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Firestone Diamonds to operate FTP project for De Beers JV in Namibia

Fri, 12 Mar 2010 21:24:00 +1100

Firestone Diamonds (AIM: FDI) has been selected by De Beers’ joint venture with the Namibian government, Namdeb Diamond Corporation, as the preferred supplier and operator for the Dredge and Floating Treatment Plant (FTP) project at Namdeb's diamond mining operations in Namibia.

Contract negotiations are set to be finalised following the review and approval by the Namdeb board of the joint feasibility study . The study, which is being completed by Firestone and Namdeb, is expected to be presented to the board later in 2010.

The plant is expected to have capacity of 11.5 Mt (million tonnes) per annum and a minimum life of 15 years. It will be constructed by Firestone for Namdeb and operated on a toll treatment basis. Production is expected to commence in 2012.

“Being selected by Namdeb, one of the world's leading diamond producers, for the Dredge and Floating Treatment Plant project is a reflection of the significant operating capability that Firestone has developed. This project...represents a further opportunity for the company to supplement cash flow from our own mining operations at BK11 in Botswana with cash flow from long term, low risk toll treatment projects,” said chief executive of Philip Kenny.

The FTP plant is expected to cut operating costs by removing overburden using a dredge and treat diamondiferous gravel.

Shares in the company rose 2.6% on the news.

Firestone has recently been selected by Debswana for a toll treatment tailings processing project at the Jwaneng mine in Botswana.

Kalahari Minerals highly encouraged by Extract Resources progress at Rossing South

Fri, 12 Mar 2010 20:54:00 +1100

Kalahari Minerals’ (AIM: KAH) said it is highly encouraged by the news that its 40.41% owned associate Extract Resources (ASX, TSX: EXT) is on track with its Definitive Feasibility Study (DFS) for the world-class Rossing South deposit at the Husab uranium project in Namibia.

Extract updated investors stating that the DFS, which is expected to confirm the project's potential as one of the world's largest uranium mines, is progressing well. Extract aims to announce an updated Rossing South resource in Q3 2010 and it said that capital costs for the processing plant and annual operating costs are currently expected to remain in line with the preliminary cost estimates.

"Extract is making strong progress towards publishing the Rossing South Definitive Feasibility Study, and in turn, attributing additional value to its world-class Husab Uranium project”, Kalahari chairman Mark Hohnen commented. “In particular, it should be noted that the operating costs are unlikely to be significantly different to those stated in the scoping study announced in August 2009, indicating that the Rossing South project is still set to be a profitable, low risk, bulk tonnage, open pit mine with a mine life in excess of 20 years”.

According to Extract the size of the Rossing South mineralized system continues to grow with strong drilling results continuing from Zones 1 and 2. Furthermore, the company said there are encouraging indications of significant mineralization on the western limb of the Rossing South antiform and high grade mineralisation in both zones. Extract aims to announce an updated Rossing South resource in Q3, 2010.

The revised resource estimate will incorporate infill and extensional drilling that has been completed since July 2009. Extract expects the updated estimate to increase the overall size and confidence levels of the Rossing South resource.

“The resource continues to grow in size, which increases the time required by Extract to better define the ore body, and in particular to identify the high grade resource. This approach by Extract will ensure that an optimum development plan can be determined in order to maximise the true potential of this outstanding uranium project", Hohnen added.

Kalahari Minerals highly encouraged by Extract Resources progress at Rossing South

Fri, 12 Mar 2010 20:49:00 +1100

Extract updated investors stating that the DFS, which is expected to confirm the project's potential as one of the world's largest uranium mines, is progressing well. Extract aims to announce an updated Rossing South resource in Q3 2010 and it said that capital costs for the processing plant and annual operating costs are currently expected to remain in line with the preliminary cost estimates.

"Extract is making strong progress towards publishing the Rossing South Definitive Feasibility Study, and in turn, attributing additional value to its world-class Husab Uranium project”, Kalahari chairman Mark Hohnen commented. “In particular, it should be noted that the operating costs are unlikely to be significantly different to those stated in the scoping study announced in August 2009, indicating that the Rossing South project is still set to be a profitable, low risk, bulk tonnage, open pit mine with a mine life in excess of 20 years”.

According to Extract the size of the Rossing South mineralized system continues to grow with strong drilling results continuing from Zones 1 and 2. Furthermore, the company said there are encouraging indications of significant mineralization on the western limb of the Rossing South antiform and high grade mineralisation in both zones. Extract aims to announce an updated Rossing South resource in Q3, 2010.

The revised resource estimate will incorporate infill and extensional drilling that has been completed since July 2009. Extract expects the updated estimate to increase the overall size and confidence levels of the Rossing South resource.

“The resource continues to grow in size, which increases the time required by Extract to better define the ore body, and in particular to identify the high grade resource. This approach by Extract will ensure that an optimum development plan can be determined in order to maximise the true potential of this outstanding uranium project", Hohnen added.

Dragon Oil completes initial testing of Dzheitune development wells

Fri, 12 Mar 2010 18:59:00 +1100

Dragon Oil (LSE: DGO) has completed the initial testing of two Dzheitune development wells, A/142 and 13/143, at its Cheleken operation in the Caspian Sea. The wells were drilled to 3,961m and 3,450m, and tested at combined rates of 2,103 barrels of oil per day (bopd) and 2,168bopd respectively.

