Resource Wrap: 15 June 2010 – BNT, FML, BRU
June 15, 2010
Bounty Mining Limited (BNT) said it has entered into a six-month contract with Xstrata to provide labour hire services at Xstrata’s Oaky Creek North mine in Central Queensland to assist with gate road development. Bounty said the contract supplements the company’s existing operations and is consistent with its strategy of providing underground coal mining services that include thin seam bord and pillar mining and gate road development. The company said the demand for high quality Australian coking and thermal is growing, and this is expected to underpin further growth for Bounty.
Focus Minerals Limited (FML) announced that it has reached agreement to acquire a 75% stake in the Lake Cowan gold-copper project Western Australia’s Eastern Goldfields, where the company said surface reconnaissance exploration has produced grades of up to 49g/t gold and 1% plus copper. The gold producer said the lease covers 95 square kilometres with surface sampling coming predominantly from an island that sits within Lake Cowan. Focus said the structural setting, local geology and identified gold and copper mineralisation is similar to that found at the nearby Paris mine, which produced about 22,000 ounces of gold at an average grade of 11.1g/t. The company said under the terms of the agreement, it would acquire the stake in the project by issuing three million fully paid Focus shares to Semro Pty Ltd and spending $200,000 on exploration over the next 12 months.
Buru Energy Limited (BRU) said it has entered into a binding Farm-in Agreement with Mitsubishi Corporation to jointly explore and develop the Canning Superbasin, located in northwest of Western Australia. The company said under the agreement, Mitsubishi Corp has the right to earn an equal interest to Buru in the majority of Buru’s exploration permits by spending up to $152.4 million on exploration and development. Buru said Mitsubishi Corp also has the right to acquire an interest in Buru’s production permits in exchange for an additional cash payment. Buru said the two companies share a vision of the potential of the Canning Superbasin as a major oil and gas supply centre.
Focus Minerals Limited (FML) announced that it has reached agreement to acquire a 75% stake in the Lake Cowan gold-copper project Western Australia’s Eastern Goldfields, where the company said surface reconnaissance exploration has produced grades of up to 49g/t gold and 1% plus copper. The gold producer said the lease covers 95 square kilometres with surface sampling coming predominantly from an island that sits within Lake Cowan. Focus said the structural setting, local geology and identified gold and copper mineralisation is similar to that found at the nearby Paris mine, which produced about 22,000 ounces of gold at an average grade of 11.1g/t. The company said under the terms of the agreement, it would acquire the stake in the project by issuing three million fully paid Focus shares to Semro Pty Ltd and spending $200,000 on exploration over the next 12 months.
Buru Energy Limited (BRU) said it has entered into a binding Farm-in Agreement with Mitsubishi Corporation to jointly explore and develop the Canning Superbasin, located in northwest of Western Australia. The company said under the agreement, Mitsubishi Corp has the right to earn an equal interest to Buru in the majority of Buru’s exploration permits by spending up to $152.4 million on exploration and development. Buru said Mitsubishi Corp also has the right to acquire an interest in Buru’s production permits in exchange for an additional cash payment. Buru said the two companies share a vision of the potential of the Canning Superbasin as a major oil and gas supply centre.
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