StockMarketWire.com - Shares in Pan Pacific Aggregates [LON:PPA] plunged by more than 70% after posted full-year losses and fundraising plans.

The firm announced full-year pre-tax losses of £3.97m for the year to the end of December against a profit of £1.1m last time.

Chairman Euan McAlpine said: "It is with huge disappointment that we were not able to complete the reverse takeover announced in January 2011.

"The good news is getting Quadling Quarry back into production has been overshadowed by the events of 2011.

"We are currently addressing the financial position of the company by seeking to raise funds to secure the future of the company."

Solomon Gold [LON:SOLG] was another faller despite confirming high grade gold and silver intercepts in deeper drilling at Kauffmans-Homestead Prospect, Central Rannes, Queensland.

And Triple Plate Junction [LON:TPJ] was also down after earlier announcing that it had received confirmation that its joint venture partner Newmont Ventures has started drilling at the Hide's Creek development in the Morobe tenement.

TPJ currently holds 49% of the Morobe tenement, which will reduce to 30% after the current work programme.

CEO Fraser McGee said: "I am very pleased to be able to announce the commencement of drilling at our first target in the Morobe JV district with our partner Newmont Ventures. Further announcements regarding the delivery of the results will follow in due course."

Angel Mining [LON:ANGM] was one of the sector's biggest risers after it announced that excellent progress was being made on the construction of the cable car upper terminal at the Black Angle zinc/lead mine.

The mine is the company's primary asset and consists of a JORC resource of 4.425mt of high grade zinc lead ore.

The resource ranges from 17.5% to 6.4% in terms of metal content.

The deposit was originally mined by Cominco from 1976 until 1990 when the mine was closed due to depressed metal prices.

The resources are hosted inside a 1,000m high mountain of white marble in Northern Greenland, inside the Arctic Circle.

A cable car is the only practical way to access the mine from the base camp at Maarmorilik, which is 1.7km away across a fjord. The original cable car, installed by Cominico, was removed in 1990 when the mine was closed.

The reinstatement of the cable car has been a significant logistical hurdle for the last three years.

Construction was originally delayed, in 2008, due to the global financial crisis but 2010 saw the construction of the lower terminal. This season the upper terminal should be completed and the cables should be installed.

Due to the remote location, access by ship is seasonally limited to July through December and construction is only really practical between April and October.

Outside of those periods, the fjord is frozen over and daylight hours are very limited.

The main contractor, Entreprenørfirmaet, has all the steel and formwork in place and will commence pouring concrete after an inspection by engineers from Garaventa who are now on site for that purpose.

Eastern Platinum [LON:ELR] was another riser despite a fall in second quarter production due to labour disputes - an illegal underground sit-in followed by an unprotected strike at CRM operations in early May.

The labour issues were resolved with the signing of a two-year wage agreement with the National Union of Mineworkers and agreement on other disputed matters.

It says that with the suspension of 155 production workers, resources have been consolidated into the Zandfontein operations and the services of JIC Mining have been engaged on a fixed-term contract to restore full production at the Maroelabult section during the third quarter.

Concentrator recovery was also negatively affected by the labour disruption.

Eastplats produced 20,528 ounces in the three months to the end of June - down from 25,387 in the previous quarter and 30,820 a year ago.




At 3:48pm:

[LON:AMI] American Investment Trust share price was +12.75p at 623.25p

[LON:ANGM] share price was +0.15p at 2.35p

[LON:AQP] Aquarius Platinum share price was +5.8p at 312.1p

[LON:BEM] share price was +0.5p at 32.5p

[LON:BKY] share price was -2.5p at 24.5p

[LON:CEY] Centamin Egypt Ld share price was -0.55p at 140.95p

[LON:CHL] share price was +1p at 42p

[LON:CZA] share price was +0.5p at 77.75p

[LON:EGU] European Goldfields share price was -7.5p at 857.5p

[LON:ELR] share price was +2.88p at 60.88p

[LON:FDI] Firestone Diamonds share price was -0.5p at 28.63p

[LON:FRES] share price was +7p at 1666p

[LON:GEMD] share price was +3.65p at 240.65p

[LON:HOC] share price was -2.75p at 506.75p

[LON:KMR] Kenmare Resources share price was -0.52p at 52.73p

[LON:PPA] share price was -0.27p at 0.11p

[LON:SOLG] share price was -0.75p at 15.13p

[LON:TPJ] Triple Plate Junction share price was -0.25p at 6.4p

[LON:VED] Vedanta Resources share price was +50.5p at 1844.5p



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