"I am pleased to report the successful completion and initial testing of both the Dzheitune (Lam) A/142 and 13/143 development wells, marking our first two successfully-completed development wells this year”, Dragon Oil chief executive Dr Abdul Jaleel Al Khalifa commented. “Our field production is subject to normal decline and adding wells will ensure that we meet our 2010 committed production growth target".

Dzheitune (Lam) is one of Dragon Oil’s two oilfields in the Cheleken Contract Area in the Caspian Sea, offshore Turkmenistan.

The Dzheitune A/142 well was drilled by the Iran Khazar rig, to a depth of 3,961m. The well tested at a combined rate of 2,103bopd with the short string contributing 1,180bopd and the long string contributing 923bopd. Rig 40 drilled the Dzheitune (Lam) 13/143 well to a depth of 3,450m. The well tested at a combined rate of 2,168bopd with the short string and the long string contributing 1,144 bopd and 1,024bopd respectively. Dragon Oil said that further testing and optimisation of both wells are scheduled to take place over the coming weeks.

The Iran Khazar rig has repositioned to work-over a well on the same platform in order to enhance its production, while Rig 40 will shortly commence drilling the Dzheitune (Lam) 13/144 well, from slot 1 on the Dzheitune (Lam) 13 platform.

The initial testing of these two development wells, the first of 2010, adds to the company’s progress in offshore Turkmenistan. In February’s results for the full-year ended 31 December 2009, Dragon oil reported an average daily production rate increase of 9% in 2009 and landmark production of 50,000 bopd (barrels of oil per day) achieved at the turn of 2009/2010. Dragon Oil also offered a bullish outlook for the next three years amid a recovery in commodity prices and with a cash balance of more than US$1.1 billion.

In February’s results statement, Dragon Oil said it plans to complete up to 11 wells in 2010 along with 40 development wells, including five appraisal wells, targeting an annual production growth of 15% in 2010 and 10% to 15% on average in 2010-12.

Baobab Resources resumes drilling at Tete iron-vanadium-titanium project

Fri, 12 Mar 2010 18:57:00 +1100

Baobab Resources (AIM: BAO) has resumed drilling at the Tete iron/vanadium/titanium project in Mozambique, focusing on the Chimbala prospect which comprises the central zone of the 8km long Massamba Group trend. Drilling aims at improving confidence in its exploration target of 400 to 700 Mt (million tonnes) estimated in 2009.

The scout drilling campaign at Chimbala commenced on 10 March 2010 and will include both diamond and reverse circulation (RC) drilling for a combined total of approximately 12,000 metres.

Rock chip sampling collected during recent mapping of the Chimbala prospect area has returned what the company said were encouraging concentrate grades, including 67.4% Fe (iron), 2.11% TiO2 (titanium), 0.67% V2O5 (vanadium) with a 25.6% mass recovery grade, 64.4% Fe, 5.04% TiO2, 0.69% V2O5 with a 47.2% mass recovery grade, and 65.6% Fe, 3.55% TiO2, 0.71% V2O5 with 42.2% mass recovery grade.

Last month, the company reported results from the last three diamond drill holes of the 2009 campaign, which returned the best results to date with an intersection of 46 metres grading 64.5% Fe to beat the previous two holes, which produced Fe grades of up to 62.9%.

The Chimbala prospect comprises the central zone of the Massamba Group trend. The current drill traverse transects the broadest section of the prospect's aeromagnetic signature, located in proximity of Chitongue Grande prospect where drilling in 2009 defined a maiden 47.7 Mt Inferred Resource over a strike length of just 500 metres.

“The Chimbala prospect covers almost half of the Massamba Group trend and its assessment is key to unlocking the potential of the Tete project. Investors may expect a consistent flow of news over the coming months as results from the drilling become available,” said Managing Director of Baobab Resources Ben James.

The Tete project, covering an area of 632 square kilometres, is located immediately north of the provincial capital of Tete and shares licence boundaries with Vale and Riversdale's mega coal projects. The project has access to low tariff hydro-electric power from existing and developing schemes on the Zambezi River, where the ports of Beira and Nacala are being refurbished, as are the rail corridors through to Tete.

The project contains two areas of magnetite-ilmenite mineralisation; the Singore area to the south and the Massamba Group trend in the north. The Massamba Group trend is composed of a series of five prospects including Chitongue Grande and Pequeno, Caangua, Chimbala and South Zone that have experienced little or no historical exploration.

Independent scoping metallurgical studies at the project and financial modelling have indicated positive project economics in the production of high quality magnetite (iron and vanadium) and ilmenite (titanium) concentrate commodities.

The International Finance Corporation has earned a 15% interest in the Tete project after entering a strategic partnership with Baobab in January 2009.

Shares in Baobab climbed 3.5% on the news.

Lonrho promoted into key FTSE-AIM indices

Fri, 12 Mar 2010 17:18:00 +1100

African focused investment company Lonrho (AIM: LONR) has been promoted into the FTSE AIM UK 50 Index and the FTSE AIM 100 Index, effective from the 22 March 2010. The company’s inclusion into the key indices reflects Lonrho’s growth and its position in London’s junior market, then group said in a statement.

