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ZYL有限公司停牌等待发布无烟煤资源更新

Fri, 18 May 2012 15:20:00 +0800

今天，ZYL 有限公司已被ASX授予暂停交易，待宣布其无烟煤资源更新，公司股票目前停牌。

但尚无进一步的细节公布，ZYL在南非的Mbila和Kangwane无烟煤项目在今年第一季度开始钻井。

公司的目标是在Kangwane Central采矿寿命的第一个5年间升级探明资源和在Mbila的额外资源。

停牌将持续到向市场发布公告之时，或在5月22日周二开盘之时。

Wasabi Energy completes purchase of minority stake to own Global Geothermal

Thu, 17 May 2012 21:55:00 +0800

Power specialists Wasabi Energy (LON:WAS, ASX:WAS) has completed its purchase of 100 per cent of Global Geothermal Ltd.

It comes as the company finalised its purchase of a 4.4 per cent minority stake in Exergy by issuing 50 million new shares at 2 cents a share as payment.

As reported in January last year, the company bought Global Geothermal Limited through the purchase of a series of minority stakes - Exergy being one.

Executive chairman of Wasabi and director of Global Geothermal Limited said the acquisition of marked a "significant milestone".

"Through our acquisition of Global Geothermal Limited and in turn its own wholly owned subsidiary Recurrent Engineering LLC, Wasabi Energy has obtained complete ownership of the core Kalina Cycle technology portfolio," he said.

Earlier this week, the company said it was continuing discussions with major groups across the globe about the Kalina Cycle technology.

Salamander Energy says oil production in line with expectations, repeats 2012 guidance

Thu, 17 May 2012 20:55:42 +0800

Salamander Energy (LON:SMDR) told investors that its producing assets performed in line with expectations in the first four months of the year.

During the period, oil output reached 10,308 barrels of oil equivalent per day (boepd), prompting the group to reaffirm its full year guidance of 12-13,000 boepd.

Production from the Bualuang field in Thailand is expected to increase in the second half as a result of current development drilling programme, together with an extended development drilling campaign from the new platform planned for later in 2012.

During the period, Salamander completed the Dong Mun-3 well in block L27/43, which tested at a rate of 15 mmcfpd and has been suspended as a future producer.

In Indonesia, the DrillCo-1 land rig is being mobilised to the Kerendan gas field, where it will complete a three well drilling programme. The gas processing facilities have received government approval and are planned to be built to deliver first gas in 2013.

Meanwhile, Salamander has continued its technical analysis of the North Kutei basin, whose four most mature prospects have been estimated to hold a prospective resource of 676 million barrels of oil equivalent.

The group and its partners are currently negotiating a letter of intent for the Ocean General semi-submersible rig, expecting to drill all four prospects starting in the final quarter of the year.

On the financial front, Salamander's net debt was US$206.6 million. The group noted that this was before the receipt of the proceeds of its US$212 million placing in late April.

Tethys Petroleum sees potential to increase production from new oil field

Wed, 16 May 2012 21:59:55 +0800

Tethys Petroleum (LON:TPL, TSE:TPL) has been awarded a new oil field in Uzbekistan, from which it says there is good potential to increase production.

The Chegara field currently has limited production from three wells and lies 14 km south-west of the firm's existing North Urtabulak asset.

It has been the subject of minimal drilling and Tethys believes that with more work, it can increase production "substantially".

The deal at Chegara is for a 25 year production enhancement contract.

Tethys also announced today it had signed a memorandum of understanding (MOU) with NHC Uzbekneftegaz concerning a potential exploration agreement for a block in the North Usyturt basin in Uzbekistan.

The company believes this basin has very similar geological characteristics to the Akkulk block where it has the Doris oil discovery.

Chairman and president of Tethys, David Robson said he was delighted at the award of the Chegara field: "I would like to thank our partners, Uzbekneftegaz, Uzneftegazdobycha and Uznefteproduct, for their support and hard work in negotiating this new contract."

"We believe the Chegara Group of Fields has good potential through increasing production in existing wells and also large upside in undrilled areas."

Tethys has interpreted a significant volume of historic seismic, drilling, geological and production data relating to Chegara and plans to initially work over the existing wells.

It also plans to collect data to identify undrilled areas that provide high potential upside.

Currently there are only State reserves assigned to the field and no figures yet under NI 51-101 reporting procedures, it said.

Earlier today, the company revealed it had increased the resource estimate for its Kazakhstan assets to 1.17 billion barrels of oil.

The upgrade was a result of additional 2D and 3D seismic acquisition and interpretation as well as drilling data, which has also increased the chance of success in the area.

Separately, it also told investors that its revenues jumped 45 per cent to US$6.49 million in the first quarter compared with the same period of 2011 as production increased to 5,117 barrels of oil equivalent per day (boepd) from 4,531 boepd.

Average output from the Doris field in Kazakhstan was 1,038 bopd - up from 337 bopd a year earlier.

Soco International to begin production from second platform at TGT field this summer

Wed, 16 May 2012 21:59:52 +0800

Soco International (LON:SIA) said a second production platform at the TGT field, offshore Vietnam, is on track to begin flowing oil this summer, increasing production from TGT to around 55,000 barrels per day.

The company, which has assets in Vietnam and Africa, said production in the first four months of 2012 averaged 11,690 boepd net to the firm's working interest - a 358 per cent increase compared to the period in 2011.

It said its focus from the beginning of the year to May 15 had been evaluating TGT (Te Giac Trang) reservoir performance on block 16-1, Vietnam, where it is accelerating the construction of a second platform, due to begin production in July/August.

Also, it is evaluating its exploration portfolio for a possible second round of drilling and evaluating potential new projects.

In the period, the company said its entitlements production equalled 13,924 boepd and Soco said it was on track to meet its approximate 16,000 boepd guidance for the full year.

As at May 15, it had $181.8 million in cash - an increase from $113.5 million as at December 31 last year.

In the Democratic Republic of Congo, at block V, the company highlighted that, having received the necessary permits, it is planning an aerial survey next month to assess the probability of hydrocarbons being present.

Looking ahead, it added: "The company continues to evaluate exploration opportunities in South East Asia and Africa.

"Although there is no certainty that any new projects will be introduced in the near term, revenue from TGT oil sales is set to transform the cash resources of the company with the southern part of the field coming into production in a few months."

Westminster Group opens new training academy in UK

Wed, 16 May 2012 21:58:02 +0800

Westminster Group (LON:WSG) said the new academy opened in central England by its subsidiary Longmoor offers ‘tremendous potential' for the expansion of its training services.

