Proactiveinvestors Australia short news

ASX 200 closes up led by big miners, but retailers and dollar crumble

Fri, 17 May 2013 17:10:00 +1000

Australian shares snapped a two day losing streak to close higher spurred by gains in mining and energy stocks. But overall the ASX 200 ended the week in the red for the first time in four weeks. Shanghai Composite was up 1.51% at 2,285.84 and Hang Seng was up 0.17% at 23,082.68.

Ikwezi Mining upgrades Ntendeka Colliery resources by over 33%

Fri, 17 May 2013 10:07:00 +1000

A JORC compliant resource upgrade to 294 million tonnes at the Ntendeka Colliery in South Africa will potentially add to Ikwezi Mining's value upside as it is on the threshold of becoming a coal producer in the September quarter of this year.

Range Resources targets Trinidad oil production growth

Fri, 17 May 2013 09:50:00 +1000

With the completion of well in one of the thickest Lower Forest pay sections encountered to date, drilling of new wells and workovers of existing wells, Range Resources is making strides in ramping up oil production from its Trinidad operations.

Highfield Resources banks $5.1M from EMR Capital for potash projects

Fri, 17 May 2013 09:07:00 +1000

The $5.1 million received is part of a planned $10 million investment by Owen Hegarty's EMR Capital in Highfield Resources to develop its advanced potash projects in Spain.

Black Mountain Resources accesses high grade silver zone at New Departure Project

Thu, 16 May 2013 17:33:00 +1000

Having made inroads to access the eastern area of the high grade silver Bonanza Zone at the New Departure project in Montana, Black Mountain is on the cusp of first cash generative silver production.

Empire Oil and Gas highlights Perth Basin unconventional oil and gas potential

Wed, 15 May 2013 13:21:00 +1000

An Independent Report by RPS Energy Services has defined the strong in-place potential for multiple billion barrels of oil and trillion cubic feet of gas to be contained within the various unconventional reservoirs in Empire Oil and Gas’ onshore Perth Basin Permits.

Cougar Energy starts JORC drilling at Mackenzie coal project

Wed, 15 May 2013 13:13:00 +1000

Cougar Energy has started the Phase 1 drilling program at its Mackenzie PCI grade coal tenement that will unlock the value of the asset by helping define a maiden JORC Resource.

Shree Minerals clinches offtake and funding for Nelson Bay River iron ore

Wed, 15 May 2013 12:03:00 +1000

Besides securing offtake for iron ore produced at Nelson Bay River Iron Ore DSO Project, the agreement with Singapore’s Frost Global also provides Shree Minerals with a US$4 million advance to progress development of the project, which has low forecast OPEX of $58 per tonne for DSO product FOB Port Burnie.

Elk Petroleum starts water injection at Grieve oil field

Wed, 15 May 2013 10:53:00 +1000

The start of water injection at Elk Petroleum’s Grieve Enhanced Oil Recovery Project in Wyoming has the potential to achieve first oil earlier than expected by accelerating the re-pressurising of the Grieve Muddy oil reservoir.

Red Mountain Mining raising up to $2.8M to fund Batangas gold drilling

Wed, 15 May 2013 10:00:00 +1000

Drilling of high grade gold targets is the primary objective for Red Mountain Mining’s $2.8 million partially and conditionally underwritten pro-rata, renounceable rights issue. This is expected to lead to a resource upgrade and positive Scoping Study.

Vantage Goldfields in $2M fund raising to International Aviation Logistics

Tue, 14 May 2013 12:03:00 +1000

With a capital raising under the belt, Vantage Goldfields is taking rapid strides in expanding its Lily and Taylors gold mines in South Africa. Its combined operations are expected to produce 30,000 ounces in 2013, and expanding to 45,000 ounces next year.

South Boulder Mines signs milestone JV for Colluli Potash Project

Tue, 14 May 2013 10:19:00 +1000

The signing of a binding term sheet agreement with the Eritrean National Mining Corporation provides South Boulder Mines with certainty as to the economic and fiscal basis under which the Colluli Potash Project can be developed, which will assist its talks with potential investors.

Lemur Resources in takeover offer from Bushveld Minerals

Mon, 13 May 2013 12:02:00 +1000

The all-scrip takeover offer for Lemur Resources by AIM-listed Bushveld Minerals, at $0.099 values the company at around $19.10 million, and offers a considerable premium of 65.5%.

Peak Resources raises $2.5M for Ngualla Pre-Feasibility Study

Mon, 13 May 2013 10:05:00 +1000

With $2.5 million raised through a share placement to advance the Pre-Feasibility Study for its Ngualla Rare Earth project, Peak Resources has demonstrated the attractiveness of its project as it progress discussions with a cornerstone investor.

