Mining News
Alecto Minerals (LON:ALO) (SPEC BUY) (ALO LN, 1.75p, ? 6.7%) has completed its acquisition of Nubian Gold Exploration Limited, the owner of the Aysid Metekel Gold Project and made their first share based payment with regards to the acquisition of Rift Valley Resources, owner of the Wayu Boda Gold Project. Alecto has also secured an amendment to the acquisition details for Rift Valley which reducdes the total purchase price payable by Alecto by 10%. These acquisition developments mean that Alecto has now issued 19,527,628 new ordinary shares at 0.7p each to the vendors of Nubian Gold, and 12,470,718 new ordinary shares, again at 0.7p each, to the vendors of Rift Valley. The Admission of these shares on AIM is expected on 6 March.
Alexander Nubia (BUY, C$0.35) (AAN TSX, C$0.10, ? 0.0%) has issued a maiden NI 43-101 compliant resource for its Abu Marawat Gold-Copper project in Egypt as a result of completing a 98 drill hole, 19.573m campaign. The Inferred Mineral Resource has been reported at 2.9Mt at average grades of 1.75 g/t Au, 29.3 g/t Ag, 0.77 % Cu and 1.15 % Zn for 162koz Au, 2.7Moz Ag, 49Mlbs Cu, and 73Mlbs Zn. The resource was calculated on about 50% of the available strike length of the vein system and to a maximum depth of 200 metres, and given the mesothermal nature of this deposit, Company management isanticipating that further drilling at depth and on the lateral extension of the vein system could expand the current resource.
Mariana Resources (LON:MARL) Ltd (BUY, 22p) (MARL LN, 9.25p, ? 5.1%) announced that it has appointed Ambrian as a Joint Corporate Broker.
ATH Resources (LON:ATH) plc (ATH LN, 28.5p, ? 5.0%) announced it has received notice from the Secretary of State for Energy and Climate Change that its Appeal against the enforcement notice issued by the Environment Agency requiring ATH to register as a participant in the Carbon Reduction Commitment Scheme ("CRC") in terms of the CRC Energy Efficiency Scheme Order 2010 ("the Order") has been dismissed. However, the Secretary of State did not reach any conclusion on the Group's position that the anticipated CRC Energy Efficiency Scheme Allocation Regulations will be unlawful in that they will create a tax which will contravene EU Directive 2003/96 (the community…
