- Landore Resources' [LON:LND] shares soared after it confirmed a significant gold discovery on its Junior Lake property in Ontario, Canada.

Follow up drilling on the BAM East Gold Prospect, reported March 14, has established the presence of a significant gold discovery. The gold mineralisation remains open along strike to the east and west and down dip.

Drill hole 0416-519 intersected a wide gold mineralised zone of 40.75m at 1.82 grams/tonne (g/t) gold with two high grade intersections of 2.25m at 10.28g/t and 3.00m at 5.74g/t indicating that the mineralisation could be coalescing with depth.

The +30 metres wide gold mineralisation, close to surface, has potential for the initial development to be progressed as a low cost, bulk tonnage, open pit operation.

Chief executive Bill Humphries said: "The highly prospective, relatively unexplored, greenstone belt which traverses Landore's flagship Junior Lake Property for over 30 kilometres east to west, continues to yield exciting new mineral discoveries. The BAM East Gold Prospect discovery has validated our exploration team's perseverance and dedication.

"In addition, the discovery of this significant gold prospect just two kilometres to the east of our B4-7 Nickel-Copper deposit and one kilometre northwest of our VW Nickel deposit could provide a classic "two plus two equals five" bonus for Landore, with the obvious substantial cost saving synergies to be gained during their future development and operation."

* * *

Gemfields [LON:GEM] reports a record result at its emerald and amethyst auction in Lusaka.

The auction was held from 30 March until 3 April and comprised predominantly higher quality rough emerald extracted by Kagem Mining (which is 75% owned by Gemfields and 25% by the Zambia government) and included higher quality amethyst from Kariba Minerals Ltd - company held 50:50 by Gemfields and the Zambia government.

Gemfields said a total of 33 companies placed bids in its third auction of Kagem production in the current financial year. The auction saw 558k carats of higher quality emerald extracted from Kagem placed on offer, with 16 of the 18 lots offered being sold, generating auction revenues of USD 33.1 million. The auction realised an overall average value of USD 70.68 per carat, a new record for higher quality auctions. The company's 21 auctions of emeralds and beryl mined at Kagem since July 2009 have generated USD 412 million in total revenues.

The Lusaka amethyst auction saw 9.4 million carats of higher quality amethyst extracted from Kariba placed on offer, with 8 of the 14 lots offered being sold, generating auction revenues of USD 0.22 million from the 6.6 million carats sold. The amethyst auction realised an overall average value of 3.26 US cents per carat. Gemfields has hosted only three prior rough amethyst auctions which took place in Jaipur in March 2011, Lusaka in February 2015 and Singapore in September 2015.

Gemfields' next auction is expected to take place in May 2016 in Jaipur, India and is anticipated to be predominantly comprised of lower quality emerald and beryl from the Kagem emerald mine in Zambia.

Chief executive Ian Harebottle said: "Our return to Lusaka has delivered another strong - and indeed record - result at a time when global commodity and diamond prices remain volatile and uncertain. Demand for - and prices of - emeralds clearly remain as robust as ever and gemstone mining represents one of the healthier segments of the sector. We're delighted that, in collaboration with our partners, the Government of the Republic of Zambia, the Kagem and Kariba operations continue to perform strongly."

* * *

Beowulf Mining [LON:BEM] has announced that Mr Christopher Davies has been appointed to the Board as Non-Executive Director.

Chairman Bevan Metcalf said: "We are delighted to have Chris join the Board of Beowulf. He brings a wealth of experience which is relevant to Beowulf's ambitions, and his skill set complements the current management team.

"Chris' knowledge of graphite and base metals will be of great support to the work plans for our Finnish graphite assets this year, help guide our future initiatives for graphite and our other exploration programmes."

* * *

Anglo American [LON:AAL] has entered into a sale and purchase agreement with a consortium led by Taurus Fund Management to sell its 70% interest in the Foxleigh metallurgical coal mine in Queensland, Australia.

The transaction will be effected via a sale of shares in the subsidiary companies holding Anglo American's interest in Foxleigh. The transaction remains subject to several conditions precedent and its terms are confidential. Foxleigh is an open cut coal operation which produces high quality pulverised coal injection (PCI) coal, located in Queensland's Bowen Basin, 12 kilometres southwest of Middlemount. Anglo American's attributable share of Foxleigh's saleable production was 1.86 million tonnes in 2015.

* * *

Obtala Resources [LON:OBT] has provided an operational update on its businesses in Africa, the highlights of which are given below.


- Initial orders received after international trade show in Berlin with strong expressions of interest for further orders

- Q1 export focused planting programme successful with an initial 500 tonne crop ready for phased harvesting and sales in April onwards

- Material investment in farm infrastructure, equipment and team over past 3 months

- Work commenced on the new joint venture farm project with maiden crops planted


- $3 million investment secured to accelerate production and distribution

- International orders received with further major contracts anticipated

- Q1 focus on marketing and business development ahead of the harvesting season


- Re-structuring programme completed with reduced overheads

- Reduced creditors and store exposure with view to consolidating and rebuilding the business

* * *

Pan African Resources [LON:PAF] has completed its acquisition of Blue Falcon 232 Trading Proprietary and taken effective control on Uitkomst Colliery.

