White Canyon Uranium Limited (WCU) announced that final approvals have been received for the commencement of mining operations at its Daneros Mine in Utah. The company said site preparations would commence immediately, with the construction of surface facilities and emplacement of the mine’s decline portals. White Canyon said decline construction and mine development would continue over approximately 100 days, ready for ore shipping in September 2009. The company said the operation was the first new uranium mine permitted in Utah in thirty years. White Canyon is currently in negotiation with Denison Mines regarding terms for treatment of ore at the White Mesa uranium mill, 100 kilometres from the Daneros Mine.
Galaxy Resources Limited (GXY) has upgraded its Mt Cattlin Lithium-Tantalum project resource estimation by 26% to 155,000 tonnes. The lithium producer previously gave estimation on the West Australian project in December 2007. Since then, the company has completed additional drilling, modelling and evaluation conducted as part of the Mt Cattlin Definitive Feasibility Study (DFS). The new resource estimate has increased the total tonnes for all resource categories by 2.06 million tonnes, with a 24% increase in indicated and measured resource tonnes compared to 2007. Galaxy said lithium grades have increased by 8%, while tantalum pentoxide grade has increased by 13% compared to December 2007.
Panoramic Resources Limited (PAN) now owns 100% of the Lanfranchi Project following the completed purchase of Brilliant Mining Corp.’s Australian subsidiary Donegal Resources, which has a 25% interest in the project. The West Australian base metals miner said the combined operations of Lanfranchi & Savannah are on track to produce between 18,000-19,000t Ni contained plus copper and cobalt credits for FY2009 which represents a 20-30% increase on FY2008. Panoramic added that it is actively assessing potentially company transforming acquisition opportunities that are consistent with its strategy of becoming a large diversified Australian mining house.
Minemakers Limited (MAK) said that it would increase its offer for Bonaparte Diamond Mines NL (BON). Minemakers said that they would now offer one Minemaker share for every nine Bonaparte shares. The offer would be to all Bonaparte shareholders, however conditional on having 90% acceptance. In a separate announcement the directors said that it was inviting shareholders to invest in a share purchase plan as it seeks to raise more capital. Shareholders would be able to buy up to $15,000 in Minemakers shares at 43c per share. At 1444 AEST, Minemaker shares were down 6c to 50c.
Maximus Resources Limited (MXR) said that it was off-loading some, or all of its equity in the company’s 100% owned Adelaide Hills Gold Province projects, including the ‘Bird in Hand gold’ project as well as 12 nearby gold exploration tenements in South Australia. The company also plans to divest its Windimurra Uranium Resource and the Ironstone Well gold project in Western Australia. The company did not say how much it expected to receive from the sale of their interests, however the money was needed to bolster the company’s financial position.
ASIC granted an exemption to permit Drillsearch Energy Limited (DLS) a two-week extension to its offer period, in relation to its takeover bid for 3D Oil Limited (TDO). Beach Petroleum Limited (BPT) then responded by saying it wished to clarify that should Drillsearch issue shares under its takeover bid for 3D Oil, it would trigger a defeating condition in respect of Beach's conditional takeover offer for Drillsearch. Beach said it had no present intention of waiving this defeating condition. In response to the announcement, 3D Oil said accepting Drillsearch's offer was high risk and the board of 3D Oil continued to unanimously recommend that all shareholders reject the Drillsearch offer.
