Resource Wrap: 03 March 2010 – WSA, CHN, DRA, SRR, DEG, PLA, MDS, PNG LNG Project
March 2, 2010
Western Areas NL (WSA) has said that, with Finnish joint venture partner Magnus Minerals, it was looking to find a partner for six nickel, zinc and copper exploration projects located in central Finland. The two companies believe that believe the 180km long Kainuu Schist Belt, which hosts Talvivaara, has the potential to develop into a major metal province with multiple mines. The new partner would have the opportunity to fund exploration and drilling, as well as secure the rights to off-take contracts.
Chalice Gold Mines limited (CHN) said it has acquired an option to purchase the remaining 20% interest in the Zara Gold Project in Eritrea, East Africa from Dragon Mining Limited (DRA). The company said it could exercise the option at any time until 30 June 2010 by paying Dragon $8 million and issuing it two million Chalice shares. Chalice said it has agreed to pay Dragon a further $4 million on delineation of a 1 million ounce economically mineable gold ore reserve at the Zara Project within the currently held joint venture licences. The company said the option is subject to the necessary regulatory approvals with the Chalice shares issued to Dragon to be placed in escrow for 12 months.
Shaw River Resources Limited (SRR) announced the expansion of its Dingo Creek Project in the West Pilbara region. The company said it has secured an exclusive six-month option to enter into a joint venture with De Grey Mining Limited (DEG) over its “Bangemall Manganese Project” which lies adjacent to the Dingo Creek Project. Shaw river said De Grey Mining completed reconnaissance sampling over the area in 2009, and reported rock chip samples grading up to 36.8% Mn. The company said drilling is targeted to commence in late 2010.
Platinum Australia Limited (PLA) said the majority of the employees of the mining contractor, Redpath Mining (South Africa) (Pty) Limited, at Platinum's Smokey Hills Mine have engaged in industrial action and refused to go underground since March 1. The company said the action has resulted in the stoppage of almost all operations at the mine, while scheduled maintenance work in the plant has been brought forward to assist in minimising the impact of the stoppage. Platinum Australia said the employees have been advised by the contractor to return to work or face dismissal for participating in unprotected industrial action. The company expects normal operations to recommence by the end of this week or the beginning of next week, although admitted it was unsure how long the action would impact on operations.
Midas Resources Limited (MDS) said it has been granted a further key iron ore tenement (E47/1958) in the renowned Yandicoogina area. It is a further expansion of the Company’s Pilbara holdings, following the recent grant of the E08/1997 tenement in the West Pilbara region. The company said, it also concludes the grant of all key iron ore tenements that were subject to the Mulga Minerals acquisition last year. Midas said it now has four separate iron ore projects in the Pilbara, and will conduct an exploration and drilling program in 2010.
The Exxon Mobil led PNG LNG Project announced the award of two long-term charters and the signing of a Heads of Agreement for the construction and long-term charter of two new LNG vessels with Japan’s Mitsui O.S.K. Lines (“MOL”). MOL said the charters are for its two existing 177,000 cubic meter capacity LNG carriers. The company has entered the Heads of Agreements, one with the PNG LNG Project and one with an ExxonMobil affiliated company in the Gorgon Project, with the intention for MOL to construct and long term charter a total of four LNG vessels to the project. MOL said deliveries would commence in the 2014-2016 timeframe.
Chalice Gold Mines limited (CHN) said it has acquired an option to purchase the remaining 20% interest in the Zara Gold Project in Eritrea, East Africa from Dragon Mining Limited (DRA). The company said it could exercise the option at any time until 30 June 2010 by paying Dragon $8 million and issuing it two million Chalice shares. Chalice said it has agreed to pay Dragon a further $4 million on delineation of a 1 million ounce economically mineable gold ore reserve at the Zara Project within the currently held joint venture licences. The company said the option is subject to the necessary regulatory approvals with the Chalice shares issued to Dragon to be placed in escrow for 12 months.
Shaw River Resources Limited (SRR) announced the expansion of its Dingo Creek Project in the West Pilbara region. The company said it has secured an exclusive six-month option to enter into a joint venture with De Grey Mining Limited (DEG) over its “Bangemall Manganese Project” which lies adjacent to the Dingo Creek Project. Shaw river said De Grey Mining completed reconnaissance sampling over the area in 2009, and reported rock chip samples grading up to 36.8% Mn. The company said drilling is targeted to commence in late 2010.
Platinum Australia Limited (PLA) said the majority of the employees of the mining contractor, Redpath Mining (South Africa) (Pty) Limited, at Platinum's Smokey Hills Mine have engaged in industrial action and refused to go underground since March 1. The company said the action has resulted in the stoppage of almost all operations at the mine, while scheduled maintenance work in the plant has been brought forward to assist in minimising the impact of the stoppage. Platinum Australia said the employees have been advised by the contractor to return to work or face dismissal for participating in unprotected industrial action. The company expects normal operations to recommence by the end of this week or the beginning of next week, although admitted it was unsure how long the action would impact on operations.
Midas Resources Limited (MDS) said it has been granted a further key iron ore tenement (E47/1958) in the renowned Yandicoogina area. It is a further expansion of the Company’s Pilbara holdings, following the recent grant of the E08/1997 tenement in the West Pilbara region. The company said, it also concludes the grant of all key iron ore tenements that were subject to the Mulga Minerals acquisition last year. Midas said it now has four separate iron ore projects in the Pilbara, and will conduct an exploration and drilling program in 2010.
The Exxon Mobil led PNG LNG Project announced the award of two long-term charters and the signing of a Heads of Agreement for the construction and long-term charter of two new LNG vessels with Japan’s Mitsui O.S.K. Lines (“MOL”). MOL said the charters are for its two existing 177,000 cubic meter capacity LNG carriers. The company has entered the Heads of Agreements, one with the PNG LNG Project and one with an ExxonMobil affiliated company in the Gorgon Project, with the intention for MOL to construct and long term charter a total of four LNG vessels to the project. MOL said deliveries would commence in the 2014-2016 timeframe.
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