MINING RESEARCH News and Views by po6734

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									MINING RESEARCH

 News and Views
                                                                                                                                                                                6 July 2009
 Analyst: Kate Ward                                                                                                    Telephone: +44 (0) 20 7601 6140
                                                                                                                       Email: kate.ward@hansonwesthouse.com

Following recent speculation regarding Jubilee Platinum’s position as a potential target, the company last week turned the
takeover tables by announcing its firm intention to acquire Braemore Resources. The 1 for 15.8 all-share offer values
Braemore at around £26 million or 3.29p per share - a substantial discount to last week’s closing price. The logic behind
the merger is the pairing of Jubilee’s 25Moz 6PGE+Au Tjate project on the eastern limb of the Bushveld complex with
Braemore’s smelting and refining ConRoast technology, thus allowing the merged entity to produce a higher quality
product without utilising costly, major company smelters. This is the latest in a string of platinum sector consolidations
which, more recently, includes the Sylvania and Ruukki merger proposal (and Sylvania’s off-market offers for both SA
Mining and Great Australian Resources) and Aquarium Platinum’s proposed all-share offer for Ridge Mining. We maintain
that consolidation in the platinum sector was necessary, following the significant decrease in platinum prices, as
fundamental demand from jewellery and auto catalysts sharply declined. More recently, the platinum spot price decreased
nearly 5% on the month despite further supply constraints which included Lonmin deferring production of 20,000oz of
refined platinum following furnace repairs at the company’s main smelter. Platinum has seen gains of over 25% in the last
six months and the price has been supported largely by gold sympathetic investment buying. Looking forward, mine supply
constraints, coupled with increased automotive demand in China, could ensure that the platinum price remains buoyant.
 Commodities                                                         6-July-09      %Chg        %Chg                Market Data             6-July-09                 %Chg              %Chg
                                                                                    1 week      1 month                                                           1 week                1 month
 Aluminium                                      US$/Ib                   0.72        -1.6        10.9               FTSE 100                  4,186                   -2.5               -5.7
 Copper                                         US$/Ib                   2.29        0.8          3.5               AIM All-share              527                    -1.1               -2.0
 Lead                                           US$/Ib                   0.77        -1.6         3.9               S&P 500                    896                    -2.4               -3.8
 Nickel                                         US$/Ib                   7.34        5.3         13.6               Dow Jones                 8,281                   -1.9               -4.5
 Zinc                                           US$/Ib                   0.70        -2.7         2.3               FTSE BRIC 50               903                    -3.0               -7.2
 Gold                                           US$/oz                   933         -0.8         -3.6              Mining Indices
 Silver                                         US$/oz                   13.44       -4.5        -12.2              FTSE 350 Mining          13,173                   -6.9               -16.2
 Platinum                                       US$/oz                   1185        1.2          -5.2              FTSE/JSE Gold             2,222                   -7.6               -12.9
 Palladium                                      US$/oz                   250         2.0          1.6               E&Y Mining Eye            1,033                   3.7                25.2

                                                        AIM Mining Eye and FTSE-350 Mining Indices                                                   AIM Mining Sector (one week)
                                                                                                                                     Risers                  % Chg     Fallers            % Chg
                                                                                                                                     AURUM MINING              82.1    MWANA AFRICA        -39.6
                                     2100                                                                                            LAPP PLATS                42.6    BRAEMORE RESOURCES  -25.2
                                                                                                                                     HORIZONTE MINERALS        39.5    CONDOR RESOURCES    -20.8
                                     2000
                                                                                                                                     NORSEMAN GOLD             29.2    JUBILEE PLATINUM    -18.1
 Index Value (1st Jan 2009 = 1000)




                                     1900                                                                                            ALEXANDER MINING          25.6    BEOWULF MINING      -17.3
                                                A IM M ining E ye
                                                                                                                                                     AIM Mining Sector (one month)
                                     1800       F T S E -3 5 0 M ining
                                                                                                                                     Risers                  % Chg     Fallers            % Chg
                                                                                                                                     ALEXANDER MINING         116.0    BRAEMORE RESOURCES  -49.4
                                     1700
                                                                                                                                     NAMIBIAN RESOURCES        84.6    GLADSTONE PACIFIC   -36.2
                                     1600                                                                                            SIRIUS EXPLORATION        75.0    NOVENTA             -34.6
                                                                                                                                     AURUM MINING              73.2    CONDOR RESOURCES    -34.5
                                     1500                                                                                            KIWARA                    63.3    DIAMONDCORP         -33.6