Pan African settled the transactions revised purchase consideration of R176 million in full in cash on 31 March.

The total net purchase consideration (inclusive of working capital acquired) amounts to approximately R150 million, compared to the R200 million previously announced.

* * *

Metals Exploration [LON:MTL] has announced that, in respect of its preliminary discussions with the HongKong Shanghai Banking Corporation Limited and BNP Paribas regarding debt restructuring, it will hold a General Meeting on 22 April 2016 to seek shareholder approval for:

- Authority of Directors to allot shares

- Dis-application of pre-emption rights

* * *

Condor Gold [LON:CNR] has raised GBP2.6 million through a placing of 6,445,000 units with each unit comprising one ordinary share and two-thirds of one share purchase warrant.

Each warrant, which is unlisted, will entitle the holder to purchase one ordinary share at 60p (which is at a 50% premium to the placing price) for a period of 24 months from the date on which the placing shares are admitted to trading on AIM.

Canadian mining entrepreneur Ross Beaty subscribed for GBP1.5 million worth of units and will have a 7.18% shareholding in the company post placement on an undiluted basis. The investment follows a site visit and technical due diligence.

The company has agreed to a non-dilute clause for Beaty's shareholding.

The company also welcomes a specialist resource fund managed by an affiliate of Sprott Inc as a shareholder.

* * *

Churchill Mining [LON:CHL] has raised GBP300,000 through a placing of 2,727,272 new ordinary shares at 11p per share together with the issue of warrants over ordinary shares on the basis of one warrant for every two placing shares exercisable at a price of 20p per share expiring on 31 March 2019.

The placing shares represent approximately 1.85% of the enlarged issued share capital of the company. Churchill chairman David Quinlivan said: "We advised at the time of the placing announced on 11 March 2016 that, as the Company was in a close period for the interim results for the six months ended 31 December 2015, the Directors were not able to participate in the placing at that time, but had expressed an interest in participating on the same terms as that placing following the announcement of the interim results. The Company has now raised a total of GBP1,100,000 before costs in these two placings and I thank all who participated for their support as we progress our claim for damages against the Republic of Indonesia."

The net proceeds of the placing will provide the company with additional funding to progress its international arbitration claim against Indonesia at the International Centre for Settlement of Investment Disputes in Washington DC, to meet the costs associated with its defence of the London Stock Exchange's Statement of Claim and for general working capital.

* * *

Scotgold Resources [LON:SGZ] has confirmed the resignation of Mr Richard Harris, Non-Executive Director of the company, with effect from 3 April 2016.

The Company added that, under an agreement between Mr Harris and the Company dated 27 May 2014, Mr Harris has a contractual right to appoint a nominee director to the Company.

Mr Harris has notified to the Company his intention to appoint a nominee director, but has not done so at the present time.

A further announcement will be made as appropriate.

* * *

Sunrise Resources [LON:SRES] has raised GBP120,000 gross via a placing of 45.5m shares and a subscription of 63.6m shares, both at a price of 0.11p a share.

Net funds raised will be applied to the company's exploration projects in Nevada and Australia and for general working capital purposes.

In addition to the Placing Shares and the Subscription Shares, Sunrise has also issued 9.09m shares at 0.11 pence per share to its joint broker Beaufort Securities in respect of broker fees.

At 4:05pm:

[LON:AAL] Anglo American PLC share price was +10.8p at 549.2p

[LON:AQP] Aquarius Platinum Ltd share price was 0p at 13.5p

[LON:BEM] Beowulf Mining PLC share price was +0.1p at 4.45p

[LON:BKY] Berkeley Energia Ltd share price was +1.38p at 27.13p

[LON:CEY] Centamin PLC share price was -0.7p at 89.15p

[LON:CHL] Churchill Mining PLC share price was -0.13p at 14.13p

[LON:CZA] Coal of Africa Ltd share price was +0.01p at 2.01p

[LON:FDI] Firestone Diamonds PLC share price was 0p at 29.5p

[LON:FRES] Fresnillo PLC share price was -20.75p at 903.75p

[LON:GEM] Gemfields PLC share price was +1.51p at 46.13p

[LON:GEMD] Gem Diamonds Ltd share price was -4.12p at 112.63p

[LON:HOC] Hochschild Mining PLC share price was +2.25p at 92.75p

[LON:KMR] Kenmare Resources PLC share price was 0p at 1p

[LON:LND] Landore Resources Ltd share price was +2.25p at 3.05p

[LON:OBT] Obtala Resources PLC share price was +0.13p at 6.38p

[LON:VED] Vedanta Resources PLC share price was -5.15p at 335.45p

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