"We are delighted that the growth of Lonrho has enabled the company to be included in these important indices operated by the London Stock Exchange,” chairman David Lenigas commented. “Lonrho continues to successfully develop its five core business divisions across the emerging African market and now operates in seventeen countries."
Last week, Lonrho’s full-year results for the year ended 30 September 2009 demonstrated the progress being made by the company’s operations in Africa.

Lonrho said its African investments are delivering real growth and strong tangible businesses in Africa. It increased turnover by 266% on a like-for-like basis. Reported revenue rose 111% to £90.9m and net asset value also rose, increasing by 16% to £81.1m. Consequently Lonrho significantly narrowed its losses to £4.5m compared with £38.7m in the previous year.

Planet Payment says TSYS adds iPAY Gateway to TSYS acquirer processing platform

Fri, 12 Mar 2010 17:17:00 +1100

Planet Payment (LSE: PPT and PPTR; OTC: PLPM) has completed and received certification from TSYS Acquiring Solutions (TSYS), a wholly-owned subsidiary of TSYS (NYSE: TSS), for the company’s iPAY payment gateway on the TSYS processing platform. TSYS currently offers a Planet Payment powered Multi-Currency Pricing service which allows merchants to reach international markets through price localization. Multi-Currency Pricing allows international customers to view prices, and pay for goods/services in their domestic currencies.

TSYS is a support service provider specialising in secure payment and money transfer for the acquirer and card services industry. "The certification of the iPAY gateway by TSYS will provide their customers with a powerful e-commerce and card-not-present product suite including a robust Multi-Currency Pricing service, which can deliver significant new revenues and provide a powerful competitive differentiator and merchant retention tool to the merchant acquiring industry." Planted Payment Product Management SVP Joel Mayer said.

The company said that the new certification allows TSYS customers to enjoy the robust iPAY payment gateway features, including flexible recurring billing engines and iPAY Tokens to help protect customer information. According to Planet Payment these tools allow merchants to grow their business by more effectively tapping into foreign markets.

Through this certification, TSYS acquirer and ISO customers can offer merchants a complete global e-commerce service through the ease of a US based merchant account settling in US dollars. The TSYS platform includes full domestic credit, debit and ACH processing and seamless support of the Multi-Currency Pricing services.

The iPAY gateway’s flexible recurring billing engine manages subscription billing and customer notices in real time.

IPAY Tokens help protect sensitive customer payment account data by encrypting and assigning a unique electronic token that is stored securely in Planet Payment's PCI DSS (Payment Card Industry Data Security Standard) compliant data vault. Through the iPAY Token system merchants can process payments from a ‘token’, rather than handling and storing sensitive customer data itself, facilitating the merchant's PCI compliance and reduces risk-exposures relating to the storage of customer account data.

The company’s multi-currency services have been progressing well over recent months with the TSYS certification marking the latest of number of key developments. In February, it was awarded a US patent for its ’Time-of-Transaction Foreign Currency Conversion’ process. The patent describes Planet Payment's unique exchange rate calculation methodology across its Dynamic Currency Conversion product suite.

In January, Planet Payment reached an agreement with Middle-Eastern card services group, Network International’s (NI), to provide its ‘Pay in Your Currency’ products to NI’s merchant clients in the United Arab Emirates. Subsequently, Daniel Stewart said the agreement represented a standout deal, supporting the broker’s revenue forecasts for 2010.

CBH Resources shares surge on Revised Acquisition Proposal from Nyrstar

Fri, 12 Mar 2010 13:51:00 +1100

CBH Resources (ASX: CBH) has reported today that it has received a proposal from Nyrstar NV which could lead to a change of control transaction.

This follows an earlier proposal from Nyrstar in December 2009 which proposed to acquire all of the ordinary shares in CBH Resources at A$0.135 per share.

After consideration by the Board, it was not considered to be a superior proposal to certain transactions involving the Company's major shareholder, Toho Zinc Co. Ltd, as announced on 21 January 2010.

Nyrstar's Revised Proposal would include an improved cash payment of A$0.195 per CBH share or, at CBH’s shareholders’ election, scrip consideration comprising Nyrstar shares at an exchange ratio which would be set prior to announcement of the transaction at a level that would deliver value equivalent to A$0.195 per CBH share.

The CBH Board intends to provide a preliminary response to Nyrstar in respect of the Revised Proposal early next week, and has appointed a committee of the Directors independent of Toho to consider the terms of this response.

CBH Resources shares rose 28% to 18 cents in trading today.

Lincoln Minerals proposes 100% ownership of the Gum Flat Iron Ore project, SA

Fri, 12 Mar 2010 13:13:00 +1100

Lincoln Minerals (ASX: LML) is proposing to buy back all of the 40% interest in the Gum Flat Iron Ore Project that it does not already own.

The 40% stake is currently held by Indian iron ore miner, Mineral Enterprises Limited (MEL) and MEL subsidiary, Mineral Enterprises Australia Pty Ltd (MEA).

Lincoln and Mineral Enterprises have signed a Contract for Sale of Joint Venture Interest under which, subject to finance, Lincoln will re-acquire the 40% interest in the Gum Flat Iron Ore Project on Exploration Licence EL 3422. The project is located on southern Eyre Peninsula in South Australia.

Consideration for the transfer is $5.7 million with a settlement date of 30 April 2010.

