StockMarketWire.com - Forte Energy's [LON:FTE] shares edged up in late trading despite higher full-year losses after it completed the payment to earn a 50% interest in European Uranium Resources' Slovak subsidiaries

Forte Energy said it had now completed payment of the entire amount of cash consideration of C$500,000 to European Uranium Resources under the agreement to earn a 50% interest in EUU's Slovak subsidiaries, Ludovika Energy and Ludovika Mining, which hold the mineral licences comprising the Kuriskova and Novoveska Huta uranium projects.

Forte Energy must sole fund a minimum of C$350,000 a year on the Ludovika entities over the next ten years to retain its interest, with the first year's expenditure of C$350,000 being an obligation.

Forte Energy NL posted a pre-tax loss of A$4.27m for the year to the end of June - up from $3.16m last time.

Revenues fell to $1,987 from $5,590 and there was an impairment of $1.2m against nil in 2013.

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Gem Diamonds [LON:GEMD] has sold the 198 carat white diamond - the recovery of which was announced on 5 August - for US$ 10.6m (US$53,746 per carat) in accordance with its colour, clarity and expected polished yield at Letšeng's September tender.

Gem Diamonds chief executive Clifford Elphick said: "The sale of this large, high quality white diamond demonstrates the continued robust demand for large high quality diamonds."

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Arian Silver Corporation [LON:AGQ] reports that discussions to fully fund the company's flagship San Jose silver project continue to progress.

In August 2013, the company entered into a 12 month US$15.6 million loan facility with Platinum Long Term Growth VIII, LLC, convertible at the lender's option at C$1.10 per share.

On 28 August this year the maturity date of the convertible note was extended to 30 September 2014 for consideration of US$350,000. On 30 September 2014, the convertible note was further extended to 15 October 2014 for consideration of $350,000. This extension to the convertible note has been approved by the Toronto Venture Stock Exchange conditional upon receipt of the amending agreement and issuance of a newsrelease disclosing the announcement.

The company is in the process of finalising terms to fully fund the San Jose project for the foreseeable future and information regarding the new lender and terms of the financing package will be announced upon the conclusion of negotiations.

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Griffin Mining [LON:GFM] has appointed Mark Hine as chief operating officer. He is a mining engineer having graduated from the Western Australia School of Mines, a member of the Australian Institute of Company Directors and a member of the Australian Institute of Mining and Metallurgy.

He has extensive mining experience with over 25 years of senior management roles in both surface and underground mining operations. Since the beginning of the year, he has been a consultant at Griffin's Caijiaying mine in China.

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Condor Gold's [LON:CNR] pre-feasibility study and updated preliminary economic assessment on its La India project in Nicaragua will take approximately one month longer than anticipated.

Condor previously stated that a pre-feasibility study on La India open pit would be released by the end of September. The scope of work for the proposed PFS was based only on La India open pit indicated resources of 840,000 oz gold at 3.1g/t.

In order to show the potential of the 2.4 million oz gold La India project, the scope of work was increased to include a preliminary economic assessment on two additional scenarios:

1) La India open pit and two feeder pits which contain Indicated and Inferred open pit resources of 1.08M oz gold at 3.1g/t

2) the La India open pit, two feeder pits of 1.08M oz gold at 3.1g/t plus underground mining resources of 489,000 oz gold at 5.31g/t on La India and America veins, with combined Indicated and Inferred Resources of 1.57M oz gold at 3.72g/t.

Condor says the expanded nature of the studies, both to NI 43-101 standards and resultant increased scope of work has meant that quotations from potential suppliers of capital equipment and operating services in Mexico and Central America, while in progress, have not been received.

Consequently, the PFS and PEAs will take approximately one month longer than anticipated.

The directors remain of the view that La India project will be an economically viable project with robust economics given the high-grade nature of the ore body and low cost mining jurisdiction.

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KEFI Minerals [LON:KEFI] has announced the independent verification of its estimated costs for the development and operation of the Tulu Kapi gold project in Ethiopia.

The Company is now focused on re-activating the Tulu Kapi mining licence application this month, after finalising the independent verification of ore reserves and the agreement of indicative terms sheet for project finance with the preferred banking syndicate.

The company is also currently enlarging and re-organising its team in preparation for commencing the development and start-up of Tulu Kapi as well as the next stage of expanding the initial development plan to pursue additional value.

Highlights: · Total operating costs estimated at $626/oz

· All-in-costs are estimated at $844/oz including royalties - well below global industry averages

· Initial capital expenditure is estimated at circa $130 million

· Working capital required for start-up is estimated at $20 million

Chairman Harry Anagnostaras-Adams said: "We are pleased to report the independent review of our estimated costs for the development and operation of Tulu Kapi. The estimated cash flows and values have been significantly improved. Operating costs are estimated at $626/oz and, most importantly, we have lowered the all-in-costs as compared with those estimated by the previous owner of the asset, which, at $844/oz including royalties, are well below global industry averages.

"This independent verification represents another key milestone towards reactivating the Mining Licence Application in October 2014 and reaffirms our expectations that construction will commence in 2015."





At 4:25pm:

[LON:AGQ] Arian Silver Corporation share price was -0.5p at 29p

[LON:AMI] African Minerals Ltd share price was +0.63p at 17.88p

[LON:AQP] Aquarius Platinum Ltd share price was -0.12p at 18.38p

[LON:BEM] Beowulf Mining PLC share price was -0.02p at 2.88p

[LON:BKY] Berkeley Resources Ltd share price was -0.5p at 16.5p

[LON:CEY] Centamin PLC share price was -0.32p at 60.83p

[LON:CHL] Churchill Mining PLC share price was -0.5p at 23.5p

[LON:CNR] Condor Resources PLC share price was -2p at 88p

[LON:CZA] Coal of Africa Ltd share price was +0.04p at 3.3p

[LON:FDI] Firestone Diamonds PLC share price was -0.25p at 36.25p

[LON:FRES] Fresnillo PLC share price was -12.75p at 747.25p

[LON:FTE] Forte Energy NL share price was +0.01p at 0.26p

[LON:GEMD] Gem Diamonds Ltd share price was -1p at 191p

[LON:GFM] Griffin Mining share price was 0p at 38.5p

[LON:HOC] Hochschild Mining PLC share price was -4.65p at 130.65p

[LON:KMR] Kenmare Resources PLC share price was -0.17p at 9.33p

[LON:VED] Vedanta Resources PLC share price was -22.75p at 975.75p



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