Longmoor, which is the close protection (CP) and risk assessment division of Westminster, has opened the academy in response to the increasing demand for its CP courses.

The new academy will enable it to further expand the range and scope of its courses, both residential and non-residential.

"I am delighted to be announcing the opening of the Longmoor Training Academy which we believe is the best training facility of its type in the country and offers tremendous potential for the expansion of Longmoor's training services," said chief executive of Westminster Peter Fowler.

"The market in personal protection has grown significantly with the much publicised increase in kidnap, hostage taking, ransom demand and targeted theft of wealthy and high profile individuals."

The group added that the Longmoor Security Industry Authority (SIA) accredited course provides enhanced career options to military and police veterans as they cannot work within the UK private security industry without such accreditation.

In addition, Westminster is receiving enquiries for its courses from its governmental clients.

According to the group, the unrestricted access to the facilities will result in significant operational efficiencies with a wider range of courses offered at better potential profit margins.

The academy has been secured on a leasehold basis of an initial 12 month term with the option to extend for a further four years.

Motive Television completes first milestone in tablet TV JV

Tue, 15 May 2012 21:46:17 +0800

Motive Television (LON:MTV) said it has successfully completed its first milestone in the joint venture with Granite Broadcasting Corp to enable Television Anytime Anywhere over broadcast television to tablet devices.

Last month, the company completed the technical feasibility analysis and business plan which was approved by the JV.

In a trading statement, Motive said over the coming weeks, discussions will be held with a number of additional broadcasters which may be interested in joining or affiliating with the JV.

Technical development is set to begin in June 2012, leading to a commercial launch in spring 2013.

With 60 million tablets already in use in the US Market and an additional 40 million predicted to be sold each year, the company believes this is a large opportunity.

The project with Sagemcom and Digiturk in Turkey is in the process of debugging and final pre-launch testing.

Motive is in discussions with these clients regarding continuing support and maintenance agreements and further product enhancements post-launch.

Motive remains confident that the project with Central European Media Enterprises Ltd, first announced last year, will begin soon with a commercial launch in early 2013. It is currently in contract negotiations with CME.

In addition, the company said it expects to reach a favourable resolution regarding the put and call option with CCAN 2005 Inversiones Societarias - regarding CCAN's 32.3 per cent Motive stake - by the end of May.

Motive Television is a digital television technology, software and services provider.

Renishaw reports positive start to final quarter, sees higher full year profits

Tue, 15 May 2012 21:43:41 +0800

Renishaw (LON:RSW) topped the FTSE 250 leaderboard after telling investors that its full year profits are set to be ahead of the 2010/11 financial year.

Investors cheered the update, sending shares in the measuring and medical device manufacturer up 12 percent to 1,500 pence in early deals, valuing the engineering group at £1.1 billion.

Revenues for the first three months of 2012, which is the third quarter of the group's financial year, reached £81.6 million, up four percent from a year earlier, taking the overall revenues for the nine months of the year to £228.8 million.

This was nine percent ahead of the £210.6 million revenues posted for the first nine months of the previous year.

During the quarter, Renishaw experienced growth in Europe, the UK and the Americas with sales to the US, which is its biggest single market, ahead of last year.

Revenues in the Far East were a little below the previous year, however, activity is picking up and Renishaw expects full year revenues to be ahead of 2011.

The group is upbeat about the rest of its financial year, seeing signs of an upturn in the electronics market.

The final quarter has started well, said Renishaw, with activities in April ahead of the same period of last year with full year pre-tax profits expected to recover the year to date shortfall and top last year's £80.4 million profit.

"The board continues to view the future with confidence," Renishaw told investors.

Kasbah Resources secures major tin project Achmmach in Morocco

Tue, 15 May 2012 21:38:27 +0800

Kasbah Resources (ASX: KAS) has taken the final step in securing the Achmmach Tin Project, with the transfer of the exploitation permits to the company's Moroccan subsidiary now complete.

Achmmach is among the top five tin resources worldwide following a 150% increase and upgrade of the JORC Resource to 135,000 tonnes of tin in April. The resource is hosted within 14.6 million tonnes at more than 0.9% tin.

Kasbah managing director Wayne Bramwell said: "This is the final step in the transfer of the Achmmach Tin Project to Kasbah and secures title.

"With the finalisation of the transfer of the Bou El Jaj Tin Project last quarter, Kasbah now has 100% ownership of two high quality tin assets in an emerging tin field."

Kasbah's subsidiary is now the 100% owner of the two exploitation permits that comprise the Achmmach project.

Obtala Resources begins harvest at Tanzanian farming project

Mon, 14 May 2012 21:04:12 +0800

Obtala Resources (LON:OBT) announced a "major milestone" in the development of its agricultural joint venture in Tanzania - with first crops now being harvested.

Canola crop is now being harvested with soya also underway, the firm said.

The company plans further havesting of groundnut, sunflower and sesame.

Obtala chairman Francesco Scolaro said this represented a "major milestone" for the JV, in which the firm holds a 70 per cent interest with a local farming firm.

"We have made plans for the remainder of the year and hope to conclude the purchase of agricultural equipment shortly."

He added: "With the arrival of the small-scale oil processing plant we will be able to evaluate expected oil yields and the potential of developing added-value products on site."

The company said it plans to expand the cultivated area to more than 2,500 hectares by the end of this year and focus on groundnut, sunflower and sesame, with crops expected to produce between 2 and 2.5 tonnes per hectare.

It said current international groundnut prices are $2,000/tonne, and so to achieve this, Obtala is finalising the acquisition of farm equipment, valued at $2 million, and expects to have additional equipment on site in early Q3 2012. A second field camp will also be established, it said.

Wasabi Energy says demand for Kalina Cycle technology continues to grow

Mon, 14 May 2012 21:01:23 +0800

Power specialists Wasabi Energy (LON:WAS, ASX:WAS) is continuing discussions with major groups across the globe about its Kalina Cycle technology.

The demand for the firm's technology continues to grow and it is confident of meeting its growth targets, it said, as it released a corporate update on its major projects and investments today.

As revealed last month, its Turkish subsidiary signed an option deal to acquire a 50 per cent interest in an advanced geothermal project in the country - providing an opportunity to generate further power through the use of the company's technology.

In South Africa, a number of projects are under discussion and late last year, the company announced a term sheet agreement with ArcelorMittal South Africa at its Vanderbijlpark steel works.

In Pakistan, the construction of the 8.6MW Kalina Cycle power plant at DG Khan's Khairpur cement plant in Pakistan is well underway, the firm told investors.

In Iceland, Wasabi said the Husavik geothermal power plant will be commissioned towards the second half of 2013.

