StockMarketWire.com - New World Resources plc [LON:NWR] was the sector's biggest faller after it and New World Resources NV said a non-binding agreement with the Czech Government had not been secured.

On this basis the ad-hoc group of senior creditors of the Group and shareholders in NWR Plc have not agreed to waive or extend the Super Senior Credit Facility Standstill and Waiver Agreement (SSCF Waiver).

"This expiry means that certain members of the Group are now in default under their financial obligations - obligations that are guaranteed by OKD," it New World said.

"Given the current status of discussions, it is unclear whether agreement on a restructuring plan can be reached before OKD has exhausted all available sources of financing and thus, whether OKD may be obliged to commence insolvency proceedings."

New World Resources Plc and New World Resources N.V. noted that talks continued with certain key stakeholders, including the Czech Government, regarding a restructuring of the Group's financial indebtedness.

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Alba Mineral Resources [LON:ALBA] posts a pre-tax loss of GBP292,705 for the year to the end of November compared with GBP235,751 in 2014.

Revenue was nil - unchanged from last time.

Alba holds interests in the UK oil and gas exploration sector, plus hard rock exploration assets in Greenland (graphite), Ireland (base metals) and Mauritania (uranium).

Chairman George Frangeskides said: "During the past financial year, the Alba Board, determined to increase the Company's exposure to the highly prospective Horse Hill oil & gas project, acquired two further stakes in the project, giving it a 15 per cent interest in HHDL, and making it HHDL's second largest shareholder.

"In addition, we identified and acquired an option over what we believe to be a highly prospective graphite project in Greenland. These acquisitions, and Alba's funding of its commitments both at Horse Hill and its other projects, were achieved by a series of successful recent capital raisings completed by the Company during the year, despite what has been a consistently challenging investment market."

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Cote d'Ivoire's first golf academy for children has been launched at a golf day attended by the prefect of the Korhogo region, the town's mayor and other dignitaries.

The academy is a joint initiative between the Ivorian sport promotion company Team STL and Randgold Resources [LON:RRS], which owns and operates the Tongon gold mine in the country.

The aim is to provide underprivileged children with potential the opportunity to acquire a first-rate academic education combined with their development as golfers.

Initially, bursaries will be offered to 100 pupils selected from all over the country. A number of children from the area around Tongon participated in the event.

Speaking at the golf day, Randgold chief executive Mark Bristow said the sport academy initiative would complement the company's wide-ranging social responsibility portfolio of education, health, infrastructure and economic development projects.

"We are committed to discovering and nurturing talent in our host countries, and by giving youngsters the opportunity to develop their athletic as well as their academic potential, the academy will add an extra dimension to this drive," he said.

Randgold will contribute USD50 000 per year for three years to the realisation of the project.

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SolGold [LON:SOLG] has provided an update from its Cascabel Copper-Gold Porphyry Project in Ecuador. The highlights are as follows:

� Hole 15R2 is currently drilling at a depth of 1401m, and continuing to intersect significant visible copper mineralisation, which is increasing with depth.

� Hole 17 is currently drilling at a depth of 519.4m in visible mineralisation.

� Updated Cascabel Project video ("Cascabel Now") available in the media section of the Company's website.

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Greatland Gold [LON:GGP] will seek shareholder approval to increase the directors' authority to issue shares on a non-pre-emptive basis.

In the first instance, this authority will be used to issue and allot shares and warrants under the placing announced on 22 April. A resolution will also be put to shareholders to approve the proposal announced on 20 April, whereby directors have elected to be issued with shares in lieu of a proportion of their salary.

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KEFI Minerals [LON:KEFI] non-executive director Norman Ling will be representing the company at the UK Investor Show 2016 at the Queen Elizabeth II Conference Centre in Westminster, London, on 30 April. Ling will be giving a presentation in the Analyst Room at 10.20 a.m. and taking part in the 'Dragons' Den' session on the Main Stage at 3.00 p.m.

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Tri-Star Resources [LON:TSTR] said test-work by Strategic & Precious Metals Processing LLC (SPMP) has resulted in the first production of high purity antimony metal.

SPMP's announcement of today's date continues as follows:

"Antimony metal was poured following the reduction of oxide material using the innovative furnace technology adopted by SPMP.