LML entered into a joint venture agreement with MEL and MEA in December 2007 and since that date MEA has earned a 40% participating interest in EL 3422 by spending in excess of $2.5 million on exploration expenditure.

However, MEL is developing a number of projects in India including a hematite beneficiation plant and a deep sea port so have agreed to sell their interest in Gum Flat to help fund those projects.

During the period of the joint venture, MEA funded air core, diamond core and reverse circulation drilling programs that led to the definition of a 55 Mt magnetite iron ore inferred resource and a 0.6 Mt hematite DSO inferred resource within a 125 Mt to 210 Mt iron ore exploration target.

The company said MEL's contribution in taking a greenfields iron ore prospect in 2007 to an inferred resource in April 2009 has been greatly valued.

In conjunction with this contract, LML is negotiating with several interested parties, including Chinese steel and iron ore mining companies, to provide finance through potential investment and offtake agreements for the project.

The company said the potential resumption of full ownership by Lincoln of the Company’s flagship Gum Flat iron ore project on successful completion of the proposed finance and Indian sale contracts as announced today, will enable Lincoln to maximise the potential development of its Gum Flat iron ore resources for the benefit of its shareholders.

The transactions outlined today are in addition to Lincoln earlier this year retaining 100% ownership of its other major Eyre Peninsula iron ore project - at Wilcherry (Hercules South) in the Peninsula’s northern sector.

Southern Uranium gains new tenements near Ridgeback

Fri, 12 Mar 2010 12:45:00 +1100

Southern Uranium (ASX: SNU) has signed a Joint Venture Agreement to acquire a majority interest in Exploration Licence 3922, extending the company’s exploration reach in South Australia from its Ridgeback project to a prospective area adjoining the Moonta mining field.

The Webling Bay licence area shares a similar structural and gravity setting to Southern Uranium’s high priority Ridgeback project on the northern Yorke Peninsula and has strong iron oxide copper gold uranium (“IOCGU”) discovery potential.

Southern Uranium will pay Destiny Stone Australia Pty Ltd A$15,000 for an 85 per cent legal and beneficial interest in all minerals except dimension stone and industrial minerals which shall remain 100 per cent held by Destiny Stone.

Southern Uranium Managing Director John Anderson welcomed the Company’s new joint venture agreement with Destiny Stone.

“This joint venture enables Southern Uranium to extend its exploration for IOCGU deposits from our high-priority Ridgeback project to other prospective areas adjoining the historic Moonta mining field,” Anderson said.

The purchase remains subject to application to the South Australian Government for approval of the transfer of the 85 per cent interest to Southern Uranium and notification of the release of all encumbrances affecting the tenement.

Southern Uranium will manage the exploration on behalf of the Joint Venture partners. Destiny Stone will be free-carried for its 15 per cent interest in all minerals except dimension stone and industrial minerals until a decision to mine is made on completion of a Bankable Feasibility Study.

The Webling Bay area is particularly attractive to Southern Uranium as it sits over the covered northeasterly extensions of the Moonta field at the intersection with a northwest structure interpreted as a key control on the Ridgeback target.

Anderson said the geological setting of the Webling Bay area was analogous to the position of the Ridgeback targets on the northeasterly Pine Point Fault Zone of copper and uranium deposits.

“At Webling Bay, valuable past drilling by the Mines Department and by other explorers intersected very prospective alteration and breccias indicative of nearby IOCGU potential,” Anderson said.

“The drilling also showed the cover there is relatively thin at 20 to 150 metres in thickness. As encountered at Ridgeback, the past gravity surveying is patchy but encouraging, with indicative gravity anomalies that may represent haematite-hosted IOCGU targets.”

Southern Uranium proposes to cover the EL area with detailed gravity surveying for such targets.

Soil geochemical sampling will also be undertaken in this thinly covered part of the Moonta district.

Anderson said Southern Uranium was successfully applying the soil geochemical technique over similar geology and cover depths on Eyre Peninsula.

“So in contrast with Ridgeback, where the cover is thicker and we have relied on magnetic and gravity geophysics to define those exciting drill targets, the soil geochemistry will give us the added opportunity of directly detecting the metals that the Joint Venture is looking for at Webling Bay.”

Western Desert Resources identifies copper gold targets at Limbla

Fri, 12 Mar 2010 12:01:00 +1100

Western Desert Resources (ASX: WDR) has identified three Electromagnetic targets at the Limbla Project after an airborne survey.

The aim of the survey was to define any bedrock conductors associated with sulphide mineralisation.

Interestingly, Mithril Resources (ASX: MTH) recently reported significant copper and nickel Cu-Ni mineralisation in its adjoining tenements, immediately to the east of the Limbla Project.

Recent work by the Northern Territory Geological Survey had shown the tenement area is prospective for shear zone hosted gold-copper mineralisation. Grab samples from one prospect returned assays of 35.4% Cu and 0.12% Au.

A field trip will be undertaken in March to take grab samples from each of the targets to evaluate where there is any indication of bedrock conductors.

Norm Gardner, managing director of WDR said drilling could be undertaken if initial results were encouraging.

WildHorse Energy completes A$21.8M institutional and private placement

Fri, 12 Mar 2010 11:58:00 +1100

WildHorse Energy (ASX: WHE) has completed its $21,804,858 exempt placement to Institutional and Sophisticated Private Investors. The Company is today allotting the 64,131,934 Placement shares at an issue price of A$0.34 per share for gross proceeds of $21,804,858 before costs.

