Atlantic Coal ATC.LN Shares Soar as Market Picks up on Significant Operational Improvements

Atlantic Coal ATC.LN shares soar by 16% Thursday as the market begins to pick up on a raft of good news. ATC , the operator of the Stockton anthracite colliery in Pennsylvania USA, recently announced the completion of the long awaited, rail re-alignment project, unlocking an additional 1 million tonnes of anthracite reserves. This coupled with strong market demand, that has seen the price of anthracite increase to over $166 per tonne, has served to get investors excited about the future prospects of ATC
http://www.youtube.com/watch?v=FuIDDlGO2no&feature=youtube_gdata_player

Daniel Stewart DAN.LN Successfully Close a £9.63 Million Placing for IT Services Group Globo

Daniel Stewart the Pan Euro-Asia brokerage and investment banking group, continue to outshine their London rivals with another fantastic placing for Globo, the software house and developer of the GoEnterprise server system. DS have raised £9.63 Million in a what is a tough period for the brokerage industry,
placing around 36.34 million shares issued to current and new institutional investors at 26.5 pence per share - a slight premium to yesterday's closing share price of 26.13 pence.

Daniel Stewart is one of the few London brokers to recently turn in a profit. The company has steadily been building up its global network that has focused strongly on developing its sales presence in the Middle East and Asia.

This is a strategy that is clearly paying off for the group.

Vatukoula Gold Mines VGM.LN Underground Development Strategy Set to Pay Dividends in the Long Run

Vatukoula Gold Mines VGM.LN the London listed gold mining company report that their current development strategy underway at their 100% owned Fiji mine is set to pay long term dividends.

CEO Dave Paxton, recently turned in a great performance on the Proactive Investors one to one interview, live broadcast programme.

Considered one of London's leading experts on the gold sector, the former city analyst described in detail how the current underground programme underway at Vatukoula is working to strike the right balance between development (opening up new gold faces) and stoping (mining the wanted gold bearing faces)

Vatukoula has considerable underground reserves. The mine sits at the centre of a huge caldera gold bearing land package , where VGM has huge long life mining and prospecting potential. Vatukoula rates as one of the worlds best positioned underground gold mines in terms of jurisdiction profile, (low geopolitical risk) cash cost of production profile and where the human capital of experienced hard working Fiji miners ranks amongst the best in the world.

 With strong stakeholder support from the Fiji Government in a jurisdiction that is pro mining, VGM has recently seen its stock oversold, where the market has possibly not considered the upside of Vatukoula.

The development programme underway is designed to ensure that the mining operation recovers a greater percentage of the higher grade gold bearing ore body, whilst at the same time ensuring development faces are spread at multiple points within the underground structure, providing a safety mechanism so the underground operation can continue at least in some areas of the mine, should a problem occur in another area.

Subject to no further exogenous shocks, VGM is likely to produce over 60,000 ounces of gold this year. With declining gold production from previously strong producers such as South Africa, the price of gold looks to be holding steady at above 1,600 ounces, based on raw supply and demand fundamentals, given the VIX index "worry factor" now appears to be less reflected in the gold price.

VGM has plenty of capacity available between its cash cost of production which unlike other gold miners includes development as expensed and not capitalised, to remain profitable today but also to be well positioned to turn in improved profits as the impact of the new development strategy starts to kick in.

The Proactive Investors interview with Dave Paxton can be seen at

http://www.proactiveinvestors.co.uk/companies/stocktube/1114/vatukoula-gold-mines-ceo-says-production-targets-remain-on-track-1114.html

Atlantic Coal ATC.LN Production Soars from Huge Demand Increase for Clean Anthracite

Atlantic Coal plc, London's leading listed coal producer, released last week a fantastic production update that got the market very excited about ATC'S Stockton Colliery Anthracite operation, located in Pennsylvania's massive anthracite coal district.

For the three months ended 31 March 2011 Stockton increased production by 12% to 31,729 tons of clean coal during Q1 2012 compared to the equivalent period in 2011 (Q1 2011: 28,376).

During the period Atlantic removed 715,691 bank cubic yards (“BCY”) of overburden (Q1 2011: 658,785). 85,911 tons of run of mine coal was washed (Q1 2011: 62,000).


Demand for Stockton’s high quality anthracite remains strong with production from Pennsylvanian anthracite mines struggling to meet demand.


