- New World Resources plc [LON:NWR] shares plunged after it and New World Resources NV announced that the board of OKD met earlier today and resolved to file an insolvency petition, which was this afternoon filed with the Czech court.

As noted previously, the group has been in discussions with its stakeholders, including the Czech government and the ad hoc group of its creditors since the beginning of December regarding a restructuring of liabilities and the provision of vital additional liquidity to OKD.

Information provided to the Czech government and the AHG to date gives a clear picture: OKD's financial position is very weak and it urgently requires an external injection of money to be able to continue trading and to meet its financial liabilities, including paying its workers. As previously announced, the board of OKD met on 29 April and decided that, in light of the current circumstances, it would reconvene on 3 May to discuss the potential filing of an insolvency petition by OKD.

No further meaningful progress has been made in the past few days.

As a result, at a meeting which took place earlier today, the board of OKD resolved to file an insolvency petition. The insolvency petition was this afternoon filed with the Czech court.

* * *

Central Rand Gold [LON:CRND] has confirmed it will defend a move to wind-up CRG SA by Puno Gold Investments Proprietary.

CRG SA is Central Rand Gold Group's principal operating subsidiary, holding all of the group's mining and prospecting rights.

Central Rand Gold says that given the recent finding of the High Court of South Africa to uphold the company's appeal with costs in relation the dispute with Puno, as announced on 11 April, the board believes this to be the latest strategy from Puno to frustrate the operations of the company.

The company says the board considers the application to be without merit and has engaged legal advisers to defend the action.

* * *

Amur Minerals [LON:AMC] said an independent resource update of the Ikenskoe / Sobolevsky (IKEN) nickel-copper deposit in Russia has been approved and completed by SRK Consulting (UK) Ltd.


- The definition of two geological domains within the IKEN resource has provided an enhanced resource model at IKEN. The model is suitable for the definition of both open pit and underground reserves as well as providing the ability to assess multiple cut-off grades ("COG") based on nickel price volatility. The model is appropriate for the definition of DFS reserve statements;

- The global JORC resource including the Measured, Indicated and Inferred resource ("MI&I") has increased from the July 2013 statement. The resource consists of 35.3 million ore tonnes (formerly 34.1 million tonnes) averaging 0.51% nickel per tonne (formerly 0.52% nickel) and 0.13% copper (unchanged). Total nickel metal is 180,800 tonnes with copper totaling 47,100 tonnes. By-product platinum totals 5,900 kg with palladium being 6,700 kg;

- The combined M&I resource inventory from which reserves will be derived has been significantly upgraded (20%) due to modelling thicker zones overall.. The M&I inventory consists of 29.4 million ore tonnes (up from 22.6 million) averaging 0.46% nickel (down from 0.47%) and 0.12% copper (unchanged) per tonne. The M&I contained nickel has increased by 27,900 tonnes to a total of 134,700 tonnes with copper increased by 8,100 tonnes to 35,600 tonnes. M&I platinum now consists of 4,900 kg (up from 3,800 kg) and 5,500 kg (up from 4,300 kg) for palladium;

- Because M&I resources can be used to define reserves for the DFS, the increase in the M&I resource categories provides an opportunity to expand reserves from previous projections without additional significant field work or drilling being required in M&I area of IKEN;

- Continuous high grade geological domains of mineable thicknesses are prevalent throughout IKEN. Representing 50% of the mineralised ore tonnes, the high grade zones contain 77% (138,800 nickel tonnes) of the total IKEN nickel resource. Contained within 17.0 million tonnes of ore, the average grade is 0.82% nickel and 0.19% copper. PGM content totals 8,100 kgs;

- The introduction of the high grade modelling has a definitive and positive impact on evaluation of the reserves. It will allow for a far more refined definition of the open pit and underground areas from which production will be obtained therefore optimising the operating profit to be identified at IKEN.