The net proceeds of the Placement will be used to fast track the development of the Company’s new Underground Coal Gasification (UCG) project in Hungary.

The company said the funds will be dedicated towards an initial coal drilling program aimed at converting the Company’s Exploration Target1 of 1-1.25 billion tonnes of coal into a JORC Inferred Resource, a follow up coal drilling program planned to delineate an Indicated Resource, completion of 3D seismic programs, UCG project pre-feasibility and engineering work, and general working capital.

The Placement was marketed to Institutional and Sophisticated Private Investors by a syndicate of brokers in Australia and the United Kingdom. All participating brokers are entitled to a 5% capital raising fee on monies raised, and a pro rata allocation of 1,090,243 broker options exercisable at the Placement issue price of 34 cents each with a 2 year expiry.

The Company has issued on 10 March 2010 a prospectus under a section 708A(11) of the Corporations Act to qualify the Placement shares for re-sale. The Placement shares will be issued from the 40,000,000 share placement approval given by shareholders at the general meeting held on 29 January 2010 and the existing 15% placement capacity.

WildHorse Energy is a European focused energy development company with two major assets, the Pécs Uranium Project and the Mecsek Hills Gas (UCG) Project.

WildHorse has recently completed the acquisition of the Mecsek UCG project which enhances WildHorse’s strategy of becoming a significant energy project developer in central Europe, through a portfolio of diversified assets at various stages of development.

Mark Hohnen, Ian Middlemas and Matt Swinney have recently joined the Board of WildHorse as part of the Company’s new strategic direction.

The Mecsek UCG project has a current Exploration Target1 of 1-1.25 billion tonnes of coal, established by independent resource geologists CSA Global.

This adds significant upside growth potential for WildHorse, and also increases the diversity of its energy projects in Hungary to cover both uranium and gas.

The Mecsek Hills Gas (UCG) Project is located adjacent to the Company’s Pécs Uranium Project, which has a current Exploration Target1 for the total Mecsek Hills project area of 90 to 120mlbs of contained U3O8 with a grade range of 0.08-0.12%.

Blackham Resources increases lignite coal resource at Scaddan Energy Project, WA

Fri, 12 Mar 2010 11:24:00 +1100

Australian energy company, Blackham Resources (ASX: BLK), has continued to advance the development of the Scaddan and Zanthus Energy Projects, located near Esperance, Western Australia.

The Scaddan lignite resource has increased to 860 million tonnes. The combined Scaddan and Zanthus Energy Projects contain 1.2 billion tonnes of lignite containing 9,200 PJ of energy at shallow depth.

The drilling confirms an increase in the energy content of the Scaddan resource.

The projects have the potential to produce 600 million barrels of petroleum products, consisting mainly of a clean diesel, as well as additional power available for sale into the grid.

The Scaddan Energy Project is surrounded by complimentary infrastructure approximately 60 kilometres north of the town and major port of Esperance and 10 kilometres east of the Esperance to Kalgoorlie highway, gas pipeline and railway line.

Blackham and its JV participant’s landholdings in the Esperance region are in excess of 200,000 hectares.

Runge Limited was engaged to review the borehole data for the Scaddan lignite deposit and provide a resource statement in accordance with the JORC1 reporting standards.

Runge is an internationally respected global consulting company providing resource and mining consulting services and software for more than 30 years.

Blackham currently manages a combined lignite resource of 1.2 billion tonnes estimated in accordance with the JORC Code. Blackham’s attributable resource, taking into account the 70% interest in the Scaddan lignite deposit and the 100% owned Zanthus deposit, is 950 million tonnes of lignite.

Existing borehole data at Scaddan was previously reviewed by Runge to calculate the resources contained within the tenements. The data from the drill programmes completed in November 2008 and October 2009 has now been included in the reported resource estimates.

Confidence in the resource has increased significantly with 500 million tonnes (58%) of the resource now in the measured and indicated categories.

The resource estimate is on a 56% moisture basis and an approximate relative density of 1.2. No thickness or quality cut-offs were applied to the Resource Estimate due to the lignite having reasonable prospects for eventual economic extraction as outlined in the Australian “Guidelines for Estimating and Reporting of Inventory Coal, Coal Resources and Coal Reserves”.

Exploration drilling to define the Scaddan lignite deposit is based upon the historical drill holes and recent 2008 and 2009 drilling programmes. It includes a total of 1,481 boreholes, 245 of which cored, and 1,236 drilled as open holes.

Further drilling is required to confirm a possible extension of the Scaddan West deposit to the north.

The Scaddan deposit now appears to extend over 34 kilometres in length and is up to five kilometres wide in places. The main control on the thickness of lignite is the basement topography, with thick zones in areas of topographic lows, and thin or absent zones around topographic highs.

Thickness in the Scaddan West area varies from up to 16m, thinning rapidly at the edges of the body and around topographic highs. The main seam LGA averages 8 metres in thickness.

An estimate of inventory coal was also prepared by Runge based upon the drill hole data, totalling an additional 360 to 460 million tonnes.

Drilling of several quality holes of a spacing of no more than 2,000m should readily convert most of the inventory area to an Inferred Resource as there is reasonable confidence in the structural continuity of the lignite from previous drill holes.

