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Exploration News

Refocused DRDGold a 'whole new kettle of fish' 

By: Matthew Hill     31st August 2007 Embattled gold producer DRDGold, which has almost completely swung its focus to South Africa, said on Friday that it was a very different company and, for the first time in a long while, could set its eyes on 'serious growth options'. 'It's a whole new kettle of fish,'... 

Outgoing Mintek chief Jourdan sees commodities boom extending 15 to 20 yrs 

By: Mariaan Webb     31st August 2007 With the global demand for almost all commodities continuing to rise, State-owned minerals and metallurgy researcher Mintek's outgoing CEO Paul Jourdan was optimistic that the global commodities boom would last for "at least another 15 to 20 years". 

Chrometco considers offer for SA chrome asset

By: Matthew Hill     31st August 2007 AltX-listed diversified mining firm Chrometco said on Thursday that it had received numerous offers for its chrome resource on portion 2 of the Farm Rooderand in the North West Province, and that it was seriously considering one particular offer of R60-million. 

African Eagle joins the AltX

By: Matthew Hill     24th August 2007 Africa-focused exploration company African Eagle Resources listed 53-million shares on Johannesburg's AltX on Friday, in the presence of a live African hawk eagle, as it became the first inward listing of a resources company without any South African assets.  

Are we heading for uranium oversupply?

By: Christy van der Merwe     24th August 2007 The uranium price is currently at an all-time high, but some analysts argue that this does not seem like a realistic price, particularly when working costs are considered, as the margins are too wide. Market experts believe the price has peaked. 

Joint venture to focus on exploration, dump retreatment and water management

By: Christy van der Merwe     24th August 2007 Gold-mining company DRDGold South Africa and ASX-listed Mintails have come together in a joint venture (JV) on the West Rand called West Wits Mining (WWM), which plans to list on the Australian Stock Exchange, with a dual listing at a later stage on the JSE. 

Explorer gears up for precedent-setting AltX listing

By: Matthew Hill     23rd August 2007 Aim-listed exploration firm African Eagle Resources, which debuts on Johannesburg's burgeoning AltX on Friday, could be the first of many Aim-listed exploration companies to join the Johannesburg bourse, it said on Thursday. 

SA investors have 30% of exploration-only newcomer African Eagle

By: Martin Creamer     21st August 2007 South African investors now held 30% of the shares of exploration-only junior African Eagle Resources plc that would be dual listed on the JSE's AltX on Friday, MD Mark Parker said on Tuesday. 

Emperor moves to replenish asset base with Indonesian exploration deal

By: Matthew Hill     20th August 2007 The South East Asian subsidiary of embattled gold producer DRDGold, Emperor Mines, announced on Monday that it signed an agreement with a group of investors to explore a gold, silver and copper project in eastern Java, Indonesia. 

AltX-bound African Eagle aims for two producing mines within five years

By: Mariaan Webb     17th August 2007 Minerals exploration and development company African Eagle, which would list on the AltX next Friday, said it planned to get at least two projects into production within the next three to five years. 

Resource declaration set for this quarter as platinum junior prepares to list

By: Christy van der Merwe     17th August 2007 Securing mineral rights for the increasingly exciting Phosiri prospect area, gaining capital of $5-million through private placement, and attracting some of the most sought after skills in the industry has ensured that the pipeline for junior mining and exploration company Lesego Platinum, is one... 

New mine potential near Brazil's expanding Cuiaba - AngloGold

By: Martin Creamer     16th August 2007 Potential existed close to Cuiaba for a new gold mine, AngloGold Ashanti chief of geology area Diogo Costa said in Brazil on Wednesday. He said that 25 000 m of surface drilling and 7 000 m of underground drilling would be carried out at Lamego, which had the potential to be a "very big... 

Oz explorer sets sights on E African gold prospects

By: Matthew Hill     14th August 2007 Australian exploration firm WCP Resources (WCP) said on Tuesday that it was looking beyond the country for the first time, through signing an agreement to earn a 75% interest in Indian Ocean Gold (IOG), which owns projects in East Africa. 

Explorer Anooraq narrows loss on spending slowdown

By: Matthew Hill     13th August 2007 Platinum exploration firm Anooraq Resources reported a loss of $926 130, or R6,6-million, for the March quarter, which was slightly less than the same quarter the previous year, equating to a flat US1c a share loss for the three-month period. 

Good time for junior listings

By: Christy van der Merwe     10th August 2007 It is said to be an opportune time for junior miners to list on the stock exchange, as it is likely that they will easily raise the necessary capital for projects. This is, of course, thanks to commodity prices being at the all-time high levels that they are at currently. 

Canadian-type flow-through shares would encourage JSE listing of juniors on TSX lines

By: Christy van der Merwe     3rd August 2007 The successful development of the JSE as a true resources market relies on the introduction of focused incentives, such as 'flow-through' shares, which would allow it to create a 'critical mass' of listed junior mining and exploration companies. 

Flow-through shares put Canadian mining and exploration juniors ahead

By: Christy van der Merwe     3rd August 2007 The introduction of flow-through shares in Canada over 50 years ago greatly stimulated mining exploration activity, and it is partly due to this incentive system that Canada has led the world in minerals exploration expenditure for the last five years. 

Resource estimate increased 300% at Ghanaian gold project

By: Liezel Hill     30th July 2007 The mineral resources at the Bibiani gold mine, in Ghana, have been increased by 300%, to 3,23-million ounces, Central African Gold (CAG) said on Monday. 

