StockMarketWire.com - Weatherly International's [LON:WTI] shares jumped after it reported quarterly production of 4,442 tonnes of copper cathode at its Tschudi copper asset in Namibia - 4% above its nameplate rate of 17,000 tonnes per annum.

C1 costs for Tschudi for the quarter were US$3,429 per tonne, remaining well below guidance of US$4,250-4,350 per tonne for the current financial year.

Prices received for the quarter averaged US$4,742 per tonne and planned June quarter production has been pre-sold at US$4,912 per tonne.

Chief executive Craig Thomas said: "We are very pleased with the consistent production performance from Tschudi during the quarter, and we finished the period 4% above nameplate, continuing our track record of meeting or beating guidance at Tschudi. "Exchange rate movements have assisted us in keeping US dollar production costs well below forecast, although a focus on productivity and cost discipline by the team on site have also played important roles in delivering these satisfying results."

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Griffin Mining [LON:GFM] posts a pre-tax loss of $940,000 for the year to the end of December against a profit of $1,021,000 in 2014.

With increased throughput and production, more metal in concentrate was sold in 2015 compared with 2014, however, metal in concentrate prices were significantly lower in 2015 than in 2014 with zinc metal in concentrate prices received averaging $1,191 per tonne, down 11.5% from that received in 2014 of $1,345, silver $11.90 per oz down 30% from that received in 2014 of $17.10, and gold $1,043 per ounce down 17% on that received in 2014 of $1,251.

Cost of sales of $42,948,000 increased from that incurred in 2014 of $25,345,000, which had been impacted by the suspension in production from August to November 2014 due to the upgrade of the processing facilities. 267,313 (47%) more tonnes of ore were processed in 2015 than in 2014. With processing costs increasing by 35%, costs per tonne of ore processed fell by 8%.

Mining and haulage costs were down on that incurred in 2014 as a result of the suspension in mining for three months following the two fatal incidents in 2015. However, mine servicing costs continued to be incurred during the suspensions. Net operating costs fell 7% from $13,487,000 in 2014 to $12,530,000 in 2015. This reduction in costs has been achieved despite higher share based option charges of $1,047,000 (2014 $316,000), inflationary pressures; and fines and penalties incurred following the mine fatalities. With lower metal prices and increased cost of sales, profits from operations fell from $6,732,000 in 2014 to $4,301,000 in 2015.

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Orosur Mining [LON:OMI] has reported a profit after tax of USD3.1M for the third quarter to Feb 29, compared to a loss of USD1.9M for the same period last year.

Other financial highlights include:

- All-in-sustaining-costs (AISC) of US$978/oz, representing a significant improvement over Q3 FY15 (US$1,132/oz), Q1 FY16 (US$1,166/oz) and Q2 FY16 (US$1,095/oz).

- The Company reiterates its stated guidance of AISC below US$1,000/oz for the remainder of the year and between US$1,000-1,100/oz for the full year. Production of 7,274 oz compared with 13,760 oz in Q3 FY15.

- YTD production of 27,917 oz, ahead of the Companys 30,000 35,000 oz guidance for the full year.

- Operating cash costs of US$803/oz, compared to Q3 FY15 (US$876/oz). Average gold price received of US$1,143/oz compared with US$1,220/oz in Q3 FY15.

- Total cash balance of US$2.0M (compared with US$2.6M at November 30, 2015) and debt of US$0.4 million (compared to US$0.8 million at November 30, 2015). The Company has US$3.0M of undrawn lines of credit committed by Banco Santander available at February 29, 2016 and as of the date hereof.

Ignacio Salazar, CEO of Orosur, said:

This quarter saw our strategic plan to reduce costs come to fruition, positioning the Company as a more resilient producer in this current gold price environment. As planned, we are very pleased to announce that, AISC was significantly reduced to below our target of US$1,000/oz. This quarter the Company also returned to profit and fully repaid the Santander loan, leaving the Company practically debt-free.

Additionally, the Company received all required permits to commence the development of San Gregorio Deeps without the need for external funding. We are also advancing our portfolio of exploration assets, prioritising our projects with near term returns in Uruguay, those of higher quality in Colombia and those which are already financed such as Anillo in Chile.

We are also delighted to announce the promotion of Alejandra Lopez, a long time Orosur employee, as our interim CFO. Alejandra possesses a strong skillset and knowledge of our operations, and her work in recent months has been extremely valuable.

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Green Dragon Gas [LON:GDG], one of the largest independent companies involved in the production and sale of CBM gas in China, will announce its results for the year ended 31 December on 27 April. * * *

Firestone Diamonds [LON:FDI] reports strong progress at its 75%-owned Liqhobong diamond mine which is on track for initial production in the fourth quarter of this year.

Firestone said construction was 72% complete as at the end of March and the revised capital budget of ZAR2.1 billion, remains within the original project budget of US$185.4 million.

