Australian Market Report of April 18, 2011: Conquest Mining Report Strong Production At Pajingo Gold Mine In The March Quarter
18.04.2011 | ABN Newswire
12:00 AEST Apr 18, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Conquest Mining Limited (ASX: CQT) reported strong production at the Pajingo gold mine in Queensland in the March Quarter. Gold production for the quarter totaled 14,176 ounces, a 76% increase on the previous Quarter and cash operating costs fell to A$781/oz, a 36% reduction. Recoveries improved to 95.6%, up from 82.4% in the December Quarter. In addition, the Company achieved an underground development of 526 meters in March, a new record since 2008.
Firestone Energy Limited (ASX:FSE) said today that Sekoko Coal, its joint venture partner in the Waterberg Coal Project will receive funding from the Industrial Development Corporation of South Africa, a state-owned national development finance institution in South Africa. The funds will be used for Sekoko Coal's share of the capital expenditure of construction of the mine and rail infrastructure. The funding injection indicates support and commitment from the South African Government to start mining operations at the Waterberg Project.
Jameson Resources Limited (ASX: JAL) has signed an agreement to acquire up to 100% of the Crown Mountain Coal Project in southeast British Columbia, Canada. The Project has the potential to host significant resources of export quality metallurgical coal and is close to main infrastructure. Exploration drilling is to commence as soon as regulatory approvals are in place and an initial JORC compliant resource estimate is completed.
Brightstar Resources Limited (ASX: BUT) has executed an agreement with African Eagle Resources plc (LON: AFE), allowing BrightStar to earn 75% of the Miyabi Gold Project in Tanzania by solely funding the exploration and completing a Feasibility Study. Current gold resource base is estimated at 520,000oz with opportunities for expansion. A substantial exploration program is planned to commence in the June quarter.
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