                                     1400                                                                                                            FTSE Mining Sector (one week)
                                                                                                                                     Risers                  % Chg     Fallers                  % Chg
                                     1300                                                                                            VEDANTA                    5.1    AQUARIUS PLAT.            -14.0
                                                                                                                                     FIRST QUANTUM              4.8    FERREXPO                   -8.3
                                     1200                                                                                            ANGLO PACIFIC              1.4    CENTRAL RAND GOLD          -7.8
                                                                                                                                     HOCHSCHILD                 1.2    KENMARE RESOURCES          -7.2
                                     1100                                                                                            ANTOFAGASTA                0.1    RIO TINTO                  -5.9
                                     1000                                                                                                         FTSE Mining Sector (one month)
                                                                                                                                     Risers                  % Chg     Fallers                  % Chg
                                     900                                                                                             ANGLESEY MINING           15.0    AQUARIUS PLAT.            -30.4
                                                                                                                                     FIRST QUANTUM              3.6    FERROEXPO                 -25.9
                                     800
                                                                                                                                     ANGLO PACIFIC              0.2    LONMIN                    -20.8
                                       Jan-09   Feb-09             Mar-09        Apr-09      May-09           Jun-09                 EURASIAN NAT RES          -1.8    RIO TINTO                 -18.3
                                                                                                                                     BISICHI MINING            -6.7    VEDANTA                   -17.9

                                                                                              Data source: Fidessa/Ernst & Young                                                Data source: Fidessa




                                                                                                                                                                                                         1
    Financing
    Kiwara (AIM: KIW) - IFC equity subscription
    Kiwara’s contemplated equity subscription, to be made by the International Finance Corporation, has been
    finalised. The initial strategic equity subscription of US$6.0 million comes with a three year warrant package
    and a total equity investment package of up to US$15 million. Investment by IFC provides Kiwara with a highly
    credible strategic investor necessary for the progression of the company's rapidly emerging base metals
    projects in an environmentally and socially sustainable manner. The initial subscription allows Kiwara to extend
    and consolidate the Kalumbila copper project and to extend strike and infill drilling at Kawako where
    exceptional nickel sulphide values have been reported.
    Centamin Egypt (AIM: CEY) - private placement for C$29.6 million
    Centamin Egypt has attained subscriptions for a private placement of 19 million shares at an offering price of
    C$1.56 per share, raising gross proceeds of C$29.6 million. The shares are to be placed with three large
    North American resource focused funds. Centamin intends to use the net proceeds of the offering for
    continued exploration activities and for general corporate purposes.
    Mercator Gold (AIM: MCR) - placing for £850,000
    Mercator announced the placing of 42.5 million new shares at a price of 2p per share to raise £850,000 before
    expenses. The shares have been placed with institutional and high net worth investors. Mercator has
    identified, and is in the early stages of the due diligence process required to evaluate, a number of potential
    acquisitions and it is intended that the proceeds of the placing may allow the company to pursue such
    opportunities as and when appropriate.
    Kenmare Resources (AIM: KMR) - £10.3 million share placing
    Kenmare, the owner and operator of the Moma titanium minerals mine in Mozambique, has entered into
    arrangements to place 54 million new shares of EUR0.06 each in the company at 19p per share to raise
    approximately £10.3 million before expenses. The purpose of the placing is to ensure that the company
    continues to retain sufficient liquidity to meet its obligations and provide further financial resources to
    accelerate production expansion plans.
    African Minerals (AIM: AMI) - cash placing in excess of US$100 million
    African Minerals has raised £63.8 million (approximately US$105.3 million) by way of a cash placing with
    institutional investors. A total of 25.5 million new shares of the company have been placed at a price of 250p
    per share. The proceeds of the placing are to be used to undertake further drilling at the Tonkolili iron ore
    project to delineate further magnetite iron ore mineralisation, proving a JORC-compliant resource target of 10
    billion tonnes, in addition to undertaking further drilling with the objective of delineating one billion tonnes of
    JORC-compliant hematite iron ore in the cap overlying the magnetite deposits. African Minerals will fast track
    the definitive feasibility study for the Tonkolili iron ore body and the port, rail and power infrastructure
    projects and also provide general working capital.
    HW COMMENTS: Significantly, the placing was completed at a 4% premium to Wednesday's
    closing price. African Minerals has already defined an iron ore resource of 5.1bt at the Tonkolili
    iron ore project and the company’s CEO, Alan Watling, reckons that following another six months
    of drilling, the resource could reach 10bt to become the world’s second largest magnetite iron ore
    deposit. The company expects to start construction in 2013 and to commence production in 2014.
    ZincOx Resources (AIM: ZOX) - Ohio bond facility terminated
    Further to the company's announcements on 3 February and 6 March 2009 regarding cancellation of part of
    the US$48 million three-year bond facility, the Zincox has now terminated the remaining US$15 million of the
    bond facility. Commenting on the announcement, Andrew Woollett, Executive Chairman said "having
    terminated the bond facility, we can conserve cash and retain maximum flexibility to explore alternative means
    of financing the first ZincOx recycling project in the USA."




2
Tertiary Minerals (AIM: TYM) - placing for proceeds of £264,000
Tertiary Minerals has raised £264,000 before expenses by way of a private placing of 12 million new shares at
2.2p per share. The funds will be used for general working capital purposes.