In Germany, it remains in talks about a geothermal power plant. The project's initial production well has been successfully completed and an injection well is currently in the final stages of drilling, it said.

Different feed-in tariffs for geothermal power in Japan due to begin this July is a positive development for Wasabi, because they are expected to encourage an increase in renewable supplies, including Kalina plants.

Meanwhile, in Australia, the company holds around 13.3 per cent of Australian Renewable Fuels (ASX:ARW), which recently reported a dramatic improvement on year-on-year revenues for Q1.

Wasabi has engaged a leading accounting firm to complete a valuation report due early June this year about ARW with a view to finding a strategic investor, it said.

Longreach Oil & Gas hires exploration veteran and well-connected board adviser

Mon, 14 May 2012 20:56:40 +0800

Morocco focused Longreach Oil & Gas (CVE:LOI) has appointed Ronald Lansdell as vice president exploration and as a board director with immediate effect.

Lansdell joins the company having held a number of senior technical and commercial roles during a 15 year career at Eni/Agip. These roles included being posted to Nigeria, Kazakhstan and the UK.

Prior to his roles at Eni/Agip, his career included exploration coordinator Western Australia for BHP Petroleum and also nine years spent with Elf, in Norway, France and Syria.

Longreach also announced the appointment of Dr Mehdi Ali as an advisor to the board. Dr Ali has extensive experience in the Middle East region, having been a senior advisor to the governments of Saudi Arabia and the United Arab Emirates on investment and energy.

During his career Dr Ali was a senior economist at the World Bank, regional representative for the UN for North Africa and the Middle East and was a director at the OPEC Fund.

Chairman and chief executive Bryan Benitz said: "Operationally, it will become an increasingly busy time for Longreach over the next two years and so the appointment of a senior exploration specialist to the board is a natural progression.

"This follows completion of the Sidi Moktar farm-in last year, under which Longreach is required to carry new seismic acquisition and the drilling of two exploration wells; in addition to extensive work programmes planned for other licences.

Having such an experienced and well respected person, such as Ron, joining our board will only serve to help move the assets forward and the company towards first production".

"I am also delighted that Mehdi has agreed to come on board as an advisor. He is a highly respected person in the region and I am sure his extensive experience will prove invaluable to the development of the company," Benitz added.

ZLY有限公司第四次被经纪商估值股票现价

Mon, 14 May 2012 09:39:00 +0800

经纪商对ZYL有限公司(ASX: ZYL)给出了一个0.65美元的目标价格，远高于其最后的成交价0.15元，建议买进。

以下是从该报告的摘录。

无烟煤的发展势头带来了强劲的现金利润率

投资视角：ZYL提供一个从无烟煤获利的难得机会，无烟煤可以替代一些用途的焦煤，成本更低廉。

该公司在南非的两个项目拥有193万公吨JORC资源，初期产量可能达到0.6Mtpa，2013年第三季度开始，在随后的三年期间，提升到1.8Mtpa。第一个项目Mbila已经完全具备投产条件。

已经有公司对该公司产品表达了不具约束力的意向，多达4Mtpa的可售产品，Mbila产量的2.3Mt瞄准国内市场，Kangwane产量的1.7Mt瞄准出口市场。

Mbila低磷无烟煤敏锐地瞄准目前南非消费者的使用，以取代昂贵的进口煤。

国内销售状况使ZYL处于有利位置，在开展有利可图的运营前不必承受基础设施问题，同时，如果它以较高的利润率开展出口销售，将在稍后有进一步的发展。

国内销售订单提供的现金利润率为115％（收入115美元/吨）。出口销售可能会使现金利润率提高到190％（收入150美元/吨）。

South Boulder矿业通过冶金钻探推进Colluli的钾肥可行性研究

Mon, 14 May 2012 09:07:00 +0800

South Boulder矿业 (ASX: STB)正通过开展冶金钻探计划，快速完成其厄立特里亚Colluli钾肥项目的最终可行性研究。

重要的是，这种全面的钻探计划，使该公司能够进一步降低项目风险。

研究结果显示的浅表性质，提供了有利的经济因素，可以建立起高度的信心。

董事总经理Lorry Hughes说：

"由于Colluli矿床极浅的性质，我们能够通过相对更具成本效益的钻井建立对资源的高度信心。

"所有其他的钾肥项目都比Colluli深得多，因此完成这种类型的工作成本高昂。"

下一轮的钻探涉及邻近地区内现有资源的34个较浅、大直径PQ金刚石孔。

这将提供足够的钾肥样品，以完成最终可行性研究处理测试工作的部分。

新钻探计划的进一步扩展，将使South Boulder升级所有的资源，这将巩固前10多年的开采结果，对探明和控制的类别具有更高的信心。

冶金钻探也将给予该公司的高品位钾盐区几何形状更深入的了解，优化第一阶段的采矿计划，以及确认额外资源的潜力。

可行性研究定于明年完成，使South Boulder预计能在2016年实现Colluli的生产。

colluli - 第1层资产

South Boulder最近将Colluli的资源扩大了85％至10.8亿吨，18％的氯化钾，1.94亿吨钾肥。

突出项目的浅表性质，矿化从地表以下16米开始。

此次升级进一步证实Colluli为1级资产，而且范围界定研究显示矿山开采寿命延长了17年。

于2011年11月完成的工程范围界定研究表明税前净现值为13.3亿美元，启动资金成本为7.4亿美元。

这项研究依据cylvite钾肥项目第一阶段100万吨氯化钾的年产量，cylvite钾肥项目只占整体矿床的一小部分区域。这项研究调查了17年的露天作业，预计内部收益率40.6％。

Condor Resources - low cost gold producer in the making?

Fri, 11 May 2012 22:00:02 +0800

Harry Norman from Proactive Investors talks to Mark Child, Executive Chairman of Condor Resources. Listed on the AIM Market Mining Sector, stock code CNR, share price 4.63 pence, market capitalisation £28.3 million sterling. www.condorresourcesplc.com.

Harry Norman: Condor Resources recently published a Mining Concept Study prepared by SRK Consultants for your flagship La India Gold project in Nicaragua. Please talk us through the salient features of this report and the conclusions you have drawn from it.

Mark Child: SRK produced the Mining Concept Study on Condor's 1.62 million ounce of gold at 5.6g/t on La India Project. It concludes that an 80,000 ounce per annum mill is technically feasible, and economically viable. They've used some pretty tough parameters with $1200 gold, 2.5 gram per tonne cut off and a 1.2 metre minimum mining width, they've excluded any open pit potential at this stage. The net present value ranges up to 150 million US dollars, three times Condor's current market capitalisation. Internal rates of return vary from 41 to 84% which is highly economic. I view this as very much a first pass report, it can be improved on, as we expand the resource to 2 million ounces this year and we prove open pit potential we would look to increase the size of the mill to 100,000 ounces gold production per annum.

