- Altona Energy's [LON:ANR] shares fell after it confirmed the subscription payment by Sino-Aus Energy Group which was due by mid-January would not been received until early February and it gave an update on the cash contributions due to be received by Arckaringa Coal Chemical Joint Venture Co Pty Ltd.

Altona announced on 23 December that it expected to receive GBP0.5 million by way of subscription for 100 million ordinary shares from Sino-Aus by mid-January. The company has been informed by Sino-Aus that the subscription monies will be paid by 5 February.

The reason for the delay is because, as a British Virgin Islands registered company, Sino-Aus has significant regulatory requirements in making international transfers from China.

Alternative arrangements are being put in place to facilitate this payment.

In addition, on 16 December, it was announced that, by 15 January, Sino-Aus would pay its first tranche contribution into the joint venture company, of AD5.4 million and Wintask Group Limited would pay its initial contribution of AD0.6 million Qinfu Zhang, in his capacity as Chairman of Wintask, has confirmed that Wintask's initial contribution will be made by 29 January 2016. Sino-Aus' contribution will be made as soon as the necessary banking arrangements can be put in place.

* * *

DRA Global has announced that its South African company DRA Projects SA has been awarded the optimisation study and front end engineering and design (FEED) package for Coal of Africa Limited's [LON:CZA] Makhado coal project.

The Makhado project is located in the Limpopo Province of South Africa, and is approximately 80 km from CoAL's existing Vele Colliery. It is planned that both hard coking coal and thermal coal will be produced from the Makhado project for export and domestic consumption. Initially the operation will be an opencast mine, with potential for expansion to an underground operation in future years.

* * *

Turkey-focused Ariana Resources [LON:AAU] reports excellent results from the drilling programme completed during November at the Kizilcukur project.

Kizilcukur is located approximately 22km to the north-east of its Kiziltepe mine. Kizilcukur is located outside of the Red Rabbit joint venture with Proccea Construction Co. and is 100% owned by Ariana.


- 1,598 metres of new reverse circulation drilling identifies high-grade and near surface zones of mineralisation within the Kizilcukur vein system; all intercepts hit mineralisation within less than 60m from surface.

- Best infill intercepts include, 8m @ 7.6g/t Gold + 194g/t Silver, 5m @ 3.5g/t Gold + 263g/t Silver and 11m @ 1.3g/t Gold + 73g/t Silver.

- 76 metres of rock-saw channel sampling also completed, with best results of 2.0m @ 10.5g/t Gold + 455g/t Silver, 2.7m @ 4.4g/t Gold + 229g/t and 2.5m @ 3.1g/t Gold + 177g/t Silver.

- New drilling data permits refinements to the geological model and will enable a revision of the JORC resource for Kizilcukur in order to assess its potential as a satellite operation to the Kiziltepe Mine.

Managing director Dr. Kerim Sener said: "We are very pleased with the results of the drilling programme, which demonstrate the potential of the Kizilcukur Project to contain a resource that may become a higher-grade satellite operation to the Kiziltepe Mine, which is in construction. The results have confirmed previous work and show that the highest gold and silver grades are encountered within 30m of surface, which is particularly encouraging when considering that open-pit mining is also envisaged at this location.

"Future drilling will need to concentrate on a specific level within the vein system to demonstrate the full strike potential of this resource area.

"We expect to continue to improve the resource at this project through further drilling and, in addition, look forward to updating the market with further drilling results, including those from the Kiziltepe Mine."

* * *

Condor Gold [LON:CNR] has terminated its strategic review incorporating a formal sale process with immediate effect.

The company says its shares have fallen 65% since it announced the FSP on 4 September due to negative market sentiment towards junior gold exploration companies and the natural resource sector in general.

The board's view is that the fall in the share price does not reflect and indeed significantly undervalues Condor's key asset, La India project in Nicaragua, and has decided to terminate the FSP.

Condor's current market capitalisation is equivalent to circa USD5 per resource oz gold in the ground compared to an average sale price over the past 18 months, estimated by Cormark, of USD56 per resource oz gold in the ground for similar gold mineral resources.

Given that any potential offer for the Company would be judged in the context of a premium to the share price; the Board does not see an acceptable premium to the current share price being achieved in the short term, hence the decision to end the FSP.

* * *

Aquarius Platinum [LON:AQP] has confirmed that all resolutions proposed at its annual general meeting today were passed.

At 3:58pm:

[LON:AAU] Ariana Resources PLC share price was 0p at 0.8p

[LON:ANR] Altona Energy PLC share price was -0.15p at 0.55p

[LON:AQP] Aquarius Platinum Ltd share price was +0.13p at 12.13p

[LON:BEM] Beowulf Mining PLC share price was +0.3p at 5.25p

[LON:BKY] Berkeley Resources Ltd share price was 0p at 24.5p

[LON:CEY] Centamin PLC share price was -2.87p at 63.13p

[LON:CHL] Churchill Mining PLC share price was -0.63p at 18.88p

[LON:CNR] Condor Gold PLC share price was 0p at 19p

[LON:CZA] Coal of Africa Ltd share price was -0.05p at 2.33p

[LON:FDI] Firestone Diamonds PLC share price was 0p at 17.38p

[LON:FRES] Fresnillo PLC share price was -16.25p at 673.75p

[LON:GEMD] Gem Diamonds Ltd share price was -3.5p at 103p

[LON:HOC] Hochschild Mining PLC share price was -0.87p at 39.38p

[LON:KMR] Kenmare Resources PLC share price was 0p at 0.59p

[LON:VED] Vedanta Resources PLC share price was -21.45p at 203.85p

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