As a result there has been a substantial increase in the average sale price of Pennsylvanian anthracite with a Q1 2012 average price of $166.30 per ton compared with a

Q1 2011 price of $134.25,

an increase of approximately 24%.


Atlantic Managing Director, Steve Best, said, “I am pleased to report that production at Stockton during the first quarter of 2012 has been steady and that we have experienced an increase in comparison to Q1 2011. As announced earlier today, the railroad diversion is now complete allowing the working of over approximately 1.0 million tons of coal of previously unworkable reserves, which will enable us to increase production at the mine over the coming months.”

TAIA Lion Resources, Boosted by a Raft of Good News about Sierra Leone

TAIA Lion Resources, one of Sierra Leone's leading gold exploration companies and committed corporate citizen to the country, is pleased by the increasing positive market sentiment about SL. With the recent news that  a $30.6 million grant from the International Development Association, a World Bank unit, has been allocated to support Sierra Leone, International support for the country is growing apace. The Finance Ministry reports that Sierra Leone's GDP will likely rise by 45% in 2012, as the effect of iron ore exports and other positive economic developments begin to impact on SL's economy.


Commenting on Sierra Leone's feel good factor TAIA Lion Resources CEO Ari Untracht said, "All the team at TAIA Lion Resources are working very hard to bring our projects into life, so we can generate employment, contribute to social welfare and play our role in supporting what is a great and exciting renaissance period currently unfolding in Sierra Leone"

Brazilian Gold Corp BGC.TSX.V Bullish on the Boa Vista Gold Project, Northern Brazil

Brazilian Gold Corp BGC.TSX.V

Bullish on Boa Vista as the Company Completes the Phase Two Exploration Program 

Brazilian Gold Completes Phase Two Exploration Program on the Boa Vista Project of Northern Brazil

Brazilian Gold Corporation (TSXV: BGC) and its joint venture partners, Octa Mineração Ltda. and D’Gold Mineral Ltda., are pleased to announce the completion of the Phase Two drill program (2,745 m in 12 holes) on the Boa Vista project in the Tapajós region of northern Brazil. The Boa Vista project is located approximately 170 km southwest of the town of Novo Progresso and benefits from road access that connects directly to the recently paved BR163 highway.

The final three holes reported in this News Release were collared on the Planalto target and intersected wide intervals of silica altered and veined granite that were geochemically anomalous in gold. The first nine holes were collared on the VG1 target and were announced on February 22^nd and March 26^th, 2012; the VG1 target is located 2.5 km northwest of Planalto.

The Planalto target comprises silica altered, veined and brecciated granitic rocks that forms a northeast trending ridge that is over 2 km long. Three drill holes were completed on two fences spaced 850 m apart; the holes were collared on the eastern side of the ridge and drilled to the northwest (AZ280°) at -55°. All three holes intersected a wide interval (approx. 20 m true thickness) of multi-episodic veining, brecciation and silicification up to 150 m down dip of similar sub-outcrop material mapped on surface. The altered and mineralized zone dips approximately 75° to the east and exhibits open space vein textures suggestive of epithermal style gold mineralization. Gold was anomalous in several samples from the altered interval with values up to 0.42 g/t gold.

Ian Stalker, CEO of Brazilian Gold, commented, “We are encouraged by the potential size and style of mineralization intersected at the Planalto target and plan to complete additional work along this 2 km structure, enabling us to focus and define future drill programs. In addition to Planalto, recent drill results on the VG1 gold-in-soil anomaly (2,000 m) show wide intervals of near surface gold mineralization over the 600 m strike length tested to date and are open in all directions. These two targets, as well as four other high priority targets, indicate the significant potential of our Boa Vista project, an asset that in our view is still underexplored.”

An IP survey (56 km) covering a number of targets was recently completed and is currently being processed and interpreted.

BGC has effectively earned a 61% interest in the Boa Vista project following expenditures of an additional US$2 million. The Company’s expenditure remains on track to ensure that 71% ownership of Boa Vista is secured in accordance with the terms of the Joint Venture agreement.

Laboratory Procedures

Drill core in this program is sampled at 3 m or smaller intervals using a diamond saw. One half of the sample is archived and the other half is dispatched to Acme Analytical Laboratories Ltd.’s sample preparation facility in Itaituba, Brazil, where the sample is crushed, split and pulverized to 200 mesh. The pulp is shipped to Santiago, Chile or Vancouver, Canada for gold fire assay. Acme Analytical Laboratories Ltd. is an internationally certified ISO 9001 laboratory.

