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Asia Business News

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    The Directors of Venus Metals Corporation Limited (ASX:VMC) ("Venus" or the "Company") are pleased to announce the results of preliminary metallurgical testwork on eleven historical diamond drill core samples from the Youanmi Vanadium Project, Western Australia. This testwork was carried out on two composites; oxide and fresh to assess the response of these materials to conventional magnetic concentration methods used for similar vanadium deposits in Western Australia.


    - Vanadium-enriched magnetic concentrate grades averaging 1.40% V2O5 have been obtained from fresh rock drill core assaying 0.71% V2O5. Concentrate grades up to 1.46% V2O5 were obtained.

    - Vanadium-enriched magnetic concentrate grades averaging 1.32% V2O5 have been obtained from oxidised material assaying 0.67% V2O5. Concentrate grades were reported up to 1.37% V2O5.

    - Importantly, the test work has shown an excellent rejection of deleterious elements and compounds for downstream processing

    o Up to 98.6% rejection for silica

    o Up to 99.0% rejection for calcium

    o Up to 93.8% rejection for alumina

    These results show that the V2O5 grade can be doubled for both the fresh rock and oxide Youanmi samples by producing a magnetic concentrate whilst rejecting significant amounts of gangue constituents present in the material.

    The testwork also shows there is a relative ease to crushing the drill core material prior to magnetic separation as outlined by low to moderate comminution work indices.

    Venus Metals Managing Director Matthew Hogan comments: "These excellent results give the Company great confidence to advance our Vanadium Project. Being able to produce a high-grade Vanadium concentrate of 1.40% V2O5 by a simple process is significant. The Company is advancing discussions in relation to new process technologies for our concentrate which involve potentially fully integrated battery development opportunities".

    Youanmi Vanadium Project Overview:

    Venus's Youanmi Vanadium deposit is located on tenement E57/986 (198.5 km2) which is about 42km southeast of the world class vanadium mine at Windimurra, owned by Atlantic, a subsidiary of Droxford International Limited (see Figure 1 in link below). Youanmi Vanadium has good access to major infrastructure such as gas pipeline, roads and port facilities. Venus holds a 90% interest and the prospector holds a 10% interest in this tenement.

    JORC 2012 Vanadium Resource:

    Widenbar and Associates ("WAA") has reviewed the historical drilling, sampling and assaying data and produced a high-grade Inferred Resource of 167.7 Million tonnes @ 0.41% V2O5, 7.52% TiO2 and 24.6% Fe (0.25% V2O5 cut-off) for a Vanadium Pentoxide resource of 683,000 tonnes (ASX release dated 6 Feb 2015).

    The diamond drill core samples used for the metallurgical test work are located within this high-grade inferred resource (see Figure 2 in link below).

    Metallurgical Testwork

    The Company commissioned METS Engineering Group ("METS") to develop a series of metallurgical tests suitable for the diamond core composite samples to assess the response of this ore to the conventional magnetic concentration methods used for similar vanadium deposits (refer ASX release 27 March 2018). The aim of this testwork was to:

    a) assess the ore's physical properties to determine the ease of crushing and grinding and;

    b) assess the upgrade of vanadium into a magnetic concentrate and to assess the quality of this magnetic concentrate produced

    The testwork showed low to moderate comminution work indices, indicating favourable impacts on the comminution circuit and that magnetic separation was able to produce a Vanadium-enriched magnetic concentrate whilst rejecting significant amounts of gangue constituents that were present in the ore.

    This testwork was carried out on two composites; oxide and fresh. These composites were made up from historical half core sections, selected to include a spread through the orebody and to target the average grade of high-grade domains present within the orebody. The testwork was carried out at the Iron Ore Technical Centre, part of ALS Metallurgy, Wangarra, Western Australia and was broken down into two areas:

    a) Comminution and Physical Testing; and

    b) Beneficiation

    The comminution and physical testing consisted of in-situ density measurements, Bond Crushing Work index ("CWi"), Bond Abrasion Index testing ("Ai"), SAG Mill Comminution testing ("SMC") and Bond Ball Mill Work Index ("BBWi"). Overall the results from the physical testing are positive. Low CWi's of 8.6 kWh/t for the fresh composite and 3.8 kWh/t for the oxide composite indicating low power requirements for the crushing circuit. Abrasion Index values of 0.0876 for the fresh composite and 0.0223 for the oxide composite indicate low wear on equipment and low media consumption in the grinding circuit. The SMC results can be seen in Table 1(see link below).

    The Drop Weight Index ("DWi") is a measure of the resistance of the sample to impact breakage. The Youanmi samples reported DWi's of 6.3 kWh/m3 for fresh and 1.4 kWh/m3 for the oxide. These values are in the 45th and 3rd percentiles respectively when compared to all historical SMC DWi results (40,000 global results). The BBWi testing is currently underway as it required initial beneficiation results to allow for a closing screen to be chosen so that the data is more relevant.

    The beneficiation testwork consists of Davis Tube Recovery ("DTR") testing to evaluate both sensitivity to grind size and magnetic field intensity during separation, wet Low Intensity Magnetic Separation ("LIMS") to confirm these conditions and higher intensity magnetic separation methods to investigate methods to improve vanadium recovery, particularly for the oxide composite. The grind sensitivity testing has indicated that the material is moderately sensitive to grind size when considering vanadium grade and recovery and the grade of gangue contaminants into the magnetic concentrate, which can be seen in Table 2(see link below). Importantly this testing has shown that a relatively coarse grind size of nominal P80 106 micronsm is capable of reducing combined silica and alumina to 3.59%. This testing has also shown that a coarse grind size of P80 150 micronsm is capable of achieving combined silica and alumina levels below 5%.

    The magnetic field intensity testing has indicated that it is not particularly sensitive to the range tested; 2000 gauss, 3000 gauss and 4000 gauss, approximately corresponding to 600 gauss, 900 gauss and 1200 gauss on a wet LIMS which can be seen in Table 3(see link below).

    The testing for the oxide composite can be found in Table 4 and Table 5(see link below). As expected the oxide composite shows a greater sensitivity to both grind size and magnetic field intensity during separation.

    Further Metallurgical work

    Metallurgical testing is on-going in order to assess methods of recovering additional vanadium from both composites (fresh and oxide) and to assess options for the extraction of valuable by-product minerals from the magnetic concentrates produced.

    To view tables and figures, please visit:

    Matthew Hogan
    Managing Director
    T: +61-8-9321-7541 
    Kumar Arunachalam
    Executive Director
    T: +61-8-9321-7541

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    The Directors of Venus Metals Corporation Limited (ASX:VMC) ("Venus" or the "Company") are pleased to announce that they have entered into an Option Agreement with Lepidico Ltd (ASX:LPD) ("Lepidico") on terms under which Lepidico is to explore for lithium mineralisation in Lepidolite bearing pegmatites on exploration licence E57/983 located in the Murchison District in Western Australia, approximately 20 km southwest of the historical Youanmi gold mine(under option to purchase by Venus). Lepidico owns the technology to a metallurgical process (L-Max(R) Process) that has successfully produced lithium carbonate from nonconventional sources, specifically lithium-rich mica minerals including lepidolite and zinnwaldite.


    - On signing: Venus to receive $50,000 cash and $120,000 in Lepidico fully paid ordinary shares. Lepidico earns a 12-month option to explore the tenement.

