- KEFI Minerals' [LON:KEFI] edged up in after it said it expects to complete its acquisition of the remaining 25% of the Tulu Kapi gold project on Friday (5 September).

KEFI said that Nyota Minerals' shareholders approved the sale of its 25% stake at a general meeting earlier today.

Following completion, Kefi Minerals will own 100% of Tulu Kapi.

At the general meeting, Nyota's shareholders also approved the in-specie distribution by Nyota to its shareholders of all KEFI shares held by it on completion of the acquisition.

KEFI Minerals managing director Jeff Rayner said: "We are pleased to have taken full control over the Tulu Kapi project and funding flexibility. This was important to us as our work since the acquisition of our controlling 75% interest indicated that the project will be bigger and last longer than had initially been assumed. We look forward to welcoming our new shareholders and updating them on our progress in due course."

* * *

Alba Mineral Resources [LON:ALBA] and Regency Mines [LON:RGM] both announced that drilling operations on the Horse Hill-1 well have now begun.

The Horse Hill-1 well is planned to be drilled to a total dDepth of 2,646 metres (8,680 feet) and is designed to test for a number of conventional stacked oil targets in the Jurassic rocks of the Weald Basin, as well as a deeper conventional gas target in the underlying Triassic rock formations. The operator, Horse Hill Developments Ltd, is a special purpose company with a 65% operating interest in the PEDL 137 licence in the Weald Basin to the north of Gatwick Airport in Surrey.

Regency has binding agreements in place to own a direct 5% interest in HHDL and holds an additional 0.628% interest by virtue of its 12.56% ownership in Alba Mineral Resources which also has binding agreements in place to own a direct 5% of HHDL.

The participants in the Horse Hill Prospect are HHDL (65%) and Magellan Petroleum Corporation (35%).

ALBA chief executive Michael Nott said: "This is an exciting time for ALBA as HHDL commence the drilling of this well that will test a number of conventional oil formations and also be one of the first wells drilled in this part of the Weald Basin to test for the potential of conventional gas in the deeper Triassic formations."

* * *

Griffin Mining [LON:GFM] posts operating profits of $9.2m for the six months to the end of June - up from $7.3m last time.

Revenues of $33.2m were down slightly from $33.7m a year ago but pre-tax profits rose to $7.4m from $5.8m.

Chairman Mladen Ninkov said: "These are very pleasing results with a 26% increase in operating profit and a 35% increase in net profit with no real change in revenues.

"In effect, this means that management has been able to successfully implement real, substantial cuts in costs at Caijiaying with all the benefits that will ensue in the future with the predicted rise in the zinc price.

"Added to these positive results is the further good news of the doubling of our processing capacity in the near future from 750,000 tonnes per annum to 1.5 million tonnes per annum. All these factors point to 2015 being a watershed year for the company."

* * *

Nyota Minerals [LON:NYO] has submitted to the Ethiopian Ministry for Mines renewal applications for both of its Northern Block licences.

In addition, discussions with the Ministry are continuing regarding the potential for Nyota's wholly owned subsidiary, Towchester, to mine and treat the alluvial river gravel deposits adjacent to the Abay River, or Blue Nile, that bisects the Northern Block licenses.

These gravels are known to be gold-bearing and are being hand dug and panned for gold by local people at a number of localities within the licences. The areas will, within a few years, be flooded by the Grand Ethiopian Renaissance Dam, a new hydroelectric power dam being constructed on the Blue Nile.

Alluvial gold deposits in Ethiopia are usually reserved for exploitation by artisanal miners. However, as the deposits will be flooded, large scale mechanised mining to maximize potential gold recovery is receiving favourable consideration.

The flooding caused by the dam will not affect the highest priority hard rock gold exploration targets in the Northern Block licences.

* * *

Patagonia Gold [LON:PGD] technical director Marc Sale has resigned from the board with immediate effect. The board expressed its gratitude to him for his contribution to the company and wished him well for the future.

At 4:19pm:

[LON:ALBA] Alba Mineral Resources PLC share price was -0.03p at 0.75p

[LON:AMI] African Minerals Ltd share price was -0.37p at 30.63p

[LON:AQP] Aquarius Platinum Ltd share price was -0.62p at 23.38p

[LON:BEM] Beowulf Mining PLC share price was +0.03p at 3.08p

[LON:BKY] Berkeley Resources Ltd share price was 0p at 18.75p

[LON:CEY] Centamin PLC share price was 0p at 65.75p

[LON:CHL] Churchill Mining PLC share price was -2.5p at 30p

[LON:CZA] Coal of Africa Ltd share price was -0.08p at 3.62p

[LON:FDI] Firestone Diamonds PLC share price was +0.01p at 37.13p

[LON:FRES] Fresnillo PLC share price was -19.75p at 932.75p

[LON:GEMD] Gem Diamonds Ltd share price was -2.75p at 204.25p

[LON:GFM] Griffin Mining share price was -1.38p at 37.75p

[LON:HOC] Hochschild Mining PLC share price was +6.6p at 174.4p

[LON:KEFI] KEFI Minerals PLC share price was +0.03p at 1.5p

[LON:KMR] Kenmare Resources PLC share price was -0.37p at 11.38p

[LON:PGD] Patagonia Gold PLC share price was -0.25p at 7.63p

[LON:RGM] Regency Mines PLC share price was -0.01p at 0.29p

[LON:VED] Vedanta Resources PLC share price was +24p at 1084p

Story provided by