- Griffin Mining [LON:GFM] was one of the sector's biggest fallers after it posted pre-tax profits of $1,021,000 for the year to the end of December - down from $13,228,000 in 2013.

Revenues fell to $45,564,000 in 2014 (2013 $71,071,000) and operating profit was $6,732,000 (2013 $18,694,000).

Griffin said its results were severely impacted by the suspension of processing activities at Caijiaying from 11 August to 17 November to facilitate the upgrade of the processing facilities and the subsequent ramp up on re-commissioning of those facilities.

As a result, the amounts of ore processed and metals in concentrate produced and sold were significantly down on previous years. With the use of lower grade ores during re-commissioning of the processing plant, the base and precious metal grades of the ore processed were slightly down on 2014 resulting in a minor fall in the recovery of base metals, whilst improvements were made in gold recoveries.

The average price per tonne of zinc metal in concentrate received by the Group in 2014 rose by 3.3% to $1,345 (2012 $1,302), for silver rose 1.8% to $17.1 per ounce (2013 $16.8), for gold by 1.5% to $1,251 per ounce (2013 $1,233), and for lead fell 2.3% to $1,595 per tonne (2013 $1,633).

Cost of sales fell to $25,345,000 (2013 $40,078,000) reflecting the suspension in processing and stockpiling of ore mined and hauled. With processing suspended and with mining and haulage impacted by restrictions in the supply of explosives and logistical issues created by the stockpiling of ore during the suspension in processing, unit cost of sales rose.

* * *

KEFI Minerals [LON:KEFI] executive chairman Harry Anagnostaras-Adams will be presenting at the UK Investor Show 2015 in London where the company will also be exhibiting. The event is taking place on 18 April at the Queen Elizabeth II Centre, Broad Sanctuary, Westminster, from 9.00 a.m. to 5.15 p.m.

Anagnostaras-Adams will be presenting at 2.15 p.m. in the Whittle Seminar Theatre D-15. KEFI's senior management team, consisting of exploration director Jeff Rayner, and head of operations and managing director KEFI Minerals (Ethiopia) Limited, Wayne Nicoletto, will also be available throughout the day at the company's exhibition stand (F24). Further information about the show can be found at:

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Far east of Russia-focused Amur Minerals Corporation [LON:AMC] says the Kubuk maiden resource estimate compiled by SRK Consulting in December 2013 has been re-evaluated and subsequently upgraded.

The upgrade completed by SRK is based on available quality control external analytical results that independently confirm the original analytical results used to compile the maiden estimate. The verification of the validity of the data used to determine the maiden estimate allows for a reclassification of a portion of the resource from 'inferred' to 'indicated'.

The newly defined Indicated resource represents 17% of the total Kubuk resource estimate and contains 23,400 tonnes of nickel and 6,100 tonnes of copper. The 3.5 million tonnes of 'indicated' resource averages 0.68% nickel and 0.18% copper.


· The maiden Kubuk resource estimate contained 20.6 million tonnes of ore averaging 0.58% Ni and 0.16% Cu per tonne. The total contained nickel was 118,900 tonnes and copper was 32,900 tonnes. The entire maiden resource was assigned the JORC compatible resource of Inferred. There was no other category of resource included in the maiden estimate.

· The comprehensive assignment of Inferred resource was partially due to the unavailability of independent external control analyses which are now available and have been reviewed by SRK. SRK has concluded that the nickel and copper values determined during the compilation of the maiden resource are based on independently verified information allowing for a portion of the maiden resource to be upgraded in resource classification. · The newly defined Indicated resource at Kubuk now stands at 3.5 million tonnes with an average nickel grade of 0.68% and copper grade of 0.18%. Platinum and palladium are projected to average 0.1 g/t for each metal. The total nickel tonnage is 23,400 and for copper is 6,100 tonnes.

· The Inferred resource has been reduced as a result of this upgrade and now stands at 17.1 million tonnes averaging 0.56% nickel and 0.16% copper. The total tonnage of nickel for the Inferred category is now 95,500 tonnes with the Inferred copper tonnage being 26,800 tonnes.

· The majority of this newly defined Kubuk Indicated resource is contained within the Conceptual Pit designs for the 6.0 million tonne per annum operation planned by the company.

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Output at Caledonia Mining Corporation's [LON:CMCL] 49%-owned Blanket Mine in Zimbabwe totalled 9,960 ounces of gold in the first quarter.

This was 4.4% down on the previous three months (10,417 ounces) and 2.7% lower than a year ago (10,241 ounces).

