Proactive daily news summary including Mwana Africa, Mart Resources Globo and Griffin Mining


Mwana Africa (LON:MWA) was a stock in focus on Wednesday and its shares advanced as it unveiled the latest resource update for its  Zani-Kodo project in the Democratic Republic of Congo.

The JORC compliant number now sits at just under 3mln ounces (2.975mln, to be precise) of the precious metal at 2.43 grams per tonne. 

This represents a 13% increase on the last published figure.

The total in the higher-confidence indicated category was 643,000 ounces at 3.33 grams, while the main Kodo deposit is estimated to contain 1.73mln ounces of the yellow metal.

The recently-discovered Lelumodi target has yielded 549,000 ounces.

The shares rose over 5% to stand at 1.625p.

Sticking to mining, South Africa-based Pan African Resources (LON:PAF) has reached an agreement with its Barberton mine workers to give them an 8% a year pay rise for two years.

It follows talks with the National Union of Mineworkers (NUM) and the United Association of South Africa (UASA), which put the case forward for the wage increases.

A similar deal was struck at the Evander mine at the start of September.

Also today, China-focused Griffin Mining (LON:GFM) shares advanced as it reported an upgrade in the scale of the Caijiaying zinc gold mine.

The mine is now estimated to contain 2mln tonnes of zinc, 212,000 tonnes of lead, 37.9mln ounces of silver and 825,000 ounces of gold.

Elsewhere today, in the oil sector, Mart Resources (CVE:MMT) is preparing for the next phase of operations on the UMU-11 well, in Nigeria, which reached target depth last week.

Next, the well will undergo logging, pressure surveys and sampling. 

After that further completion and testing operations will continue. Overall the remaining programme is expected to run for 30 to 45 days.

In other news, Egdon Resources (LON:EDR) has begun producing oil from the Waddock Cross oil field in Dorset.

Initial oil production, coming from the Waddock Cross 2 well, is expected at a rate of 30 barrels per day.

After this initial phase Egdon plans to bring online the horizontal Waddock Cross 3 well and drill two more horizontal wells.

The junior UK oil firm estimates the field’s proven and probable (2P) reserves in the initial phase at 300,000 barrels of oil, though it says it has mapped the field as having in-place volumes in excess of 30mln barrels.

Mobile business software specialist Globo (LON:GBO) confirmed it has held talks with Silicon Valley-based Notify Technology about a possible takeover.

A press release outlining the details of a completed US$5mln acquisition was mistakenly uploaded on its website on Tuesday evening, only to be taken down shortly afterwards - but not before Google picked it up.

The error forced the company into a statement, insisting that a deal is yet to be done for Notify.

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