    - During the option period the parties intend to negotiate the terms of a farm-in and joint venture agreement on the following indicative terms:

    o Venus to receive $350,000, comprising 50:50 cash and shares; shares issued at 5 day VWAP. Lepidico will have a 4-year period to complete a full Feasibility Study leading to a Decision to Mine to earn an 80% interest in the Lithium Rights.

    o Venus's 20% will be free-carried to a Decision to Mine and Venus will be carried through project finance, with cost of finance to be repaid from 100% of Venus's share of production.

    o Venus is to receive a benefit linked to the price of lithium carbonate equivalent received by Lepidico on sale of L-Max(R) products from material sourced from the Rights.

    o If at any time in the 4-year period, Lepidico spends $2 million on project expenditure Lepidico will earn a 51% interest in the Rights.

    The deal with Lepidico gives Venus a guaranteed path to market for its share of any lithium concentrate produced should exploration be successful. For further details of Youanmi Lithium Project please refer Lepidico ASX release 26 July 2018.

    Matthew Hogan
    Managing Director
    T: +61-8-9321-7541 
    Kumar Arunachalam
    Executive Director
    T: +61-8-9321-7541

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    Cervantes Corporation Ltd (ASX:CVS) (Cervantes, the Company) is pleased to provide an update on the rights and entitlements to an Iron sands venture introduced to Baraka Energy & Resources Ltd (ASX:BKP) ("Baraka") by Cervantes in 2012.

    A joint meeting of the boards of Baraka and Cervantes resulted in an agreement to resolve the fees and rights that Cervantes had over the iron sands venture to enable Baraka to pursue buyers, representing Chinese Steel mills, Dredging firms, other companies in the Iron Sands industry, or wealthy Philippines or Chinese investors.

    The previous loan agreement to Cervantes has now been amended in return for waiving all fees and rights, to a $900,000 loan repayable over 2 years interest free, amended from one year to two years on a best of endeavours basis. Cervantes expects to repay this loan earlier as a result of exceptional drill results from one of their gold projects which they released to the ASX on the 28 June 2018 announcing significant intersections of; 2m @ 67.2 g/t from 27m in AHP116, incl 1m @ 129.3 g/t from 27m and 5m @ 63.1 g/t from 32m in AHP134, incl 1m @ 202.8 g/t from 33m at their Albury Heath project in Meekatharra. This project is only one of three strategic gold projects it controls 100% of, and provides comfort for the Baraka loan.

    Each company can now move forward with their respective operations, and Cervantes can concentrate on their very exciting Gold projects.

    Shareholders should refer to the last three Cervantes ASX releases on their projects to appreciate the potential from all three gold projects, and in particular two of the projects which have produced well above expectations of our Exploration Manager from recent drilling programs.

    Collin Vost
    Executive Chairman
    T: +61-8-6436-2300

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    Altech Chemicals Limited (Altech/the Company) (ASX:ATC) (FRA:A3Y) is pleased to announce the completion of an official ground breaking ceremony marking the commencement of Stage 1 construction of its proposed high purity alumina (HPA) plant in Johor, Malaysia.


    - Ground breaking ceremony at Malaysian HPA plant site marks important milestone

    - Australian High Commissioner and German Ambassador to Malaysia unveil official opening plaque

    - Ceremony attended by global partners from Malaysia, Germany, Japan and Australia

    - Initial Stage 1 construction works commencing

    The ceremony was held on 8 August 2018 at the Company's Tanjung Langsat HPA plant site and was attended by a range of dignitaries, project stakeholders and Altech's full board of directors and staff. Dignitaries included the Australian High Commissioner to Malaysia, H.E. Andrew Goledzinowski; the German Ambassador to Malaysia, H.E. Nikolaus Graf Lambsdorff; the Australian Trade Commissioner to Malaysia, Ms Kelly Matthews and the head of the Malaysia/German chamber of commerce Mr Daniel Bernbeck. Stakeholders representatives included executives from KfW IPEX-Bank (senior lender), Euler Hermes (German government export credit agency), SMS group (EPC contractor) and Mitsubishi Corporation (sales off-take partner); representatives from Johor Corporation, the Malaysian Investment Development Authority (MIDA) and key local service providers and suppliers.

    In his opening address, Altech managing director Mr Iggy Tan thanked the Altech board for its unwavering support for the project and its leadership, both of which have been instrumental in enabling the Company's HPA project to advance to the significant ground breaking milestone. Mr Tan also thanked Altech's management and staff, attributing the project's success to date to the team based culture within the Company. "The success of any organisation is largely due to the workplace culture - within Altech we have fostered a team orientated, dynamic and compassionate culture", he said.

    Mr Tan noted the remarkable achievements of the Company over the last four years, "During a period of slightly less than four years the Company has completed a definitive feasibility study and a final investment decision study for its HPA project; developed and finalised a kaolin to HPA process design; concluded laboratory pilot plant test-work; finalised JORC compliant kaolin resource and reserve estimations; secured and acquired the site for its HPA plant and kaolin mining operation; concluded environmental and development approvals in Australia and Malaysia; executed a 10 year HPA off-take arrangement; negotiated a US$280m fixed-price lump-sum turn-key EPC contract for a 4,500tpa HPA plant; secured senior project finance of US$190m from German Government owned KfW IPEX-Bank and is concluding US$150m of additional project finance initiatives. Many projects struggle to be funded and few projects achieve this kind of developmental success in such a short time fame. None of this would have been possible without the dedication and focus of the team consisting of board members, management, staff, shareholders and all stakeholders," Mr Tan said.

    Mr Tan thanked Altech's global partners including Mitsubishi Corporation, KfW IPEX-Bank, Euler Hermes, the Malaysian and German Governments and SMS group. He made special mention of the support from major shareholders including the Melewar group headed by Tunku (Prince) Yaacob Khyra and the SMS group.

    In his address to attendees, the Australian High Commissioner to Malaysia, H.E. Andrew Goledzinowski congratulated the Company on its achievements to date and acknowledged the bringing together of Australia, Malaysia, Germany and Japan because of the project. He said that Altech's HPA project is an example of the calibre of high technology investment that Malaysia is encouraging and promoting.

    Altech non-executive chairman Mr Luke Atkins said "the Company is very proud to have reached this important milestone of commencing the construction of its HPA plant. This is a real testament to the board and management team and staff of the Company, who have been extremely dedicated and focused." Mr Atkins also acknowledged the vision, dedication and drive of managing director, Mr Iggy Tan who has been instrumental in bringing the project to fruition.

    A video of the ground breaking ceremony is available for viewing via the following link:

    Stage 1 construction will now begin at the site and will consist of an initial eight (8) week geotechnical drilling and ground survey program. The objective of the program is to confirm ground conditions and optimise proposed foundation piling. The Stage 1 work package of ~A$10m was executed with SMS group in July 2018 and is being funded by Altech from its recently completed share placement and share purchase plan.

    To view figures, please visit:

    Iggy Tan
    Managing Director
    Altech Chemicals Limited
    Tel: +61-8-6168-1555
    Shane Volk
    Company Secretary
    Altech Chemicals Limited
    Tel: +61-8-6168-1555
    Investor Relations (Europe)
    Kai Hoffmann
    Soar Financial Partners
    Tel: +49-69-175-548320

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    Anti-Counterfeit and Customer Engagement solutions provider YPB Group Ltd (ASX:YPB) has signed its first cannabis industry client in the USA and the second client since the launch of the partnership with Namaste Technologies (CVE:N). The Namaste partnership is just over a month old and on-boarding two clients in that period demonstrates the momentum and opportunity in partnering with the world's leading medical cannabis portal.