Garnet Dawson, M.Sc., P.Geo. (British Columbia), Vice President, Exploration for the Company and a Qualified Person, as defined by National Instrument 43-101, has reviewed and approved the technical disclosure contained in this News Release.

About Brazilian Gold Corporation

Brazilian Gold is a Canadian-based public company with a focus on the acquisition, exploration and development of mineral properties in northern Brazil. The Company has title to one of the largest land packages (3,750 km²) in the Tapajós and adjacent Alta Floresta gold provinces. The land package contains green fields to more advance stage projects including the Company’s flagship São Jorge project. Rapid improvements to regional infrastructure continue to provide underlying support to Brazilian Gold’s activities in northern Brazil.

The São Jorge project contains an indicated mineral resource of 11.365 Mt grading 1.0 g/t gold (379,000 ounces of gold) and an inferred mineral resource of 20.673 Mt grading 0.8 g/t gold (558,000 ounces of gold) at a 0.3 g/t gold cut-off (Coffey Mining, June 21, 2011).

Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or the accuracy of this news release.

URU Metals URU.LN, Fairfax issue new research note

Fairfax release research note on URU Metals, URU.LN the developer of highly prospective nickel and uranium assets.
http://www.urumetals.com/upload/documents/Market-News-Fairfax-URU-Metals-3-Apr-2012.pdf

Atlantic Coal ATC.LN Shares Advance 6% on Raft of Good News

Atlantic Coal ATC.LN the producer of high quality in-demand anthracite from their Stockton Colliery Pennsylvania USA, see their Shares Advance 6% on raft of good news released today.
With production up by 12% the last quarter, the railroad by-pass now unlocking new reserves and a major acquisition strategy involving debt finance, not dilution, ATC is the place to be.

The market wants producers.........and ATC are producing

Production Production at Stockton increased 12% to 31,729 tons of clean coal during Q1 2012 compared to the equivalent period in 2011 (Q1 2011: 28,376).  During the period Atlantic removed 715,691 bank cubic yards ("BCY") of overburden (Q1 2011:658,785).  85,911 tons of run of mine coal was washed (Q1 2011: 62,000).  Demand for Stockton's high quality anthracite remains strong with production from Pennsylvanian anthracite mines struggling to meet demand.  As a result there has been a substantial increase in the average sale price of Pennsylvanian anthracite with a Q1 2012 average price of $166.30 per ton compared with a Q1 2011 price of $134.25, an increase of approximately 24%. Acquisitions Will be funded via adept finance Improvements / Infrastructure / Operations Completion of the Norfolk and Southern Railroad Diversion allowing the working of over approximately 1.0 million tons ("Mt") of coal of previously unworkable reserves ·    An independent mining report highlights that, with the diversion complete,  production  of 160,000 tons of clean coal per annum is achievable in 2012 ·    Existing equipment provides sufficient capacity to achieve production targets at Stockton - delivery of the second Liebherr excavator now expected in H2 2012

Bateman Engineering engaged by SAN Nickel South Africa

Bateman Engineering engaged by URU Metals URU.LN Southern Africa Nickel JV to start work on concentrator design

URU Metals URU.LN Strike It Big With Nickel JV

URU Metals URU.LN the London AIM quoted metals company with large scale uranium properties and 45% shareholder in the Southern African Nickel JV, releases today significant news on their nickel investment SAN-Nickel

Results from drilling at Zebediela and and Burgersfort suggest that SAN now sits on two potential large open pit nickel mines.

URU also announces that seasoned mine developer Mike Houston has joined the team as SAN Nickel CEO. With a PEA out soon and with SAN now fully mobilised and working towards an IPO this year, URU is likely to see significant value returned back to its own share holds when the SAN liquidity event happens later this year.  It will be interesting to see what valuation is placed on SAN, but it looks at this stage that it could be massive, only good news for URU shareholders.

Also take a look at who has been mobilised for the PEA, all the big boys;

Details of the Preliminary Economic Assessment Study ("PEA") Significant progress has been made in proving-up the selective recovery of disseminated nickel and magnetite from the Zebediela ore body using conventional technologies.  The MSA Group has been commissioned to conduct a PEA, which is currently underway and is based on work performed by the following experts: ·     TWP Engineering, responsible for the comminution circuit design; ·     Bateman Engineering N.V., responsible for the concentrator design; ·     Mintek SA, responsible for the comminution test work; ·     SGS South Africa Pty Ltd., responsible for mineralogy work and magnetite recovery test work; ·     Maelgwyn Mineral Services Africa Pty Limited, responsible for nickel flotation test work; ·     Professional Cost Consultants Pty Ltd., responsible for the process facility costing; ·     The MSA Group, responsible for the NI  43-101 compliant mineral resource statement and accompanying NI 43-101 technical report, mine plan, mine and infrastructure costing, environmental studies, financial model and collation of the overall PEA report It is anticipated that the PEA study will be completed during Q2 2012.

