- Exploration and development company Minco's [LON:MIO] shares were up by more than 112% in late afternoon trading after a discovery was confirmed in Canada.

Minco has announced multiple intersections of massive sulphide mineralisation with grades as high as 26.05% of combined zinc, copper and lead at its project in Buchans, central Newfoundland.

They come from four holes that are located on the southern side of the planned open pit for the Lundberg resource, which were designed to test for the possible extensions of two massive sulphides horizons called Lucky Strike and Engine House.

The drilling results have now confirmed extensions to these sulphide horizons.

* * *

Kibo Mining [LON:KIBO] says technical work for phase 1 stage 1 of the Rukwa definitive mining feasibility study has been completed ahead of schedule.

The company is now awaiting the final technical report which is expected to be ready by the end of November. The positive results obtained from the work done on the Rukwa DMFS to date has prompted the company to immediately proceed with the pre-feasibility study for the 300 MW coal fired power plant included in the Rukwa coal to power project.

The Pre-Feasibility Study on the power plant will be conducted in two Phases. Phase 1 of the Pre-Feasibility Study is expected to be completed by the end of November, allowing the Company to deliver a comprehensive, fully integrated, independent Scoping Study (i.e. mining and power) for the RCPP, by early December.

Chief executive Louis Coetzee said: : "The rapid progress we have made and the strongly positive results from the feasibility work on the RCPP to date, has substantially enhanced the Company's ability to finalise a robust and commercially sound transaction with a suitable development partner."

* * *

Highland Gold Mining Limited [LON:HGM] has acquired a licence for exploration and mining rights for the Lower Horizon of the Mnogovershinnoye (MNV) deposit

This extends the company's current 17.9 sq km licence for MNV at depth beyond lower levels of existing state approved reserves.

The acquisition resulted from an open auction held on 23 October in the regional capital of Khabarovsk for a bid price of RUB7.810m (ca. US$ 191,000). The Lower Horizon of MNV represents untapped mineral potential within the mine's immediate vicinity and has good potential to deliver new resources at MNV in the medium-term.

The Lower Horizon licence grants access to lower levels of the Main and Intermediate ore zones, the hosts for MNV's rich ore bodies and the focus of previous and current mining activities.

The Lower Horizon has seen only limited exploration in the past and has reported prognostic resources of 18 tonnes of gold. Exploration of the Lower Horizon's resource potential will likely be initiated from the Northern ore body utilising existing underground infrastructure.

Together with the North-Western Flank property acquired in July 2014, the new acquisition supports the company's continued focus on its near-mine exploration efforts at MNV with a goal of verifying and further increasing known near-mine mineralised prospects, thus adding value to ongoing operations.

* * *

Baobab Resources [LON:BAO] has appointed Canaccord Genuity as nominated adviser and broker to the company with immediate effect.

Baobab chairman Jeremy Dowler said: "We are very pleased to have appointed a Nomad and broker of the calibre of Canaccord and look forward to working closely with their group both in the United Kingdom and abroad. We have been impressed by their global reach and believe that this is a good fit for Baobab as the Tete project develops beyond the conclusion of feasibility studies."

* * *

Stratex International [LON:STI] said following award of a forest permit, Altintepe Madencilik, its 45%-owned operating company, has made excellent progress in clearing the Altintepe gold mind site in Turkey and advancing the construction programme.

"Procurement of all of the necessary plant equipment has been completed and Stratex looks forward to being completely free-carried to production," said CEO Bob Foster.

Located close to the Black Sea coast of northern Turkey with excellent infrastructure, the Altıntepe epithermal gold deposit has an in-house resource of 593,131 oz gold and 3,184,508 oz silver (measured, indicated and inferred).

Stratex is free-carried to production through their joint-venture partner Bahar Madencilik ('Bahar') and will receive 20% net cash-flow during an initial payback period and 45% subsequently.

Foster continued:

"At this stage Bahar advise that they expect the construction will be completed before the end of the year.

"The Project's in-house financials, with an all-in sustaining cash cost of US$530/oz and an initial indicated taxable operating income of US$74.7 million, are robust, especially so given that this is based on first-phase production from only the Camlik East zone, whereas we anticipate an extended mine life as the additional zones are exploited".


· Recovery of approximately 110,000 oz Au from the �!amlik East oxide resource planned over 34 months in Stage 1;

· Extended mine life anticipated as remaining deposits brought into production;

· Based on preliminary financial modelling, an all-in sustaining cash cost of US$530/oz will deliver taxable operating income for the Project of US$74.7 million for the first 34 months of production at the �!amlik East zone;

· Over 300% return on Stratex's initial US$1.5 million investment, from Stage 1 production alone;

· Agreed construction cost is US$39 million;

· Crusher, grasshopper conveyor system, leach pad, and ponds under construction;

· Installation of a 5 km power line and transformer station complete;

· Foundations in place for ADR (adsorption, desorption, recovery) plant and assay laboratory and construction under way;

· Bahar to undertake contract mining;

· Metallurgical drilling programme in progress on Extension Ridge zone to improve confidence level of resource and provide material for metallurgical testwork; and

· Excellent tax incentives secured for the Project.

* * *

Thor Mining [LON:THR] confirms the completion of the acquisition of the Pilot Mountain tungsten project in Nevada, USA, from Black Fire Minerals Limited.

Consideration for the Acquisition remains unchanged from that which was previously announced, being $1,675,000 (or £921,250) to be settled by the issue of 418,750,000 ordinary shares of 0.01p each in Thor, at an agreed issue price of A$0.004 per share (or £0.0022).

At 3:58pm:

[LON:AMI] African Minerals Ltd share price was +0.13p at 15.88p

[LON:AQP] Aquarius Platinum Ltd share price was +0.13p at 17.88p

[LON:BAO] Baobab Resources PLC share price was -0.12p at 5.38p

[LON:BEM] Beowulf Mining PLC share price was -0.27p at 1.78p

[LON:BKY] Berkeley Resources Ltd share price was 0p at 15p

[LON:CEY] Centamin PLC share price was +0.9p at 56.9p

[LON:CHL] Churchill Mining PLC share price was -0.5p at 26p

[LON:CZA] Coal of Africa Ltd share price was +0.04p at 3.06p

[LON:FDI] Firestone Diamonds PLC share price was 0p at 35p

[LON:FRES] Fresnillo PLC share price was +11p at 757p

[LON:GEMD] Gem Diamonds Ltd share price was -6p at 161.5p

[LON:HGM] Highland Gold Mining Ltd share price was +0.5p at 37.5p

[LON:HOC] Hochschild Mining PLC share price was +2p at 109.5p

[LON:KIBO] Kibo Mining share price was +0.21p at 1.43p

[LON:KMR] Kenmare Resources PLC share price was -0.17p at 7.03p

[LON:MIO] Minco PLC share price was +1.6p at 2.8p

[LON:STI] Stratex International PLC share price was -0.05p at 2.03p

[LON:VED] Vedanta Resources PLC share price was +4p at 810p

Story provided by