    - YPB and Namaste ambition for Cannabis Confirmed to become global authentication standard for legal cannabis

    - 2 manufacturers signed since partnership commenced

    Elev8 Distribution is a Colorado-based producer of cannabis vaporisers under the brand 7th floor vapes. It ships products globally and sells via Namaste, resellers and its own website. It is one of numerous vaporiser producer clients Namaste has in the USA and internationally and reflects the global nature of the opportunity with Namaste. Elev8 alone is likely to be a modest revenue contributor to YPB but the cumulative opportunity with Namaste is expected to become a major revenue contributor to YPB.(see Note below)

    Namaste is a rapidly growing Canadian company with a global footprint and presence in the medical cannabis industry. Namaste has positioned itself as a central hub linking producers of hardware and cannabis directly to authorised patients and is ideally positioned to participate in the rapid growth of the global legal cannabis industry.

    Since formally partnering at the end of June 2018, YPB and Namaste Technologies have developed detailed plans for securing all parts of the legal cannabis supply chain globally with the intention of cannabis confirmed becoming the global product authenticity standard in the industry. Consumer confirmation of authenticity can then become the means of close engagement between producers, consumers and Namaste.

    YPB's Executive Chairman John Houston said: "Winning our first cannabis client in the USA is exciting but just the tip of a large iceberg. Namaste is proving a dynamic and committed partner and we have developed a powerful plan to ensure product and supply chain integrity across the legal cannabis industry where we have a genuine opportunity to become the global authentication standard. We expect to demonstrate further strong momentum with Namaste."

    Please note:

    Modest revenue contribution:
    Moderate revenue contribution: > AUD100K
    Major revenue contribution: > AUD1m per annum

    Mr. John Houston 
    Executive Chairman
    YPB Group Limited
    Mr. Gerard Eakin
    YPB Group Limited

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    Alt Resources Ltd (ASX:ARS) (Alt or 'the Company') is pleased to announce the results from preliminary testing of the historical Bottle Creek Mine Tailings Dams, WA. 66 shallow Aircore holes were drilled for 323m. The maximum hole depth was 12m with hole spacing of 20m. Alt drilled north-south and east-west fences across each of the dams. Samples were assayed for gold and silver, with values up to 1.28 g/t Au and 18.4 g/t Ag received. Average grade for the tailings material based on limited testing thus far is 0.16 g/t Au and 6.1 g/t Ag.


    - 66 preliminary Aircore holes drilled into historical tailings dams at Bottle Creek

    - Potential for near term gold production from tailings dam stripping

    - Results up to 1.28 g/t Au and 18.4 g/t Ag, with an average of 6.1 g/t Ag

    - The two tailings dams cover a combined area of 21.6 ha

    - Systematic Aircore program and detailed survey planned to bring tailings into planned Bottle Creek Resource estimate

    Bottle Creek was mined for gold by Norgold Ltd in 1988-1989. Two tailings dams endure from the previous operation, covering a combined area of 21.6 ha (see Figure 1 in link below). Alt's aim was to ascertain whether exploitable gold and silver remained within these tailings dams. Figure 1 (see link below) shows the maximum Au (left) and Ag (right) in each aircore hole across the tailings material. Contained mineralisation is patchy, particularly for gold, whereas silver shows a much more uniform distribution of higher grade (see Figure 1 in link below), giving an average of 6.1 g/t Ag across both tailings dams. A more comprehensive drill pattern is planned to cover the whole of each tailings area, to more effectively delineate a volume that can be incorporated in the overall Bottle Creek gold (+ silver) resource.

    Within the same program, planned drilling will also include testing of surficial gold-mineralised laterite(see Note below) and pre-existing low grade stockpiles which remain from the previous mining operation.

    Alt Resources CEO, James Anderson, stated; "Our objective with this program was to negate the cost of refurbishing the tailings dams. Given the right economics, in a future mining cycle we would strip the existing mineralised soil from the tailings dams, stockpile the soil for re-processing of the low grade gold and silver and refurbish the dams at the same time; it's a recycling concept to cover costs associated with development of the processing plant moving forward. The Company is also progressing towards mine design and pit optimisation for Bottle Creek. Minecomp have been engaged as the consulting mining engineers for this work. We are reinforcing our strategy to bring these assets into production as quickly and as efficiently as possible and we will continue to fast track this project."

    Regional Setting and Exploration History

    The Bottle Creek gold mine lies 100 km north east of Menzies in the Mt Ida gold belt (see Figure 2 in link below). The gold mine is located on the northern extremity of the Mt Ida-Ularring greenstone belt extending from Davyhurst to Mt Alexander (see Figure 2 in link below). The Ularring greenstone belt forms the western part of the Norseman-Wiluna Province of the Yilgarn Craton. The location of mineralisation and local geology, is shown in Figure 3(see link below).

    During historical operation from 1988-1989, 90,000 oz Au was produced from two open pits (Boags and VB; see Figure 4 in link below). Significant historical drilling along a 9.8 km strike outlined the Emu, Southwark and Cascade (formerly XXXX) deposits. However these were never mined. The historical RC drill fences were spaced at 100m, with infill drill line spacing at 50m and 25m at various locations. The majority of drilling targeted oxide mineralisation and reached no deeper than 80m vertically below surface.

    Alt's new drilling results throughout 2018 continue to provide confirmation of historical intercepts, improve confidence in historical data, prove the continuity and grade of mineralisation in key parts of the Emu and Southwark deposits. Further, gold mineralisation appears to continue at depth, with several drillholes ending in mineralisation. Resource estimation is underway for Emu and Southwark.

    Note: See ARS ASX announcement, 6th August 2018, for description of laterite targets:

    To view figures, please visit:

    James Anderson
    CEO Alt Resources Ltd
    Peter Taylor
    Investor Relations
    M: +61-412-036-231

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    Ellis Martin speaks with the Jim Pettit, the President and CEO of Aben Resources Aben Resources Ltd. (CVE:ABN) (OTCMKTS:ABNAF) about new bonanza grade drill results from the company's Forrest Kerr Project in British Columbia's Golden Triangle. We invite you to listen to the interview.

    Ellis Martin is a shareholder of Aben Resources.

    To view the Video Audio, please visit:

    For further information contact: 
    Don Myers 
    Aben Resources Ltd.
    Director, Corporate Communications
    Telephone: 604-687-3376
    Toll Free: 800-567-8181
    Facsimile: 604-687-3119
    Ellis Martin
    T: +1-310-430-1388

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    MMJ PhytoTech Limited (ASX:MMJ) (OTCMKTS:MMJJF) ("MMJ") is pleased to note the attached news release by MediPharm Labs Inc ("MediPharm Labs") confirming the appointment of two key marketing and business development senior management executives.

    To view the release, please visit:

    Investor and Media Enquiries:
    Jason Conroy
    Chief Executive Officer
    T: +61-2-8098-0819

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    Carnarvon Petroleum Limited ("Carnarvon") (ASX:CVN) (OTCMKTS:CVONF) is pleased to provide the following update on the drilling of the Phoenix South-3 ("PS-3") well.


    The well has completed the wireline evaluation program through the Caley Member.

    Hydrocarbons were observed from around 5,173 metres Measured Depth ("MD") down to the lowest closing contour at around 5,304 metres MD within the Caley interval. This range indicates a significant gross column of hydrocarbons of 131 metres were encountered in the well. Since the well was targeting the Caley Member some 80 metres below the crest of the structure there is potential for a larger overall hydrocarbon column.

