Essential Assets for June 9

June 9, 2015 12:23 PM

South Boulder Mines Ltd is pleased to report its maiden JORC (2012) Ore Reserve estimate for the Colluli Potash Project in Eritrea, East Africa. The Ore Reserve estimate for Colluli is 1.1 billion tonnes of potassium bearing salts @ 10% K2O comprising 287 million tonnes Proved and 820 million tonnes Probable Ore Reserve. The equivalent contained K2SO4 (sulphate of potash) is approximately 205 million tonnes.

Blackham Resources Limited is pleased to announce it has agreed a A$38.5 million Funding Package with Orion Mine Finance, with the aim of funding the Matilda Gold Project into production by Quarter 2, 2016. The Funding Package consists of a A$2.5 million equity private placement, a A$6.0 million non-amortising loan facility and a A$30 million project facility loan. Blackham has also entered into a gold offtake agreement with Orion. The Private Placement, Initial Loan, Project Loan and Offtake transactions are collectively referred to as the Funding Package.

BC Iron Limited is pleased to advise that Mr Martin Bryant has been appointed as an independent Non-executive Director of the Company. Mr Bryant has extensive international business experience with a particular focus on Asia, having worked in various senior management roles in China, Vietnam and the Philippines over the last 20 years.

International Goldfields Ltd is pleased to provide an update from Winter Garden Biosciences on recent key appointments to its executive team that will be instrumental in driving the business going forward. WG is a Uruguayan biosciences and pharmaceutical company in which IGS has agreed to acquire an 85% interest. WG has been offered an exciting opportunity to assist the cannabis and hemp research industry in proceeding with multiple clinical trials for formulation and drug delivery with select lab service partners which are internationally recognised for their history in drug development.

St George Mining Ltd is pleased to announce additional nickel sulphide drill targets for the imminent drilling campaign at its 100% owned East Laverton Nickel Sulphide Project in Western Australia. These targets are in addition to the outstanding electromagnetic (EM) conductors Dragon 9, Aphrodite 4 and North Dragon 2  announced in our ASX Release dated 12 May 2015 ‘St George Prepares to Drill.'

Potash West NL advises that Lepidico Ltd has constructed and operated a continuous process operation, using a small scale plant, to produce lithium carbonate from lepidolite, a lithium-rich mica. PWN owns 25% of Li-Technology Pty Ltd, with 75% owned by Strategic Metallurgy Pty Ltd. PWN and SM are in the process of transferring the ownership of Li-Technology to Lepidico, in exchange for shares. Lepidico is charged with commercializing the technology.

PLD Corporation Limited is pleased to report an update on the acquisition and financing of the Admiral Bay Zinc Project and Rocky Gully Nickel-Copper projects. The Company is in the process of completing financing agreements with regards to Net Smelter Royalty Sale Agreements and expects to have these completed shortly. These Agreements follow successful due diligence and a Share Subscription Agreement for the placement of ~68m shares at 1.0c per share, for ~A$0.68m with Resource Capital Funds Fund VI L.P. as a cornerstone investor.

South Boulder Mines Ltd is pleased to announce the appointment of Mr. Gordon Tainton as the Head of Market Development effective immediately. Mr. Tainton has over 25 years’ industry experience, with senior management roles in the physical commodity industry. Key areas of experience include; merchandising and delivery of traded products, and inspection and quality control of minerals, metals, fertilisers, chemicals other agricultural commodities; business development and operational management; commercial roles including establishment of offtake agreements and marketing contracts; mine prefeasibility study management; mine gate to customer supply chain cost optimisation.

Rumble Resources Ltd is pleased to provide an update on the Zanthus Project located 20km’s east of the Nova-Bollinger nickel copper massive sulphide discoveries in the Fraser Range, Western Australia. Rumble is earning up to 75% from Blackham Resources Ltd. As part of Rumbles systematic exploration program Rumble has completed a regional gravity survey covering the entire Zanthus Project looking to identify dense intrusive bodies that may represent Fraser Range Gabbro intrusions. The detailed gravity readings were on 500m by 500m spacing with closer spaced infill readings around gravity highs identified. The program identified the areas of the highest density located in the southern portion of the tenement. Significantly the highest density locations are surrounding and coincident with the 5 bedrock conductors at the Zanthus eye which are scheduled to be drill tested in the coming weeks.