M&A
Hochschild Mining (AIM: HOC) - Gold Resource Corporation stake increase
Hochschild has increased its stake in GRC by exercising an option to invest a further US$20 million in GRC.
The purchase of 5 million GRC shares at US$4 per share, represents a 20% discount to the previous 30 day
average closing price. This increases Hochschild's ownership from 14.6% to 23.9%. The investment provides
additional exposure to GRC's high grade, low cost ounces in a mining friendly country with significant mineral
potential and the transaction represents continued delivery of the company’s cluster consolidation strategy.
Mano River Resources (AIM: MANA) - African Aura update
Mano River Resources and African Aura Resources (TSX-V:AAZ) jointly announced that they have entered
into the definitive combination agreement in respect of their proposed merger. As previously announced,
Mano River will offer 1.57 Mano River shares for every one African Aura share in order to acquire the entire
issued share capital of African Aura.
Aurum Mining (AIM: AUR) - grant of options re Andash disposal
Aurum has granted options to facilitate the disposal of both its 80% interest in the Andash gold-copper mining
project and its ancillary assets, consisting mainly of a mining and construction fleet. The options have been
granted to ASX-listed gold mining company, Kentor Gold. If the options are exercised, Aurum will realise
US$10 million from its 80% stake in the Andash project and a further US$5 million for its share of the ancillary
assets. As a further component of the proposed deal and once the initial options have been exercised, Aurum
will acquire a 10% stake in the Andash project from its local partner for consideration of US$1.2 million. The
net effect of the deal, if all options are exercised, will therefore be that Aurum will receive US$13.8 million in
cash and it will retain a 10% stake in the Andash project. The shareholders in the project post the transaction
would be Kentor with 80%, Aurum with 10% and Aurum's local partner with 10%.
Sylvania Resources (AIM: SLV) - Ruukki and Sylvania announce proposal to merge
Ruukki Group, a company incorporated in Finland, (RUG1V: OMX) and Sylvania Resources announced that
they have entered into a merger implementation agreement pursuant to which Ruukki will acquire, subject to
satisfaction of certain conditions, all of the issued and to be issued share capital of Sylvania between Sylvania
and its shareholders. The Sylvania scheme is not conditional on the success of Sylvania's off market takeover
offer for SA Metals (ASX: SXM) nor its off market takeover offer for Great Australian Resources (ASX: GAU).
The offer of 1 Ruukki share for each 1.81 Sylvania shares, based on the Ruukki share price of EUR2.24 on the
NASDAQ OMX Helsinki Ltd, equates to an implied offer value of £1.05 per Sylvania share - a premium of
28% to the Sylvania share price of £0.82 on 29 June 2009.
HW COMMENTS: This is a continuation of the consolidation that we have seen recently in the
PGM sector and follows Sylvania’s recent off-market offer for both Great Australian Resources
(GAU) and SA Metals (SXM) (formerly Pan Palladium). Both companies have PGM exploration
interests in the Bushveld igneous complex, South Africa. Sylvania offered GAU one Sylvania share
for every 12 GAU shares. This represented a significant premium to GAU’s share price even after a
share price rise, following news of the initial and increased takeover offers by Sylvania. SXM
shareholders were offered one Sylvania share for every ten SXM share and also represented a
significant premium. Sylvania already holds a 12.89% interest SXM and 19.9% of GAU.
Jubilee Platinum (AIM: JLP) - offer for Braemore
Jubilee has announced its firm intention to make an offer to acquire the entire issued share capital of
Braemore. The offer will be implemented by way of a scheme of arrangement to be proposed by Jubilee
between Braemore and its shareholders. Upon the scheme becoming effective, Braemore will become a
wholly owned subsidiary of Jubilee and Braemore's listing on AIM and on the Johannesburg Stock Exchange
operated by the JSE Limited will be cancelled.



                                                                                                                     3
    Gladstone Pacific Nickel (AIM: GPN) - lapse of MOU with MCC
    Gladstone Pacific Nickel announced that China Metallurgical (Group) Corporation will not be renewing its
    memorandum of understanding, entered into on 30 January 2008, for development of the Gladstone nickel
    project. MCC has advised that it is slowing down its activity on the project due to current nickel market
    conditions. The company believes that it is poised to take advantage of the next cycle in the nickel market
    having received all the necessary environmental approvals for the project, land acquisition agreements and
    native title clearances. The Gladstone nickel project remains one of the most advanced projects in the pipeline
    of green field nickel projects.