    The net reservoir from wireline logging was interpreted by Carnarvon to be around 16 metres with an average porosity of 8%. The sampling program was unable to extract hydrocarbons and hence determine the exact nature of the fluids encountered. The results from wireline logging, including the sampling program, indicate the permeabilities are in the lower end of the range of expectations and evaluation of the reservoir core samples extracted are required to determine if the reservoir is capable of flowing at commercial rates. Analysis of these cores are expected to take a number of months as will the assessment of any contingent resources.

    Current Operations

    The rig is in the process of finalising well operations and following which the drilling rig will be released.

    Project equity Owners (WA-435-P): 
    Carnarvon Petroleum                   20% 
    Quadrant Energy (Operator)            80% 

    To view figures, please visit:

    Investor inquiries:
    Thomson Naude
    Company Secretary
    Phone: +61-8-9321-2665
    Media inquiries:
    Luke Derbyshire
    Managing Director, Spoke Corporate
    Phone: +61-488-664-246

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    Venus Metals Corporation Limited (ASX:VMC) ("Venus" or the "Company") is pleased to announce an update on the preliminary metallurgical testwork on historical diamond drill core samples from the Youanmi Vanadium JORC 2012 Resource located at Youanmi, Western Australia.


    - LIMS results correlated extremely well with the DTR results

    - Recovery of vanadium up to 92.8% in the fresh composite

    - Recovery of vanadium of 83.1% into a concentrate with a combined silica and alumina grade of less than 4.5%

    - These preliminary results are broadly comparable with those of other vanadium deposits in Australia

    Exploration Upside:

    - A strong aeromagnetic feature with a strike length of c. 14km south of the vanadium resource may host significant vanadium mineralization as demonstrated by historical RC drilling along a single traverse with reported high-grade vanadium (refer WAMEX reports A58498 and A59196). The aeromagnetic feature is a potentially large target* (refer ASX release dated 6 Feb 2015) and exploration drilling is planned to commence soon.

    Venus Metals Managing Director Matthew Hogan commented: "We are very pleased with the progress of the metallurgical testwork and its outcomes which are excellent. While this work continues, we plan to commence exploration drilling at the large aeromagnetic feature which has an estimated exploration target potential* of more than 1 billion tonnes of vanadium ore."

    *An estimate of the exploration target potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade, which are conceptual in nature, relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

    Metallurgical Testwork

    The Company appointed METS Engineering Group (METS) to develop a series of metallurgical tests suitable for the historic diamond core to assess the response of this ore to the conventional magnetic concentration methods used for similar vanadium deposits. The aim of this testwork was to:

    a) assess the ores physical properties to determine the ease of crushing and grinding and;

    b) assess the upgrade of vanadium into a magnetic concentrate and to assess the quality of this magnetic concentrate produced

    The testwork showed magnetic separation was able to produce a vanadium enriched magnetic concentrate whilst rejecting significant amounts of gangue constituents that were present in the ore. This testwork was carried out on two composites; oxide and fresh. These composites were made up from historical half core sections, selected to include a spread through the orebody and to target the average grade of high grade domains present within the orebody. The testwork was carried out at the Iron Ore Technical Centre, part of ALS Metallurgy, Wangarra, Western Australia. This stage of the testwork was focussed on improving vanadium recovery into the magnetic concentrate; it was undertaken on the triple pass Wet Low Intensity Magnetic Separation (LIMS) non-magnetic fraction (LIMS carried out at P80 106 micronsm and 1200 Gauss), the results of which reconcile very well with the Davis Tube Recovery (DTR) results that were reported previously (refer ASX release 19 July 2018).

    Two different methods were assessed for their capacity to improve the recovery of vanadium:

    1. Rare Earth Drum (RED) at 3500 Gauss

    2. SLon(R) Wet High Intensity Magnetic Separation (WHIMS) at two magnetic field intensities:

    a. 2000 Gauss and b. 4000 Gauss

    The magnetic concentrates produced (Plate 1) from these would then be combined with the LIMS magnetic concentrate to produce overall combined magnetic concentrates (see Tables 1 and 2 in link below). Metallurgical testing is on-going in order to assess methods of further improving the vanadium recovery from both composite and improving the vanadium grade of the concentrate produced, the results of which will be released when they become available.

    Youanmi Vanadium Project Overview:

    Venus's Youanmi Vanadium deposit is located on tenement E57/986 (198.5 km2) which is about 42km southeast of the world-class vanadium mine at Windimurra, owned by Atlantic, a subsidiary of Droxford International Limited (see Figure 1 in link below). Youanmi Vanadium has good access to major infrastructure such as gas pipeline, roads and port facilities. Venus holds a 90% interest and the prospector holds a 10% interest in this tenement.

    JORC 2012 Vanadium Resource:

    Widenbar and Associates ("WAA") has reviewed the historical drilling, sampling and assaying data and produced a high-grade Inferred Resource of 167.7 Million tonnes @ 0.41% V2O5, 7.52% TiO2 and 24.6% Fe (0.25% V2O5 cut-off) for a Vanadium Pentoxide resource of 683,000 tonnes (ASX release dated 6 Feb 2015).

    The diamond drill core samples used for the metallurgical test work are located within this high-grade inferred resource (see Figure 2 in link below).

    Vanadium Exploration Target Potential at E57/986:

    WAA has estimated vanadium exploration target potential forE57/986 (ASX release dated 6 Feb 2015) based on existing drillhole data and aeromagnetic signatures. Areas to the south of the current model with identical aeromagnetic signatures have been delineated and have a strike length of 14 to 15 km (see Figure 3 in link below). Assuming this aeromagnetic feature hosts similar mineralisation to the Inferred Resource in the drilled area, the target potential (see Table-2 in link below) with upper and lower limits has been postulated (refer ASX release dated 6 Feb 2015).

    To view tables and figures, please visit:

    Matthew Hogan
    Managing Director
    T: +61-8-9321-7541 
    Barry Fehlberg
    Executive Exploration Director
    T: +61-8-9321-7541

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    Mustang Resources Limited (ASX:MUS) (FRA:GGY) (OTCMKTS:MTTGF) ("Mustang" or "the Company") is pleased to announce that it has received formal commitments to raise approximately AU$2.4 million (before costs) via private placement ("Placement") to professional and sophisticated investors and some of the Company's directors. Of this amount AU$2.18m will be completed through the issue of 158,660,844 million new shares at $0.01374 per share. Of these new shares 138,636,844 will be issued under the Company's 7.1 placement capacity and 20,024,000 under the Company's 7.1A placement capacity.


    - Mustang has received firm commitments for a total of AU$2.4 million through a private share placement led by DJ Carmichael and Jett Capital

    - Includes AU$258,000 from Mustang management and Directors

    - The funds raised will be used to advance the Company's Caula Vanadium-Graphite Project in Mozambique and for general working capital

    The total amount raised includes AU$258,000 from Mustang's management and directors with Regius Resources Group Ltd (majority owned by Mustang Chief Operating Officer Cobus van Wyk and Director Christiaan Jordaan) contributing AU$200,000 for 14,556,040 new shares and Mustang Managing Director Dr. Bernard Olivier AU$20,000 for 1,455,604 new shares. Participation by directors is subject to prior shareholder approval.

    Funds raised pursuant to the Placement will be used principally to further develop the Company's Caula Vanadium-Graphite Project in Mozambique and for general working capital.

    The Placement has been made to professional and sophisticated investors in Australia, Hong Kong and the United States, with DJ Carmichael and Jett Capital acted as the lead brokers in respect of the Placement.