The company said 10,770 ounces of gold were sold in the first quarter - 12.1% up on the previous three months but 11.8% down on a year ago.

Targeted gold production for 2015 remains approximately 42,000 ounces.

Chief executive Steve Curtis said: "Production in Q1 2015 was over 98% of the target for the quarter. Target production in Q1 is lower than subsequent quarters due to the greater number of public holidays in the first quarter.

"It is also anticipated that production will increase somewhat in the second half of 2015 after the tramming loop on 22 Level has been completed, which will increase the underground haulage capacity.

"The tramming loop is on schedule for completion by the end of June 2015. The no 6 Winze is now 900 metres below surface as at the 8th of April and is still on track to be completed by the end of July 2015. The pre-sink at Central Shaft has commenced.

"We are confident that the revised investment plan, which was announced on November 3, 2014, will result in progressive increases in production from 2016 onwards when we expect to see the first production from below 750 metres - initially from the No. 6 Winze and subsequently from the Central shaft."

* * *

Highland Gold Mining [LON:HGM] has announced a raft of board changes with executive directors Alla Baranovskaya and Sergey Mineev and non-executive director Eugene Tenenbaum stepping down with effect from today and the appointment of head of communications John Mann to the board. The directors thanked Baranovskaya, Mineev and Tenenbaum for their dedication and insight. Baranovskaya and Mineev will remain as valued members of the management team in Russia.

* * *

Patagonia Gold [LON:PGD] narrowed its FY pre-tax loss to $6.8m, from a loss of $18.4m. Revenue was $35.9m, from $10.2m.

* * *

Alexander Mining [LON:AXM] subsidiary MetaLeach has been granted a patent by the African Regional IntellectualProperty Organisation for Botswana, Namibia and Zimbabwe.

The patent, number AP 2944 has a standard term of 20 years from the effective date of 22 December 2009 (the date of original filing of the PCT application from which the ARIPO patent is derived).

Chief executive Martin Rosser said: "The grant of our patent in several countries of interest in Africa is another welcome expansion of the granted patent coverage for our proprietary processing technology for zinc."

The patent, which has also been granted in the US, Canada, Australia and Mexico, describes a method for extracting zinc from an aqueous ammoniacal zinc solution containing impurities.

* * *

Alba Mineral Resources [LON:ALBA] has noted that UK Oil & Gas Investments has announced a significant upgrade to the Horse Hill -1 well in the UK's Weald Basin.

The Horse Hill-1 well is located within onshore exploration licence PEDL 137, on the northern side of the Weald Basin near Gatwick Airport. Alba owns a 10% direct interest in HHDL.

HHDL is a special purpose company that owns a 65% participating interest and operatorship of Licence PEDL 137 and the adjacent Licence PEDL 246 in the UK's Weald Basin. The participants in the Horse Hill-1 well are HHDL with a 65% working interest and Magellan Petroleum Corporation with a 35% interest. Alba's net attributable interest in PEDL 137 and 246 is therefore 6.5%.

At 4:13pm:

[LON:AMC] Amur Minerals Corporation share price was -0.12p at 10.63p

[LON:AQP] Aquarius Platinum Ltd share price was +0.08p at 8.98p

[LON:BEM] Beowulf Mining PLC share price was +0.01p at 1.23p

[LON:BKY] Berkeley Resources Ltd share price was 0p at 12p

[LON:CEY] Centamin PLC share price was -0.55p at 59.65p

[LON:CHL] Churchill Mining PLC share price was +0.5p at 12p

[LON:CMCL] Caledonia Mining Corp share price was 0p at 39.5p

[LON:CZA] Coal of Africa Ltd share price was -0.02p at 1.68p

[LON:FDI] Firestone Diamonds PLC share price was -0.5p at 28.75p

[LON:FRES] Fresnillo PLC share price was +4p at 690p

[LON:GEMD] Gem Diamonds Ltd share price was +3.38p at 141.63p

[LON:GFM] Griffin Mining share price was -2.25p at 30.13p

[LON:HGM] Highland Gold Mining Ltd share price was +0.13p at 38.13p

[LON:HOC] Hochschild Mining PLC share price was -1.37p at 83.63p

[LON:KEFI] KEFI Minerals PLC share price was +0.01p at 1.08p

[LON:KMR] Kenmare Resources PLC share price was -0.05p at 3.66p

[LON:VED] Vedanta Resources PLC share price was +24.25p at 541.75p

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