Source - SMW
Metals Exploration (LON:MTL) was one of the sector's biggest risers after it obtained commitments to raise about $6.4m via the issue of a total of 97.0m new shares at 5p each, from certain existing shareholders.

"Following the announcement by the Company on 26 August that it was in discussions with its major shareholders to raise additional working capital, these discussions have successfully concluded and the Runruno gold project will have access to $6.4m on or about 13 September 2016," it said.

"As explained in the announcement of 26 August 2016, the main reasons why the Company requires to raise additional finance, having previously raised $5m in a private share placement in July 2016, are because the debt restructuring process continues to take longer than expected and because of delays experienced in realising revenue from the Project."

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Metminco (LON:MNC) has issued the results for the scoping-level work completed by SRK Consulting (USA) Inc. (SRK) on an underground only mining study at the Miraflores Project in Colombia, in which the company has a 100% interest.

Based on the updated capital and operating costs for this option, and the associated financial returns, the Project is considered to be financially robust and hence represents a viable development option.

The Miraflores Project has a Measured and Indicated Mineral Resource of 9.19 million tonnes at 2.81g/t gold and 2.76g/t silver (containing 832,000oz Au and 817,000oz Ag) at cut-off grade of 1.2g/t Au, as announced on 21 July 2016, which has formed the basis of the mining study.

SRK have refined the prior underground mine design and associated mining schedule, in addition to updating operating and capital costs to Q3 2016 US dollars. 

The mining schedule produces 4.03 million tonnes at a mined grade of 3.51g/t Au and 2.84g/t Ag (including a low grade stockpile material feed) over a mine life of 9 years, producing approximately 50,000oz of recovered gold per annum at steady state.

All SRK work completed and referenced here does not provide the detail required to meet NI 43-101 or JORC 2012 compliant Ore Reserves.

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Kibo Mining (LON:KIBO) has issued 2,712,477 ordinary shares to Sanderson Capital Partners Limited as part of the settlement under the re-negotiated terms for payback of the loan facility from Sanderson. 

The shares will be issued to Sanderson at a price of 5.53p per share, being the Kibo closing price on 1 September for a value of £150,000. As notified in the company's announcement on 1 September, the facility amount of £1,500,000 converted to a 2.5% equity interest in the MCPP project company on the conversion date.

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The sector's biggest riser was Edenville Energy (LON:EDL) - up by more than 31.5% in late trading - while the biggest faller was Red Rock Resources (LON:RRR) - down by more than 10.5%   

At 3:59pm:

(LON:BEM) Beowulf Mining PLC share price was +0.01p at 4.38p

(LON:BKY) Berkeley Energia Ltd share price was +2.5p at 46.5p

(LON:CEY) Centamin PLC share price was +0.65p at 157.25p

(LON:CHL) Churchill Mining PLC share price was 0p at 27.38p

(LON:CZA) Coal of Africa Ltd share price was +0.45p at 3.57p

(LON:EDL) Edenville Energy PLC share price was +0.15p at 0.63p

(LON:FDI) Firestone Diamonds PLC share price was +1p at 45p

(LON:FRES) Fresnillo PLC share price was -23p at 1696p

(LON:GEMD) Gem Diamonds Ltd share price was +2.25p at 128.5p

(LON:HOC) Hochschild Mining PLC share price was +3.6p at 278p

(LON:KIBO) Kibo Mining share price was -0.5p at 6.75p

(LON:KMR) Kenmare Resources PLC share price was +12.5p at 265p

(LON:MNC) Metminco share price was 0p at 0.17p

(LON:MTL) Metals Exploration PLC share price was +1p at 6.63p

(LON:RRR) Red Rock Resources PLC share price was -0.05p at 0.43p

(LON:VED) Vedanta Resources PLC share price was +9.5p at 527.5p

Related Charts

Edenville Energy (EDL)

0.00 (0.00%)
delayed 18:15PM

Kibo Mining (KIBO)

0.00 (0.00%)
delayed 18:15PM

Metminco (MNC)

0.00 (0.00%)
delayed 18:15PM

Metals Exploration (MTL)

0.00 (0.00%)
delayed 18:15PM

Red Rock Resources (RRR)

0.00 (0.00%)
delayed 18:15PM