    Gold and Silver
    Angus & Ross (AIM: AGU) - acquisition of Nalunaq gold mine
    Angus & Ross has unconditionally acquired all the assets, infrastructure, inventories and goodwill at the
    Nalunaq gold mine in Greenland from Nalunaq Gold Mine A/S, a subsidiary of Crew Gold Corporation for a
    total consideration of $1 million cash. The company intends to quickly bring the Nalunaq mine back into
    production, which will hopefully produce near term cash flow for the company. A further $500,000 will be
    due for payment by the earlier of 31 August 2009 or within 10 working days of agreement to the acquisition
    by the Greenland Home Rule Government and upon satisfactory transfer by NGM to the company of the
    DKK16 million BMP mine closure security fund.
    Kryso Resources (AIM: KYS) - Pakrut resource update
    Kryso has released a new resource estimate for the Pakrut ore zones 5, 6, 7, 14 and 16, increasing the total
    JORC code-compliant resources of the Pakrut gold project to 1,984,272 ounces of gold. Some 853 samples
    from drilling at Pakrut are being sent to the SGS Lakefield assay laboratory in South Africa for analysis. The
    samples are primarily from drilling of the lower levels of ore zone 1. When these assay results become
    available, an updated overall estimate of Pakrut's JORC code-compliant resources will be completed. This is
    planned to take place within six weeks and is expected to result in a substantial further increase in the total
    JORC code-compliant resources of the project
    Conroy Diamonds & Gold (AIM: CDG) - gold in bedrock at Clay Lake
    Rock chip sampling has confirmed the presence of gold values in bedrock at Conroy’s Clay Lake target, in
    County Armagh, Ireland where the company has previously identified an extensive gold-in-soil anomaly. The
    samples were collected along a 100 metre section of a stream bed in the north-west part of the target, and all
    four samples contain gold. The highest value, 1.31g/t gold, was reported from sample CLR 3. The Clay Lake
    target is located some 7km NE of the company's Clontibret gold discovery where a JORC-compliant resource
    of over one million ounces of gold has thus far been identified on only 20% of the target anomaly. The gold-in-
    soil anomaly at Clay Lake, which measures approximately 2km by 1km, is larger than that at Clontibret and
    includes the highest gold-in-soil values ever recorded by the company - up to 1.53g/t gold-in-soil.
    Ariana Resources (AIM: AAU) - first gold production
    Ariana announced its first gold production from the Sindirgi gold project in Turkey. This follows the conclusion
    of trial mining at the Arzu South vein at the Kiziltepe deposit by Ariana's subsidiary, Galata Madencilik San. ve
    Tic. Ltd. and the processing of its ore at the Gümüsköy plant by Eti Gümüs A.S. ("Eti"). Trial processing of ore
    from Kiziltepe has resulted in the production of the first 387 oz of gold from the Kiziltepe deposit. Discussions
    regarding an extension to this trial for the processing of a further batch of ore are underway. It is currently the
    intention of the companies to develop their partnership with the intention of advancing both the Sindirgi and
    Tavsan projects.
    Medusa Mining (AIM: MML) - Co-O gold resource increase to 1.38Moz
    Medusa, through its Philippines operating company, Philsaga Mining Corporation, has provided a new resource
    estimation for the Co-O mine. The new resource has increased the JORC-compliant total resources in the last
    6 months by 15% to 1,380,000 ounces at 10.8 g/t gold (an annual increase of 60%), excluding mine depletion
    since December 2008, and importantly, boosted the indicated resources category by 25.6% to 603,000
    ounces. The resources upgrade sets the stage for significant resource extensions to the east of the mine




4
Norseman Gold (AIM: NGL) - updated resource statement
Norseman released an updated resource statement as at 31 March 2009 for its Norseman gold project,
located in the Eastern Goldfields of Western Australia. The proven and probable reserves increased to 0.4
million ounces of gold from 1.4 million tonnes at a grade of 8.9 g/t, an increase of 29% to the reserve ounces
compared to the reserve as at 31 March 2008. Measured, indicated and inferred resources increased to 3.7
million ounces of gold from 20.0 million tonnes at a grade of 5.5 g/t, an increase of 95% compared to the
resource as at 31 March 2008.
Eurasia Mining (AIM: EUA) - final results
Eurasia Mining released its final results for the 12 months ended 31 December 2008. At Monchetundra, the
company defined three mineralised zones with open pit potential. At Volchetundra, Eurasia discovered a new
zone of platinum group metals. The pre-feasibility study and ore reserves were approved for West Kytlim
including the recognition of new deposit discovery. In addition, the company applied for six new gold
exploration licences.