Based on the depth and thickness of the resource the Scaddan lignite deposit would be suitable for extraction by open cut methods, as it lies at depths generally between 25 and 30 metres with an average cumulative coal thickness of 8 metres.

The shallow depth and generally unconsolidated sediments overlaying the seam makes the deposit amenable to large scale open pit mining methods.

Blackham intends to use the latest resource data for initial mine designs and planning purposes. This mining study should significantly improve Blackham’s understanding of the feedstock cost for a CTL operation.

The Zanthus project is located on the western margin of the Eucla Basin. The lignite resource at Zanthus is made up of two main lignite bodies that are part of a sedimentary unit deposited during the Tertiary period into north, northeast – south orientated depressions in the underlying basement.

Runge was also commissioned by Zanthus Energy Pty Ltd, a 100% owned subsidiary of Blackham, to review the geology and resources of the Zanthus lignite deposit.

This entailed reviewing the drilling data, creation of geological and coal quality models and reporting of a resource estimate. A Resource Estimate was completed for the Zanthus lignite deposit and is reported in accordance with JORC1.

Based on the depth and thickness of the resource the Zanthus lignite deposit would be suitable for extraction by open cut methods as it lies at depths generally between 15 and 50 metres with an average cumulative coal thickness of 7.9 metres.

The shallow depth and generally unconsolidated sediments overlaying the seam makes the deposit potentially amenable to large scale open pit mining methods.

The Company have planned an infill drilling campaign for the Zanthus project. The permit of work has been lodged with the Department of Mines and Petroleum and heritage surveys are being organised to allow for a drill program to take place in the near future.

Blackham currently controls a combined lignite resource of 1.2 billion tonnes estimated in accordance with the JORC Code. Blackham’s attributable resource, taking into account the 70% interest in the Scaddan lignite deposit and the 100% owned Zanthus deposit is 950 million tonnes of lignite.

The Scaddan and Zanthus Projects contain 1.2 billion tonnes of lignite containing over 9,200 PJ of energy on and potential for 600 million barrels of oil products mostly in the form of ultra clean diesel.

There is also additional production potential from the existing coal inventory which is estimated at 0.82 to 1.22 billion tonnes of lignite at Scaddan and Zanthus projects.

The scoping study completed in November 2008 was based upon a 15,000 barrel per day operation producing 4.8 million barrels per annum.

The Scaddan measured and indicated resource equates to 50 years worth of potential feedstock for a 15,000 barrel per day CTL facility. Infill drilling of the Scaddan and Zanthus inferred resources may allow for the CTL facility to increase in scale.

Archer Exploration drilling confirms nickel-chrome anomaly on Eyre Peninsula, SA

Fri, 12 Mar 2010 10:34:00 +1100

Archer Exploration (ASX: AXE) completed A new drilling program last month and has defined a 1 km long coincident nickel/chrome anomaly (greater than 1,000 ppm nickel and chrome) at the company's 100%-owned Pindari project on South Australia’s Eyre Peninsula.

The anomaly is open to the west and has peak values of 0.37% Ni and 0.34% Cr, confirming Pindari’s nickel potential, and warranting further new drilling.

The results follow a207 hole 1,711 metre aircore drilling program conducted by Archer in the eastern portion of Pindari – part of the Carappee Hill tenement (EL3711) south of Kimba.

The outline of the nickel/chrome anomaly mirrors the shape of the core of the Pindari magnetic anomaly.

Bedrock rare earth (REE) values, whilst not correlating with the nickel and chrome geochemistry were elevated over a wide area. Peak REE values were generally 10-20 times REE crustal abundance.

The company said that these geochemical results confirm Pindari’s nickel potential, originally identified from a 1987 Stockdale hole recovered from the PIRSA core library, and show a close association with the core of the Pindari magnetic anomaly.

Future work will involve aircore drilling and sampling the western portion of the Pindari magnetic anomaly. A Reverse Circulation (RC) drilling program will be undertaken in the third quarter of 2010 to test the magnetic, electromagnetic and nickel/chrome geochemical Pindari anomaly at depth.

On the 26th November 2009, Archer released the nickel and chrome analysis results from two diamond holes originally drilled by Stockdale Prospecting Ltd in 1987 to test a prominent, regional, 3 kilometre diameter, circular magnetic anomaly on an area now covered by Archer Exploration’s 100% owned Pindari Project.

Archer reported that the 9-31m interval in hole, Pindari 1, averaged 0.19% nickel and 0.24% chrome.

Petrology investigations indicated nickel sulphides, pentlandite and violarite (Fe2N23S4 – a supergene nickel sulphide after pentlandite) were present within this Ni/Cr anomalous zone. The host rock is an ultramafic protolith probably rich in olivine and clinopyroxene, which has been metamorphosed and veined.

Commencing on the 28th January 2010, Archer carried out a 1,711m aircore drilling program to sample bedrock, through the shallow, variable, (1-10m) transported sand cover, which covers the Pindari magnetic anomaly.

The geochemical survey covered the eastern portion of the 3km diameter coincident magnetic and electromagnetic anomalies at Pindari.

Samples were taken approximately 2 metres below the cover materials on a 100x100 metre grid over the eastern portion of the 3 kilometre diameter Pindari magnetic anomaly.

