leadf
logo-loader

Proactive news summary, including Amur Minerals, Sirius Minerals, Stanley Gibbons, Thalassa

magazines350_514c99a6834bd.jpg

Friday is usually the least busy day of the week for company results but this week seems to have generated a larger than normal number of companies issuing trading updates.

Stanley Gibbons’s profits in 2012 rose by 11% on an adjusted basis to £6mln, driven by growing internet sales, Chinese demand for rare stamps and an 80% jump in coins and military medal profits.

Revenues overall during the year dropped slightly to £35.6mln, but Gibbons (LON:SGI) said the profit improvement reflected increased focus on higher margin sales.

Avidly followed US Oil & Gas's (GXG:USOP) annual results showed the group was sitting on cash of around US$3.5mln at the period end.

Unsurprisingly for a company in the exploration phase, it was loss-making – to the tune of US$1.22mln post-tax.
Investors are keenly awaiting the results of testing of the highly prospective Eblana 1 well in Nevada.

Mediterranean Oil & Gas (LON:MOG) set the foundations for growth in 2012, according to chief executive Bill Higgs.

In financial results covering the twelve months to December 31, he said the company had delivered a strong financial, commercial and operational performance.

Gas sales revenues from production in Italy increased significantly to €16.3mln from €4.7mln, and profits rose to €4.1mln from a €1.8mln loss in the year before.

Tangiers Petroleum (LON:TPET, ASX:TPT) is now ideally placed for the next leg of its growth strategy following the successful completion of a ‘crisis turn-around’, said chairman Eve Howell.

In the firm’s results statement, for the twelve months to December 31 2012, Howell highlighted that prior to agreeing farm-out deals for its assets in Morocco and Australia, Tangiers had less than US$1mln in cash, and imminent obligations in excess of US$70mln.

But, as a result of the separate farm-out deals, Tangiers expects to have US$14mln in the bank and it will be fully funded for all its exploration commitments until the end of next year.

It also retains significant interests in the two projects, with a 25% interest in the Moroccan assets, and a 27% stake in the Australian project.

Churchill Mining’s (LON:CHL) interim results updated investors on its ongoing claim against the Republic of Indonesia through international arbitration, and repeated that this is currently the firm's main focus.

"Considerable efforts have been undertaken to reduce other administration and corporate overheads," Churchill said, adding that other than admin costs, arbitrations against the ROI are the only draw on Churchill's cash resources.

For the six months to December 31 last year, Churchill posted a loss before tax of US$4.5mln, compared to a loss of US$ 6.4mln in the same period a year earlier.

Amur Minerals (LON:AMC) was the star performer on AIM after announcing progress on its mining licence for the Kun-Manie nickel- copper project, saying it is now under review.

The news comes after a new government system was implemented; Amur said that it has now been confirmed that approvals from the Ministry of Defence and Federal Security Service are in hand.

The report from the Federal Antimonopoly Service has also been received, it added.

Beacon Hill Resources (LON:BHR) has received a vote of confidence for its Minas Moatize coking coal project in Mozambique, in the form of a support of a long term financial investor.

Pelham Investments has acquired over 236 million shares in the firm at 3 pence a share, a slight discount to last night's closing price of 3.20p, and now holds 19.6%.

It bought the shares from Renaissance Financial Holdings, previously the largest shareholder in the mining firm.

In contrast, Regent Pacific Group will not be taking up its option to increase its 9.45% stake in gold miner Condor Gold (LON:CNR).

Regent recently ploughed £7mln into Condor through the first two tranches of an optional three-tranche share subscription but opted not to invest £3mln on the final tranche.

Enegi Oil (LON:ENEG) said it has acquired the “foundation” data that will allow it to assess the feasibility of drilling a well on the Phoenix discovery in the North Sea.

It has obtained 250 kilometres of 3D data, the results of which will be incorporated in analysis being carried out by partner Azimuth.

Independently, Azimuth is considering the additional exploration potential of the block, Enegi said.

Thalassa Holdings (LON:THAL) shares advanced on Friday as it landed another contract to supply equipment to Sevmorgeo, a Russian geological survey company.

Closer to home, Sirius Minerals (LON:SXX) expects to upgrade a sizeable chunk of its York potash project resource after a successful deflection drill hole.

SRK, the independent geologist, confirmed it expects a significant portion of the Inferred resource will be upgraded to the Indicated category following the results.

The deflection hole, SM11A, intersected 41.6 metres (m) of 86% polyhalite in three seams separated by two anhydrite bands with a combined intersected thickness of 15.6m.

The preliminary results also showed a strong correlation between the original hole SM11 and SM11A.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Altamira Gold Corp releases positive channel results as the project moves...

Altamira Gold (CVE: ALTA-OTC: EQTRF) CEO Michael Bennett joined Steve Darling from Proactive to share details about the recent work at their at the Cajueiro gold project in Brazil. That trenching work has identified several new mineralized structures. Bennett shared details about that work...

8 hours, 31 minutes ago

5 min read