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Proactive news summary, including Caza Oil & Gas, Bullabulling Gold, Anglesey Mining

Last updated: 11:16 26 Nov 2012 EST, First published: 12:16 26 Nov 2012 EST

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Caza Oil & Gas (LON:CAZA, TSE:CAZ) today unveiled news that could provide it with the firepower to accelerate its hugely exciting Bone Springs play in New Mexico.

That’s the view of broker Cenkos, which believes that the US$22mln finance package announced this morning with Yorkville Advisors will allow it to exploit the asset at its own pace.

It has agreed a US$9.6mln standby equity distribution agreement and a US$12mln SEDA-backed loan – both with an investment fund run by Yorkville.

Caza has drawn down US$2.2mln of the loan, which carries a 9% coupon, and has the option of a US$1.8mln second advance “at its discretion”.

Shares in Caza lifted more than 9% today to take them to 17.6p each.

The stock has doubled in value in the past month as investors warmed to the result from the Caza Ridge property, which showed peak production to be 1,262 barrels of oil equivalent a day.

Targeting the Bone Springs play, the project has the potential to be a company maker.

Bullabulling Gold (LON:BGL, ASX:BAB) was another big riser on the market today after acquiring the lease next to its Western Australian property in a £675,000 all-paper deal.

The seller, Resolute Mining, will receive 13.5mln new shares in exchange for the M15/552 area, which is surrounded on three sides by the Bullabulling Gold deposit in Western Australia.

The acquisition has a number of benefits, the most important of which is it removes restrictions on the company’s eventual pit development.

It also provides greater access to the down-dip extension of the deposit, and allows it to fully exploit the southern extension of the Bullabulling trend. This includes the higher grade mineralisation at the Edwards Trend.

Shares shifted 10% higher today to 5.5p each.

Anglesey Mining (LON:AYM) lost 4% today after admitting that it has experienced mixed fortunes over the past six months.

The group's 19.7% owned iron mining associate Labrador Iron Mines (LIM) improved its operations substantially with a big increase in output. However, weak iron prices in August and September severely restricted revenue, Anglesey Mining (AYM) said.

In total, 1.6mln tonnes of iron ore was mined by LIM, and 1.1mln ‘dry’ tonnes were sold in seven shipments. It plans to produce 2mln tonnes next year.

AYM today reported a loss of £7.4mln for the half year as a result of its shareholding in LIM.

Looking ahead, the London listed company said that the medium term outlook for the group remains dependent upon metal prices.

Patagonia Gold (LON:PGD) has produced the first doré gold bar from its Lomada de Leiva gold project in the Santa Cruz Province, Argentina.

The gold room facility at its La Bajada property has been successfully commissioned and gold production has commenced, the mining firm revealed.

A total of 1,040 kilograms (kg) of loaded carbon from the Lomada Heap leach trial with a grade of 16,800 grams/tonne (g/t) gold was successfully extracted.

The remaining carbon from the Lomada heap leach trial is scheduled to be stripped by the end of December with revenue due to be received in January 2013.

Finally, Oxford Pharmascience (LON:OXP) is to raise £2 million through a share placing to fund further development of its soft chew and taste-masking platforms, and for new applications.

The firm has three core technology platforms: the soft chew technology, OXPchew; taste-masking platform OXPzero; and OXPtarget, a controlled-release technology.

This year it says it has made progress building commercial opportunities for its OXPchew technology and co-developing a novel ibuprofen product with Hermes Pharma, which it expects to continue to deliver a mixture of sales and royalties in connection with these products.

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