The objective of this program was to define multi-element geochemical anomalies, which together with the magnetic and electromagnetic survey data, would define targets to be tested with deeper drilling during the second or third quarter of 2010.

Archer will analyse the results of the recent drill program at Pindari in order to plan follow up work. Additional aircore drilling and bedrock sampling over the untested western portion of the Pindari magnetic anomaly is likely to be the next step, followed by RC drilling in the third quarter of 2010.

Arc Exploration encouraged by drilling at Trenggalek Gold Project in Indonesia

Fri, 12 Mar 2010 09:05:00 +1100

Arc Exploration (ASX: ARX) has announced the results of the first two scout drill-holes from the Sentul Prospect at its Trenggalek Project in East Java.

These first two holes total 251 metres or around 5% of a planned 12 month, 5000 metre, drilling program that will scout test a number of separate prospects at Trenggalek with about 50-60 drill-holes.

The company said the objective of this initial program is to identify and rank prospects for further drilling. Holes three and four have been completed at West Sentul and assays are awaited. Hole number five is in progress.

The Sentul prospect comprises two main veins, West Sentul and East Sentul, which have a combined strike length of over 2 kms and are connected by numerous tension veins.

The first hole TRDD-001 was drilled at a low angle to the West Sentul vein to intersect the vein beneath a surface trench sample result of 3 m at 7.6 g/t Au and 35 g/t Ag.

The highest grade result from TRDD-001 was 1 m at 9.47 g/t Au and 11 g/t Ag that occurs within a lower grade zone of 70.4 m at 0.82 g/t Au and 6 g/t Ag from 72.6 m down-hole.

This zone also contains several intervals ranging from 1 to 3 g/t Au.

The second hole TRDD-002 was drilled perpendicular to the West Sentul vein to intersect the vein at a higher angle but similar elevation (75 m below surface) to TRDD-001 and 20 m to the north.

The highest grade result from TRDD-002 was 1 m at 11.70 g/t Au and 18 g/t Ag and it occurs immediately below a lower grade zone of 18.55m at 0.85g/t Au and 8 g/t Ag from 30.8 m down-hole. This zone, as with TRDD-001, also contains several intervals ranging from 1 to 3 g/t Au.

Both drill-holes intersected a broad zone of discrete quartz veins separated by gold bearing stockwork-veined volcanic rock. The true-width of the mineralised zones is unknown at this stage.

Arc Exploration said these initial drill results clearly confirm the occurrence of high grade gold vein intercepts within a larger zone of lower grade gold-bearing quartz veins and stockwork-veined volcanic rocks. The Company considers the results to be encouraging.

Drilling will continue on the Sentul Prospect probably for the next one to two months to further test the two main vein systems and the connecting tension veins, before moving to the next prospect. Simultaneously, surface exploration will continue with the objective of identifying additional prospect areas.

Range River Gold assays at Granny Smith exceed expectations

Fri, 12 Mar 2010 08:44:00 +1100

Range River Gold (ASX: RNG) has received the results of assays on the first parcel of ore crushed at Barrick (Granny Smith) Pty Ltd’s Granny Smith (Barrick) operations in Western Australia, that commenced on 24 February 2010.

The assays received are from the company’s sample of the crushed ore and were assayed in a commercial laboratory. The results from Barrick’s sample are awaited. The final reconciliation will be based upon a comparison of the two sets of assays.

The company delivered 4,019 tonnes of ore at an average grade of 4.9 g/t Au. Grade control estimates indicated an initial grade of 3-3.5 g/t Au. The positive reconciliation could be due to a number of effects.

A review of the grade control processes and procedures with a view to improving the accuracy of the grade control process is underway.

The grade of ore mined is lower than the average resource grade for the deposit due to a minor depletion effect near surface and is consistent with the trend to increased grade at depth.

Further, the company has been advised that the preliminary recovery testwork being undertaken by Barrick is consistent with forecast. The forecast recoveries on the Craic ore were in the range of 90-93%.

Final payment is based upon the weight of ore crushed, adjusted for moisture, multiplied by the head grade and the recovery to obtain the estimated weight of recovered gold.

The company is paid for 100% of the weight of recovered gold less a treatment charge per tonne of ore processed.

The company expects that the final reconciliation and hence payment for the first batch will be completed by the end of March.

Following completion of the grade control program on the current bench, ore mining is scheduled to recommence in the coming week. Deliveries will be timed to meet the next planned crushing window in early April.

Starpharma Holdings reports positve results from VivaGel® clinical trial

Fri, 12 Mar 2010 08:25:00 +1100

Australian pharmaceutical development company Starpharma Holdings (ASX:SPL, OTCQX:SPHRY) has received positive results from a clinical trial of the company's 3% SPL7013 Gel (VivaGel®) product.

It was found to be comparable in terms of safety and tolerability with its matched placebo when administered vaginally, twice daily for 14 days in sexually active women involved in the trial.

Starpharma CEO, Dr Jackie Fairley, said, the data from the study provided further evidence of the safety and tolerability of the VivaGel® active ingredient, SPL7013, and will support its development as both a stand-alone gel (bacterial vaginosis, genital herpes and HIV), and as a condom coating.

The study enrolled 61 healthy women who vaginally applied VivaGel®, a matched placebo gel without the SPL7013 active ingredient, or an alternative experimental placebo based on hydroxyethyl cellulose (HEC).

