Solo Oil Shares Soar on Equity Line Facility Withdrawal

Solo Terminates Equity Line Facility.

Solo today announces that it has mutually agreed to terminate the three year £10 million Equity Line Facility with Dutchess Opportunity Cayman Fund Ltd ("Dutchess") as the Company now believes that this type of facility no longer fits with the Company's forward funding plans.

The Company has worked effectively with Dutchess over the past year with this facility and it achieved the objectives of funding its obligations to drill, complete and test the exciting Ntorya 1 gas and condensate discovery in Tanzania. Solo no longer sees it necessary to utilise this facility going forward and has terminated the Dutchess facility at no cost to either party.

Solo has announced that it has entered into a Vendor Collaboration Agreement with Aminex plc ("Aminex"), which has engaged FirstEnergy Capital LLP ("FirstEnergy") to manage the farm-out of up to 50% of the two companies' respective working interests in the Ruvuma PSA in Tanzania.

The Ruvuma PSA covers 6,079 square kilometres on the Tanzanian border with Mozambique and is located within the wider Ruvuma Basin where over 100 trillion cubic feet (tcf) of gas has been discovered in recent years. Earlier this year gas was discovered by Solo and Aminex at the Ntorya-1 well in the Ruvuma PSA. Ntorya-1 was tested at over 20 million cubic feet per day of gas and 139 barrels of condensate (53 degree API) on a 1" choke.

As recently announced, an independent technical evaluation of the Ruvuma PSA has been prepared by ISIS Petroleum Consultants ("ISIS") which attributed a total mean unrisked gas-initially-in-place (GIIP) for identified leads, prospects and discoveries of 5.75 tcf within the PSA.

The Ntorya discovery has significant potential for commercial development and is estimated by ISIS to contain 1.2 tcf of discovered and undiscovered mean GIIP. It is anticipated that gas from Ntorya and the Ruvuma PSA generally will be commercialised via the planned 36" diameter pipeline which will run through the PSA area to Dar es Salaam, which is the largest gas market in Tanzania.

FirstEnergy is a leading international energy-focused investment bank, providing full-service energy expertise including a dedicated technical advisory group to oil and gas property acquisitions and divestitures, based in London.

Participants in the Ruvuma PSA are; Ndovu Resources Ltd (Aminex) 75% (operator) and Solo Oil Plc 25%. It is envisaged that additional 2D seismic will be acquired starting in 2012 and that two further exploratory wells will be drilled in the second half of 2013.

David Lenigas, Solo Executive Chairman, commented; "Solo's management has utilised this Dutchess facility extensively over the past year to fund the Ntorya 1 discovery in Tanzania and complete the well for testing. We are confident of finding a funding partner for the Ruvuma PSA and our need for funding of this type is deemed no longer necessary.

Competent Person's Statement:

The information contained in this announcement has been reviewed and approved by Neil Ritson, Chief Executive Officer and Director for Solo Oil Plc who has over 35 years of relevant experience in the oil industry. Mr. Ritson is a member of the Society of Petroleum Engineers, an Active Member of the American Association of Petroleum Geologists and is a Fellow of the Geological Society of London.

NOTE: The terms "Discovered" and "Undiscovered" Gas Initially-in-Place are used in accordance with the SPE Petroleum Resources Management System classification of 2007.

Brazilian Gold BGC.TSXV, Undersold and Overlooked

Brazilian Gold BGC.TSXV is one of Brazil's leading junior gold mine development companies, with not only NI 43-101 classified resources but with a PEA on its flagship São Jorge gold deposit located in the Tapajós Mineral Province of northern Brazil.
Brazilian Gold, under the leadership of the highly experienced gold mining veteran Ian Stalker, is certain to advance into some form of production phase over the next 12 months. 

Over the last 18 months the TSX market has significantly oversold exploration stage miners and unfortunately Brazilian Gold has been caught up in that wave. I strongly advise investors and readers of my blog to take a closer look at BGC, WHY?
well at .20 Canadian cents, this stock should be considered a real bargain, with a massive upside.

So in 18 months I will report back and I am certain my prediction for a sharp rise in the stock of BGC will be vindicated

Check them out.............PS the Brokers are all tipping a buy, not just me

Regards
Andre 

Vatukoula Gold Mines VGM.LN Boosted Further by Chinese Investor Confidence and Growing Signs of a Reversal of Fortunes Happening Underground

3rd October 2012

The ratification by Chinese group Xintai, of their investment in Vatukoula Gold Mines, VGM.LN provides a further boost to the company at a moment when both market and operational conditions for VGM are starting to look good. 

With analysts remaining bullish on gold and no sign that the price is set to slip and with VGM now solving what has been an age old problem, under-capitalisation, the company is now well positioned to see through its operational transition. 

It is this transition into a focus on foot-wall mining underground, a more efficient way of liberating Vatukoula's high grade gold from its ore body in what is a shift in emphasis from the less efficient strike drive mining method, the traditional way Vatukoula has been mined down the years. 