Pan African granted gem exploration licence in Namibia

By: Liezel Hill     30th July 2007 Resources exploration company Pan African has been awarded a six-month diamond exploration reconnaissance licence by the Namibian Ministry of Mines and Energy, the company said in an emailed statement. 

Seismic reflection 'only viable' approach to

By: Christy van der Merwe     27th July 2007 Although relatively costly, the seismic reflection technique Employed in brownfield or greenfield exploration for deep UG2 and Merensky reefs is regarded as the only viable geophysical approach. 

Gabon proving interesting prospect for PGM exploration

By: Christy van der Merwe     27th July 2007 While Gabon is not traditionally associated with platinum mining, companies prospecting for platinum-group metals (PGMs) in the Central African country are reporting encouraging results. 

Diamond Fields inks Zambian exploration JV agreement

25th July 2007 Toronto-listed Diamond Fields International (DFI) has concluded a joint venture agreement with Lion Fields for mineral exploration in a highly prospective area in western Zambia, the Cape Town-based company said on Wednesday. 

Platmin lifts resources at SA platinum prospect

25th July 2007 Toronto- and London-listed Platmin has increased its attributable indicated platinum-group metals and gold mineral resources for the UG2 chromitite layer on its Grootboom project by 165%, and has added new inferred mineral resources from the Merensky Reef, the company said on Wednesday. 

Harmony reserves down 4% on last year

By: Liezel Hill     25th July 2007 Gold major Harmony Gold said on Wednesday that its ore reserves had declined by 2,4-million ounces during the 12 months to June 30, from 56-million ounces to 53,6-million ounces. 

Feasibility study progresses at Zambian uranium prospect

24th July 2007 Toronto- and Australia-listed Equinox Minerals said on Tuesday that it had received a number of high-grade drilling results from the uranium feasibility study, currently under way at its Lumwana project, in Zambia. 

Stakeholder group to meet next month on flow-through shares

By: Matthew Hill     23rd July 2007 The National Treasury-chaired working group looking into the viability of flow-through shares being introduced to South Africa would have a meeting on August 20, which could provide some clarity on the future of these shares in the country. 

DME plans conference to aid small black-owned mining firms

By: Matthew Hill     23rd July 2007 South Africa’s Department of Minerals and Energy (DME) plans to host a summit for junior black economic-empowerment (BEE) mining firms later this year, which will tackle issues including fronting and access to capital, it said last week. 

First analytical results in from Ugandan gold prospect - Thabex

19th July 2007 JSE-listed resources explorer Thabex and its Ugandan partner, Devxplore, have identified anomolous concentrations of gold in samples from three of the four previously defined trend at their shared Mafuga Forest project, in southwestern Uganda, the companies said on Thursday. 

Pan African starts advanced drilling at Madagascan uranium prospect

19th July 2007 Exploration company Pan African Mining has started core drilling to depth on its Tranomaro uranium property, in the south of Madagascar, the company said on Thursday. 

Matodzi expects earnings loss to narrow

By: Matthew Hill     13th July 2007 JSE-listed exploration and development firm Matodzi Resources said on Friday that it expected to announce a headline loss of 12c to 14c a share for the year ended March 31, compared with a figure of 33c a share for the previous year. 

Camec plans to bid $1,9bn in shares for Katanga

11th July 2007 Central African Mining & Exploration Company (Camec) intends to make an all-share offer for Canadian-listed copper company Katanga, it said on Wednesday. 

Brinkley inks agreement with DRC on uranium-exploration venture

By: Matthew Hill     11th July 2007 London-based Brinkley Mining (Brinkley) announced on Wednesday that it had signed an agreement with the Democratic Republic of Congo’s (DRC’s) State-owned Commissariat General a l'Energie Atomique (CGEA) to form a uranium exploration and development joint-venture company.  

Oz explorer steps up sampling at Ghana prospect

9th July 2007 ASX-listed explorer Paramount Mining has bought its first in-field sampling plant for its Ochinso diamond and gold prospect in Ghana, the company said on Monday. 

Cluff Gold lifts resource estimate at Sierra Leone project

4th July 2007 Aim-listed Cluff Gold has increased the resource estimate at the Baomahun gold project, in Sierra Leone, to 1,16-million ounces, the company said on Wednesday. 

Shield granted another prospecting permit in Mauritania

By: Matthew Hill     4th July 2007 ASX-listed explorer Shield Mining (Shield) announced on Wednesday that it had received yet another permit to search for gold and base metals in Mauritania. 

First new primary SA uranium production in decades ramps up

By: Neal Goldwyer     29th June 2007 Toronto and Johannesburg stock exchange-listed mid-cap miner, Uranium One reports excellent progress at its Dominion Reefs Uranium Mine (DRUM) with no major unforeseen expenses unduly denting its budget or its ramp-up to full production. 

Shield Mining granted prospecting permit in Mauritania

By: Matthew Hill     28th June 2007 ASX-listed explorer Shield Mining (Shield) has been granted a new permit for gold and base metals exploration in Mauritania, it said on Thursday. 

Pan African Resources agrees to buy Ghana gold prospect

By: Matthew Hill     28th June 2007 Africa-focused exploration and development firm Pan African Resources (PAR) announced on Thursday that it had signed an agreement to acquire 90% of the Akrokerri gold prospect for a total of 720 000 pounds, or about R10,3-million, in cash and shares. 

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