Lemur Resources Limited wishes to advise that AIM-listed Bushveld Minerals Limited (a company incorporated in Guernsey) has informed Lemur that it intends to make an off-market takeover bid for all of the ordinary shares in Lemur. Lemur understands Bushveld will offer A$0.06 per Lemur share, valuing Lemur at A$10.875m.

Following the announcement by ENOC on 17 March 2015 confirming that it had made an approach regarding a possible offer for Dragon Oil, ENOC confirms that it has been in discussions with the independent committee of the board of Dragon Oil regarding the terms of a possible cash offer for Dragon Oil. As a result of those discussions, and having considered initial shareholder feedback and market commentary around the possible offer price, ENOC is proposing a possible cash offer of 735 pence per Dragon Oil share. ENOC informed the Independent Committee of the Proposal on 14 May 2015. The Proposal marks a substantial increase since the opening proposal put forward to the Independent Committee on 15 March 2015.

Rumble Resources Ltd is pleased to provide a copy of an updated research report of Rumble from Wise Owl Research. "Rumble Resources provides speculative exposure to the potential for Western Australia’s Fraser Range to emerge as a new nickel mining district. We are attracted to the magnitude of its land package, recent corporate activity, and near term value drivers. Whilst exploration risks are elevated, we have ascribed a valuation of $0.155/share based on the current market value of its Fraser Range assets. The valuation assumes outstanding 8c option tranches lapse, and represents a premium of ~103 per cent to recent trade."

South Boulder Mines Limited advises that its partially underwritten Rights Issue closed at 5:00pm WST on Wednesday, 20 May 2015. Applications for 7,336,337 ordinary Shares raising gross proceeds of $1,834,084.25 were received, representing a 54.75% take-up by shareholders of the Company. The Company confirms each of the Directors have taken up their entitlements in full.

A Bauxite Mining Community Advisory Group (BMCAG) has been established as an initiative of Bauxite Alumina Joint Ventures (BAJV) and Bauxite Resources Limited, to develop the Felicitas and Fortuna bauxite mining projects North of Wundowie. The Fortuna Project is 100 per cent owned by BRL, has recently completed a scoping study and is undertaking follow-up studies in relation to obtaining port access required for direct shipment of bauxite. The Felicitas Project is being developed by BAJV, in which BRL is a partner, and is currently in feasibility stage. The Felicitas Project has a resource of approximately 230 million tonnes of bauxite and the Fortuna Project has a resource of 40 million tonnes of bauxite. Both projects offer significant benefits for the local community including local employment, opportunities for local businesses and suppliers.

Blackham Resources Ltd is pleased to announce the latest results received from drilling at the Matilda Gold Project in Western Australia. The current programme has identified a number of extensions that could expand the free milling open pit mining inventory with a view to re-commissioning the Wiluna Gold Plant. 

Spookfish Limited is pleased to announce that a global online accommodation marketplace has entered into an evaluation agreement with Spookfish to enable it to review the Company’s technology and evaluate the merits of entering into a commercial agreement.

Segue Resources Limited is pleased to provide an update on its exploration activities at the Plumridge Nickel Project in the Fraser Range Province of Western Australia. Segue has a 100% interest in over 3,150 km2 of granted exploration licences at the Plumridge Project, which lies approximately 150km north-east of the Nova-Bollinger nickel-copper deposit. Over the past five months, Segue has undertaken one of the largest gravity surveys in the Fraser Range Province, comprising over 19,000 gravity stations and 2,345 line kilometres. The gravity survey covered the entire Plumridge Nickel Project area on a spacing of 1,600m x 100m, with a more detailed survey over the E21 Target area on spacing of 800m x 100m.

About the Author

Lauren is the editorial assistant for Futures Magazine. She graduated from DePaul University in 2013 with a degree in English.