Harry Norman: How seriously should investor take SRK Consultant's conclusion that operating costs are between 439 and 584 dollars per ounce of gold are possible at La India?

Mark Child: Very seriously, SRK have been extremely thorough in their benchmarking which is approximately 30% of the whole report, that's benchmarking all different mining costs across South America, Central America and Mexico, Nicaragua is one of the lowest cost producers in the world. For example, the minimum wage is $150 per month, manual workers we pay 6 or $7 a day that's part of the reason the other main reason is the high grade.

Harry Norman: Please will you talk us through the current state of gold resources for the La India Project which you are able to consolidate last December?

Mark Child: Yes we had this SRK report out for 1.62 million ounces gold in December last year. We had 265,000 ounces in the indicated category, at 7 g/t, the balance and in the inferred category. We divided the resource up into 3 main sets which are separated by about a kilometre to a kilometre and a half, which will feed a mill on site, La India vein set 730,000 ounces, the America vein set 405,000 ounces and the Mestiza vein set of 334,000 ounces.

Harry Norman: Mark what are your current goals for developing the resources at La India and what work is underway there?

Mark Child: We are targeting our 2 million ounce resource this year of which half a million will be in the indicated category, we've started drilling with two drill rigs this week and we'll go up to a third in the next few weeks. The Soviets in 1991 after 5 years of exploration work and 12,000 metres of drilling estimated at a 2.4 million ounce gold resource. Where we have targeted, comprehensively the La India set we've exceeded the Soviet resource by 50% and come out with 730,000 ounces in that main set. If we could do that across the whole project, to give an indication of the potential, we would be up 3.6 million ounces which would be a world class deposit. That is not what we're estimating at the moment but at least it gives an indication of the potential of the La India project. So this year we're also focusing on the economics of a commercial mine i.e., getting more into the indicated category and we're looking to prove open pit potential where we're confident between 20 and 30% of the eventual production will be in open pit.

Harry Norman: B2 Gold, a TSX C$1.5 billion market cap company, has just acquired the Trebol and El Pavon gold properties in Nicaragua, what are your thoughts about the value B2 Gold places on these properties and the way the market currently values Condor Resources?

Mark Child: B2 Gold's paid 20 million US Dollars for 40% interest in those properties, they already have 60% via earn-ins and spending the money in the ground and drilling, so it values the two properties at US$50 million, the same as Condor's own market cap. There is no 43-101 or JORC Code resource on properties, there is an indication by a previous explorer of 340,000 ounces to non-JORC non 43-101. If you were to take that as an indication because that's all we know, they valued the resources in the ground at $145 per ounce, if you apply that to Condor's 1.62 million ounces in the ground at La India, just on that alone we'd be worth 25p per share but I do suspect that B2 Gold think there's more than half a million ounces on this project but clearly they've got to drill it and prove it.

Harry Norman: Please would you bring us up to date with Condor Resources other projects in Nicaragua Mark?

Mark Child: In the fourth quarter of last year, Condor announced a mainden JORC resource for the Rio Luna Project of 187,000 ounces at 3.9 grams per tonne, this has the potential to be 300,000 to 400,000 ounce project which we would hope to drill at some stage in the future. The other 3 projects; we're not doing very much but they offer considerable upside as they host historic mines or have a lot of historic exploration on them.

Harry Norman: What progress can you report with the mining embargo in El Salvador and Condor's properties there?

Mark Child: Condor has just over 1million ounces of gold equivalent in El Salvador of which 35% is of silver content we've been under a moratorium for nearly 4 years, the government has engaged the Tau Group of Spain to conduct a strategic environmental study on benefits of mining to the public of El Salvador, that was given to the ministry six months ago and according to our intelligence, just last week, we've seen copies of it posted on the web. We've asked the Tau Group whether it is indeed the full and final report. If so, we would hope that it will be finally released in the next few weeks, which will be a step in the right direction.

Harry Norman: Having just raised £2.5 million growth through a placing, please would you talk us through the company's capital structure and financial situation going forward Mark?

Mark Child: The Company has 610 million shares in issue, no warrants and about 6 and a half percent in employee options. The company is fully funded for 10,000 metres of drilling which we will complete this year and that should take the resource to 2 million ounces. The shareholder base, I'm the largest shareholder at just over 11%, and am very committed to making this work. Oracle Investment has 8% and Macquarie Bank has 5%. The other directors between them have 1 and a half per cent.

Harry Norman: What can investors expect from Condor Resources over the next 12 to 18 months?

Mark Child: Well we've just started this week with two drill rigs again; we'll add a third drill rig in the next few weeks. We're going to go through scoping studies and feasibility studies, people can expect positive drill results, we are confident in getting,, we will pass a 2 million ounce resource with half a million indicated. We're going to also do metallurgical, in fact we have 25 kilos sitting in the met labs in the States at the moment, geotechnical and environmental and we're also bringing silver credit, which is one for one ratio into the JORC Code so if we hit the two million ounces of gold, we should also have two million ounces of silver which will be a nice bonus.

Harry Norman: Geologically speaking Nicaragua is part of the Pacific ring of fire and four tectonic plates meet near the country. Do you think Nicaragua is particularly underrated in the UK as a gold exploration and mining destination Mark?

Mark Child: Yes it certainly is. Condor is the only UK incorporated AIM listed company, that's operating in Central America let alone Nicaragua. There are 7 companies operating there, the other 6 are all from North America and Canada. It's been a great place to operate, gold is their third biggest export, it's been stable for over 20 years, it's a democracy but it's very much misunderstood in Europe.