    The Company will also issue attaching options ("Attaching Options") on a 1:2 basis, exercisable at $0.02, expiring 24 months from issue, which accords with the major Caula 24-month development milestones. The Company will seek quotation of the Attaching Options once issued. It should be noted that the issue of the Attaching Options is conditional on shareholder approval at a General Meeting expected to be held in late September 2018.

    Settlement of the placement is expected to occur on or around 20 August 2018.

    Mustang Resources Managing Director Bernard Olivier commented "This capital raise is important in the fast-tracked development of the Caula Vanandium-Graphite project in Mozambique where we have recently established a JORC Measured Resource of 22Mt @ 0.37% V2O5 and 13.4% TGC for 180Mlb of vanadium and 2.93Mt of graphite respectively. With the feasibility study drilling now well underway it is likely that the resource will be enlarged in the near future, and this placement plays an important role. We will update the market as soon as the drilling and scoping study results are available".


    Caula Vanadium-Graphite Project demonstrates attractive fundamentals:

    - Caula hosts a JORC (Measured) mica-hosted vanadium Resource of 22Mt @ 0.37% V2O5 (0.2% cut-off) for 81,600 tonnes of vanadium pentoxide (180 million pounds) with high grade intersections up to 1.9% V2O5(see Note 1 below)

    - Caula also hosts, within the same deposit, a JORC (Measured) graphite deposit of 21.9 Mt @ 13.4% TGC (8% cut-off) for 2,933,100 tonnes of contained graphite with high grade intersections up to 29% TGC(see Note 2 below)

    - Metallurgical testwork confirms exceptional quality graphite with more than 63% of cumulative proportion in large to super jumbo flakes sizes (>180micronsm) and excellent concentrate grades of 97% to 98% TGC(see Note 3 below)

    Caula resource likely to be significantly enlarged in the near term:

    - The feasibility study drilling program on the Caula Vanadium-Graphite Project in Northern Mozambique is well advanced

    - 3,025m of diamond drilling and 1,050m of reverse-circulation drilling planned for completion in Q3 2018(see Note 4 below)

    Vanadium to deliver enhanced project economics:

    - Caula's flowsheet design allows for integrated vanadium and graphite concentrate production mainly through simple flotation

    - Caula vanadium hosted in roscoelite (a mica mineral), potentially simpler and cheaper to extract vanadium from than typical titano-magnetite ("VTM") vanadium deposits

    - In the USA vanadium products were extracted from roscoelite in Colorado and Utah as early as 1910 making the USA the largest vanadium producer in the world by 1941(see Note 5 below)

    MUS intending to fast-track Caula development:

    - Mustang's strategy is to produce a Scoping Study in September 2018 with a view to further development work for a Pre Feasibility Study ("PFS") by end of Q4 2018 and upgrading to a Definitive Feasibility Study in Q1 2019

    - Mustang is targeting phase 1 trial mining to produce vanadium and graphite concentrates in H2 2019(see Note 6 below)

    Montepuez Ruby Project merged with Fura Gems Inc. (CVE:FURA):

    - Strategic transaction with Fura announced in July 2018 for A$10 million of Fura shares plus A$25 million spending commitment by Fura on the ruby assets over 3 years(see Note 7 below)

    - Allows Mustang to focus all capital and management time on the Caula Vanadium-Graphite project while retaining upside potential (fully funded) for the Montepuez Ruby Project

    Mozambique an attractive investment destination:

    - A relatively low sovereign risk profile in Mozambique with established legal and business framework has attracted significant investment into minerals projects in recent years

    Strong board and management team:

    - Mustang's board and operational management team have a strong 15 year+ track record of experience in developing mining projects in Africa (including graphite and vanadium experience) that the Company believes will prove valuable in the successful development of its Caula Vanadium-Graphite project

    - Importantly, a number of key personnel are embedded in the country and in the southern African region

    Information relevant to Listing Rule 7.1A

    In accordance with Listing Rule 3.10.5A, the Company makes the following disclosures:

    (a) the interests of existing shareholders will be diluted by approximately 3% by the issue of shares under Listing Rule 7.1A;

    (b) the placement was determined by the Directors to be the most efficient manner in which the Company could raise the funds needed to meet the needs of the Company and to bring in new sophisticated and professional investors into the Company. A pro rata issue was not considered appropriate at the time given the time required to complete the pro rata issue;

    (c) no underwriting agreement was entered into in relation to the Placement; and

    (d) the Company will pay DJ Carmichael and Jett Capital a fee of 6% of the funds raised under the Placement, together with 87.3 million options in the Company (subject to the receipt of shareholder approval for the issue of those options).


    1 Refer to ASX Announcements dated 20 July 2018 and 27 June 2018

    2 Refer to ASX Announcement dated 24 July 2018 and 27 June 2018

    3 Refer to ASX Announcement dated 25 June 2018

    4 Refer to ASX Announcement dated 8 August 2018

    5 Vanadium the new green metal. Mineral deposits in the Colorado Plateau. Hammond, AD. December, 2013. Mining Engineering Magazine

    6 Refer to ASX Announcement dated 21 March 2018

    7 Refer to ASX Announcement dated 17 July 2018

    To view figures, please visit:

    Managing Director:
    Mustang Resources Limited
    Bernard Olivier
    M: +61-4-08948-182
    T: +27-66-4702-979
    Media & Investor Relations: 
    Jane Morgan Management
    Jane Morgan
    T: +61-405-555-618

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    Cryptocurrency Exchange (CRYPTO:BNB) open trading for POLY/BTC (CRYPTO:POLY) and POLY/BNB trading pairs. You can start depositing POLY now.


    The Polymath Network is a blockchain-based system to coordinate and incentivize participants to collaborate and launch financial products on the blockchain. The Polymath team aims to create a standard token protocol which embeds defined requirements into the tokens themselves to ease the primary issuance and secondary trading of blockchain securities tokens.

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    To view the Whitepaper, please visit:


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    McEwen Mining Inc. (NYSE:MUX) (TSE:MUX) ("McEwen" or the "Company") today announced that it has closed the previously announced $50 million senior secured 3-year term loan facility with Royal Capital Management Corp. as agent for the Lenders (the "Term Loan").

    As previously disclosed Rob McEwen, Chairman and Chief Owner of the Company, is participating as a Lender for $25 million of the total $50 million Term Loan.

    The Term Loan will be used to complete construction of the Gold Bar Mine in Nevada and for general corporate purposes. Construction of Gold Bar is advancing on schedule for completion by the end of 2018, targeting commercial production in the first quarter of 2019.

    The principal amount of the Term Loan will bear monthly interest at 9.75% per annum. Repayment occurs in twelve equal monthly installments of $2 million during the third year, with the remaining balance due on maturity. The Term Loan can be retired in full or in part anytime during the first two years upon payment of the principal and accrued interest plus a fee linked to the remaining life of the Term Loan, and during the third year upon payment of the remaining principal and accrued interest plus a fee equal to 3% of the remaining principal.

    Mihaela Iancu
    Investor Relations
    T: +1-647-258-0395 ext 320

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    Argentine-focused lithium exploration and project development company Lake Resources NL (ASX:LKE) is pleased to announce that it will shortly commence drilling at its 100%-owned Cauchari Lithium Brine Project which adjoins SQM/Lithium Americas and Orocobre/Advantage Lithium's world-class combined 14.8 Mt LCE lithium brine projects (*1).