Starpharma plans to commence further clinical studies of VivaGel®, including a phase 2 efficacy study in bacterial vaginosis, during 2010.

The clinical study was funded by the Division of AIDS (DAIDS), National Institute of Allergy and Infectious Diseases (NIAID), and the Eunice Kennedy Shriver National Institute of Child Health and Human Development (NICHD), National Institutes of Health (NIH).

Lodestone Energy continues suspension of drilling at Tambo Project, QLD

Fri, 12 Mar 2010 08:15:00 +1100

Lodestone Energy (ASX: LOD) has announced that drilling on its Tambo Project areas in Queensland remains suspended and recommencement dates are uncertain due to the heavy wet season.

Lodestone has continued other relevant exploration activities including photo-geological mapping, re-processing of historic seismic data, and assessment of additional historical data from old water bores and oil wells.

The company said this work adds further support to Lodestone’s concept that the coal bearing Walloon Coal Measures extend into its tenements.

The photo-geological work, which extended from Roma to Blackall, corrected numerous errors in the published maps compiled in the late 1960’s and provided insight into the structural controls active during deposition of the important coal sequences.

Reprocessing of old data tapes from pre-existing seismic data in and near ATP 1020, enabled recovery of the higher level records traditionally deleted in old report presentations.

This work revealed the shallower sequences for the first time, improving the company’s understanding of the structural controls, and providing sound evidence for further drill targets within the ATP.

Coal occurrences recorded in water bores are being re-assessed in the light of this new structural understanding.

The most noteworthy outcome of this work is Lodestone’s growing confidence in the prospectivity of additional areas of interest within our EPC Nos. 1784, 1786 and 1788 along the railway corridor. Consequently, Lodestone’s coal drilling program will be broadened to encompass these areas as a high priority.

White Energy enters coal deal with China Guodian Group

Fri, 12 Mar 2010 08:09:00 +1100

White Energy Company (ASX: WEC; OTCQX: WECFY) has inked a non-binding heads of agreement with state owned Guodian Inner Mongolian Energy Sources Co Limited to develop a coal upgrading facility in China.

Guodian is a part of the China Guodian Group, one of the leading integrated players in the Chinese coal mining and power generation sector with 70,250 MW of installed thermal power and a controllable coal resource of 15 billion tons with annual coal production of 25 million tonnes.

The group is one of the five largest power producers in China.

The JV agreement is for White Energy and Guodian to form a joint venture company to build and operate a coal upgrading facility with an initial capacity of 1 million tonnes per annum.

Following the successful commissioning of the first 1 million tonne per annum plant, development would increase the capacity of the project to 5 million tonnes per annum.

White Energy China would hold a minority stake (35%) in the joint venture company, contributing its intellectual property and technical ‘know-how’ for each coal upgrading plant built by the joint venture company.

Guodian will be the majority shareholder in the venture (65%) and would be responsible for funding all of the capital costs associated with each coal upgrading plant built by the joint venture.

White Energy has the exclusive worldwide license for the Binderless Coal Briquetting process that upgrades lower rank coal to significantly increase its energy efficiency and lower emissions.

Excalibur Mining Corporation continues new drilling at Juno Gold Project, NT

Fri, 12 Mar 2010 07:56:00 +1100

Excalibur Mining Corporation (ASX: EXM) has received results for recent drill holes that were part of the stope validation work currently being undertaken at Excalibur’s Juno Project at Tennant Creek, Northern Territory.

Highlighted intersections include: EJRD053B 11m @ 14.66 g/t from 284m down the hole, EJD065 7m @ 17.75 g/t from 275m down the hole and 6m @ 14.34 g/t from 295m down the hole.

Today's results, which include mineralised intersections of over 10 g/t from the majority of the reported holes, will provide further substantiation of Excalibur’s revised model of the previous mining and reinforce the Company’s model for the remaining material.

Excalibur Managing Director Tim Lagdon said, "the results of the new drilling at Juno underpin the potential of the asset. While the expected downgrade of the Juno resource will impact our timetable, the recent drilling results, including those in the open areas previously reported, tells us we are in the right area to discover more high-grade mineralisation.”

Excalibur’s current Juno drilling program at Tennant Creek has 3 objectives:

- to define the extent and magnitude of the recent Up-Dip discovery at Juno;

- to identify and test inferred areas and extensions around Juno not yet included in the
project's current resource assessment; and,

- to validate current stope positions.

The drilling is part of an overall program to advance Excalibur’s portfolio of Tennant Creek assets.

This includes an ongoing drilling campaign and an external resource review, leading to a planned update to its resource position.

The preliminary findings of the Juno resource estimate were announced earlier in the week, when Excalibur advised that the Company expected a substantial reduction in the indicated portion of the Juno resource when the review is finalised.

Recent drilling, including that of today’s announcement and the February announcement advising of Juno being open down-plunge, confirms that the project remains prospective for high grade gold.

The Cube Consulting analysis, which forms the basis of the review that is underway, has not yet incorporated results from Excalibur's drilling for the last 4 months.

The company will move to drilling the pillars between the modeled stopes with a view to confirminga number of critical areas of high grade material, the results of which are expected to be announced next quarter.

Excalibur Mining Corporation shares rose 8% to 1.3 cents in trading today.