StockMarketWire.com - Keras Resources (KRS), the Australian gold mining company, has announced the completion of first ore parcel haulage to the Paddington Mill from the Anomaly 22 deposit, located in the Grants Patch Gold Tribute lease area which lies 30km north of Kalgoorlie in Western Australian gold fields.

A total of 7,548t of ore at a grade of 1.53 g/t containing around 372 ounces of gold was hauled and will now be processed under the agreement with Paddington Gold Pty Ltd, a subsidiary of Norton Goldfields.

Keras managing director Dave Reeves said: "The delivery of our first gold ore parcel to Paddington sets the clock ticking for our first payment under the Norton tribute. We can now say that we are officially a gold miner and look forward to increasing production over the coming months towards our goal of producing 20,000-30,000 ounces of gold over the next 12 months. The delivery of ore to Paddington has taken place ahead of schedule and is a credit to the team on the ground who have moved incredibly quickly and efficiently to achieve this outcome. I look forward to updating shareholders on a regular basis as we grow our production profile and associated cash flow."

***

Coal of Africa Limited (CZA) has extended the closing date of its offer for Universal Coal to 29 April. CoAL expects the offer to proceed according to the revised indicative timetable

***

Fresnillo (FRES) non-executive director Rafael Mac Gregor has stepped down with immediate effect due to the time commitment required in his role as a director at Banamex, one of Mexico's largest banks.

He will not stand for re-election at the 2016 annual general meeting which will be held on 3 May. Chairman Alberto Bailleres said: "I should like to take this opportunity to thank Rafael for his significant contribution to the Board and to the Committee on which he has served in recent years. His wisdom and support has been invaluable."

***

Antofagasta (ANTO) has announced that Diego Hernandez will retire from the position of Chief Executive of the Company and will be succeeded by Ivan Arriagada, the current Chief Executive of Antofagasta Minerals.

The handover will take place with immediate effect and Diego will stay on as an adviser to the Board.

The Company said:

Ivan has held the position of CEO of Antofagasta Minerals since February 2015, working closely with Diego on integrating management practices to strengthen the mining division as the industry continues to adapt to challenging market conditions. Since joining the Company, Ivan has led a rigorous cost reduction programme, focusing on maintaining the Company's healthy balance sheet while ensuring all of the Company's operations are generating operating cash flow at current copper prices.

Jean-Paul Luksic, Chairman, said: "With 25 years of operational and financial experience in the mining and oil and gas industry, including leading Antofagasta Minerals, Ivan is the right person to succeed Diego and to continue to deliver the Group's strategy. His strong leadership has proven effective to navigate the current challenges of low copper prices without losing our ability to grow and develop in the future."

Ivan Arriagada said: "Antofagasta is one of the world's largest copper producers and is at the heart of Chile's economy. I am proud to be taking on the role of CEO of the Company and look forward to continuing to work with the outstanding people at our Company to deliver value for all our stakeholders."

***

Rare Earth Minerals (REM) has announced that Hastings Technology Metals has published a summary of the Pre-Feasibility Study (PFS) for the the Yangibana Rare Earth Element Project in north-west Australia.

REM is a 30% joint venture partner Yanginbana North concession, which forms part of the Project and is covered by the PFS.

Highlights:

- Toll Treatment Model: Hydrometallurgical concentrate produced on site will be shipped overseas for further separation and refining into individual rare earth oxides. Allowing the Project to fast track to prodcution in 2019.

- Robust project economics:

-- Payback of capital cost: 2.5 years

-- Net present value estimated between ASD700-750 million (based on 8% discount rate)

-- Internal rate of return estimated at 40%

- Long-term mine life:

-- 7 year mine life with a total of 60,500 tonnes of separated oxides produced

-- Average strip ratio of 9.4:1

-- Average diluted TREO grade over mine life 1.15%

- Off take contracts: prospects for the supply of rare earth hydromet concentrate to overseas customers are promising given on‐going negotiations.

- Non Disclosure Agreements: signed with potential end customers of separated rare earth oxides and metals

Commenting on the PFS, Kiran Morzaria, Chief Executive Officer of REM, said:

"The PFS for the Yangibana Rare Earth Project has confirmed the potential we saw in 2011. The project is now at an advanced stage with very strong fundamentals. For us, a notable take-away from this study is both the high internal rate of return and the quick payback of capital costs; these metrics point to potentially high levels of growth in the project."

***

ASA Resource Group (ASA) has confirmed that it is convening a General Meeting of the Company, to be held on Thursday 12 May 2016, to seek shareholder approval for the following ordinary resolutions.

1. To appoint Ernst & Young LLP as auditors of the Company to hold office from the conclusion of the meeting to the conclusion of the next meeting at which the accounts are laid before the Company. The resolution is being put to shareholders in order to fill the vacancy arising out of the decision of shareholders not to reappoint the former auditors at the Company's Annual General Meeting held on 29 September 2015.

2. To authorise the directors to fix the remuneration of the auditors.

3. To authorise the directors to communicate electronically with shareholders for the purpose of Companies Act 2006 communications.

4. To authorise the directors to amend the Company's Articles of Association to provide for electronic communications per Resolution 3 above.

***

Vast Resources (VAST) has confirmed that the Company issued 60,140,493 new Ordinary Shares to Crede CG III Ltd after it elected to convert 21,074,198 warrants.

No net cash is due to the Company as a result of the exercise of the Warrants.

***

Thor Mining (THR) has confirmed that 76,398,285 CDIs will be released from voluntary escrow on 27 April 2016.

***

Amara Mining (AMA) has announced that, at the Court Meeting and the General Meeting held earlier today in connection with the recommended acquisition by Perseus Mining, to be effected by way of a scheme of arrangement, Amara Shareholders approved the scheme.

***

Firestone Diamonds (FDI) has announced that, in accordance with the terms of the USD30.0 million Eurobond debt facility, it has opted to issue 1,569,914 new ordinary shares of 1 pence each in respect of the quarterly interest due for the quarter ended 31 March 2016.

Accordingly, the Company will issue 783,588 new Ordinary Shares to Pacific Road and 786,326 new Ordinary Shares to Resource Capital Fund in respect of the interest due.

***

At 4:04pm:

[LON:ANTO] Antofagasta PLC share price was +6.3p at 433.2p

[LON:BEM] Beowulf Mining PLC share price was -0.1p at 4.35p

[LON:BKY] Berkeley Energia Ltd share price was 0p at 27p

[LON:CEY] Centamin PLC share price was +0.23p at 99.53p

[LON:CHL] Churchill Mining PLC share price was 0p at 14.38p

[LON:CZA] Coal of Africa Ltd share price was -0.07p at 1.88p

[LON:FDI] Firestone Diamonds PLC share price was -0.25p at 26.75p

[LON:FRES] Fresnillo PLC share price was +1.75p at 929.25p

[LON:GEMD] Gem Diamonds Ltd share price was +2.88p at 124.63p

[LON:HOC] Hochschild Mining PLC share price was +9.5p at 113.5p

[LON:KMR] Kenmare Resources PLC share price was -0.02p at 0.95p

[LON:KRS] Keras Plc share price was -0.05p at 1.45p

[LON:REM] Rare Earth Minerals PLC share price was -0.02p at 0.54p

[LON:VED] Vedanta Resources PLC share price was +7.1p at 351.1p



Story provided by StockMarketWire.com