- ZincOx Resources [LON:ZOX] was one of the sector's biggest fallers after it completed the transfer of 90% of the shares of ZincOx (Korea) Ltd, owner of the Korean Recycling Plant, to Korea Zinc Co Ltd.

The company is continuing its discussions with potential strategic and project specific partners for the development of new recycling projects.

"Following the transfer of 90 per cent of the shares in ZincOx Korea, in addition to its residual 10 per cent shareholding in ZincOx Korea and its valuable proprietary technology "know-how", ZincOx also has net cash of approximately GBP360,000," ZincOx Resources said.

"All the directors have taken pay cuts while a new project for the Company is identified. The Company estimates that this should provide operating cash for up to a further 12 months on a significantly reduced overhead basis."

* * *

Jubilee Platinum [LON:JLP] has confirmed that the ordinary resolution put to shareholders at today's General Meeting was passed.

* * *

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

� Hole 16 final results received, returning another world class intersection from the Alpala deposit of: 1145.6m @ 0.63% Copper and 0.78 g/t Gold from 516m, including 856.0m @ 0.80% Copper and 1.04 g/t Gold from 548m.

� This broad zone of porphyry style copper and gold mineralisation includes two high grade zones:

1. Upper Zone: 152m @ 1.18% Copper and 1.69 g/t Gold from 612m (cut � 0.7% Copper); 108m @ 1.46% Copper and 2.19 g/t Gold from 656m (cut � 1.0% Copper)

2. Lower Zone: 373.6m @ 1.00% Copper and 1.34 g/t Gold from 928m (cut � 0.7% Copper); 367.6m @ 1.01% Copper and 1.35 g/t Gold from 934m (cut � 1.0% Copper)

* * *

Kenmare Resources' [LON:KMR] ore mined increased by 120% to 7,061,000 tonnes in the first quarter and issued an update on a proposed deleveraging to reduce outstanding debt.

Kenmare - which operates the Moma titanium minerals mine in northern Mozambique - said the increase in ore mined was mainly due to improved power supply quality and consistency.

Heavy mineral concentrate (HMC) production in Q1 2016 increased 90% to 274,800 tonnes (Q1 2015: 144,500 tonnes) while ilmenite output increased 39% to 185,000 tonnes (Q1 2015: 132,900 tonnes).

Zircon production increased 12% to 11,600 tonnes (Q1 2015: 10,400 tonnes).

Total shipments of finished products were down 37% at 132,700 tonnes (Q1 2015: 209,600 tonnes) as the delayed arrival of a vessel and inclement weather at the end of March delayed the departure of two large ilmenite shipments.

Production guidance of 950,000 tonnes of ilmenite production in 2016 (+/- 10%) is up 24% on achieved 2015 production.

The group also issued an update on its proposals to materially reduce outstanding debt from US$367.8 million as of 31 December to not more than US$100 million; to provide the group with additional liquidity from part of the net proceeds of a capital raise; and to amend the terms of residual loans.

It is expected that existing events of default under the current debt facilities would also be remedied upon implementation of the proposals.

The deleveraging plan includes the following key elements:

- A US$100 million placing of new ordinary shares with State General Reserve Fund, a sovereign wealth fund of the Sultanate of Oman ("SGRF"), and a US$100 million placing of new ordinary shares with King Ally Holdings Limited (in aggregate US$200 million) ('the cornerstone placing') and an additional firm placing, at the same issue price as the cornerstone placing, of not less than US$75 million for which participation commitments will be sought from a number of new and existing institutional shareholders;

- Application of US$200 million of the proceeds of the Cornerstone Placing and Firm Placing to repay US$250 million of debt, together with the discharge of an amount equal to interest accruing on project loans (excluding the Super Senior Facility) from 25 November, 2015 until the date of receipt of Lender approvals, with the balance of the net proceeds (after expenses of the issue and of the Capital Restructuring) of the Cornerstone Placing and Firm Placing being retained by the Company for working capital purposes;