Compass黄金公司的项目吸引IAMGOLD公司创始人Larry Phillips加入董事会

Thu, 10 May 2012 18:12:42 +0800

最近，随着Larry Phillips加入董事会，Mali为重点的开采商Compass黄金公司（TSXV: CVB）建立了一个令一线企业羡慕的董事会。

Phillips不失为一位精明的投资者，他是IAMGOLD公司（TSE: IMG，市值超过40亿美元）的创始人。并帮助引导IAMGOLD从西非初级开采商跃升为年产百万盎司的生产者。

Compass黄金任命Phillips的意义在于，Phillips将带来超过三十年的国际业务经验、资本市场知识和法律背景。

重要的是，此次任命光是对Phillips的吸引就对Compass黄金投了重要的信心票。

Compass黄金首席执行官James Henderson说："不是每一天都会有新兴的黄金勘探公司是吸引到在国际业务和资本市场方面具有宝贵专业知识的个人加入其董事会的，而这正是Larry Phillips将给Compass黄金带来的财富。

"这对Compass黄金是一个令人振奋的成就。Phillips先生丰富的国际经验，包括在Mali和西非工作超过20年，他帮助领导IAMGOLD从西非初级勘探商发展成为每年百万盎司的黄金生产商，并在多伦多和纽约证券交易所上市。"

Compass黄金加大频发勘探消息

Compass黄金的目标是在2012年6月提供马里Yanfolila项目金刚石钻探活动的初步结果。

令消息变得有趣的是：Compass黄金目前在Solona靶区正在开展的3000米项目，已在近地表的风化氧化区（腐）发现黄金。

以往的亮点包括5米处的2米2.17克每吨（克/吨）黄金；47米处2米1.03g/ T的黄金。

宽阔的断面包括17米处5米的0.55克/吨黄金；以及12米处10米的0.50克/吨黄金。

到今天为止，1690米的13个斜孔已完成，预计在六月初发布第一个结果。

这些结果预计将为Compass黄金提供进一步确定Solona靶区矿化宽度、深度和走向线长度所需的信息 - 即第一阶段，实现公司到2012年确定NI-43-101兼容矿产资源的目标。

Compass黄金提供无可比拟的专业驱动勘探活动

Madani Diallo博士是Compass黄金勘探主任，他是发现Mali超过30万盎司黄金的直接功臣，2010年整个Mali发现了120万盎司黄金，他的功劳就占了一半。

Diallo博士曾直接领导挖掘Resolute Mining（ASX：RSG）的790万盎司黄金Syama矿山，Randgold资源（NASDAQ：金）850万每盎司的Morila矿山，Anglogold-Ashanti（NYSE:AU）13.5万盎司黄金Sadiola矿和IAMGOLD公司（NYSE：IAG）530万盎司黄金的Essakane矿。

他也是Compass黄金的重要股东，持有15.8％的股份。澳大利亚和亚洲的投资者占Compass黄金登记在册股东人数的一半。

Larry Phillips背景故事

1990年，Phillips是IAMGOLD的联合创始人，于2011年6月从其企业事务执行副总裁退休。在他为该公司打拼的20多年里，他参与了所有的国际投资、合资企业、以及政府关系。

他协助IAMGOLD在公司治理和社会责任方面建立了良好的声誉，他还是IAMGOLD合资公司SEMOS的一名董事，负责在Mali的Sadiola金矿开发。

SEMOS另一位董事Madani Diallo博士，Compass黄金勘探方案的领导者，同时也是公司董事。

除了上述经验，Phillips也曾出任IAMGOLD任命的多个国际董事共同创业板，布基纳法索总统投资理事会、世界黄金协会董事局，Euro Resources（在巴黎交易所上市的附属公司）主任秘书长（兼行政总裁）。

Phillips曾为多宗收购和公共融资提供累计价值超过20亿美元的战略和法律指导。

对Phillip的任命还需经过TSX创业交易所接受。

Two Minute Briefing on: Coal Bed Methane

Thu, 10 May 2012 14:51:27 +0800

Shale has turned the US gas market on its head in the space of a few years.

Coal bed methane (CBM) is a less well-known form of natural gas.

It is already used extensively in Australia and Asia and advocates say it can do the same for the energy supply in the UK as shale has for the US.

So what exactly is coal bed methane?

It is methane that has been trapped within coal seams that is extracted prior to mining the coal.

This methane is in near-liquid state and lines the pores within the coal.

It can be extracted by drilling wells into and across the coal seam and pumping off the water in the fracture spaces.

This ‘dewatering' process is the important bit as it allows a decrease in pressure which means the methane can ‘desorb' from the coal and flow up the well as a gas, which is then compressed and piped to market.

Although this all sounds very complicated, it's not.

In fact, compared to hydraulic fracturing, or ‘fracking', which is used to extract shale gas, the process is relatively simple.

On top of this, fracking is very controversial due to its potentially harmful environmental effects, including the contamination of ground water and other pollution-related consequences.

There are no such concerns surrounding CBM, however, as the dewatering process is far more environmentally sound.

This opinion has been backed up by the Department of Energy and Climate Change (DECC), which explains that extracting the gas prior to mining reduces the "potentially dangerous methane gas encountered when carrying out traditional mining methods".

Furthermore, methane has the potential to be fed directly into the gas distribution network, such are its qualities.

CBM is also different and more attractive than coal mine methane (CMM) and abandoned mine methane (AMM), which is methane released as a result of mining activities.

These methods usually have higher carbon dioxide content, which is not suitable for direct introduction.

Australian company Dart Energy (ASX:DTE) is pioneering CBM's use in the UK.

Eytan Uliel, the company's chief commercial officer, told Proactive Investors that despite Dart's extensive worldwide portfolio, its most advanced asset is the Airth project, which is in fact in Scotland.

"There we have drilled our first test wells, we have encouraging results, we have entered into a long-term gas sales agreement with Scottish Southern Energy, we have at the same time certified our first reserves and on the back of all that, we are looking to move that project into commercial development in the near-term," Uliel said.

A pilot-to-power project will utilise pilot well gas from Airth to generate electricity and provide first revenues from the field. The generator has now been installed on-site and first electricity sales are expected in the coming months.

UK-based IGas Energy (LON:IGAS) is also a firm believer in the potential of CBM in this country.

Earlier this year, the company told Proactive Investors that CBM remains its priority despite a shale gas discovery in Cheshire.

So while shale gas is making all the headlines in the industry, CBM's potential should not be underestimated.

And with all this potential, it may only be a matter of time before we see CBM projects popping up all over the country.

US Oil & Gas starts drilling at Hot Creek Valley, Nevada

Wed, 09 May 2012 16:43:06 +0800

US Oil & Gas (USOP) has confirmed that drilling is now underway on its long anticipated first exploration well at Hot Creek Valley, Nevada.

The Eblana-1 well was spudded on Monday, May 7. And around 200 feet have been drilled so far. In all, it is expected that drilling operations will last for about 25 days.

The spudding will be seen as a major milestone in the oil explorer's development.

USOP is planning to drill a second well immediately after Eblana-1 and it secured a drilling permit for Eblana-2 last month.

Hot Creek Valley, the company's main asset, is in Nye County, Nevada.

After a long suspension and eventual delisting from the Plus Market, USOP shares can now be traded via the OTC tier of the GXG Market - a Denmark based and regulated small companies exchange.