    - Targeting same aquifers as SQM/Lithium Americas and Orocobre/Advantage Lithium

    - Drill locations are likely extensions of 14.8 Mt LCE lithium resource (*1) with results that include 600mg/L lithium with high flow rates

    - LKE expects these known high grade lithium brines to extend into its leases

    - Drilling rig secured - mobilising to site within 4 weeks

    - Lake holds 100% and secure title on 18,000 Ha Olaroz -Cauchari Lithium Projects

    Lake originally secured the 18,000 hectare Olaroz-Cauchari leases in early 2016 and is the only ASX junior exploration company with a large lease area in a proven, world class lithium brine province.

    Lake will commence drilling at its Cauchari West project (see figures 1 & 2 in link below) with drill locations on the margins of SQM/Lithium Americas project and Orocobre/Advantage Lithium's project where results include 600mg/L lithium with high flow rates and 470mg/L lithium on the immediate lease boundary (*2). Lake expects these known high grade lithium brines to extend into its leases.

    A drilling rig has been secured and barring any unforeseen delays, drilling is targeted to commence at the end of next month. Lake is fortunate to have secured a rig given high exploration activity in the area.

    Managing Director Stephen Promnitz said: "Lake's Cauchari lease has all the hallmarks of being another large-scale lithium brine project located in a world-class lithium brine basin. We believe that the same brines as SQM/Lithium Americas and Orocobre/AAL projects extend into our leases."

    "Lake applied for these leases in early 2016, before the value of the adjoining brine projects were crystallised. Cauchari West, which has a strike length of 11km, and is nearly 2000 hectares in size, is an outstanding prospect and we are looking forward to commencing drilling.

    "Systematically, we are advancing with the development of our large 100%-owned lithium projects and have lots of optionality in the asset base. Exploration at Kachi is ongoing and interest in the project from battery manufacturers and the lithium supply chain is high. The drilling of Cauchari is very likely to be a major value event for Lake and we look forward to keeping shareholders updated on progress."

    "Lake's Chairman and Managing Director recently advanced discussions in China and Japan with major players in the growing lithium supply chain for cathodes used in electric vehicle batteries. Unlike some recent commentary regarding oversupply the interest level and demand was high. Strong and ongoing interest continues for both project development funding and offtake from major participants."


    (*1): Combined resource of lithium carbonate equivalent (LCE) from SQM/Lithium Americas (11.8 Mt LCE) and Orocobre/Advantage Lithium (3.0 Mt LCE) from their respective market releases on the TSX, ASX and NYSE.

    (*2): Drill results released by Orocobre/Advantage Lithium from their respective market releases on the TSX and ASX

    To view figures, please visit:

    Steve Promnitz
    Managing Director
    Lake Resources N.L.
    T: +61-2-9188-7864

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    Carnarvon Petroleum Limited (ASX:CVN) (OTCMKTS:CVONF) provides the Company's Letter to Shareholders.


    - Carnarvon's strategy generates significant shareholder value

    - Phoenix Project drilling proves what we'd hoped for and much more in Dorado

    - Buffalo Project remains active with the team focused on this oil production asset

    - Exciting outlook across a quality portfolio

    Dear Fellow Shareholder

    The past month has seen unprecedented activity for Carnarvon Petroleum.

    The level of excitement and interest from media, shareholders and the broader market in our recent drilling and operational activities has been significant.

    On behalf for the Company, I would like to take the opportunity to update you on our strategy and plans for the coming months, while also welcoming new shareholders to our Company.


    In 2013, Carnarvon refined its strategic focus, making a decision to divest its onshore Thailand oil production assets and other Asian interests to concentrate on Australian investments.

    The decision was driven by the reality that investment markets were not fully valuing the Asian assets in the Carnarvon portfolio. In two transactions Carnarvon divested its interest in these assets, realising in excess of A$100m in proceeds before the drop in oil prices at the end of 2014.

    In refining the strategic focus, the Company decided Australia's North West Shelf represented a logical, manageable and compelling area of focus for our geoscience team, which was familiar with the province.

    This was viewed as a strategy that investors could embrace, appreciating the risks (and potential rewards) that come with offshore exploration. Fortuitously, the significant drop in the oil price from 2014 to 2017 caused discretionary exploration to be largely curtailed by most upstream companies.

    With a strong cash position and an industry in retreat, Carnarvon secured and progressed new projects with its inhouse geoscience team, including in areas that majors had overlooked as unlikely to yield significant discoveries.

    A further benefit of this point in the cycle was that significantly reduced rig rates were negotiated, compared to earlier years, and Carnarvon was one of the most active in drilling wells throughout the bottom of the cycle.

    Phoenix Blocks (predominantly CVN 20% working interest)

    The Phoenix Blocks represent one such area of focus. Following the recent completion of the Dorado-1 and Phoenix South-3 wells, Carnarvon and its joint venture partner will have drilled six wells in this sub-basin, with hydrocarbons discovered in each well.

    The Dorado-1 well was one of the higher risk exploration targets considered by our joint venture, and the decision to drill was taken because of the large geological structure (i.e. potential for large volumes of hydrocarbons) and the low drilling cost relative to the potential reward.

    The joint venture has now announced that the well encountered approximately 120 metres of net oil pay. Both the light oil recovered in the wireline testing and the indicative quality of the reservoir point to a highly valuable discovery.

    Yesterday we announced that the Phoenix South-3 well had intersected a large gross hydrocarbon column in reservoir that was at the lower end of our expected range. The Phoenix and Phoenix South wells have confirmed a significant gas condensate resource. The commerciality of this will be assessed in time, but it is the oil in Dorado and potentially successful adjacent structures that will now become our immediate focus. And we expect this to be highly profitable for shareholders in due course.

    Buffalo Project (100% CVN)

    A project that the Company is equally excited about, but that has attracted far less investor attention so far, is the Buffalo Project in Timor-Leste territorial waters.

    BHP produced oil for several years at Buffalo before the field was successfully abandoned in 2004. It's important to note that the field was still producing some 4,000 barrels per day when it was abandoned.

    Carnarvon's technical team, convinced that there could be a quantum of oil left behind that was material for a junior and commercially recoverable, set about applying modern seismic data technology to answer this question.

    Using cutting-edge reservoir mapping technology, we have remodelled the project and identified a very attractive redevelopment project together with new exploration targets.

    The project appears economically very compelling based on our preliminary mean recoverable volume of 31 million barrels, which has been reviewed by leading independent consulting firm RISC.

    Importantly the capital expenditure can be predominantly or entirely funded by Carnarvon.

    To emphasise the scale of this project, at today's oil price this project would generate revenue of more than A$3 billion over a project life of a few years.

    We are progressing discussions with the Timor-Leste Government, with whom we have a constructive and supportive dialogue, and have set up a representative office in the capital Dili.

    Both parties are aligned in our wishes to fast-track this project through to development, but at the same time to establish, confirm and adhere to clear guidelines and regulatory processes.

    The Australian Government remains involved in this process to ensure the Maritime Boundary Treaty is ratified and all stakeholders are aligned.

    Carnarvon is targeting the drilling of the Buffalo-10 well in 2019, which will not only provide physical confirmation of the technical work, but also serve as the first production well for the project.

    While we won't get the adrenaline rush of an exploration discovery from the first Buffalo well, it is expected to prove up a resource with total project costs modelled at around US$20 per barrel. This would make this among the lowest cost structures we've ever seen, indicating the project will have attractive economics in any foreseeable oil price environment.