Base Metals
EMED Mining (AIM: EMED) - Proyecto Rio Tinto copper project update
EMED released an update regarding developments at its Rio Tinto Mine. Continued progress of the permitting
process relating to the start-up of production has led the company to implement a number of steps. The
principal project applications have been submitted and the company has consulted Spanish experts on the
various remaining aspects. The company will shortly submit the other principal documentation for permitting.
The company has appointed additional expert Spanish advisers for corporate social responsibility policy and
monitoring going forward. Having recently acquired 100% ownership, senior executives of the group have
been appointed to the boards of the now wholly-owned Spanish subsidiaries EMED Spain and EMED
Tartessus. The company continues to refine detailed planning for the operational start-up including
improvements to infrastructure, operating practices and the condition of the site.
Frontier Mining (AIM: FML) - final results
Frontier announced final results for the year ended 31 December 2008. At Benkala, the license transfer was
completed for the rights and obligations of the Benkala project to 50% owned JV company KazCopper LLP.
Metallurgical test work indicates the viability of heap leaching and flotation methods and the SX-EW
processing for the oxidised part of Benkala. Three drill rigs were mobilised to Benkala and the infill drilling
program commenced and the field camp for 30 persons constructed. At Naimanjal, the company reported
test production revenues of US$804,513 of gold and silver, being 772 ounces of gold and 8,809 ounces of
silver sold at an average price of $868 and $15/oz respectively. Post the period end, Erlan Sagadiev was
appointed as Chairman and CEO of Frontier and the management teams were strengthened. The company
completed a $14 million financing, comprising $4 million equity placement and $10 million debt facility.
Thor Mining (AIM: THR) - transfer of title update
Thor Mining commented on an article posted on the "Hot Copper" website which states that the mining title
which comprises part of Thor's molyhil tungsten-molybdenum development project, has not been transferred
to Thor, and advertises the mining title for sale. Thor believes that the vendor, the author of the article, has no
claim in respect of the mining title having executed and delivered the transfer documents to the company.
Thor holds the executed instrument of transfer for the transfer of 100% of the mining title to its wholly
owned subsidiary, Molyhil Mining Pty Ltd, the agreed consideration has been paid in full. The transfer of title is
in process with the relevant authorities and an update will be made prior to the AGM on 8 July 2009.
Bezant Resources (AIM: BZT) - metallurgical testwork results, Mankayan project
Bezant has received metallurgical test work results from AMMTEC Laboratories on samples from the
Mankayan copper-gold project, Philippines. The independent laboratory test work indicates 94% copper
recovery and 74% gold recovery, recoveries which are in the upper range of industry experience. The test
work reports that high grade, copper-gold concentrates are produced and all impurities are below penalty
levels. The concentrates could be an attractive smelter feed.




                                                                                                                      5
    Discovery Metals (AIM: DML) - water resources report
    Discovery Metals announced that groundwater resources have been confirmed for the Boseto copper project
    in Botswana. The water availability significantly exceeds the requirements of currently planned operations with
    more than four times the project requirement available over a 15 year period. Water production bore fields
    will be relatively close to the Boseto processing plant - approximately 15 kilometres and the water quality is
    suitable for use in the process plant. The water resources support consideration of mine life extension and/or
    expansion of production beyond the currently planned 10 years at 2Mtpa base case for Boseto.
    Mwana Africa (AIM: MWA) - annual results
    Mwana announced its audited financial results for the year to 31 March 2009. During the period, copper and
    gold exploration activities were scaled back in the DRC. The company reported the sale of the Konongo gold
    exploration prospect in Ghana and closure of all diamond exploration activities in the DRC and South Africa
    following BHP Billiton's withdrawal from the JV and exploration agreements. Bindura Nickel Corporation was
    moved to care and maintenance. The company has now resumed refurbishment of the Freda Rebecca gold
    mine and is evaluating the restructuring of BNC. The £4 million first phase of the Freda Rebecca gold mine's
    restart programme, funded from existing cash resources, is scheduled for completion at the end of September
    2009. Mwana is targeting annualised production of 50,000oz gold by the end of 2010 from the second phase
    of the programme. Group loss for the year before impairment and tax was £37.9m due principally to weak
    trading conditions at BNC. Net cash at 31 March 2009 was £16.5 million (excluding funds held by BNC).
    Rusina Mining (AIM: RMLA) - nickel operations update
    DMCI Mining has notified Rusina Mining that it will suspend its current operations at the company's Acoje
    tenement on the island of Luzon in the Philippines due to low nickel prices. As noted in the last three quarterly
    reports, DSO shipments virtually stopped in June 2008. Since that time DMCI has sold a few sporadic
    shipments principally clearing stockpiles at port. The DSO market, under current nickel and iron prices has
    moved towards the supply of ore for the production of low nickel 'pig-iron' where prices paid for ore are
    virtually at cost with little to no profit. The continuation of mining the required high iron, low nickel limonite
    ore is not economic to DMCI. The prevailing nickel prices have had no impact upon the company's nickel heap
    leach project plans which Rusina is implementing in partnership with European Nickel. Unlike the short term,
    opportune nature of the DSO market, the long term production of nickel through heap leach operations has a
    low operating cost that remains very profitable at current and forecast nickel prices. The trial heap leach pad
    and pilot plant, part of the definitive feasibility study currently underway, is now substantially complete.
    Nautilus Minerals (AIM: NUS) - Phase 2 of Tongan exploration programme complete
    Nautilus has completed phase two of its 2009 target generation program in Tonga, on 100% held Nautilus
    prospecting licences. Preliminary interpretation of water column survey data from phase two of this target
    generation program has defined 20 new water column anomalies. This brings the total number of anomalies
    generated from phase one and two, in 2009, to 32. All water column anomalies defined during the Tongan
    2009 exploration programme have signatures considered analogous with hydrothermal vent systems. Limited
    camera tow and small dredge sampling on four of the anomalies recovered sediment and volcanics. Further
    test work and sampling on all the anomalies is now required.


