Resource Wrap: 31 March 2010 – CVN, AXY, GCL, TAM
March 30, 2010
Carnarvon Petroleum Limited (CVN) said its net 2P oil reserves have increased by 9 million barrels to 24.5 million barrels as at 31 December 2009, an increase of 48%. The company said the increase was a direct outcome of a successful 2009 exploration program, which resulted in the discovery of the Bo Rang North oil fields in March 2009. Carnarvon said after allowing for production in the 2009 calendar year of 1.1 million barrels net to Carnarvon, the net increase in oil reserves was 2.7 million barrels (1P), 7.9million barrels (2P) and 20.2 million barrels (3P). The company said reserves replacement was 3.4 times on 1P reserves and 8.1 times on 2P reserves based on Carnarvon’s 2009 calendar year oil sales of approximately 3,000 barrels per day net.
Atom Energy Limited (AXY) said that resource modeling completed by independent consultants, Ravensgate Mining, had identified 505,000 ounces of gold from 10.7Mt @ 1.47g/t representing an increase in the total resource of 38% at a 0.6g/t cut-off. The increase related to two projects, Excelsior and Zoroastrian at the company's operations in the Kimberley region of Western Australia.
Gloucester Coal Limited (GCL) shares were placed in trading halt Wednesday morning as a result of a pending announcement by Macarthur Coal. Macarthur, who recently made a takeover offer for Gloucester, announced today that its shares would be halted as a result of receiving a takeover offer from an undisclosed third party. Gloucester said the trading halt would remain in place until the earlier of the commencement of normal trading on the second trading day after the trading halt commenced and when it makes an announcement to the market and requests that the trading halt be lifted.
Tanami Gold NL (TAM) said it has finalised the $22 million acquisition of the Central Tanami Gold Project from Newmont Mining Corporation after executing formal documentation yesterday. The company said it views the acquisition as a key milestone in its growth strategy to becoming a 200,000oz per annum mid-tier gold producer within two years. Tanami satisfied all key conditions of the acquisition agreement, including receipt of Newmont Board approval and finalisation of a $37 million loan agreement to underpin the transaction. The project includes a JORC Code compliant Resource of 516,000oz, the 1.2Mtpa Central Tanami treatment plant and extensive support infrastructure, a 2,000 kilometre squared exploration package comprising 21 Mineral Leases and 16 Exploration Licences, and 2.1Moz historic production endowment within the Mining Lease area.
Atom Energy Limited (AXY) said that resource modeling completed by independent consultants, Ravensgate Mining, had identified 505,000 ounces of gold from 10.7Mt @ 1.47g/t representing an increase in the total resource of 38% at a 0.6g/t cut-off. The increase related to two projects, Excelsior and Zoroastrian at the company's operations in the Kimberley region of Western Australia.
Gloucester Coal Limited (GCL) shares were placed in trading halt Wednesday morning as a result of a pending announcement by Macarthur Coal. Macarthur, who recently made a takeover offer for Gloucester, announced today that its shares would be halted as a result of receiving a takeover offer from an undisclosed third party. Gloucester said the trading halt would remain in place until the earlier of the commencement of normal trading on the second trading day after the trading halt commenced and when it makes an announcement to the market and requests that the trading halt be lifted.
Tanami Gold NL (TAM) said it has finalised the $22 million acquisition of the Central Tanami Gold Project from Newmont Mining Corporation after executing formal documentation yesterday. The company said it views the acquisition as a key milestone in its growth strategy to becoming a 200,000oz per annum mid-tier gold producer within two years. Tanami satisfied all key conditions of the acquisition agreement, including receipt of Newmont Board approval and finalisation of a $37 million loan agreement to underpin the transaction. The project includes a JORC Code compliant Resource of 516,000oz, the 1.2Mtpa Central Tanami treatment plant and extensive support infrastructure, a 2,000 kilometre squared exploration package comprising 21 Mineral Leases and 16 Exploration Licences, and 2.1Moz historic production endowment within the Mining Lease area.
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