Legend Mining finds gold nuggets at Ngovayang Project in Cameroon

Mon, 13 May 2013 09:30:00 +1000

Legend might be getting closer to the source of the gold from its exploration program at Ngovayang in Cameroon. The area has never been systematically explored for gold using modern methods and the 4km2 target area could be large enough to hold a significant gold deposit.

TriAusMin discovers high grade base metal zone at Woodlawn

Fri, 10 May 2013 09:20:00 +1000

TriAusMin (ASX: TRO, TSX: TOR) has firmed the case for the reopening of the Woodlawn Mine with the discovery of a new high grade base metal zone immediately adjacent to the existing underground mine workings. This would put the company on the road to becoming a profitable miner in the near term.

Blackham Resources upgrades gold resource at Matilda project

Thu, 09 May 2013 12:11:00 +1000

Bryan Dixon, Blackham's managing director, said the maiden Indicated Resource of 147,000 ounces of gold at Williamson was an important milestone towards the mine being recommissioned. The update has also increased confidence in the geological model there, allowing Scoping Studies to be completed. The Matilda total resource now stands at 1.5 million ounces of gold.

Mining Group’s drilling finds more economic copper and gold at Comval target

Thu, 09 May 2013 10:33:00 +1000

Mining Group has confirmed that the Kapanganwan skarn within the Comval Project contains economic grades of copper and gold from initial drilling of the target. This offers the potential to grow the resource base at the project to deliver a robust, low cost copper and gold resource.

Cellmid in transformative acquisition of Advangen Inc in Japan

Wed, 08 May 2013 09:47:00 +1000

Cellmid will acquire 100% of Advangen Inc shares from the current owners, Japanese institutional investors Biotech Healthcare for $1.2 million cash and 55 million Cellmid shares to be issued at $0.05 per share. The acquisition will significantly increase Cellmid’s revenues in the short to medium term.

IMX Resources forecasts full year cash flow of $34M

Wed, 08 May 2013 09:40:00 +1000

Strong operating performance, reduced cash operating costs and a rebound in iron ore prices have come together to allow IMX Resources to post record March 2013 cash flow from the Cairn Hill JV of $13.4 million and to forecast full year cash flow of $34 million.

Potash West tastes more success at potassium-rich glauconite project in WA

Tue, 07 May 2013 13:00:00 +1000

Potash West's scale of resource at the Dandaragan Trough project could increase manifold with the company having identified new exploration target of between 1000Mt-1500Mt at Dinner Hill. Recent intersections of greater than 50m thickness at Dambadjie and Attunga add to the potential for a low-cost operation.

World Titanium Resources raises $3.17M, over 90% take up to issue

Tue, 07 May 2013 11:13:00 +1000

Strong take up of World Titanium Resources’ $3.17 million entitlement issue emphasises the relatiove attractiveness of its Toliara Sands Project in Madagascar, and that Chinese titanium dioxide pigment producer Sichuan Lomon Titanium has signed an MOU to invest all the capital required to develop the Ranobe deposit.

Golden Gate Petroleum's first horizontal Permian well in Texas produces oil

Mon, 06 May 2013 15:10:00 +1000

The early oil shows at SRH-5H--the first horizontal well at Golden Gate Petroleum's Permian project in Texas--reaffirms the oil prospectivity of the Wolfcamp Interval and could be the harbinger of oil potential at other wells in the project area. The use of Halliburton's Perm Stim frac fluid could aid in greater oil recovery.

Admiralty Resources study yields positive project economics for Mariposa magnetite project

Mon, 06 May 2013 14:21:00 +1000

With a 49.1% post-tax IRR and a 2.25 year payback, the Pre-Feasibility Study has highlighted Admiralty Resources’ Mariposa magnetite iron ore project in Chile as an economically viable, technically feasible and environmentally sound project.

IMX Resources ups Ntaka Hill resource; reports 31,000T nickel at Zeppelin

Mon, 06 May 2013 13:47:00 +1000

The Zeppelin nickel deposit at IMX Resources' Ntaka Hill project in Tanzania shows similarity with nearby mineralisation and add to the allure of producing high grade nickel concentration. Importantly, the resource is near surface, potentially lending itself to low cost open pit mining.

Ascot Resources signs A$1.22M termsheet with Resource Capital Funds

Mon, 06 May 2013 10:25:00 +1000

With $1.22 million raised through a two year unsecured loan note from Resource Capital Funds, Ascot has secured the funding to complete the maiden Coal Resource estimate for its Titiribi Coal Project and advance the Scoping Study.