    PGM group
    Braemore Resources (AIML BRR) - ConRoast technology position strengthened
    Braemore announced revisions to its ConRoast technology agreement with Mintek. The revised ConRoast
    agreement strengthens the technology partnership formed between Mintek and Braemore which provides for
    the commercial exploitation of the ConRoast technology through the smelting and refining of PGMs. The
    amended agreement comes at an important juncture in Braemore's growth with the development phase
    drawing to a conclusion and plans for the accelerated commercialisation of the ConRoast technology.
    Braemore has now consolidated its sole, exclusive right to use and commercially exploit the ConRoast
    technology within the PGM industry on a global basis. An extension of the exclusivity period is available to
    Braemore for the life of the ConRoast patents which expire in 2020 and can be nominated at Braemore' s
    election by giving notice prior to reaching the end of the current exclusivity period.




6
Coal
Atlantic Coal (AIM: ATC) - preliminary results
Atlantic Coal announced its preliminary results for the year ended 31 December 2008. The company
continues to bring the Stockton Colliery, Pennsylvania, towards full production and several obstacles hindering
production have been overcome. Production for the 2009 financial year was bolstered by commencement of
mining at the Mammoth coal seam on the northern face and mid section of the mine. As of 31 May 2009,
production at Stockton stood at 108,823 tons of run of mine coal and 27,672 tons of clean coal. The company
has continued to invest in infrastructure and has recently ordered a new 21 yard bucket hydraulic excavator
under 4 year lease agreement
HW COMMENTS: The Stockton Colliery opencast anthracite mine has reserves of 4Mt coal and
capability to produce over 400,000tpa ROM coal. The year has been marred by operational issues
which have prevented Atlantic Coal from reaching its full production potential. The main problem
being that the Norfolk Southern railway track runs straight through the area of mining,
substantially reducing production levels by restricting mining to the north face. ATC has largely
completed the arduous task of shifting the railway, however, following the discovery of an anomaly
in the Mammoth coal seam, production increased and so, the company decided to defer the
railway relocation to conserve working capital. ATC expects to see cash flows increase during Q3
and Q4 (because the low ash, anthracite sales, and therefore revenues, are weighted towards the
winter period) and so Atlantic will probably hold off on the last of the railway relocation until then.


Uranium
Kalahari Minerals (AIM: KAH) - Rossing South update
Kalahari Minerals provided an update released by Extract Resources, in which Kalahari's subsidiary, Kalahari
Uranium Limited, holds a 40.00% interest. Extract has upgraded its Rossing South Zone 1 resource. The Zone
1 resource has increased to 145Mlbs U3O8 - a 34% increase from the previous statement and the overall
grade has increased to 449ppm U3O8. Furthermore, 20% of the resource is now classified as indicated.
Rossing South is the highest grade granite-hosted uranium deposit in Namibia. The Zone 2 maiden resource is
due in August 2009 and is expected to propel Rossing South into the top 10 global uranium deposits by
contained metal. Zone 1 and Zone 2 mineralisation is still open along-strike and down-dip and the company
has extensive exploration potential still to be tested.
HW Comment: The resource upgrade for Zone 1 is far better than our expectations increasing
both grade and contained U3O8. This is now the highest grade granite-hosted uranium deposit in
Namibia. The resource for Zone 2 is expected in August and we expect that to take the total
resource at Rossing South to ~290Mlbs with more upside to the south and down dip.
Forte Energy (AIM: FTE) - Firawa maiden resource estimate
Forte announced a maiden JORC code-compliant resource estimate for its 100%-owned Firawa uranium
project, located in the Republic of Guinea, West Africa. Using a cut-off grade of 100ppm U3O8, the initial
inferred resource estimate is 17.7Mt grading 296ppm U3O8 for 11.6 million pounds of contained U3O8. The
resource was independently estimated and verified by Coffey Mining. Forte believes that there is significant
scope for increases to this figure from bulk density testing currently underway and from further drilling which
has been recommended to test for extensions to the deposit - which remains open along strike and down dip.
HW Comment: After extended delays in getting samples from the recent drilling program
analysed, Forte has now released a maiden inferred JORC-compliant resource statement for the
Firawa uranium project in the Republic of Guinea. The 17.7Mt at 296ppm or 11.6Mlbs of contained
U3O8 (100ppm cut-off grade) is substantially above the 10Mlbs we were initially expecting. The
bulk density measurements need firming which should increase the resource further and Coffey
has also identified potential drill targets. However, with Guinea in the wet season, further drilling
will have to wait until October.