    As you can imagine, the Carnarvon office is a hive of activity. Our team, most of whom are significant shareholders themselves, are working hard to unlock the value of the Company's assets.

    The Dorado result is a truly spectacular discovery and I'm looking forward to reporting on the volumetric estimates in the next couple of weeks.

    The Buffalo project remains an ideal oil field redevelopment for us and we're making good progress with this asset.

    And of course, we're working hard maturing our other projects with the Labyrinth project currently open for farm in.

    Shareholders monitoring movements in our share price will have noted significant volatility over July and August. As speculators move off our register and are replaced by institutions seeking medium term exposure to two quality oil projects, with exploration upside, I'm expecting this volatility will become more manageable.

    I very much look forward to keeping shareholders informed on our progress, and to meeting as many of you as I am able in the roadshows and AGM to come.

    Investor inquiries:
    Thomson Naude
    Company Secretary
    Phone: +61-8-9321-2665
    Media inquiries:
    Luke Derbyshire
    Managing Director, Spoke Corporate
    Phone: +61-488-664-246

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    Kingston Resources Limited (ASX:KSN) (Kingston or the Company) is pleased to report encouraging exploration results from the Ginamwamwa Prospect (Ginamwamwa), located south of the Umuna Pit at the Company's flagship Misima Gold Project.


    - New sampling highlights Ginamwamwa potential at Misima Gold Project

    - Surface mineralisation identified over a strike of 500m with results including:

    o 25m @ 1.67g/t in channel sampling including samples up to 16.9g/t

    o Southern zone of high grades averaging 4.91g/t Au

    - Sampling and structural mapping ongoing

    - Auger sampling now completed at Misima North initial target areas T2 & T3

    - More assay results from Misima drill program expected in coming weeks

    Ginamwamwa was identified during fieldwork in early 2018(see Note below) with reported samples returning gold grades as high as 39g/t(see Note below) and is developing into a significant discovery with surface mineralisation identified over +500m strike length.

    Recent mapping and channel sampling has extended the prospect 200m to 300m northeast along the previously identified structural corridor. An intensively sampled area of closely spaced artisanal workings on the southern side of Ginamwamwa has averaged 4.91g/t Au, within an area of ~40m in diameter. (Figure 1 overleaf)(see link below).

    Approximately 200m northeast, a channel dug perpendicular to the interpreted strike of mineralisation has intersected a 25m mineralised zone averaging 1.67g/t Au including samples up to 16.9g/t.

    Channel sampling and structural mapping over Ginamwamwa continues with a view to generating future drilling targets. The Company is currently excavating costeans with an excavator to accelerate the progress.

    Further, Kingston advises that two structural targets over the Umuna Shear at Misima North have now been tested for geochemical anomalism by initial gridded auger sampling programs. Targets T2 and T3 were highlighted in early 2018 during the regional review conducted by Dr Greg Cameron. Both areas contain interpreted local flexures in the strike of the Umuna Shear characteristic with dilation - a classic structural setting for gold mineralisation in this environment. Assay results from this work are expected this quarter.

    Kingston Resources Limited Managing Director, Andrew Corbett said:

    "Recently completed work at Ginamwamwa is uncovering a highly prospective new area of mineralisation just south of the Umuna Pit. Our very capable in-country team has been working closely with artisanal miners and are beginning to develop a broader understanding of the area."

    "The initial high-grade results that we have received over a +500m strike length are most encouraging. Channel sampling and structural mapping activities continue at the prospect which will pinpoint future drilling targets. It is also important to note that this area is a new discovery so none of the mineralisation is included in our current 2.8Moz resource."

    "Our exploration activities are progressing well across the Misima Project, which include more mapping, channel sampling, auger sampling and drilling. Next assay results from recent drilling will be finalised towards the end of the month after which time we will be able to provide shareholders with a steadier stream of results. Misima is shaping up as a great asset with significant upside."

    Assay samples from drill program pending:

    Samples from the initial two drill holes are now undergoing final analysis in Townsville and are expected to be finalised very soon. These initial samples had been held up with the service provider in Townsville while clearing a backlog of work. Going forward, the provider has assured Kingston that turnaround times are expected to be reduced. More samples are currently in transit to Lae for sample preparation, following which they will be shipped to Townsville for final analysis. These results are expected in the coming weeks.

    Note: ASX-KSN announcement 27 March 2018

    To view figures, please visit:

    Kingston Resources Limited
    T: +61-2-8021-7492

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    ERA visited a number of Intermin Resources Ltd's (IRC's) (ASX:IRC) Kalgoorlie to Goongarrie Projects in May 2018, particularly Teal (and Jacques-Peyes), Goongarrie Lady, Anthill, Blister Dam (and its flaky visible gold), Baden Powell & Olympia as shown in Figure 1a(see link below). We glanced at the location of Crake, which reported those spectacular intercepts of 28m @ 3.3g/t (from 56m incl 4m @ 15.1g/t), and 20m @ 4.6g/t (incl 8m @ 8.4g/t).

    Intermin has a target route to become a ~100kozpa gold producer with a >5 year mine-life, by using the stepping stones of small mining projects (SMPs) to self-finance its exploration, and has displayed its capability to achieve that with its very successful oxide mining of Teal realising ~3.5koz higher gold production at 21.84koz, mostly from ~13% higher ore tonnes mined and 5% higher recoveries of 93.6%, which increased the expected revenue of $29.3m by 24% or $7.2m to $36.5m. The actual profit (>$8m?) is expected to be finalised in SQ 2018, with its operational JV partner claiming alternative cost variations.

    Intermin is currently rated by ERA as a SPEC BUY at 17c, with a target of >A$0.25.

    The key points from the visit and recent announcements are :

    - The SMP over Teal has been extremely successful, with a larger resource mined, better recoveries and higher profits than expected, and has increased IRC's confidence in advancing the next 3 prospects in the pipeline (Goongarrie Lady, Jacques-Peyes, and Anthill) through to mining, treatment and profitability.

    - Apart from Goongarrie Lady, the proposed production pipeline order of the projects/prospects is not "set in stone" and could change, especially if one prospect infers potentially better return characteristics, as illustrated by the Crake discovery joining the mix.

    - The results from the feasibility study on Goongarrie Lady were reported on 28 June 2018, with an expected free cashflow return of $5 to $7m over 7 months, possibly pre-strip mining in MQ 2019.

    - The Crake discovery in the Binduli tenements resulted from Evolution ending its JV farm-in and handing control back to Intermin who were then able to drill/explore where they wanted to, with IRC's first target (Crake) being on strike of Janet Ivy (where Zijin is mining & paying a 50c/t royalty).

    - There are a number of projects making steady progress such as Blister Dam and Baden Powell/Olympia, and the tenement package is increasing with Ida and Lakewood in Figure 1a(see link below).

    - In addition to the JVs mostly involving other companies farming-in, as shown in "blue" in Figure 1b(see link below), Intermin has its Richmond Vanadium JV in QLD, which has also been making steady progress.

    To view the full report with figures, please visit:

    Jon Price 
    Managing Director
    Tel: +61-8-9386-9534
    Michael Vaughan
    Media Relations - Fivemark Partners
    Tel: +61-422-602-720

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    The Board of The BetMakers Holdings Limited (ASX:TBH) (OTCMKTS:TPBTF) ("BetMakers", "TBH" or the "Company") is pleased to announce that its wholly owned subsidiary, BetMakers DNA Pty Ltd ("BetMakers DNA"), has signed a data and vision distribution deal with one of the USA's most prominent greyhound racing tracks, Palm Beach Kennel Club ("PBKC").