The number of project items now complete or 98% complete include:

- Residues Storage Facility ("RSF") starter wall

- Design and Engineering

- Procurement

- Earthworks

- Structural Steel Fabrication

Chief executive Stuart Brown said: "Firestone has achieved another strong quarter of progress at Liqhobong, which, as at 31 March 2016, was 72% complete and on track for initial production in Q4 2016. "The last quarter saw favourable weather conditions at site and the granting of a number of work permits by the Government of Lesotho, our 25% partner in the Project, contributing towards completing a number of key project components. "Firestone remains fully funded to completion of the Project, production ramp up and the first sale of its Liqhobong diamonds and I look forward to providing further updates as we move towards project commissioning in Q4."

The remaining 25% of the mine is owned by the government of Lesotho.

* * *

Firestone Diamonds [LON:FDI] reports strong progress at its 75%-owned Liqhobong diamond mine which is on track for initial production in the fourth quarter of this year.

Firestone said construction was 72% complete as at the end of March and the revised capital budget of ZAR2.1 billion, remains within the original project budget of US$185.4 million.

The number of project items now complete or 98% complete include:

- Residues Storage Facility ("RSF") starter wall

- Design and Engineering

- Procurement

- Earthworks

- Structural Steel Fabrication

Chief executive Stuart Brown said: "Firestone has achieved another strong quarter of progress at Liqhobong, which, as at 31 March 2016, was 72% complete and on track for initial production in Q4 2016. "The last quarter saw favourable weather conditions at site and the granting of a number of work permits by the Government of Lesotho, our 25% partner in the Project, contributing towards completing a number of key project components. "Firestone remains fully funded to completion of the Project, production ramp up and the first sale of its Liqhobong diamonds and I look forward to providing further updates as we move towards project commissioning in Q4."

The remaining 25% of the mine is owned by the government of Lesotho.

* * *

Churchill Mining [LON:CHL] has confirmed that a general meeting of the Company is to be held on 6 May 2016 to consider resolutions to renew the share allotment and dis-application of pre-emption rights over approximately 15% of the current issued share capital.

* * *

Alba Mineral Resources [LON:ALBA] has reported the completion of rock geochemistry assays on samples from the former graphite mine at Amitsoq, part of the Amitsoq graphite project near Nanortalik in southern Greenland.

Analyses indicate that the geochemistry is substantially in agreement with a petrographic study carried out by the British Geological Survey.

The samples are dominated by phylosilate minerals (clay, mica and chlorite) and graphite, with pyrite comprising between 0.1 and 5.5% of the samples.

The pyrite contains minor amounts of trace metals, which are neither considered as credits nor penalty elements if the pyrite is separated from the graphite.

HIGHLIGHTS

- Secondary laboratory tests are substantially in agreement with initial British Geological Survey (BGS) graphite tests with regard to carbon content (BGS tests found overall mean graphitic carbon content of 28.7%)

- Potentially detrimental ("penalty") elements (arsenic, antimony, cadmium, and mercury) all occur in low concentrations

- Potential smelter credit elements (silver, gold, copper, lead and zinc) are low.

Mike Nott, Alba's CEO, commented:

"The results from the geochemistry study are gratifying. They confirm many of the conclusions of the BGS petrography study regarding the presence of pyrite and the high grade graphite present in the samples. The trace element geochemistry confirms that no elevated concentrations of harmful elements are present in the graphite."

"We eagerly look forward to the next phase of exploration, which will involve an airborne geophysical survey and follow-up fieldwork. After appraising the geophysical results, we hope to initiate a drilling programme to determine the thickness and continuity of the graphite horizons on the project."











At 3:48pm:

[LON:BEM] Beowulf Mining PLC share price was -0.15p at 4.25p

[LON:BKY] Berkeley Energia Ltd share price was +0.63p at 27.25p

[LON:CEY] Centamin PLC share price was -2.2p at 100.7p

[LON:CHL] Churchill Mining PLC share price was -0.38p at 22.75p

[LON:CZA] Coal of Africa Ltd share price was -0.24p at 2.01p

[LON:FDI] Firestone Diamonds PLC share price was +0.5p at 30p

[LON:FRES] Fresnillo PLC share price was -10.5p at 1016.5p

[LON:GDG] Green Dragon Gas Ltd share price was +5p at 260p

[LON:GEMD] Gem Diamonds Ltd share price was -0.62p at 134.13p

[LON:GFM] Griffin Mining share price was +1p at 24.88p

[LON:HOC] Hochschild Mining PLC share price was -3p at 126.75p

[LON:KMR] Kenmare Resources PLC share price was +0.02p at 0.99p

[LON:OMI] Orosur Mining Inc share price was +0.25p at 8.38p

[LON:VED] Vedanta Resources PLC share price was -5.75p at 387.65p

[LON:WTI] Weatherly International PLC share price was +0.25p at 0.75p



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