StockMarketWire.com - Karelian Diamond Resources [LON:KDR] made significant progress in the year and the acquisition of Lahtojoki may well deliver a mine faster than previously thought, shareholders at the annual general meeting were told.

Chairman Professor Richard Conroy said: "The year has been an excellent one for your company. We have acquired the Lahtojoki diamond deposit together with a Mining Permit for its development, which we are proceeding with, and the company's own exploration programme showed further success with mineral analysis indicating that the Riihivaara kimberlite body we discovered last year is likely to be diamondiferous.

"The Lahtojoki diamond deposit and your Company’s diamond exploration programme are both located in the Karelian Craton in Finland. As we have previously stated, the diamond prospectivity of this craton has been demonstrated by the discovery and development of the world class Lomonosova and Grib Pipe diamond deposits in the Russian sector. Our objective is to discover, or acquire, as in the case of Lahtojoki, diamond deposits in the Finnish sector of the craton.

"On acquiring the Lahtojoki property we received a Mining Permit for its development from the Finnish Safety and Chemical Agency. We believe that Lahtojoki has the potential to become a profitable open pit diamond mine and the data we received with the acquisition will allow us to expedite the work needed for a development programme.

"At Riihivaara the kimberlite has been sampled to a modelled depth of greater than 200km, within the diamond stability field. 355 garnet analyses were carried out by Rio Tinto in their laboratories and the results indicated that the geotherm is prospective for diamonds. The geotherm in Riihivaara is similar to that in the Kaavi-Kuopio kimberlite field in Finland where we have acquired the Lahtojoki licence, and to kimberlite fields in Southern Africa.

"I am also delighted that Rio Tinto Mining and Exploration Limited has agreed to extend their agreement with us to 2020.

"We have made significant progress in the year and the acquisition of Lahtojoki may well deliver a mine faster than we previously thought. And as a result we now have a combined exploration and development programme."

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Weatherly [LON:WTI] has formally concluded a further amendment and restatement agreement with Orion Mine Finance (Master) Fund I LP in relation to the facility agreement between Orion and the company's subsidiary Ongopolo Mining Limited. Under the amended facility, the repayment of facility D has been deferred to 28 February and interest accruing on the loans made under facility D shall be capitalised.

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Condor Gold [LON:CNR] has reached terms of a settlement with B2Gold Corporation and Royal Gold over a disputed net smelter return royalty over part of Condor's flagship La India project in Nicaragua.

Condor is also acquiring from B2Gold approximately 3,508 hectares of land surface rights which cover the area of the estimated mineral resource and reserves and the proposed mine site infrastructure.

Highlights:

- Condor reaches terms of a settlement on 3% NSR with B2Gold and Royal Gold.

- The settlement clears the way for the Project to advance towards the construction of a 1Mtpa processing plant with capacity to produce 100,000 oz gold p.a. from a single open pit.

- Purchase from B2Gold of 3,508 hectares of land surface rights covering the mine site infrastructure and the area of the mineral resource and reserve.

- Purchase of land surface rights from B2Gold removes an obstacle and allows the project to progress. - Settlement of NSR dispute and purchase of land surface rights de-risks the Project.

Chief executive Mark Child said: "I am pleased to have negotiated the terms of the settlement over a 3% NSR on part of Condor's La India Project. It ends four years of litigation in the Canadian and Nicaragua courts with B2Gold and Royal Gold. It clears the way to progress Mina La India to construction by providing clarity to potential funding partners over a protracted NSR dispute.

"I am equally pleased to have acquired surface rights in respect of 3,508 hectares of land from B2Gold, which covers the area of the mine site infrastructure required for the base case 1Mtpa processing plant with capacity to produce 100,000 oz gold p.a. from a single open pit. The purchase of the land surface rights removes an obstacle to construction, not least because B2Gold undertook litigation against Condor in Nicaragua in relation to these rights.

"The purchase of land surface rights will facilitate negotiations with local land owners and allows the project to progress forming part of Condor's strategy of de-risking the Project and achieving a clear path to production."

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Bezant [LON:BZT] shareholders have approved the change of the company's financial year-end from 30 June to 31 December with immediate effect.

As a result, the company's reporting calendar will be as follows:

- Audited results for the 6 months to 31 December 2016, to be published by 30 June 2017

- Unaudited interim results for the six months to 30 June 2017, to be published by 30 September

- Audited results for the 12 months to 31 December 2017, to be published by 30 June 2018.

The change was approved by shareholders at the annual general meeting toward along with all other resolutions proposed.

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The sector's biggest riser was Eurasia Mining [LON:EUA] - up by 24% in late trading. The biggest faller was Altona Energy [LON:ANR] - down by more than 10.5%.








At 3:42pm:

[LON:BEM] Beowulf Mining PLC share price was 0p at 5.13p

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[LON:BZT] Bezant Resources PLC share price was 0p at 2.5p

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[LON:CNR] Condor Gold PLC share price was +3p at 59p

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[LON:HOC] Hochschild Mining PLC share price was -2.25p at 229.25p

[LON:KDR] Karelian Diamond Resources PLC share price was +0.08p at 0.58p

[LON:KMR] Kenmare Resources PLC share price was +4.25p at 256.5p

[LON:VED] Vedanta Resources PLC share price was -21.5p at 929.5p

[LON:WTI] Weatherly International PLC share price was +0.08p at 0.88p



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