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Proactive news summary, including Waterlogic, Sunrise Resources, Sula Iron and Gold, Mosman Oil & Gas and ZincOx

Published: 11:44 30 Jun 2014 EDT

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Waterlogic (LON:WTL) shares surged more than 9.43% after it said it was launching a strategic review after receiving an unsolicited bid for one of its subsidiaries.

It said the options currently under consideration include the disposal of certain parts of the business, further strategic acquisitions or the sale of the entire business.

“At this stage, all options available to the Companyare being considered and there can be no certainty that any offers will be made, any sales concluded, nor as to the terms of any offer or sale,” Waterlogic told investors.

It was one of mixed bunch of news today, which also saw statements from  the mining sector.

Sunrise Resources (LON:SRES) shares surged on the back of a positive operational update from its Cue diamond project in Western Australia.

The company said further geochemical and mineralogical work has now been completed on drill samples and indicates new kimberlite discoveries northwest of the company’s Soapy Bore discovery.

Meanwhile, the first diamond results from Soapy Bore are expected round about the beginning of August, while a second batch of samples is on its way to Canada for microdiamond extraction from new kimberlite discoveries and other high interest targets.

Pre-revenue miner Sula Iron and Gold (LON:SULA) is on course to produce two key mineral resource estimates by the end of 2014.

In its half-year results, the group revealed it had cash of £2.2mln at the end of March, as it presses on to complete both JORC-compliant direct shipping ore (DSO) and JORC-compliant magnetite mineral resource estimates before the end of 2014.

"The group is also confident about its gold prospectivity and continues its exploration activities to identify drill targets in the YDS region of the Ferensola licence area," revealed chief executive officer, Nick Warrell.

The group started its gold exploration programme at Ferensola, Sierra Leone, in November last year and in April it obtained permission from the Sierra Leone Minerals Advisory Board to carry out trial mining within its licence area.

Copper miner Frontier Mining (LON:FML) nearly doubled revenues in 2013 compared to the previous year and produced 1,702 tonnes from its Benkala mine in Kazakhstan.

But production volumes were not at expected levels due to a deficit of resources at the extraction plant, the firm noted, but added the revenue did cover production costs and overheads.

The loss before tax narrowed to around US$4.5mln from a loss of US$9.5mln in 2012.

DekelOil’s (LON:DKL) annual results statement charted a breakthrough period – one in which it completed its Ivory Coast palm oil mill and was earnings positive in its first month of production.

The group also negotiated a 13-year tax exemption for the 60 tonne an hour operation, which was finished on time and on budget.

In a busy post-results period Dekel signed three off-take agreements for output with three local refiners post period end that covers all its production for the current year.

And it secured a new investor in Africa-focused fund Nubuke, which ploughed in £600,000 at 1.5p per share.

Minera IRL (LON:MIRL) has received a construction permit for its Ollachea gold mine in Peru leaving only the financing to be arranged for building work to start.

Estimated construction costs for the mine including general sales tax are US$177mln.

The miner has received an offer of US$100mln in debt finance from current bank Macquarie, while discussions are underway with other parties over the balance.

Options being discussed include a share issue as well as the forward sale of production or a royalty stream, subordinated debt instruments or even the sale of a stake in the project.

It’s full steam ahead for Mosman Oil & Gas (LON:MSMN) after its breakthrough oil discovery at Petroleum Creek in New Zealand.

As the Drill Force Rig #1 crew moves to the Crestal-1 location ready to drill in the next few days, the group is planning an extended test on Cross Roads-1, its first well. The firm also said it is working on acquisitions in Australia that “will significantly increase futureoperations”.

The well test, meanwhile, will assess the Cobden and Eight Mile formations of the Cross Roads discovery.

Elsewhere, Madagascar Oil (LON:MOIL) has reiterated it intends to submit a full field development plan for the Tsimiroro field following its May’s declaration of commerciality.

Award of an exploitation licence would grant Madagascar and partner Omnis at least 25 years to develop and produce oil from the Madagascan development.

ZincOx Resources (LON:ZOX) hopes to set a new production record its zinc recycling plant in July despite a short suspension this month due to bottleneck issues.

The Korea-based plant, Zincox’s first, has been dogged with production issues but the firm said its underlying performance continued to improve and ignoring this suspension, and with no new major work, July should top the record set in May.

Currently, feed rate is at about 80% of target, running time is at about 96% of target, recovery is at about 96% of target and feed grade is at about 103% of target.

Shares added 1.20% to 10.50p.

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