GoldStone Resources has been made aware that a former director and employee has made a claim in The Labour Court of South Africa for certain sums relating to the termination of his employment.
The sum being sought would represent a significant proportion of the Company's current cash resources.
The Company is considering the claim with its legal advisers and intends to robustly defend the claim and will make further announcements as and when appropriate.
Sula Iron & Gold has conditionally raised $400,000 gross via a subscription for 304.6m new shares at 0.1p per subscription share.
The Subscription Shares are being subscribed for by Madini Occidental Ltd ("MO"), a private company incorporated in the Republic of Seychelles, which is currently owned by Madini Minerals ("Madini") and Ian Schofield who are interested in 75.0 per cent. and 25.0 per cent. of its issued share capital respectively.
Madini is a privately owned enterprise, incorporated in Mauritius, formed by mining professionals with a focus on acquiring stakes in, and applying its extensive technical and commercial capabilities to, African based advanced exploration and development-stage projects.
Ian Schofield is a private high-net worth investor with experience in investing in natural resources companies. Ian Schofield is also currently interested in 9.2 per cent. of the issued share capital of Madini.
Anglo Asian Mining has provided an operations and production update from its Gedabek gold, copper and silver mine in western Azerbaijan for the three months to Sept. 30, 2016.
- Gold production for Q3 2016 totalled 16,497 ounces - 15,370 ounces contained within gold dore, 4 ounces from SART processing and 1,123 ounces from flotation (Q2 2016: total 19,375 ounces)
- Copper production for Q3 2016 totalled 485 tonnes - 225 tonnes from SART processing and 260 tonnes from flotation (Q2 2016: total 497 tonnes)
- Silver production for Q3 2016 totalled 33,899 ounces - 2,502 ounces contained within gold dore, 7,291 ounces from SART processing and 24,106 ounces from flotation (Q2 2016: total 52,214 ounces)
- Cumulative total production in the nine months to 30 September 2016 (YTDQ3 2016) as follows: Gold - 49,874 ounces (YTDQ3 2015: 54,103 ounces); Silver - 114,915 ounces (YTDQ3 2015: 10,916 ounces); Copper - 1,363 tonnes (YTDQ3 2015: 634 tonnes)
- Gold production target for the year to 31 December 2016 ("FY 2016") remains a total of between 69,000 ounces and 71,000 ounces
- Copper production target for FY 2016 is between 1,700 tonnes and 2,100 tonnes
- New Semi-Autogenous Grinding ("SAG") mill now operational - ore milled by the agitation leaching plant in Q3 2016 increased to 160,211 tonnes from 151,649 tonnes in Q2 2016 partially offsetting lower ore gold grade
- Work on construction of electrical sub-station and associated overhead power lines now substantially complete
- Water treatment plant and water evaporation initiatives proceeding to plan with equipment now being manufactured
- Stockpiled sulphide ore used for feedstock for the flotation plant in Q3 2016
Kolar Gold Ltd has entered into a MoU to establish a Joint Venture to develop gold exploration and mining assets in Finland.
- Gold assets in second jurisdiction secured, to be developed concurrent to Kolar's existing interests.
- Option for Kolar to earn-in up to 50% of existing gold projects in Finland through JV.
- High grade targets within licences covering an area of approximately 24km2.
- Potentially cashflow generative within 12 months via bulk sampling.
- Upfront payment of €150,000 in cash and €150,000 equivalent in Kolar shares based on 14-day VWAP of 1.6p, seeing Kolar commence with a 15.4% JV interest.
- Commitment by Kolar to provide an additional €350,000 in Q1 2017 increasing Kolar's interest to 28.3%.
- Option for Kolar to provide up to a further €1m to be expended over 2017, to earn up to 50% of JV.
- Subject to at least 100kg (3,215 oz.) of gold being produced in 2017 from initial target, 17m warrants exercisable at 3.2p each expiring in October 2018, to be issued to JV partner.
- Traditional mining jurisdiction - politically and financially stable and secure environment.
(LON:AAZ) Anglo Asian Mining PLC share price was -1.25p at 19.75p
(LON:BEM) Beowulf Mining PLC share price was 0p at 5.75p
(LON:BKY) Berkeley Energia Ltd share price was 0p at 52p
(LON:CEY) Centamin PLC share price was +1.3p at 148.5p
(LON:CHL) Churchill Mining PLC share price was -1.25p at 32.5p
(LON:CZA) Coal of Africa Ltd share price was +0.08p at 2.95p
(LON:FDI) Firestone Diamonds PLC share price was 0p at 56p
(LON:FRES) Fresnillo PLC share price was +15p at 1651p
(LON:GEMD) Gem Diamonds Ltd share price was +2.38p at 119.63p
(LON:GRL) GoldStone Resources Ltd share price was -0.3p at 1.95p
(LON:HOC) Hochschild Mining PLC share price was +0.05p at 252.05p
(LON:KGLD) Kolar Gold share price was -0.23p at 1.53p
(LON:KMR) Kenmare Resources PLC share price was -8p at 315.75p
(LON:SULA) Sula Iron Gold PLC share price was +0.02p at 0.12p
(LON:VED) Vedanta Resources PLC share price was -27.75p at 623.25p