StockMarketWire.com - Shares in Thor Mining [LON:THR] were up by more than 14% in late afternoon trading after it a positive update from assay results at the group’s Molyhil tungsten and molybdenum project in Australia.

Diamond drilling results show one hole intercepting 16.4 metres at 0.84% tungsten and 0.56% molybdenum from 43.6 metres, including 2.6 metres at 0.94% tungsten and 0.83% molybdenum and 4 metres at 2.12% tungsten and 0.33% molybdenum.

Other assays include:

* 9 metres at 1.48% tungsten and 0.1% molybdenum from 48 metres, including 4 metres at 2.93% tungsten

* 1 metre at 3.7% tungsten and 0.36% molybdenum from 19 metres

* 0.5 metres at 24.28% tungsten and 0.77% molybdenum from 31.7 metres

Executive chairman Mick Billing said: "These are very positive results and provide confidence that the value of the proposed Molyhil mining operation has potential to be enhanced.

"The assay grades from some of these intersections are substantially higher than the average grade of the resource."

"While a revised resources estimate has yet to be produced, and this is in process, we look forward to the outcome with keen anticipation."

Cove Energy [LON:COV] was another strong riser following an upgrade of its gas reserves in the Rovuma Basin offshore Mozambique after partner and operator Anadarko Petroleum confirmed a major new find.

Cove said the Barquentine-3 appraisal well - the sixth successful well to drill in the world class Windjammer, Lagosta, Barquentine and Camarão gas complex - encountered more than 202 net meters (662 net feet) of natural gas pay in two high-quality Oligocene-aged fan systems.

Recoverable resource ranges for the WLBC gas complex are now estimated to be 15 to 30-plus trillion cubic feet of recoverable natural gas, with an estimated 30 to 50-plus TCF of natural gas in place.

Cove CEO John Craven said: "Barquentine-3 encountered outstanding Oligocene gas saturated reservoirs in terms of thickness and rock quality.

"As a result, the partnership has significantly upgraded the recoverable gas resource range to 15 - 30+ TCF in the Oligocene and Eocene reservoirs of the discovered field area of the WLBC gas complex.

"The rest of the Area 1 block remains highly prospective and holds over 15+ identified prospects and leads that are significantly de-risked by the successful appraisal drilling campaign and which possess similar age and seismic character traps to existing discoveries.

"There is also deeper untested potential in existing discoveries.

"Barquentine-3 clearly demonstrates how value can be created by appraisal drilling.

"Future plans include drilling three further appraisal wells and flow testing, both running parallel to exploration drilling, throughout this prolific block."

Central Rand Gold [LON:CRND] has confirmed that gold output will be between 14,000 and 15,000 ounces this year.

This follows an interim statement on 18 November when it was stated that gold production for the year up to October amounted to 12,116 ounces and that the company expected to produce approximately 1,000 ounces per month for the remainder of the year.

Central Rand Gold also announced that it has lodged court papers in its dispute with its current Black Economic Empowerment partner.

The company said there continues to be no resolution to the dispute relating to alleged procedural breaches of the Central Rand Gold South Africa (Proprietary) shareholders' agreement entered into between Central Rand Gold Netherlands Antilles and its current Black Economic Empowerment ('BEE') partner, Puno Gold Investments (Proprietary).

The dispute relates to the shareholder funding provisions of the agreement and the related allocation of intercompany loans which fund the budget and work programme.

In order to suspend protracted litigation, the parties agreed in 2009 to refer the matter to arbitration.

But the company says that due to the inaction of Puno in bringing matters before the Arbitration Foundation of South Africa, CRGNV and CRGSA filed an application with the High Court of South Africa, following which the papers were served on Puno by the Sheriff of the High Court.

This application seeks to discharge the interdict obtained on 13 May 2009 prohibiting CRGSA and CRGNV from proceeding with an option to call for Puno's entire shareholding in CRGSA, and in the alternative requests that a court order be granted appointing an arbitrator to arbitrate on the dispute between the parties and furthermore stipulate the time period within which such arbitration needs to be conducted to completion.

Hathor Exploration's board has urged shareholders to tender their common shares promptly to Rio Tinto [LON:RIO].

Rio Tinto's recommended C$4.70 offer values Hathor at approximately C$654m on a fully-diluted basis and represents a premium to the unsolicited revised offer of Cameco Corporation's of C$4.50 per common share made on 14 November.

Hathor shareholders who have already tendered their shares to the Cameco offer may still withdraw them at any time before Cameco's offer expires at 12.01 a.m. (Vancouver time) on 29 November.

The offer from Rio Tinto - which has been made through an indirect wholly-owned Canadian subsidiary - is due to expire at 5 p.m. (Toronto time) on 30 November.

A maiden Joint Ore Reserves Committee-compliant mineral resource estimate on Condor's [LON:CNR] 100%-owned Rio Luna concession in Nicaragua has been completed by SRK Consulting (UK).

Condor says the independent geologist has estimated an 'inferred' mineral resource in accordance with the JORC code of 695,000 tonnes at 3.5g/t for 80,000 oz of gold on three veins which includes a total of 280,000 tonnes at 56g/t for 500,000 oz silver.

In total this is a gold equivalent mineral resource of 87,000 oz gold equivalent at 3.9g/t gold equivalent (using a gold:silver ratio of 1:60).

The estimation has been calculated using exploration data collected by previous explorer First Point Minerals Corporation of Canada which completed a programme of soil, auger, rock chip, trench and drill sampling between 2004 and 2006.

Condor executive chairman and CEO Mark Child said: "I am delighted that SRK has estimated a maiden JORC Code Inferred Resource on Condor's wholly owned Rio Luna Concession of 80,000 oz gold at 3.5g/t and 500,000 oz silver at 56g/t.

"The resource was estimated using exploration data from the previous holder of the concession; First Point Minerals of Canada.

"FPM completed 6,250m drilling, 7,000m trenching and identified 18km of epithermal veining at Rio Luna.

"The resource has been estimated over an aggregate strike length of only 1,750m and to an average depth of 110m.

"SRK considers the current estimate to shows the potential for economic gold mineralisation at Rio Luna and the potential to find additional resources following further drilling under known drill ready targets and along the strike extensions of the current estimate.

"The maiden JORC mineral resource confirms Condor's view that the Rio Luna concession provides another exciting exploration target with economic potential in Nicaragua."


At 3:55pm:

[LON:AMI] American Investment Trust share price was +1.75p at 416.75p

[LON:AQP] Aquarius Platinum share price was +6.55p at 156.55p

[LON:BEM] share price was -0.25p at 17.25p

[LON:BKY] share price was 0p at 23.5p

[LON:CEY] Centamin Egypt Ld share price was +3.3p at 89.8p

[LON:CHL] share price was -0.1p at 9.45p

[LON:CNR] City North Group share price was +0.13p at 7.38p

[LON:COV] share price was +8p at 87.25p

[LON:CRND] share price was +0.04p at 0.39p

[LON:CZA] share price was +2.88p at 53.13p

[LON:EGU] European Goldfields share price was +32.5p at 587.5p

[LON:FDI] Firestone Diamonds share price was +0.01p at 9.88p

[LON:FRES] share price was +32.5p at 1615.5p

[LON:GEMD] share price was -0.2p at 203.7p

[LON:HOC] share price was +9.05p at 409.05p

[LON:KMR] Kenmare Resources share price was +2.5p at 34.43p

[LON:RIO] Rio Tinto share price was +145p at 3177p

[LON:THR] share price was +0.15p at 1.2p

[LON:VED] Vedanta Resources share price was +60p at 988p



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