Whilst strike drive mining at Vatukoula is good for volume and underground development, it does come at a cost and that is the mine to waste ratio is often high.

The move into mining through the foot-wall method is set to see Vatukoula mine a greater percentage of ore and less waste, putting higher grades through the mill. 

The Chinese clearly have confidence in what the VGM mine management are doing and rightly so. If VGM comes out of this transition process the other side, the company will be in a great shape and the Chinese investors both Xintai and Zhongrun will have got themselves a really good stake in not just Vatukoula but also within Fiji itself where  there is a raft of other mineral extraction opportunities, least of which is still Vatukoula that have a huge under-expored land package themselves!!!!!

In addition, should VGM set off on a deal with Fiji Sugar to build a biomass electricity generating facility, then this would be a really good value catalyst for Vatukoula, in a move that would significantly reduce power consumption costs and likely to mean a net reduction in cash costs per ounce by as much as $200

Below is the latest RNS release where I would like to draw your attention to the statement by the Xintai CEO Mr Wang,

Vatukoula Gold Mines Plc. (AIM: VGM), the AIM listed gold producer and explorer, provides an update to the announcement made on 29 August 2012 in relation to a binding placing agreement with Shengen Xintai International Mine Industry Group Co. Ltd. ("Xintai").

Under the agreement the placing is to be completed in two tranches via the issue of a £3,195,900 convertible loan ("Loan Note") and the issue of 13,812,374 new ordinary shares in the Company at a price of 51.65 pence per share ("Placing") to raise £7,134,091. The Loan Note will automatically convert to 6,187,626 ordinary shares upon closing of the Placing, such that Xintai will invest a total of £10.3 million to acquire a total of 20 million new ordinary shares

The Placing is conditional on the approval of the state authorities in China. As a result of longer than expected timeframes in obtaining the regulatory and administrative approvals Xintai have requested an extension to the date of completion of the Placing and the Loan Note. The long-stop date of the original agreement was the 3^rd October 2012. Therefore given the above Vatukoula has granted a non-exclusive extension to the Loan Note until the end of October 2012 and the Placing until the end of November 2012.

Mr Dingli Wang, CEO of Xintai commented;

"Xintai remains committed to the placing and we continue to believe that Vatukoula represents an excellent investment opportunity. We have spent considerable time at the operations in Fiji and remain confident that the right strategy and management team are in place and are capable of delivering on their stated goals."

Atlantic Coal ATC.LN Massive Increase in Production Performance as Railroad Re-Alignment Serves as Major Value Catalyst

Atlantic Coal plc ("Atlantic" or the "Company")

Increased Production From Stockton Coal Mine

Atlantic Coal plc, the AIM-listed anthracite coal mining company operating in Pennsylvania, USA, is delighted to announce a positive production update for the three months ended 30 September 2012, from its Stockton mine ("Stockton") located near Hazleton, PA.

Key production fundamentals:

·    Excellent 130% increase in clean coal production year on year to achieve record production of 44,633 tons (Q3 2011: 19,424)

·    38% increase in clean coal sold year on year to 33,336 tons (Q3 2011: 24,111)

·    Run-of-mine ("ROM") coal washed more than doubled year on year to 107, 625 tons (Q3 2011: 50,816 tons)

·    935,767 bank cubic yards ("BCY") of overburden removed (Q3 2011: 833,055 BCY)

·    Significant improvement in strip ratio of overburden to clean coal to 21.0 (Q3 2011: 42.9) - photographs of the exposed Mammoth Seam are available in the gallery section of the Company's website: www. atlanticcoal.com/Gallery/

·    Robust levels of stock pile inventory, run-of-mine (42,416 tons) and clean coal (23,435 tons) targeted for sale during the lucrative winter home heating season

·    Average sales price realised was US$148.49 excluding by product # 5 (Q3 2011: US$146.98) - continued strong national demand for high quality anthracite but slight quarter on quarter price drop experienced due to cyclical slower summer period

Atlantic Managing Director Steve Best said, "This is an exciting time for Atlantic as production at Stockton continues to build upon the record figures reported in Q2 2012.  Stockton's production profile has been transformed since the successful completion of the railroad diversion in April 2012, as evidenced by the 130% increase in production and the 38% increase in sales of clean coal year on year.

"These results strengthen our position in the region, and with options currently held over a number of larger anthracite sites, further details of which were contained in our recent interim statement, and each with the potential to enlarge our portfolio substantially, we look forward to the coming months with optimism. We will update shareholders on the status of these transactions at the appropriate time.

"In addition, Atlantic has completed reclamation work on nearly 1,000 acres of the former Gowen Mine.  This is further good news for the Company, producing environmental improvements and representing the completion of a major programme of expenditure."

Q3 2012 Production Summary:

Run-of-mine washed (tons)	Overburden Removed (bank cubic yards)	Clean Coal Production (tons)	Average Price per ton (US$)
107,625	935,767	44,633	148.49 excluding by product #5