- A COG analysis (the level below which material within an ore body does not contain sufficient value to economically justify processing into a final salable product) indicates a limited portion of is present below 0.4% nickel. This is the approximate COG based on projected operating costs, metallurgical recoveries, use of a nickel price of US$ 8,800 and assuming underground production only. A total 17.7 million tonnes, containing 142,600 tonnes of nickel (0.81% Ni) and 33,700 tonnes of copper (0.19% Cu), is available to reserve determination. PGM totals are 8,400 kgs averaging a combined grade of 0.47 g/t); and

- IKEN remains the second largest of the five deposits identified at Kun-Manie. The updated consolidated resource for all five deposits is 159.6 million ore tonnes. The average nickel grade is 0.45% containing 726,000 tonnes. Copper content per tonne is 0.13% containing 206,400 tonnes. The combined PGM grade is 0.25 g/t representing a total of 40,600 kg.

* * *

SolGold [LON:SOLG] has provided a further update from its Cascabel Copper-Gold Porphyry Project in Ecuador.


- Hole 15R2 is currently drilling at a depth of 1595.7m, and has intersected intense visible copper sulphide mineralisation, which is increasing with depth.

- Hole 17 is currently drilling at a depth of 729.2m in visible mineralisation.

* * *

Centamin's [LON:CEY] gold production rose to 125,268 ounces in the first quarter - 6% up on the previous three months and 16% higher than a year ago.

EBITDA rose to US$67.5 million - 42% up on Q4 2015 and 27% higher than a year ago.

Basic earnings per share 3.56 US cents, up 3.75 US cents on Q4 2015 and up 1.06 US cents on Q1 2015.

Centamin remains debt-free and un-hedged with cash, bullion on hand, gold sales receivable and available-for-sale financial assets of US$275.7 million at 31 March 2016, up 19.5% on Q4 2015.

Output guidance for the year is unchanged at 470,000 ounces at US$680 per ounce cash cost of production and US$900 per ounce AISC.

Chief executive Andrew Pardey said: "The first quarter marked a solid start to the year, with a 42% quarterly increase in EBITDA to US$67.5 million driven by production at Sukari of 125,268 ounces of gold and a continued downward trend in costs.

"Cash cost of production of US$603 per ounce and AISC of US$758 per ounce were a material reduction on the previous quarter and below our full year guidance.

" Operationally, processing was a highlight and a key driver of the increase in gold output, with plant throughput rising above our base forecast rate of 11Mt per annum as the optimisation programme continued. With quarterly production rates expected to remain within the 450,000 to 500,000 ounces per annum range, our full year guidance remains unchanged at 470,000 ounces at US$680 per ounce cash cost of production and US$900 per ounce AISC.

"The key focus for the operation during the coming quarters is on realising the potential for sustained productivity and cost improvements."

At 3:38pm:

[LON:AMC] Amur Minerals Corporation share price was -0.01p at 4.89p

[LON:BEM] Beowulf Mining PLC share price was -0.47p at 4.43p

[LON:BKY] Berkeley Energia Ltd share price was +2p at 32p

[LON:CEY] Centamin PLC share price was +1.1p at 122p

[LON:CHL] Churchill Mining PLC share price was -0.25p at 20.13p

[LON:CRND] Central Rand Gold Ltd share price was -0.62p at 3.13p

[LON:CZA] Coal of Africa Ltd share price was +0.29p at 2.43p

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

[LON:FRES] Fresnillo PLC share price was -45.5p at 1067.5p

[LON:GEMD] Gem Diamonds Ltd share price was -1.62p at 133.88p

[LON:HOC] Hochschild Mining PLC share price was -10.87p at 144.88p

[LON:KMR] Kenmare Resources PLC share price was -0.02p at 0.83p

[LON:NWR] New World Resources PLC share price was -0.12p at 0.15p

[LON:SOLG] SolGold PLC share price was +0.03p at 3.55p

[LON:VED] Vedanta Resources PLC share price was -28.6p at 393.3p

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