See below;

South African Nickel Joint Venture Update  Ongoing drilling continues to confirm large disseminated nickel resources at Burgersfort and Zebediela nickel projects, South Africa Highlights ·    Additional drilling results from both the Burgersfort and Zebediela nickel projects confirm large open pit disseminated sulphide nickel resources. The first phase of drilling has now been completed on both projects. ·    URU Metals has satisfied the terms of the Joint Venture Agreement and has fully vested its interest in both projects. ·    The South African Nickel Joint Venture ("Joint Venture") has engaged MSA Group to complete a Preliminary Economic Assessment ("PEA") on the Zebediela Nickel Project.  ·    Appointment of Mike Houston as CEO of the Joint Venture. Commenting on the nickel joint venture update, Paul Loudon, Non-Executive Chairman of URU Metals, said: "The results continue to be extremely pleasing and indicate that both Burgersfort and Zebediela host large open pit disseminated sulphide nickel resources. Furthermore, the economic potential of one of these projects, Zebediela,will be indicated with the completion of a PEA.  I am particularly pleased to announce that Mr. Mike Houston, a highly experienced mine builder has joined the team.  Mike will lead the feasibility assessments and development of the projects on behalf of the Joint Venture. "

TAIA Lion Resources: Initial Drill Results From Phase One Drill Campaign in Sierra Leone are Positive

TAIA Lion Resources the fast track developer of the exciting Lake Sonfon and Gori Hills gold projects, located in Sierra Leone's highly prospective greenstone gold belt, have released initial results of their phase one drill campaign to a select group of key stakeholders and investors. BrandMining is able to report that from the first 25 holes sunk at the Lake Sonfon property, results have come back from 3 of the holes drilled.

Gold mineralisation has been discovered at the first hole assayed and the assay results from the second two holes show gold mineralisation from surface to depth. Grades are reported to be above 1 gramme per tonne. With assay results still due in from the remaining 22 holes, the large Lake Sonfon land package shows very early signs of having potential to be a large scale open pit gold project.

Commenting on the results TAIA CEO, Ari Untracht said, "Our geological and technical teams have done a superb job in the drill target selection identified for our Phase One drill campaign undertaken on our Lake Sonfon land package, where gold mineralisation has been intersected. I look forward to releasing the  results from our remaining 22 holes, as TAIA Lion continues to work hard in building up a strong geological picture of our gold projects in Sierra Leone"

Daniel Stewart DAN.LN Corporate Broker Turns in Stunning Performance

Daniel Stewart DAN.LN the Pan Euro-Middle East & Asia investment bank and corporate broker announce they will turn in a profit for the period ending 31st March 2012.

Given the perilous state of the brokerage market in London at the moment Daniel Stewart are beating the odds, winning new clients, advancing deal flow and delivering significant growth in mandates from Asia

See Below

Pre close statement for the year ending 31 March 2012

The Board of Daniel Stewart is pleased to provide the following pre-close statement for the period ending 31 March 2012.

We are pleased to advise that, as indicated in our interim statement, we will post a profit for the year ended 31 March 2012. We will announce our audited results as soon as they are available.

Overall trading conditions in the UK small and mid-cap markets remain challenging and the brokerage industry has experienced a period of consolidation as firms re-align their revenues and costs.

Against this backdrop it is pleasing that Daniel Stewart's strategy of developing relationships with overseas partners, thereby expanding our distribution and widening our net in terms of corporate deal flow, has continued to prove successful. We have successfully raised funds in 21 separate transactions for corporate clients during the course of the year.

We are particularly pleased with our joint co-operation with Clarkson Capital, which has undoubtedly improved both our research range, as well as our distribution. It has also helped us target the Middle East and Asia Pacific regions more effectively to the benefit of both corporate and institutional clients. Moreover we have applied for a licence in Hong Kong, which we anticipate will soon be granted. We believe that having a permanent base in this region will be a significant step towards expanding our footprint in other parts of Asia.