Po Valley Energy completes Euro 20M refinancing with Nedbank

Mon, 06 May 2013 09:24:00 +1000

With the Euro 20M refinancing in place, Po Valley Energy is perfectly poised for growth with granting of two final production concession likely soon and also the development of its first offshore permit in Italy.

Cleveland Mining and BC Iron JV to acquire first iron ore projects in Brazil

Fri, 03 May 2013 12:10:00 +1000

Cleveland Mining’s David Mendelawitz has successfully negotiated a deal to acquire three high potential iron ore exploration projects in Brazil under a strategic alliance with BC Iron, (Market Cap: $385 million) that will de-risk the path to iron ore production.

Apollo Minerals confirms copper find in South Australia

Thu, 02 May 2013 14:45:00 +1000

The Bundi copper mineralisation is Apollo Minerals' second iron oxide copper gold target at the Titan project and is significant in that it is in the top 1% of comparative copper samples from the South Australian government’s 16,000 plus regional reference sample set.

Deep Yellow lodges environmental reports for uranium projects in Namibia

Thu, 02 May 2013 14:30:00 +1000

Deep Yellow has taken an important step in the permitting process for its uranium projects in Nambia having now lodged an Environmental Scoping Report for Tumas and Omahola projects.

Ventnor Resources secures key Mining Leases for Thaduna/Green Dragon

Thu, 02 May 2013 13:50:00 +1000

Western Australia’s award of Mining Leases for the Thaduna/Green Dragon copper project should aid Ventnor Resources' momentum towards a decision to mine in the September quarter. Drilling results and a Resource upgrade for Thaduna are expected later this quarter.

Paynes Find Gold readies for WA drilling, gold pour within weeks

Thu, 02 May 2013 12:30:00 +1000

Ongoing assessment, including an extensive soil sampling program, is being carried out to identify further targets for Paynes Find Gold’s planned Stage 3 drilling program. There will also be the first gold pour from its small scale mining operations in coming weeks.

Triton Minerals’ Brad Boyle to discuss Mozambique graphite at "Stars in 2013"

Wed, 01 May 2013 15:50:00 +1000

Brad Boyle, managing director of Triton Minerals, has been added to the "Stars in 2013" Investor Forum in Sydney on Wednesday 8th May, and will be discussing the company's large, highly prospective graphite landholding in Mozambique. Attendance is free but registrations are essential as seats are limited.

Ikwezi Mining on the road to coal production in South Africa

Wed, 01 May 2013 14:55:00 +1000

With a strong domestic coal market, Ikwezi is confident that it has its fundamental structures in place to bring the Ntendeka Colliery in South Africa into production in the September quarter of 2013. An offtake agreement is already in place with Vitol.

Red Mountain Mining continues high grade gold discoveries at Lobo

Wed, 01 May 2013 10:45:00 +1000

Red Mountain Mining has delivered more high grade, near surface gold from drilling of just the second of five epithermal vein structures at the Lobo Prospect in the Philippines. These provide an opportunity to convert into high grade resources in the coming months.

Po Valley Energy close to increasing Sillaro gas production

Wed, 01 May 2013 10:18:00 +1000

With final approval imminent for the restart of production from the main producing level at its Sillaro gas field, Po Valley Energy will soon receive a substantial increase to both production and revenue.

Dragon Energy clinches farm-in with Shandong Energy for Ashburton project

Tue, 30 Apr 2013 15:00:00 +1000

Dragon Energy has successfully negotiated a $2M farm-in and joint venture deal for its Ashburton Project with China’s Shandong Energy and Shandong Lunan Geo-Engineering Exploration Institute. Drilling of high priority iron ore targets is planned for late 2013.

Phoenix Gold extends mineralisation at Castle Hill gold project

Tue, 30 Apr 2013 12:20:00 +1000

Second phase drilling has extended mineralisation at Phoenix Gold’s Castle Hill Stage 2 deposit, raising the likelihood that a Resource upgrade is on the cards. A major infill program is also progressing at the Stage 1 deposit.

IPB Petroleum commences life on the ASX

Tue, 30 Apr 2013 11:40:00 +1000

Browse Basin explorer IPB Petroleum has started trading on the ASX, offering investors the opportunity to buy into a risked oil exploration well that is fully funded by farm in partner CalEnergy, a fully-owned subsidiary of Berkshire Hathaway’s MidAmerican Energy Holdings Company.

Lamboo Resources’ Richard Trevillion to discuss graphite at "Stars in 2013"

Tue, 30 Apr 2013 11:00:00 +1000

Richard Trevillion, managing director of Lamboo Resources, has joined the line-up of presenters for the "Stars in 2013" Investor Forum in Sydney on Wednesday 8th May, and will be discussing the company's two flake graphite projects in Australia and South Korea. Attendance is free but registrations are essential as seats are limited.