Resource round-up Namakwa, Oilex, Kea, Sierra Rutile – MoneyWeek

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ItwasadifferentstoryatKeaPetroleum,whichannouncedithadstruckoilatitsPuka1siteinNewZealandsTaranakiBasin。

Thecompanyhasmaintaineditsoriginalestimateofgrossrecoverableresourceofonemillionbarrelswithapotentialupsideofuptothreemillionbarrels。

Thewellhasbeencasedandsuspendedpendingflowtestingand,ifwarranted,longtermproduction,Keasaid。

Thetimingofinitialflowtestingwillbedeterminedbytheavailabilityofequipment。

AnotherfirmhavingagoddayisSierraRutile。

Itsawsharesrisearound8%inTuesdaymorningtradingafteritannouncedproductionofrutilemineralswasup48%inthefirstquarterof2012comparedwiththeyearbefore。

Italsomaintainedproductionestimatesfortheyear。

MeanwhileIlmeniteproductionup57%onthepreviousyear。

ChiefexecutiveJohnSisayaddedthatsecondquarterpricingtodatehadbeensubstantiallyabovepricesachievedinthefirstthreemonthsoftheyear。

BaobabResources,apreciousmetalsexplorer,hascompletedthefirststageofitsjointventureprojectwithNorthRiverResources,earningthefirma60%interestintheproject,whichisbasedintheTeteprovinceofMozambique。

Theresultsatthemagnetiterichintersectionsreportexcellentconcentrategradesof69%ironatamassrecoveryof26%。

Theresultsareinlinewithexplorationtargetsannouncedearlierthisyear。

GoldproducerAngelMininghasannouncedthatthemaingeneratoratitsNalunaqsiteisnowfullyoperationalandtheprocessingoforerecommencedonApril5th。

Thefirmalsoannouncedthatithasraisedaround£259,000afterissuingover15msharesat1。

66ppershare,theproceedsofwhichwillbeusedtomeetthefirmsrepaymentcommitments。

CopperDevelopmentCorporationhasdiscoveredahighlysignificantextensionofthedepositathole50,whileanareaofpreviouslyunknownmineralisationwaslocatedathole47。

Thehole50discoveryhasthepotentialtodoubletheresourceattheSoutheastDeposit,whilehole47isanimportantdemonstrationofthepreviouslyunknownextensionofthisdepositatdepthalongitswesternedge,whichhasthepotentialtoaddmoresubstantialtonnagetotheresourcesatBasay,thefirmsaid。

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