As further endorsement of our Far Eastern strategy Jade Global Investments Limited, a financial services company based in China, recently increased their shareholding up to 5.65% with a subscription for a further 10,000,000 shares.

Our Wealth Management business has continued to perform well and we have added additional clients continuously throughout the period.

The Directors are pleased with this performance, and approach the next financial year with renewed optimism.

Geodrill GEO:TOR, Shares Soar by 78% in Six Months

Geodrill, (GEO:TOR) The Toronto listed drilling services contractor based in Ghana, West Africa, have seen their shares soar by 78% in the last six months as the company benefits from a wave of investment continues in exploration activity by mining companies with interests in West Africa.

The company has but out a fantastic set of results just recently. Geodrill is a fast growing cash generating business that is well positioned to capitalise on the continued demand for its drill rigs across West Africa

See Below

Financial Highlights

US$ 000s (except earnings per share)	For the three months ended December 31		For the twelve months ended December 31
	Q4‐11	Q4‐10	2011	2010
Revenue	$20.9	$11.6	$70.1	$45.1
Gross profit	$10.7	$8.8	$38.1	$22.4
As percentage of revenue	51%	76%	54%	50%
Net Earnings	$1.2	$(586)	$12.4	$5.1
Earnings per share – basic	$0.03	$(0.02)	$0.29	$0.17
EBITDA(1)	$7.9	$3.6	$25.2	$14.4
EBITDA margin(1)	38%	31%	36%	32%

(1) Please see “Non‐IFRS Measures” below for additional discussion .These figures account for and include the dissolution of the subsidiary in Cote d’Ivoire and a reduction in an obsolescence provision. EBITDA for the 12 month period ended December 31, 2011 would have been $22.58 million and an EBITDA margin of 32% if these adjustments were not taken into account.
Fourth Quarter and Year End 2011 Operational Highlights:

•   Revenue increased 56% for 2011; Q4 revenue increased 80%;
  
•   Net Earnings increased 144% for 2011;
  
•   Increased the number of drill rigs in operation from 18 to 26;
  
•   Completed 921,471 meters of drilling for 2011 up 92% with addition 14 rigs to be in
  operation by the end of 2012.

•   Strengthened management and operational team with the addition of Roy Sinke, Alan McConnon, and Jocelyn Gingras;
  
•   Strengthened Board of Directors with the addition of Ron Sellwood
  
•   Began construction of a 50 man camp and workshop facilities at North West Ghana for
  the ramp up of drilling the Wa Gold project;
  
•   Increased footprint in Burkino Faso with additional drills and construction of a 80 man
  camp and workshop facilities, currently underway
  
•   Expansion of Kumasi engineering facilities with the addition of one new CNC mill; and
  
•   Increased inventory levels to maintain high levels of mechanical availability for ongoing
  rig expansion.
  “2011 was an outstanding year with record financial and operational achievements for Geodrill. In the first twelve months since our Initial Public Offering, we expanded our rig fleet by 144%, locked in new commitments with existing and new customers and drilled in excess 900,000 meters,” said David Harper, President and CEO of Geodrill Limited. “As we enter 2012, the exploration market in West Africa remains robust opening new opportunities to focused players like Geodrill. With our singular focus on West Africa, we are well positioned for continued growth in 2012.”
  Financial Review
  Revenue
  Revenue increased 56% to $70.15M in 2011 from $45.06M in 2010. Total revenue for Q4‐2011 was $20.86M compared to $11.58M Q4‐2010. Revenue growth was driven by new drilling contracts and the deployment of new drilling rigs throughout the year and the quarter.
  Gross Profit
  Gross profit was $38.06M or 54% of revenue for 2011 compared to $22.39M or 50% for 2010. The increase in gross margins for the year is attributable to an increase in operational drill rigs, meters drilled and operational efficiency. Gross profit for Q4‐2011 was $10.74M or 51% compared to $8.81M or 76% for Q4‐2010. The decrease in the gross margin for Q4‐2011 was primarily due to $1.55M of cost of sales expenses being re‐classified as selling, general and administrative expenses in Q4‐2010.
  Selling, General and Administrative (“SG&A”) Expenses
  SG&A expenses were $19.54M in 2011 compared to $12.17M in 2010. SG&A expenses were $5.04 million in Q4‐2011 compared to $6.38M in Q4‐2010. The increase in SG&A for the year was primarily due to costs associated with acquiring new drill rigs and business expansion, including increases in mobilization and labour costs; increases in travel costs and professional fees.
  Depreciation and Amortization
  Depreciation and amortization of property, plant and equipment expenses increased to $6.64M for 2011, compared to $4.06M for 2010. For Q4‐2011 depreciation and amortisation of property, plant and equipment expenses increased to $2.15M compared to $1.18M in Q4‐2010. The increase for the year and the quarter is as a result of the Company acquiring additional drill rigs and property, plant and equipment throughout the year as part of its expansion.