    - BetMakers DNA signs 2-year data and vision distribution deal with one of the USA's most prominent greyhound racing tracks - Palm Beach Kennel Club, which hosts over 5000 races per year

    - BetMakers DNA to create and distribute fixed-odds data and Global Tote access for races across the Palm Beach Kennel Club meetings

    - BetMakers DNA to pull data and vision from Palm Beach Kennel Club and distribute to global wagering operators

    - BetMakers DNA has already commenced integration of data and vision into the Global Betting Solutions Pty Ltd ("GBS") platform

    Founded in 1932, PBKC is a major destination for greyhound racing, poker and table games which hosts over 5000 races per year. BetMakers DNA has signed a 2-year deal with PBKC to distribute vision, data, fixed odds and Global Tote pools into International markets such as Australia, UK and Asia and any territory approved by PBKC. It is expected to launch in September 2018.

    The BetMakers CEO, Todd Buckingham, commented: "This is a very exciting deal and the first of what we hope are many similar deals. We believe this model will be the future of international distribution where wagering operators are given all the tools they need to strike a bet, including all of the data, fixed odds pricing, tote pricing, and the vision to enable their clients to engage."

    "For racing bodies such as PBKC, to get a distribution network, such as the one offered by the BetMakers DNA and GBS to more than 20 racing-focused wagering operators from around the world, is a perfect solution."

    "The deal includes an all-encompassing fee for operators based on turnover, which means the operator has minimal risk with no upfront cost as the information is distributed through GBS. The GBS platform is already integrated into many major global wagering operators, which means there will be minimal integration work required."

    "It is an exciting time for TBH and, through the acquisitions of GBS and Dynamic Odds, we are able to continue to offer global wagering operators a full package solution and expect to announce additional distribution and client onboarding deals in the coming weeks."

    The material terms of the deal are as follows:

    - BetMakers DNA will create and distribute to licensed bookmaking customers in such territories as authorised by PBKC:

    o customised fixed-odds pricing data using underlying data sourced and supplied by PBKC; and

    o Global Tote services, (together, the "Services").

    - In consideration for providing the Services, BetMakers DNA will receive a fee calculated on turnover.

    - The term of the agreement is 2 years, unless otherwise terminated by either party providing 90 days' written notice or immediately for cause.

    Charly Duffy
    Company Secretary
    M: + 61-409-083-780
    Jane Morgan
    Investor & Media Relations
    M: +61-405-555-618

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    Australian Potash Limited (ASX:APC) (Company) is pleased to advise the appointment of experienced mining industry executive and director Mr James (Jim) Walker to the role of Non-Executive Chairman of the Company. Mr Matt Shackleton, formerly Executive Chairman, has been appointed Managing Director and Chief Executive Officer.

    Mr Walker has 45 years' experience in the resources industry, at both senior management and board level. Prior to retiring from the position in 2013, Jim was the Managing Director and Chief Executive Officer of WesTrac Pty Ltd, during which time that company enjoyed significant expansion across Australia and into north-east China.

    From January 2015 through to July 2015, Jim performed the Executive Chairman's role at Macmahon Holdings Ltd (ASX:MAH) as that company sought a replacement CEO. Jim has been a member of the Macmahon board since 2013, and now serves in a non-executive capacity as Chair.

    In addition to his role as Chairman at Macmahon, Mr Walker is Chairman of Austin Engineering Ltd (ASX:ANG), Wesley College and the State Training Board. He is Deputy Chairman of Seeing Machines Ltd (LON:SEE), RACWA Holdings Pty Ltd and the WA Motor Museum.

    Previously, Mr Walker was a director of Seven Group Holdings Ltd and National Hire Group, and a past National President of the Australian Institute of Management.

    Mr Shackleton commented: "Our Company has reached an important stage in the development of the Lake Wells SOP Project and it is now appropriate for the roles of Chair and Managing Director to be separated. We continue to develop marketing and financing relationships around the Project and the board are unanimous in the view that an independent, Non-Executive Chairman will provide great value to these relationships and to our shareholders more broadly.

    "I look forward to working very closely with Jim over this next phase, as he imparts his experience and wisdom from a deep, varied and successful career to our Company.

    "As Managing Director and CEO, I am also looking forward to dedicating my energy towards the finalisation of the Definitive Feasibility Study and the development of Lake Wells. We have a detailed 'road-map' of what we have to do across the four major work streams to get to where we need to be. It is an enormous boost to our plans to have someone of Jim's calibre join us as we take the final steps to reporting the results of the DFS in 2019."

    Matt Shackleton 
    Managing Director and CEO
    M: +61-438-319-841
    Jim Walker
    M: +61-459-041-052

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    Mustang Resources Limited ("Mustang", the "Company") (ASX:MUS) (OTCMKTS:MTTGF) is pleased to announce that it has has obtained key approvals and waivers with Arena Investors L.P ("Arena") in an amendment deed dated 14 August 2018 ("Amendment Deed").

    As announced on 8 January 2018(see Note 1 below), Arena, a major institutional investor with more than US$750 million in assets under management on behalf of clients and affiliates, entered into an agreement ("Agreement") with Mustang, whereby it committed to invest AU$19.95 million into the Company, under a multi-tranche convertible note facility.

    On 17 July 2018(see Note 2 below), Mustang entered into a Merger Agreement ("Merger Agreement") to merge its Ruby Assets with Fura Gems Inc. ("Fura") (CVE:FURA) for AU$10 million in Fura shares over three tranches and a AU$25 million funding commitment from Fura.

    Under the amendment deed Arena has provided the required approvals for the Merger Agreement and, importantly, has agreed to waive the 15% termination fee on amounts not drawn under the Agreement. It is therefore now at the discretion of the Company to decide to which extent it wishes to draw on the finance, if at all.

    As at 1 August 2018 Arena held a total of AU$2.5 million (face value) of convertible notes in Mustang, of which AU$1 million is in Tranche 1 notes issued in January 2018 with an 18-month term and AU$1.5 million is in Tranche 2A notes issued in July 2018, also with an 18-month term. At the end of these terms, Mustang has the option to repay these convertible notes in cash or in shares at their election. Prior to expiry Arena is able to convert its notes to shares at the higher of the floor price (1.6 cents and 1.8 cents respectively) or the lowest preceding 20 day VWAP.(see Note 3 below)

    Mustang Resources Managing Director Bernard Olivier Commented "Given the Company's renewed focus on the Caula Vanadium-Graphite project and the fact that the Agreement with Arena was entered into by the Company only in January 2018, it is important that Arena has been willing to waive the termination fee, thereby allowing Mustang to decide whether or not to continue using this source of funding going forward."


    Arena is a global investment firm and merchant capital provider that seeks to generate attractive risk -adjusted and uncorrelated returns by investing in a highly diversified portfolio across the entire credit spectrum. Based in New York City, Arena employs a team of 42 professionals and was formed in partnership with The Westaim Corporation, a publicly traded Canadian holding company focused on the financial services industry.


    1 Refer to ASX Announcement dated 8 January 2018 for further details

    2 Refer to ASX Announcement dated 17 July 2018 for further details

    3 Refer to Cleansing Notice dated 24 May 2018 for further details.

    To view figures, please visit:

    Managing Director:
    Mustang Resources Limited
    Bernard Olivier
    M: +61-4-08948-182
    T: +27-66-4702-979
    Media & Investor Relations: 
    Jane Morgan Management
    Jane Morgan
    T: +61-405-555-618

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