Strategic Minerals - Full -scale Production Commences
For immediate release: 22 November 2012
Strategic Minerals Plc
("Strategic Minerals", "Strategic" or the "Company")
Company Commences Full-scale Production
First Export Market Shipment from its New Mexican Tailings Project
Strategic Minerals Plc (AIM: SML; USOTC: SMCDY), the magnetite iron ore producer and exploration company is delighted to announce that it has commenced full-scale production with the completion of its first export market shipment from its magnetite tailings deposit at the Cobre Mine in New Mexico. The FOB sale from the port of Guaymas in Mexico of over 47,000 dry metric tonnes ("DMT") was made to Glencore AG, a subsidiary of Glencore International PLC (LSE:GLEN). The Company is now well positioned to achieve shipments in the export market of approximately 50,000 DMT per month.
James Fyfe, Executive Chairman of Strategic Minerals, said:
"We are delighted to announce completion of our first export market shipment to one of the world's leading commodity suppliers. It is a hugely important milestone for the Company. This achievement marks the end of the development stage and the beginning of what will undoubtedly be a very exciting future for Strategic. It demonstrates not only the strength of our business model and our ability to acquire projects that can deliver shareholder value quickly, but also the ability of our management to execute on those projects."
Paul Harrison, CEO of the Company, commented:
"We are excited that this important development has now been completed. Achieving in-production status for a junior mining company incorporated only two years ago and listed on the AIM Market less than eighteen months ago is a true testament to our commitment to achieving our stated goals in early course for our shareholders. Supplying our high quality magnetite ore to commercial customers through the export market will enable us to ramp up our revenues significantly. To date we have only been able to truck haul a limited amount of product from the mine site."
The Company announced in June 2012 that it had completed the rehabilitation and upgrade of the rail link to the Cobre Mine in New Mexico to enable rail shipments of its magnetite iron ore to begin. In August it announced the successful completion of a test shipment by rail to the port of Guaymas in Mexico and in September the Company announced its state of readiness to commence exports shortly. Such export sales have now commenced with this first shipment. The Company continues to service the USA domestic market at increasing levels through truck sales at mine gate.
Thursday 22 November 2012
Thursday 1 November 2012
Brazilian Gold Corp BGC.TSXV Edging Further Closer to Production with Flagship Sao Jorge
Brazilian Gold Announces Filing of Updated Technical Report on Mineral Resources of the São Jorge Gold Project
Release No. 18/12
Vancouver, BC, October 29, 2012
Brazilian Gold Corporation (TSXV: BGC) is pleased to announce that it has received from Coffey Mining the National Instrument 43-101 Technical Report dated October 29, 2012 entitled "São Jorge Gold Project, Pará State, Brazil, Independent Technical Report on Mineral Resources" and it has been filed on Sedar (www.sedar.com) and is also available on the Company's website (www.braziliangold.ca). Details of the São Jorge resource estimate were announced in a News Release on September 19, 2012 (News Release 16/12).
Brazilian Gold owns a portfolio of road accessible, grass-roots to advance stage (São Jorge) gold projects in the Tapajós region of northern Brazil.
In 2012, Brazilian Gold is focused on expanding their resource base and completing engineering studies on our São Jorge project.
BGC's share price has suffered market drag-down where the TSX Venture exchange has born the brunt of a significant sell off
Unfortunately BGC shares have been dragged down and I consider them to have been significantly oversold by the market.
Atlantic Coal ATC.L Remain on Track for Expansion
Atlantic Coal reveals extension to option of further assets in Pennsylvania
Atlantic Coal (LON:ATC) now has until the end of March next year to exercise an option on a second anthracite coal property in Pennsylvania.
The original deal, announced in February this year, had a deadline of October 31, but this option has now been extended until March 31 next year, it said.
The cash consideration to extend the option is US$75,000 which is non-refundable and payable immediately but will be applied in part satisfaction of the US$35 million cash consideration payable to exercise the option, it said.
Atlantic coal has carried out significant due diligence on the anthracite mining assets in question, including preparing a competent person's report, which it says is in "advanced draft form".
In February, the company said that because of the size of the potential deal it would amount to a reverse takeover and would require shareholder approval.
Steve Best, Atlantic’s managing director, has said that the firm's strategy was to expand in Pennsylvania and to build the company into a major US anthracite producer.
Blogged from proactive Investors
Vatukoula Gold VGM.LN Further Boosted by Continued Chinese Investor Confidence
Vatukoula Announce New Subscription Agreement signed with Zhongrun for £6.6 million
Vatukoula Gold Mines plc is pleased to announce that it has entered into a new subscription agreement with Zhongrun International Mining Co. Ltd. ("Zhongrun") whereby Zhongrun has subscribed for 20,000,000 new ordinary shares in the Company (the "Subscription Shares") at a price of £0.33 per share, to raise £6.6 million (the "Subscription Agreement").
