Mining Sector: Forte Energy tumbles as transaction talks fail
The company said it would now resume trading on the Australian Securities Ezxchange while continuing to assess alternative opportunities.
In the meantime, the company says it has raised gross proceeds of £587,177, before expenses, under its £10m equity financing facilitywith Darwin Strategic, a majority owned subsidiary of Henderson Volantis Capital.
Under the terms of the EFF agreement, the company has raised £587,177 through the issue of 29,250,000 new ordinary shares to Darwin Strategic.
Arian Silver Corporation's net losses fell to $4.03m in the year to the end of December - down from $10.97m in 2011.
The group pointed out that the 2011 figure included a charge of $8.5m in respect of share option expenses.
Arian Silver's [LON:AGQ]revenues dropped to $4.6m from $7.5m and it made a gross loss of $764,000 against a profit of $812,000 in 2011.
It said decrease in revenues and gross profits, and the net loss, was a result of the suspension of milling operations following a dispute with the mill owner.
Chief executive Jim Williams said: "2012 has been a busy year for the company during which we significantly increased our silver, lead and zinc resources at our flagship San Jose property, and acquired land at San Jose to accommodate a proposed custom mill.
"In addition, we concluded independent studies on mining, plant design and metallurgy, as well as a technical audit combining the results of these studies.
"These have been important steps for the company's growth plans, and coupled with the intended acquisition of a custom mill, can be expected to result in significantly improved efficiencies through better metal recoveries, higher throughput and lower overall production costs.
"Our new toll milling operations resumed in February at a newly refurbished mill with capacity of up to 500 tpd, which will provide essential cash flow to the business. We will report production details with our Q1 results.
"Arian looks forward to continued progress on all fronts during the rest of 2013."
ATH Resources' [LON:ATH] board expects a comprehensive review and restructuring of the group's business following the acquisition of some its banking facilities by Hargreaves Services.
ATH Resources said it had been notified by its lender, BECAP Capital Coal, that Hargreaves Services had acquired some of ATH Resources and its subsidiaries' banking facilities and their related rights.
It said that as a result of initial discussions with representatives of Hargreaves Services, the board understands that a comprehensive review and restructuring of the group's business will be required and that, given the existing level of liabilities in the company, it is unlikely that existing shareholder value will be maintained.
The board will continue to update the market as appropriate.
Regency Mines [LON:RGM] says it is excited by the prospectivity of new targets in Sudan and Australia.
An operational update says that in Sudan, Regency has identified additional areas prospective for agrominerals and requested its farm-in partner International Mineral Resources (Agrominerals Sudan) to apply for the inclusion of these areas within the concession agreement. Regency says further announcements will be made in due course.
In Australia, the company has planned and will shortly commence trenching and an air-core and diamond drill programme of up to 2,500m on identified targets for graphite mineralisation at its Munglinup activities in Western Australian (licence E74/458).
The principal objective of the programme is to identify extensions within the license of the adjacent Halberts high grade large flake graphite mine. This follows the identification through fieldwork of three magnesite-rich trends to the north-east of Halberts. Additional testing of other targets within the licence will be carried out and the current schedule is for work to start mid-March.
Chairman Andrew Bell said: "The opportunity to use the rigs of a competent driller already nearby and to have the assistance of a geologist familiar with the area has enabled us to accelerate our activities at Munglinup graphite and to plan for a drill campaign more cost-effective than we could have anticipated. We are excited by the prospectivity of the new targets."
Archipelago Resources [LON:AR.] has revealed 'further impressive drilling results' from its Blambangan and Pajajaran deposits at the Toka Tindung mine in Indonesia.
The company's latest results are from deeper mineralised zones and continue to indicate high grade extensions at both deposits.
Highlights at Blambangan include 8m at 7.93g/t Au (BP060A, 156 - 164m) [including 3m at 17.92g/t Au; 158 - 161m] and 8m at 3.41g/t Au (BP060, 146 - 154m) [including 1m at 13.60g/t Au; 146 - 147m].
Highlights at Pajajaran include 13m at 5.98g/t Au (PJJ028, 205 - 218m) [including 2m at 27.55g/t Au; 206 - 208m]; 5m at 10.32g/t Au (PJJ049, 24 - 29m); 6m at 5.71g/t Au (PJJ047, 103 - 109m) [including 1m at 21.60g/t Au; 105 - 106m]; 4m at 9.22g/t Au (PJJ046, 7 - 11m) [including 2m at 14.85g/t Au; 7 - 9m]; 7m at 4.44g/t Au (PJJ044, 143 - 150m) [including 1m at 10.50g/t Au; 147 - 148m]; 8m at 3.59g/t Au (PJJ040, 224 - 232m) [including 2m at 8.81g/t Au; 224 - 226m]; 10m at 3.64g/t Au (PJJ048, 92 - 102m) [including 1m at 18.40g/t Au; 100 - 101m] and 5m at 6.95g/t Au (PJJD051, 230 - 235m).
Managing director and chief executive Marcus Engelbrecht said: "The Blambangan and Pajajaran intersections are the final results from our highly successful 2012 exploration programme, again demonstrating the quality of both deposits as we continue to drill at depth.
"Our immediate focus is on updating Toka Tindung's Resource and Reserve to take into account the encouraging results reported throughout 2012."
[LON:AGQ] share price was -0.87p at 12.38p
[LON:AMI] American Investment Trust share price was -12.75p at 271p
[LON:AQP] Aquarius Platinum share price was -1.12p at 57.38p
[LON:AR.] Archipelago Resources share price was +3.25p at 54.75p
[LON:BEM] share price was -0.62p at 13.13p
[LON:BKY] share price was 0p at 34p
[LON:CEY] Centamin Egypt Ld share price was -0.25p at 53.45p
[LON:CHL] share price was +0.03p at 8.75p
[LON:CZA] share price was -1p at 15p
[LON:FDI] Firestone Diamonds share price was 0p at 4p
[LON:FRES] share price was -37.5p at 1515.5p
[LON:FTE] share price was -0.42p at 1.35p
[LON:GEMD] share price was -0.5p at 162.5p
[LON:HOC] share price was -11.35p at 376.85p
[LON:KMR] Kenmare Resources share price was -0.88p at 34.12p
[LON:RGM] share price was +0.01p at 0.7p
[LON:VED] Vedanta Resources share price was -9.5p at 1166.5p
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