In February, a competent persons report assessed Hot Creek Valley and gave an estimate of in-place prospective resources of 189 million barrels of oil (P50). Of that, around 67 million barrels are estimated to be recoverable. The estimated unrisked net present value for the prospective resources is US$514 million.

Shale seen as potential solution to UK's energy crisis

Wed, 09 May 2012 16:36:12 +0800

The fact that oil giant Royal Dutch Shell (LON:RDSB) confirmed in recent weeks its interest in UK shale points to the growing significance of this energy source.

Finance chief Simon Henry was quoted as saying Shell was "taking a look" at the potential in the UK stating that unproven estimates of 200 trillion cubic feet meant it was a "play" the oil major "could not ignore".

But Henry also nodded to the environmental and social challenge involved in fracking the gas (the process to extract it from the rock) - a technique which has recently hit the headlines.

Exploration is still in its infancy but two years ago a British Geological Survey (BGS) study concluded that the shale gas potentially recoverable for the UK could be 5.3 trillion cubic feet - a far cry from the 200 trillion figure, but nevertheless, a huge amount.

To put the figure into context, this is almost two years' worth of the UK's overall gas consumption.

Shale gas could really come into its own as the UK's energy debate looks set to continue and more and more money is spent on phasing out traditional methods of producing energy.

Coal-fired power is being eased out, which leaves gas at the top of the list of alternatives. But the nation is currently a net importer of gas from places like Russia and Norway, leaving it exposed to the whims of international markets.

This means producing it from the country's own resources has never been so important.

Shale is a type of fine rock in which the gas lies, and, to extract it, a process called hydraulic fracturing, or "fracking" is used. This sees fluid pumped into the rock to create fractures to allow the gas to come out.

Previously, such reservoirs were not exploited by firms as they were thought to be economically unattractive.

But all that has changed with the development of US horizontal drilling technology, which transformed the economics, and indeed, shale gas production across the pond has increased rapidly in the last three years.

By 2035, it is expected to account for 50 per cent of US output.

So called "fracking" has certainly been in the spotlight recently, not least due to the large number of people, here in the UK, who oppose the process on environmental grounds.

Last year, privately owned company Cuadrilla Resources made a huge shale discovery near Blackpool - reportedly big enough to supply the UK for 56 years.

Its work was responsible for what residents of the seaside town described as two ‘earthquakes' and the firm's drill programme was put on hold.

Last month, however, it was given the green light to drill again, but under tighter regulatory controls.

Director General of the Institute of Directors Simon Walker had said at the time of the drilling resumption that shale gas was a low-cost fuel offering, "a great opportunity to fill the energy gap left by the closure of coal-fired power stations and the unreliability of renewables".

The go ahead for Cuadrilla also put two AIM quoted stocks, IGas Energy (LON:IGAS) and Europa Oil & Gas (LON:EOG) into focus and shares in both companies went up.

In January this year, IGas found what it described as a very "significant" amount of shale gas in a well in Cheshire, which was targeting coal bed methane (CBM) - another form of unconventional natural gas. The Ince Marshes well is only a few miles away from Cuadrilla's operations.

Meanwhile, Europa has more than 600 square kilometres of prospective shale gas acreage in the Humber basin, near its conventional oil production operation.

While this acreage is being evaluated, Europa says it plans to monitor the other shale gas exploration activities with interest.

Another company, focused on unconventional gas, is Australia-listed Dart Energy (ASX:DTE), which is restructuring its operations in Britain.

In a recent announcement, it said it had decided to take up an option over two licences in Germany, Saxon 1 and 2, offered by BG, as part of this restructuring.

Both licences are believed to be prospective for both CBM and shale with a multi-TCF gas in place potential in aggregate. The licences were acquired for no cost.

While the precise way in which UK shale gas will shape the country's future energy needs is uncertain, what is clear is that is likely to remain firmly on the news agenda for some time to come.

Oxford Pharmascience receives first order from Mega Lifesciences

Tue, 08 May 2012 20:11:12 +0800

Oxford Pharmascience (LON:OXP), which develops drug delivery systems, has started sales of its first calcium soft chew product in the Far East.

After entering into a licensing and distribution agreement with Mega Lifesciences late last year, the company has now received a first order, which will be dispatched in June.

The order is six months ahead of schedule and is as a result of the successful early registration of the calcium chew in Malaysia and Vietnam.

Registrations in Thailand, Indonesia, Philippines, Cambodia and Myanmar continue and are expected to follow soon, Oxford told investors today, adding that it has extended the agreement to cover Peru, Ecuador, Ukraine, Kazakstan, Azerbaijan and Uzbekistan, where Mega has existing operations.

Mega, whose products cover segments such as bone and joint health, cardiology, diabetes and gastroenterology, will distribute the calcium chew alongside existing product sales.

"With Mega we are making great progress in the Far East," said chief executive of Oxford Nigel Theobald.

"We believe this will be the first order of many and look forward to updating the market in due course on this and the continued expansion of our OXP chew technology."

Oxford has previously said that sales would rise to £250,000 per annum by the third year after launch.

In 2011, the company's revenues reached £292,000, the bulk of which was provided by two orders for the OXP chew calcium delivery product from its Brazilian partner Aché Laboratórios.

Back in March, Oxford told investors that this year's revenues were already on the way to eclipsing 2011.

ENK to sell stakes in Toledo and Berong Nickel for £4.5 million

Tue, 08 May 2012 20:08:52 +0800

Philippines-focused nickel group ENK (LON:ENK, ASX:ENK) has raised almost A$7.25 million through the sale of its stakes in AIM-listed Toledo Mining and Berol Nickel.

ENK has sold its five per cent stake in AIM-listed Toledo (LON:TMC) for A$698,000 (£440,000) and has conditionally agreed to sell its 18.7 per cent stake in Berong to World Fund Pte for A$6.55 million (£4.13 million).

The Berong stake was valued at A$3.48 million, with the sale price nearly 90 per cent over its book value.

ENK's sale of its stake in Berong is conditional on its shareholders, Toledo and Atlas Consolidated Mining, not exercising their pre-emption rights.

If they do, they have to match the price offered by World Fund Pte Limited. Atlas and Toledo have 60 days to exercise their pre-emption rights.

ENK flagged the disposals some time ago, stating it is currently focused on its flagship nickel project at Acoje. The sales will boost its cash position to almost A$41 million.

The company is working towards a bankable feasibility study (BFS) at Acoje, which it said last week it now expects to deliver at the end of September. Brokers expect production at Acoje will commence in late 2013 or early 2014.

Last year, ENK sold its Caldag project in Turkey for a total of US$40 million in cash.

