- Sunrise Resources [LON:SRES] was one of the sector's biggest risers after it announced a strategic financing to accelerate the company's precious metals exploration programme in Nevada, US.


- Placing and subscription for 250,000,000 new ordinary shares at 0.12 pence per share to raise GBP300,000 before expenses;

- Each placing and subscription share comes with one warrant to subscribe for a further ordinary Sunrise share at a price of 0.24p, a 100% premium to the placing price, with a life to expiry of 30 months (i.e. 250,000,000 warrants);

- Placing and subscription undertaken with high net worth investors and includes a GBP20,000 investment by Sunrise non-executive director Roger Murphy; and

- Proceeds of the placing to be applied primarily to the Company's precious metal projects in Nevada, including those held in the new precious metals subsidiary Westgold Inc.

* * *

Metals Exploration [LON:MTL] posts an operating loss of GBP5,206,287 for the year to the end of December compared with GBP6,784,385 in 2014. The losses were due to administrative expenses. Revneue was nil - unchanged from 2014.

* * *

Tertiary Minerals [LON:TYM] has raised GBP0.5m at 1p a share and plans use most of the proceeds for the ongoing evaluation and development of its key fluorspar projects, MB and Storuman.

It separately posted an H1 pretax loss of GBP0.3m.

"The cyclical mining share markets appear to have bottomed in the reporting period and we are now seeing a strengthening of some commodity prices and the share prices of many mining companies," the company said in a statement.

"This is being led by the gold sector but, based on historical patterns, we expect this to flow on more widely to the rest of the mining sector.

"We have continued to increase our interest in Sunrise Resources plc through the capitalisation of shared management costs and the Company's interest in Sunrise now stands at 11.8%."

* * *

Regency Mines has invested in Westport Energy, a company recently formed to acquire natural gas operations in the US.


o Westport targeting the acquisition of onshore U.S. gas assets through a foreclosure process

o Regency to initially subscribe for 21,875 shares of GBP1.00 each of Westport at a price of GBP8.00 per share for total consideration of GBP175,000 in a pre-IPO funding; Westport shares subsequently to be divided into 100 ordinary shares of GBP0.01 each, the initial subscription to be covered from the Company's existing cash resources

o Westport to seek a listing on a London market and Regency commits to subscribe for a further GBP350,000 at a price of GBP0.10 a share ("IPO Subscription") upon admission of IPO shares

o Regency to appoint a director to the Westport board at the time of the IPO

o Regency to receive additional Westport shares at IPO in payment of a 7% fee ("Fee") to be taken in shares in Westport in consideration of its entering into a one-year lock in on IPO Subscription and Fee shares

* * *

Alba Mineral Resources [LON:ALBA] has exercised its option to earn into the Amitsoq graphite project in southern Greenland. Alba announced on 6 October that it had signed an agreement with Artemis Resources which granted to Alba an option to earn up to 70 per cent of a graphite project near Nanortalik in southern Greenland. The licence area of the Project comprises the historic Amitsoq graphite mine and is prospective not only for graphite but also for gold, copper, nickel and platinum group elements (PGEs). A renegotiation of the earn-in terms with Artemis has been completed as part of Alba's election to earn-in.

* * *

At 4:08pm:

[LON:ALBA] Alba Mineral Resources PLC share price was -0.03p at 0.26p

[LON:BEM] Beowulf Mining PLC share price was -0.13p at 3.75p

[LON:BKY] Berkeley Energia Ltd share price was +1.75p at 34.5p

[LON:CEY] Centamin PLC share price was -1.45p at 99.75p

[LON:CHL] Churchill Mining PLC share price was +0.75p at 17.63p

[LON:CZA] Coal of Africa Ltd share price was +0.01p at 3.26p

[LON:FDI] Firestone Diamonds PLC share price was +1p at 31p

[LON:FRES] Fresnillo PLC share price was +9p at 1035p

[LON:GEMD] Gem Diamonds Ltd share price was -0.37p at 131.63p

[LON:HOC] Hochschild Mining PLC share price was +3.25p at 145.75p

[LON:KMR] Kenmare Resources PLC share price was +0.03p at 0.8p

[LON:MTL] Metals Exploration PLC share price was 0p at 6.63p

[LON:SRES] Sunrise Resources PLC share price was +0.03p at 0.17p

[LON:TYM] Tertiary Minerals PLC share price was 0p at 1.38p

[LON:VED] Vedanta Resources PLC share price was -3p at 377.5p

Story provided by