EBITDA
EBITDA was $25.17M in 2011 or 36% of revenue in 2011, compared to $14.35M or 32% of revenue in 2010. The EBIDTA margin improved as a result in reduction of cost of sales associated with VAT and salary taxes and a reduction of inventory obsolescence provision resulting in additional income of $0.55M. Without these impacts, EBITDA margin would have been 32% for 2011.
For Q4‐2011 EBITDA was $7.86M or 38% compared to $3.63M or 31% in Q4‐2010. The increase is due to increased utilization of drill rig fleet, meters drilled and other operational efficiencies. Q4‐2011 was also affected by reduction of inventory obsolescence provision resulting in additional income of $0.55M and the reversal of a provision for SG&A costs resulting in additional income of 0.84M. Without these changes, EBITDA for Q4‐2011 would have been $4.04M or 31% of revenue.
Net Earnings
Net earnings were $12.41M or $0.29 per share in 2011, compared to $5.08M in 2010 or 0.17 per share in 2010. Net earnings were primarily affected by the dissolution of the Cote d’Ivoire triggering a positive resolution of VAT and salary tax obligations. For Q4‐2011 net earnings were $1.22M or $0.03 per share compared to a loss of 0.59M or a loss of $0.02 per share for Q4‐ 2010. Net earnings for Q4‐2011 were affected by change in depreciation policy and recognition of a deferred tax expense of $3.5M.
Cash from Operations
The Company maintained positive cash flow from operations in the amount of US$7.98M for 2011 compared to positive operating cash flows of US$9.33M for 2010.The lower positive cash flows in 2011 compared to 2010 reflected increased prepayments for drill rigs and other property, plant and equipment of US$6.31M and increased inventory levels of US$5.68M.
For Q4‐2011 the company generated positive cash flows in the amount of $6.50M compared to $1.71M in Q4‐2010. Cash flows for the year and the quarter continue to be driven by an overall increase in revenues.
As at December 31, 2011 the Company had cash and cash equivalents equal to US$8.17 million. The Company currently has 42,476,000 ordinary shares issued and outstanding.
Outlook
The Company views the industry dynamics underlying demand for its services to be favourable and, accordingly, has added significantly to its capacity through the acquisition of additional

drill rigs. All of the Company’s drill rigs, as at December 31, 2011, were committed to contracts. With 26 of the Company’s drill rigs commissioned and being utilized on client sites, 1 drill rig is in transit and 13 drill rigs on order and with the supplier under manufacture (which are expected to arrive in Ghana and be operational in 2012) the Company will be able to leverage increased capacity.
The Company’s drill rig fleet and the drill rigs deployed or planned to be operational in the field are noted below:

Make ‐Model	Type	In Operation as at Mar 31, 2011 No. of Rigs		In Operation as at Jun 30, 2011 No. of Rigs		In Operation as at Sep 30, 2011 No. of Rigs		In Operation as at Dec 31, 2011 No. of Rigs		Planned to be Operational in 2012 No. of Rigs
UDR ‐ 650	Multi‐Purpose	2	1 X 2003 1 X 1993
UDR ‐ KL900	Multi‐Purpose	4	1 X 2007 1 X 2003 1 X 1999 1 X 1998
Sandvik ‐ DE820	Multi‐Purpose	4	1 X 2010 3 X 2008
Sandvik ‐ DE810	Multi‐Purpose									6	6 X 2012
EDM ‐ 2000	Multi‐Purpose	2	2 X 2011							2	2 X 2012
Austex ‐ X900	Multi‐Purpose					2	2 X 2011	1	1 X 2011	4	4 X 2012
Sandvik ‐ DE710	Core	7	1X 2011 5 X 2010 1 X 2009			1	1X2011
Austex ‐ X300	Aircore	2	2 X 2010	1	1 X 2011					2	2 X 2012
Total Drill Rigs		21		1		3		1		14
Cummulative		21		22		25		26		40