"The tests confirmed the ability to use such technologies to produce antimony metal in a modern environmentally advanced manner, when compared to other traditional metal reduction methods.

"Such innovations are hoped will differentiate the SPMP product and quality going forward when the main plant is in full production. Further test-work is being undertaken including trials with material from a number of international producers.

"The test equipment will ultimately be relocated to site in Sohar and will form the test equipment for the site laboratory, performing on-going analysis and test-work on feed material."

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Obtala Resources [LON:OBT] chairman Francesco Scolaro is stepping down from the role and will become a non-executive director. Miles Pelham will become chairman. The company also announced that Emma Priestley is relinquishing her board position due the increasing demands on her time with other board positions.

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Ariana Resources [LON:AAU] reports a substantial increase in the JORC compliant mineral resource estimate for the Kiziltepe project following its recent drilling programme in Turkey.

Kiziltepe is part of the Red Rabbit joint venture with Proccea Construction Co and will be 50% owned by Ariana once mine construction is completed in the second half of this year.

Highlights:

- Overall increase in mineral resource estimate of c. 44,500 oz Au and 886,000 oz Ag to a total of 195,200 oz Au and 3.15Moz Ag contained metal on four main veins, excluding existing resources on several subsidiary veins such as Kepez.

- Substantial increase in tonnage (to c. 2.5Mt) with a corresponding reduction of grade (to c. 2.5 g/t Au and 40.3 g/t Ag) as a result of adoption of revised geological model.

- Large increase (approx. 45%) in volume of new Whittle-generated pit shells in comparison to designed pits, notably Arzu North and Derya.

- Whittle base case optimisation demonstrates a potential increase in mine life from c. 8 years to c. 10 years at a designed throughput rate of 150,000 tonnes per annum.

Managing director Dr. Kerim Sener said: "Following the completion of an extensive review of our geological model and the addition of new drilling data, this result is a very pleasing update on our resource estimate for the Kiziltepe Mine. Importantly, the discovery cost of these additional ounces is approximately US$5 per ounce, which demonstrates the very cost-efficient exploration we are able to conduct on this project.

"The resource update, in addition to Whittle optimisation work, demonstrates the potential for Kiziltepe to provide for a mine life of about 10 years at the designed throughput rate of 150,000 tonnes per annum. This also excludes several subsidiary veins on which we have already established resources, which with further work may add further to mine life.

"With the enlarged resource and with expectations of further resource growth, we are now reviewing our options to potentially increase the mine throughput rate up to 200,000 tonnes per annum with our partners, Proccea. Meanwhile, construction at the mine is proceeding well, with delivery of the ball-mill to site occurring a few days ago."

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Metals Exploration (LOM:MTL) said the Partial Suspension Order dated October 21, 2015, has been lifted by the Mines & Geosciences Bureau Regional Office II, subject to ongoing performance monitoring and conditions.

















At 3:48pm:

[LON:ALBA] Alba Mineral Resources PLC share price was -0.03p at 0.3p

[LON:BEM] Beowulf Mining PLC share price was 0p at 4.65p

[LON:BKY] Berkeley Energia Ltd share price was 0p at 28.5p

[LON:CEY] Centamin PLC share price was -2p at 105.8p

[LON:CHL] Churchill Mining PLC share price was +1p at 19.75p

[LON:CZA] Coal of Africa Ltd share price was +0.01p at 2.13p

[LON:FDI] Firestone Diamonds PLC share price was -0.5p at 29.25p

[LON:FRES] Fresnillo PLC share price was -9.5p at 1062.5p

[LON:GEMD] Gem Diamonds Ltd share price was +1.88p at 144.38p

[LON:GGP] Greatland Gold PLC share price was 0p at 0.24p

[LON:HOC] Hochschild Mining PLC share price was -3.75p at 139p

[LON:KMR] Kenmare Resources PLC share price was +0.03p at 0.93p

[LON:NWR] New World Resources PLC share price was -0.18p at 0.28p

[LON:RRS] Randgold Resources Ltd share price was -172.5p at 6367.5p

[LON:SOLG] SolGold PLC share price was -0.08p at 3.28p

[LON:VED] Vedanta Resources PLC share price was -17.3p at 409.6p



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