Monument Mining Limited , which remains close to a recent year low of 41 cents, announced that it has entered into the Definitive Acquisition Agreement with the Malaco Group to acquire 70 per cent of the Mengapur Polymetalic Project located in Pahang State, Malaysia. The acquisition remains subject to financing, shareholders' and regulatory approvals. Under terms of the Definitive Acquisition Agreement, MMSB will pay $60-million (U.S.) in cash and issue 300 MMSB shares (representing 30 per cent interest in MMSB) to Malaco in exchange for a 100 per cent interest in CASB, the company that holds 100 per cent of the Mengapur Project, except for certain magnetite materials contained in the soils.
Of the total consideration, $10-million (U.S.) is to purchase iron ore materials contained within the skarn which were originally going to remain with the Malaco Group under the terms of the binding Memorandum of Understanding. A deposit of $500,000 (U.S.) was paid to Malaco upon signing of the Definitive Acquisition Agreement, and $4.5-million (U.S.) was set up as Escrow Fund in securing the Mengapur Project. Upon closing of the acquisition, total $5-million (U.S.) shall be applied against the purchase price. In the event that the acquisition does not closed by Jan. 31, 2012, $4.5-million (U.S.) shall become a loan to Malaco.
OceanaGold Corporation announced an updated mineral resource estimate for the Frasers Underground mine in Otago, New Zealand. Highlights included: Measured and Indicated Resources for the main Hangingwall Shear mineralisation at Panel 2 has increased to 7.9Mt @ 2.36g/t Au for 602Koz. Net of mining depletion in 2011, this represents an addition of 118Koz since 31 December 2010, a 25 per cent increase; Infill drilling of the Lower Zone has expanded the Meaured and Indicated Resources to 1.0Mt @ 2.51 g/t Au for 77Koz. This expansion has replaced mining depletion in this zone for 2011; Frasers Underground mine life expected to extend to at least 2017; Both the Hangingwall Shear and Lower Zone Inferred Resource areas are extended down-dip and remain open to the northeast; Total Measured and Indicated Resources for Frasers Underground, including Panel 1, now stands at 10.2Mt @ 2.26g/t Au for 745Koz.
Western Copper and Gold Corporation , which lost 2 cents on Friday, provided an update on the activities underway to bring the Casino project closer to production. Initial engineering activities required before starting the feasibility study are currently underway. It is expected that the feasibility study will commence in early 2012 and is on track to be completed by the end of 2012.
Perseus Mining Limited provided an update on commissioning at its Edikan Gold Mine (EGM) in Ghana. Total tonnage milled increased by 33 per cent and recovered gold increased by 51 per cent during November 2011.
Gold Reach Resources Ltd. announced today that it has confirmed the discovery of a new mineralized zone, which is open at length, depth and width, which is located adjacent to the producing Huckleberry Mine, in central British Columbia. The company said the final four 2011 drill holes (97-100) are from the newly discovered West Seel Deposit and all four holes have intersected long intercepts of continuous Cu-Au-Mo-Ag mineralization.
Dalmac Energy Inc. announced today its second-quarter financial results for the three-month period ended Oct. 31, 2011. The company said during the quarter, its net earnings jumped 30 per cent to $859,000 from $660,000 in the previous year. This was after a 39 per cent increase in revenues of $8.2-million from last year's $5.9-million. Activity levels also began to pick up in August at a rate that is usually experienced in the winter season, the company added.
Exploration company Ryan Gold Corp. reported today significant drill results from its initial phase of exploration drilling at its Ida Oro Project located in the Yukon Territory. The company said significant gold intervals were intersected in 6 of 11 first phase diamond drill holes drilled at Ida Oro, which is located approximately 85km east of Dawson City, Yukon.
Chieftain Metals Inc. today announced further assay results from its 31,181 m exploration program that continues to demonstrate strong progress for the expected conversion of inferred to indicated resources in and around the Tulsequah Chief deposit. The company said a significant number of the reported holes contain high-quality intersections expected to be well above the projected operating cut-off grade in terms of Net Smelter Return from payable metals, after deduction of all transportation, treatment, and refining charges, as per the assumptions contained in the Preliminary Economic Assessment technical report.
Lara Exploration Ltd. announced today that it has acquired 12,325 hectares of exploration licenses near the town of Caninde, in Ceara State, north-eastern Brazil. The company said the licenses cover high-grade metamorphic lithologies that are host to bodies of both disseminated and massive flake graphite mineralization.