                                                                                                                  7
    Other
    Sunkar Resources (AIM: SKR) - final results
    Sunkar announced its results for the year ended 31 December 2008. The company reported substantial
    progress during the year. The IPO was successfully concluded in June 2008 raising $67 million before
    expenses. Mining operations have been underway throughout the year including the Kazakh winter months
    and 530,000 tonnes of ore was mined by end of May 2009. A mobile beneficiation plant was established and is
    expected to reach full capacity by Q3 2009. The subsoil use contract was successfully renegotiated in
    September 2008 and the company is currently in full compliance with the contract. The company purchased
    the remainder of the local subsidiary holding the SSUC, Temir Service LLP and now owns 100%. A protocol
    of intentions for the supply of sulphur was signed with Tengizchevroil LLP. The groundwork for a BFS was laid
    and full results are expected in 2010 and beneficiated rock was sent to three technical contractors for analyses
    and phosphoric acid pilot plant testing. Sunkar reported a $13.9 million loss before tax during the year,
    reflecting increased costs associated with the progress with the project as well as foreign exchange losses. The
    company has a cash balance as at 29 June 2009 of $26.2 million.




8
                                     AIM METALS AND MINING SECTOR COMPANIES
Company                         Ticker   Price    Chg%      Chg %    Chg %    Mkt     High    Low   Company                        Ticker   Price    Chg%     Chg %    Chg % Mkt Cap High      Low
                                           p       1wk       1m       6m      £m      52Wk   52Wk                                             p      1Wk       1m       6m    £m     52Wk     52Wk
AFRICAN CONSOLIDATED RESOURCES AFCR.L       7.8      -6.1      1.6     53.8    20.6    18.0   4.3   LANDORE RESOURCES LTD          LND.L      10.5      0.0     15.1    -22.2     19.1   18.0   5.9
AFRICAN COPPER PLC             ACU.L        6.4     -5.6     -28.2    466.7    52.5    36.0   0.7   LAPP PLATS PLC                 LPP.L      26.5     42.6     54.1    381.4     15.5   26.5   4.8
AFRICAN DIAMONDS PLC           AFD.L       22.5     -4.3     -13.5    -29.7    17.1    74.5  20.0   LEYSHON RESOURCES LTD          LRL.L       4.8     -5.0    -24.0     15.2     10.2   24.8   2.5
AFRICAN EAGLE RESOURCES PLC    AFE.L        6.1    -15.5      28.9    188.2    13.0    11.5   1.1   LITHIC METALS                  LMY.L       3.5     -6.7     -6.7     27.3      4.5    6.3   1.8
AFRICAN MINERALS LTD           AMI.L      248.5      5.0       6.7   1004.4   466.4   248.5  11.0   MAGHREB MINERALS PLC           MMS.L       1.5    -14.3    -33.3     -7.7      1.4    3.8   1.3
ALBA MINERAL RESOURCES PLC     ALBA.L       0.8      0.0       0.0     20.0     0.7     1.6   0.5   MANO RIVER RESOURCES INC       MANA.L      4.0      0.0     -3.0     52.4     12.7   10.5   1.6
ALBIDON LTD-CDI                ALD.L        1.9                       -84.4     3.9   165.0   1.4   MARIANA RESOURCES LTD          MARL.L      4.8      8.6     -5.0     72.7      4.8    8.5   1.5
ALEXANDER MINING PLC           AXM.L        6.8     25.6     116.0    260.0     9.1     6.8   1.4   MEDUSA MINING                  MML.L     124.0     13.2     19.2    255.1    209.2 125.5   23.1
ALLIED GOLD LTD                AGLD.L      20.5      1.2     -18.0     13.9    96.9    26.8   8.8   MERCATOR GOLD PLC              MCR.L       2.6      0.0    -34.4               2.4   42.0   2.6
ALTONA RESOURCES LTD           ANR.L        4.9     -4.4       2.6    427.0    17.5     5.1   0.8   METAL-TECH LTD                 MTT.L       7.4      0.0    -11.9    -26.3      2.8   47.5   6.5
AMUR MINERALS CORP             AMC.L        3.1     -7.4       8.7   1685.7     4.7    16.5   0.2   METALS EXPLORATION PLC         MTL.L      13.5     -1.8    -14.3    124.6     29.0   17.4   5.8