Berong Nickel Corporation owns the Berong mining tenement on the island of Palawan, Philippines. It has a JORC resource estimate compiled in June 2007 of 9.92 m. tonnes of laterite ore at a 1.55 per cent nickel grade.

Cambria Africa to list on Zimbabwe stock exchange via full takeover of Celsys business

Tue, 08 May 2012 20:05:39 +0800

Investment group Cambria Africa (LON:CMB) plans a secondary listing on the Zimbabwe Stock Exchange via an offer for the outstanding ZSE-quoted capital of security and commercial printing group Celsys Ltd.

Cambria already holds 60 per cent of Celsys and plans to make an offer for the remainder using new Cambria shares, while offering a cash alternative.

Should all Celsys shareholders accept Cambria shares, the new shares will amount to approximately 1.58 per cent of the enlarged capital. Should they accept the cash alternative the amount payable will be approximately US$192,000.

Cambria will retain its primary listing on AIM.

The company believes the ZSE listing is a natural development given the majority of its assets are in Zimbabwe.

It also believes the proposed ZSE listing will increase liquidity in its shares, leading to more efficient pricing, while strengthening the growth prospects of the company.

In addition, the move will facilitate direct investment in Cambria by Zimbabwe residents, corporations and financial institutions, providing the company with additional opportunities to access capital, broaden its investor base, and make it a more integrated part of the Zimbabwe business community.

Cambria will be the first secondary listing of a European company on the ZSE since 1999; the first public listing of shares on the ZSE since 2010; and the second listing of shares on the ZSE since the introduction of US dollarization increased economic stability in Zimbabwe.

Cambria has a continuing plan for the future recapitalisation of Celsys to ensure that the advances made to date in market share are preserved and built upon. Taking Celsys private will result in cost savings for Celsys.

The planned takeover of Celsys is still subject to certain regulatory approvals and acceptance by Celsys shareholders.

Cambria chairman Ian Perkins said: "Through this transaction Cambria will finally achieve its long-term goal of listing on the Zimbabwe Stock Exchange; a natural home for the company given the majority of its investment portfolio is located in Zimbabwe."

Elementos commences geophysical survey ahead of drilling in major copper, gold district, Chile

Mon, 07 May 2012 23:39:41 +0800

Elementos (ASX: ELT) is following up on positive results from a recent mapping, sampling and air-borne magnetometry survey at the company's Mercedes Project in northern Chile with a second phase geophysical survey.

Mercedes is located within the Atacama region in northern Chile, the world's foremost copper producing region which hosts a number of world class porphyry deposits.

Players in the area include many global mining heavyweights such as BHP Billiton (ASX: BHP), Rio Tinto (ASX: RIO), Barrick (NYSE: ABX), Antofagasta (LON: ANTO) and Codelco.

The survey is aimed at identifying anomalies which could indicate porphyry mineralisation with penetration to at least 500 metres depth.

A large magnetic low anomaly has already been identified at the Elvira mining lease by the aero-magnetometry survey, related with porphyry mineralisation.

An induced polarisation pole-dipole survey will test for chargeability anomalies, where there is potential for sulphides related with porphyry mineralisation, within the magnetic low areas.

The program will take about three weeks to complete, with results to be used to produce drill targets.

It will be followed up with a 5,000 metre reverse circulation drilling program covering the Elvira porphyry and Mecha copper oxide prospects.

Mercedes acquisition

In February 2012 Elementos secured an option to acquire a 90% interest in the Mercedes copper project.

Elementos is acquiring the Mercedes project through a series of options over four years, for a total consideration for the acquisition comes to $10 million.

The company is now responsible for managing and funding all exploration, evaluation and development of Mercedes.

ABM Resources non executive chairman invests further $44k to increase stake

Mon, 07 May 2012 23:28:07 +0800

ABM Resources (ASX: ABU) non-executive chairman Michael Etheridge has increased his shareholding with the on-market purchase of a further 1 million shares in the company.

Etheridge acquired the shares for a total consideration of A$44,690, or $0.044 per share.

This takes his indirect shareholding to 7 million shares, while his direct shareholding remains at 6 million shares.

ABM Resources has begun its 2012 exploration season with extensional trenching at the Old Pirate gold prospect in the Northern Territory.

The company is targeting 3 kilometres of prospective vein horizons not included in the current resource of 427,000 ounces of contained gold.

Last month ABM doubled its global gold JORC Resource base to 3.3 million ounces contained within three distinct mineralised systems.

This resource highlights the rapid progress the company has made at its projects in the Northern Territory, coming within two years of the start of exploration.

The 98% increase includes the delineation of a maiden Inferred and Indicated Resource at the Old Pirate gold prospect, which is part of ABM's Twin Bonanza Gold Camp.

Old Pirate hosts a resource of 1.673 million tonnes at 7.95 grams per tonne (g/t) gold for 427,000 ounces of contained gold. This includes zones of 0.48 million tonnes at 14.84g/t gold for 231,600 ounces of gold.

The Niche Group updates on Turkish drill results

Mon, 07 May 2012 23:17:40 +0800

The Niche Group (LON:NGP) updated investors on drill results from two wells onshore Turkey - which form part of its proposed reverse takeover of Oman Resources.

The operator of the wells - Arar Petrol Ve Gaz - has notified the company of the results of drilling at the Ciftlik-1 well and Kastal-1.

The wells lie on two of the four licences, in which Oman Resources holds a 50 per cent stake. Niche currently holds 35.7 per cent of Oman Resources.

Well Ciftlik-1, on licence AR/ARR/4396, was sunk 1198 metres and found gas shows while drilling. The well was tested over three intervals but no gas was flowed to surface and log interpretation suggested that reservoir quality sandstones were not developed at this location.

Meanwhile, Well Kastal-1, on licence AR/ARR/4395, was drilled to 458m and mechanical problems required a side-track, which showed significant gas shows at 200m and 410m before it was suspended for well control reasons before reaching its primary objective at 650m.

"It is likely that the well will be abandoned, and the possibility of spudding an offset well from this location is under review," Niche said today.

Niche added that the results of these two wells would be incorporated into an updated competent person's report, which will be issued in conjunction with the firm's anticipated reverse takeover of Oman Resources.

In March this year, Niche said that it, Oman Resources and Arar are working together to conclude, what's called the Oman transaction and the Arar transaction - which constitute a reverse takeover - as soon as practicable.

It said it had agreed non-binding commercial terms with Arar, under which either Niche or Oman would acquire Arar's 50 per cent interest in the four petroleum licence blocks.

If the Oman and Arar transaction are completed, Niche would own 100 per cent of the blocks. Both transactions are subject to shareholder approval.