-An open offer to existing shareholders to subscribe for new ordinary shares on the same terms as under the Cornerstone Placing and Firm Placing. The maximum size of the Open Offer will be such as to enable the discharge of all remaining outstanding indebtedness in the event of full subscription under the Open Offer on the basis that for every US$3 raised under the Open Offer US$4 of debt obligations are extinguished;

- To the extent that subscriptions under the Open Offer are insufficient to reduce outstanding indebtedness to US$100 million, the amount of debt in excess of US$100 million will be equitised at the Issue Price;

- A share capital reorganisation will also be proposed as part of the Capital Restructuring pursuant to which ordinary shares in issue will be consolidated, with all new ordinary shares to be issued under the Capital Restructuring being on a post-consolidation basis.

The net effect of these arrangements will be that the amount of debt remaining outstanding following the completion of the capital restructuring will not be more than US$100 million and (dependent on the level of subscription for new ordinary shares under the open offer) could be less.

* * *

Ariana Resources [LON:AAU] has announced that it has issued 766,667 new ordinary shares of 0.1 pence each in the capital of the Company at a price of 0.99 pence per share to Loeb Aron & Co. in respect of the exercise of warrants.

* * *

Metal Tiger [LON:MTR] has made a further strategic investment, this time into Red Rock Resources [LON:RRR] via a combination of GBP125,000 cash and GBP100,000 shares in Metal Tiger under the proposed strategic share exchange.

The Red Rock interest will be held in the Company's Asset Trading division.

"The incoming cash and liquid shares will help revitalise Red Rock and we will be watching the developments announced by Red Rock with interest over the coming weeks and months," said chairman Terry Grammer.


� Investment of �125,000 in cash to acquire 29,761,904 Red Rock shares at 0.42p;

� Metal Tiger to receive one warrant at 0.84p for each Red Rock share purchased at 0.42p in the placing (being 29,761,904 warrants in total), with a warrant life of 30 months;

� Warrants subject to an accelerator whereby in the event that Red Rock shares trade in excess of a ten day vwap of 2.5p or more, the warrant holders, following notification, have 7 days to confirm a wish to exercise and a further 14 days to pay, otherwise the warrants will be cancelled;

� Strategic share exchange ("Share Swap") whereby Metal Tiger invests a further �100,000 to acquire an additional 23,809,523 Red Rock Shares at 0.42p per share in exchange for a �100,000 of Metal Tiger shares, being 1,818,182 Metal Tiger shares at 5.5p each. Red Rock and Metal Tiger may not dispose of the other parties Share Swap shares for a period of three months without the other party's approval. The strategic share exchange is subject to both company auditors confirming the reasonableness of the transaction in line with proper commercial practice;

� Following completion of the proposals outlined above, Metal Tiger will own 53,571,427 Red Rock shares representing 13.65% of Red Rock's issued share capital;

� Metal Tiger has the right to appoint a Non-Executive Director to the Red Rock board at any time during the next 12 months.

At 4:07pm:

[LON:AAU] Ariana Resources PLC share price was +0.08p at 1.55p

[LON:BEM] Beowulf Mining PLC share price was +0.01p at 4.58p

[LON:BKY] Berkeley Energia Ltd share price was +1p at 30p

[LON:CEY] Centamin PLC share price was +7.25p at 119.75p

[LON:CHL] Churchill Mining PLC share price was +1.38p at 20p

[LON:CZA] Coal of Africa Ltd share price was +0.03p at 2.15p

[LON:FDI] Firestone Diamonds PLC share price was 0p at 29.25p

[LON:FRES] Fresnillo PLC share price was +19p at 1114p

[LON:GEMD] Gem Diamonds Ltd share price was -2.12p at 135.63p

[LON:HOC] Hochschild Mining PLC share price was +0.88p at 155.88p

[LON:JLP] Jubilee Platinum PLC share price was -0.08p at 2.93p

[LON:KMR] Kenmare Resources PLC share price was +0.04p at 0.85p

[LON:SOLG] SolGold PLC share price was +0.05p at 3.53p

[LON:VED] Vedanta Resources PLC share price was -10.9p at 416.5p

[LON:ZOX] ZincOx Resources PLC share price was -0.08p at 0.7p

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