.

The five-year funding package, one of the biggest deals of its kind in London, is to fund the late-stage development of Lupuzor, its breakthrough drug for auto-immune disease lupus.

It will allow ImmuPharma to take its potential blockbuster through phase-III clinical trials as it continues discussions with major drugs companies.

However, chief executive officer Dimitri Dimitriou told Proactive Investors that the funds would also be sufficient for ImmuPharma to go it alone and take the drug all the way to market.

“I’ve said publicly we are in discussions [with potential licensing partners]; we’ve been in discussions for about a year. It is difficult to predict the timeline, but I am confident that at some point a deal will be announced,” Dimitriou said.

Having the option of financing the whole show itself puts ImmuPharma “in a better position”, the chief exec avowed.

It would be unusual, though not unprecedented, for a company of this size to take a drug into the final stage evaluation, never mind all the way to market; usually big pharma is brought in to share the financial burden and the risk.

However, there are a number of factors that count in favour of Lupuzor, which has a unique mechanism that modulates the immune system.

Chief among them is the fact the drug has already been given fast track designation with a Special Protocol Assessment (SPA) by America’s Food & Drug Administration (FDA).

This SPA is an important sign-off on the company’s clinical trial protocols.

The agency is essentially saying that, assuming no unforeseen issues, it will approve the drug if it matches or exceeds certain criteria.

Since this all happens before the data is generated, the FDA tends to be conservative when handing out SPAs.

ImmuPharma has also received sign-off in Europe and Japan that will allow it move into the final clinical trial stage.

Separately, a recent survey of rheumatologists carried out by Decision Research also highlighted Lupuzor as potentially offering substantial improvements over current treatments.

Last month the group signalled it was looking at alternative methods of unlocking the potential of Lupuzor, other than tying up a deal with a large pharma company.

The group previously had a deal with emerging biotech Cephalon before that company was taken out by the generic drug maker Teva and the rights to the treatment were handed back.

ImmuPharma chief executive Dimitri Dimitriou said: "In addition to our ongoing discussions with pharmaceutical companies for another licensing deal such as our previous one with Cephalon, we have been exploring attractive and creative options to advance Lupuzor.

“We are delighted to have obtained the support and funding ability to take Lupuzor to commercialisation.

“This strengthening of our position creates an inflection point with both new institutional investors whose investment criteria is based on phase III compounds and also with pharmaceutical companies that are keen on commercialising late stage compounds."

The five-year funding package will be provided by Darwin Strategic, owned by Henderson Global Investors.

The deal looks well timed, with ImmuPharma’s shares up almost 16% over the last week.