The Subscription Shares will represent approximately 17.01% of the enlarged issued share capital of the Company. Zhongrun currently holds 9,000,000 shares in the Company and on completion of the Subscription Agreement Zhongrun will hold 29,000,000 shares representing approximately 24% of the enlarged issued share capital of the Company. All relevant regulatory approvals have been granted and as such we envisage that the Subscription Agreement will complete by the middle November.
The subscription agreement with Zhongrun replaces the subscription agreement with Shengen Xintai International Mine Industry Group Co. Ltd. ("Xintai") as announced on 29 August 2012 and as extended on 3 October 2012. It has become apparent to the Board of Vatukoula that Xintai cannot complete the agreed subscription in the time frames previously announced and Company will be pursuing its legal rights against Xintai for its failure to meet the terms of its signed subscription agreement.
In conjunction with the Subscription Agreement, the Company has agreed that Zhongrun will be entitled to propose four nominees for election as Directors at the next Annual General Meeting, subject to the approval by the Nominating Committee and election by shareholders.
Zhongrun International Mining Co., Ltd. Is a wholly owned subsidiary of Zhongrun Resources Investment Corp. ("Shandong Zhongrun") a public company based in Jinan City, the Peoples Republic of China. Shandong Zhongrun is listed on the main board of the Shenzhen Stock Exchange and is engaged in mineral resources exploration and development and equity investment in companies with precious and non-ferrous metals projects. In April 2012 Zhongrun subscribed for 9,000,000 shares and invested £5.4 million in the Company. Shandong Zhongrun operates out of Tower 17, Zhongrun Century Plaza, No. 13777 Jingshi Road East, Jinan City, Shandong Province, P.R. China, 250014.
Dave Paxton, CEO of VGM commented:
"The Board is disappointed that Xintai failed to complete its subscription agreement but is very pleased to welcome the investment of Zhongrun in VGM and looks forward to continuing its valuable strategic relationship with Zhongrun to assist in the development of the Vatukoula Gold Mine"
Vatukoula Gold Mines plc is pleased to announce that it has entered into a new subscription agreement with Zhongrun International Mining Co. Ltd. ("Zhongrun") whereby Zhongrun has subscribed for 20,000,000 new ordinary shares in the Company (the "Subscription Shares") at a price of £0.33 per share, to raise £6.6 million (the "Subscription Agreement").
The Subscription Shares will represent approximately 17.01% of the enlarged issued share capital of the Company. Zhongrun currently holds 9,000,000 shares in the Company and on completion of the Subscription Agreement Zhongrun will hold 29,000,000 shares representing approximately 24% of the enlarged issued share capital of the Company. All relevant regulatory approvals have been granted and as such we envisage that the Subscription Agreement will complete by the middle November.
The subscription agreement with Zhongrun replaces the subscription agreement with Shengen Xintai International Mine Industry Group Co. Ltd. ("Xintai") as announced on 29 August 2012 and as extended on 3 October 2012. It has become apparent to the Board of Vatukoula that Xintai cannot complete the agreed subscription in the time frames previously announced and Company will be pursuing its legal rights against Xintai for its failure to meet the terms of its signed subscription agreement.
In conjunction with the Subscription Agreement, the Company has agreed that Zhongrun will be entitled to propose four nominees for election as Directors at the next Annual General Meeting, subject to the approval by the Nominating Committee and election by shareholders.
Zhongrun International Mining Co., Ltd. Is a wholly owned subsidiary of Zhongrun Resources Investment Corp. ("Shandong Zhongrun") a public company based in Jinan City, the Peoples Republic of China. Shandong Zhongrun is listed on the main board of the Shenzhen Stock Exchange and is engaged in mineral resources exploration and development and equity investment in companies with precious and non-ferrous metals projects. In April 2012 Zhongrun subscribed for 9,000,000 shares and invested £5.4 million in the Company. Shandong Zhongrun operates out of Tower 17, Zhongrun Century Plaza, No. 13777 Jingshi Road East, Jinan City, Shandong Province, P.R. China, 250014.
Dave Paxton, CEO of VGM commented:
"The Board is disappointed that Xintai failed to complete its subscription agreement but is very pleased to welcome the investment of Zhongrun in VGM and looks forward to continuing its valuable strategic relationship with Zhongrun to assist in the development of the Vatukoula Gold Mine"
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