Hummingbird Resources appoints Julian Barnes to maximise potential at Dugbe 1 project

Fri, 04 May 2012 15:50:37 +0800

Hummingbird Resources (LON:HUM) has appointed Julian Barnes to maximise the potential of its Dugbe 1 project in Liberia.

Barnes, who has extensive international experience, including more than 15 years in West Africa, has been named as head of development for the project, which has an indicated and inferred resource of 3.8 million ounces of gold.

He said today he was pleased at the opportunity.

"Hummingbird Resources have discovered what is promising to be a major Birimian Gold province and their work to date suggests the potential for a significant gold operation in Liberia," he said.

Chief executive Dan Betts added: "It is a privilege to have somebody of Julian's skill and reputation join our team in the crucial role of leading us through the various evaluation studies necessary in order to maximise the economic potential of Dugbe 1.

"I see this appointment as a major step forward in the development of Hummingbird Resources and a ringing endorsement of both the quality of the project and the quality of the work done to date."

Betts also noted the identification of a target at Sackor, saying he was confident that "positive indications" from the initial drill holes would add to the firm's 3.8Moz resource.

In 1987, Barnes co-founded Resource Service Group, an international exploration and mining consultancy, which was subsequently merged with Global Mining Services to form RSG Global, which was then acquired by Coffey Mining Limited in 2006. He is currently a director of Serbia-focused Avala Resources Ltd.

Last month, Hummingbird unveiled encouraging drill results from the Tuzon deposit, which is which is already believed to contain 2 million ounces of gold.

Tullow Oil finds thin non-commercial reservoirs in Teak appraisal well

Fri, 04 May 2012 15:46:38 +0800

Tullow Oil (LON:TLW) this morning revealed that the Teak-4A appraisal well offshore Ghana is being plugged and abandoned after it found thin non-commercial reservoirs.

The well was designed to test a possible extension to the known Teak discovery area.

Tullow says the well data will be integrated with the rest of the information on the Teak discovery so that a forward appraisal and development plan can be determined.

The well was located in 554 metres of water and it was drilled to a depth of 2,850 metres.

Teak is one of the discoveries within the West Cape Three Points block. The others are the Jubilee field (which also spans an area in the neighbouring Deepwater Tano block), Akasa and Mahogany discoveries.

Tullow has a 26.3 per cent stake in West Cape Three Points. The licence is operated by Kosmos Energy which owns 30.875 per cent of the venture, meanwhile Anadarko Petrolem is another major partner with 30.875 per cent.

The Ghana National Oil Company has a 10 per cent interest and Sabre Oil & Gas holds a minority 1.854 per cent interest.

Black Iron hits 97.0 metres at 33.1% iron at Shymanivske

Fri, 04 May 2012 15:03:30 +0800

Black Iron (TSE:BKI) said late Wednesday that assay results from three additional infill drill holes at its Shymanivske project in Ukraine continue to confirm iron content and band lengths in the mineral resource.

The iron ore explorer said that hole BISH-3 intersected 97.0 metres grading 33.1% iron, including 55.0 metres at 34.7% iron.

The results reported Wednesday are from the 20,000 metre definition and exploration diamond drill program at Shymanivske, which was started in October 2011.

Black Iron said it continues to be encouraged by the results of the infill drilling, and the intersection of thick iron bands in each hole, with grades exceeding 30% iron.

Other notable results included 55.5 metres at 32% iron in hole BISH-2, and 58 metres at 30.6% iron in hole BISH-4.

The drill program is designed to upgrade mineral resources, to allow a larger in-pit mineral resource estimate to be considered in the ongoing feasibility study for the project, the company said.

The campaign is also focused on exploration holes in the northern end of the property, where the company said it believes additional mineral resources may exist.

Ukraine-based Mekhanobrchermet (Research Institute of Mineral Processing in Ferrous Metals) has been hired by the company to complete independent metallurgical test work on the recovered drill core from the program.

Black Iron also noted that, as announced earlier this year, no drilling is currently underway at the project, as the company obtains additional permissions required to drill.

The explorer is focused on advancing its 100 percent-owned Shymanivske project located in Kryviy Rih, Ukraine, which contains an NI 43-101 compliant resource with 373 million tonnes measured and indicated resources grading 31.3% iron and 480 million tonnes of inferred resources grading 30.2% iron.

The project is surrounded by five other operating mines including ArcelorMittal's iron ore complex. Management is confident that the existing infrastructure, including access to power, rail and port facilities, will allow for a quick development timeline to production for its project.

Black Iron also holds an exploration permit for the adjacent Zelenivske project, which it plans to further explore to assess the potential.

Finders Resources appoints new general manager

Thu, 03 May 2012 13:43:00 +0800

Indonesia-focused miner Finders Resources (ASX:FND) has appointed a new general manager for its Wetar Copper Project in southern Sumatra.

Finders has a 95 per cent interest in the Wetar Copper Project, which is currently being developed to reach 7,000 tonnes per annum capacity.

Newly appointed Garry Kielenstyn doubled production to 100,000 gold equivalent oz per year in his last role as the Indonesian general manager at PT Indomuro Kencana, which operates Mt Muro Gold Mine in central Kalimantan, Borneo.

Finders' managing director Chris Farmer said Kielenstyn's local knowledge and operational expertise would make him a valuable addition to Finders.

Farmer added: "We expect the Wetar copper project will receive final approvals in the near term and we are strengthening the team for commercial development.

"Garry has the right mix of skills to complement the existing team and is joining us at an exciting time."

Finders also has a 72 per cent stake in the Ojolali Gold‐Silver Project in Sumatra, Indonesia.

Meadow Bay Gold describes latest results as significant

Thu, 03 May 2012 13:40:00 +0800

Meadow Bay Gold (TSE:MAY) described as "highly significant" the latest drill results from its Atlanta Gold Mine Project in Nevada.

Assays from the last two holes from the 2011 drill programme tested the central and southern-most portions of the Atlanta porphyry.

The first (DHRC-11-RCN04) returned 2.77 grams per tonne of gold and 9.4 grams of silver over a 21.34 metre section, while the second (DHRC-11-011R) contained 1.07 grams of gold and 5 grams of silver over a 25.91 metre section.

"The company considers these results highly significant but also cautions that they are preliminary in nature and not conclusive evidence of the likelihood of the occurrence of an economic mineral deposit," Meadow Bay said in an update to investors.

"Insufficient information is available to determine the true width of these drill intercepts."

Chief executive Robert Dinning said the receipt of the latest assay results means the company can now focus on its plans for 2012. "These include our next rounds of definition and exploration drilling as well creating a new NI 43-101 compliant resource estimate," he added.