ANGLO ASIAN MINING PLC         AAZ.L       13.0    -11.9     -16.1    100.0    13.4    21.0   2.8   MINCO PLC                      MIO.L       4.1     -2.9     10.0     94.1      8.7    4.9   1.4
ANGUS & ROSS PLC               AGU.L        1.9     -6.3     -25.0    275.0     4.6     4.6   0.5   MINERA IRL                     MIRL.L     76.0     -6.2     -0.7     12.6     47.0   84.0  43.5
ARCHIPELAGO RESOURCES PLC      AR..L       14.3     -8.1       0.0    338.5    43.6    26.5   2.1   MINERVA RESOURCES              MVA.L       0.7                        0.0      1.1    4.3   0.5
ARIAN SILVER CORPORATION       AGQ.L        3.9      0.0      14.8     14.8    10.0    10.8   2.5   MOTO GOLDMINES LTD             MOE.L     252.5      2.0     -4.7    156.3    271.3 275.0   42.5
ARIANA RESOURCES PLC           AAU.L        3.1     -7.4       4.2    113.7     4.4     3.6   1.4   MOYDOW MINES INTL INC          MOY.L       6.8     -6.9    -10.0     12.5      3.8    9.5   5.0
ASIA RESOURCES PLC             ASR.L        4.5      0.0       0.0     20.0     6.7     9.0   3.5   MWANA AFRICA PLC               MWA.L       5.0    -39.6    -10.8     -1.0     19.7   40.3   2.5
ATH RESOURCES PLC              ATH.L       59.5      0.0      -7.0    -16.2    23.8   187.5  37.0   NAMIBIAN RESOURCES PLC         NBR.L       3.0      0.0     84.6     41.2      1.2    7.4   1.1
AURUM MINING PLC               AUR.L        8.9     82.1      73.2    255.0     4.3     8.9   1.4   NIGER URANIUM LTD              URU.L      23.3     -7.9     -5.1    190.6     26.3   26.3   3.8
AVOCET MINING PLC              AVM.L       80.5     -3.9      -4.7     -5.3   156.0   164.0  50.0   NORSEMAN GOLD                  NGL.L      36.5     29.2     11.5   1921.2     62.7   37.1   1.6
BAOBAB RESOURCES PLC           BAO.L        2.4     -9.5      -9.5      5.6     2.3    14.0   1.3   NORTH RIVER RESOURCES PLC      NRRP.L      1.9      0.0      0.0     66.7      1.3    3.4   1.1
BEOWULF MINING PLC             BEM.L        2.2    -17.3       1.0    203.1     2.3     3.2   0.7   NOVENTA LTD                    NVTA.L      4.3      0.0    -34.6    -78.8      1.7 120.0    4.0
BERKELEY RESOURCES LTD         BKY.L       58.5      7.3      -3.3    244.1    72.2    62.5   9.5   NUFCOR URANIUM LTD             NU..L     181.5      1.7      4.3     21.8     74.9 229.0   74.8
BRAEMORE RESOURCES PLC         BRR.L        3.1    -25.2     -49.4     32.6    24.1     7.4   1.0   OBTALA RES. ORD 1P             OBT.L      21.0    -19.2    -22.2              39.3   40.5  21.0
BRAZILIAN DIAMONDS LTD         BDY.L        0.9      0.0       0.0    133.3     1.7     3.5   0.3   ORIGO RESOURCES                ORP.L      52.5      0.0     14.1     54.4     25.5 123.0   33.5
BRINKLEY MINING PLC            BRM.L        1.3      0.0     -11.3     -5.0     4.7     3.0   0.5   ORMONDE MINING PLC             ORM.L       5.3      0.0      7.6     27.1     11.4   10.5   3.4
CALEDON RESOURCES PLC          CDN.L       50.0     -2.0       2.0    194.1   105.0   105.0   7.1   ORSU METALS CORP               OSU.L       3.9     -3.1    -29.5    -50.0     17.7   45.0   2.1
CALEDONIA MINING CORP          CMCL.L       4.3     -5.6     -10.5      0.0    20.0     8.3   2.4   OVOCA GOLD PLC                 OVG.L       4.8     -5.0    -15.6     90.0     21.0   10.5   2.0
CAMBRIAN MINING PLC            CBM.L       74.0     -6.6      13.0    117.6    87.4   248.0  11.8   OXUS GOLD PLC                  OXS.L       5.3     -9.8    -12.3     -4.0     20.2   17.3   3.7
CAPE DIAMONDS PLC              CAPE.L       3.3      8.3      -7.1    900.0     4.7     8.5   0.3   PALMARIS CAPITAL PLC           PMS.L       3.9     -3.1    -11.4      6.9      6.0    9.5   2.1
CENTAMIN EGYPT LTD             CEY.L       84.8     -3.7       3.0     87.3   840.7    90.3  22.3   PAN AFRICAN RESOURCES PLC      PAF.L       5.5      0.0      2.3     69.2     61.2    5.5   1.9
CENTRAL AFRICAN GOLD PLC       CAN.L        1.3               -8.6             13.3     7.6   1.0   PATAGONIA GOLD PLC             PGD.L      14.8     11.3     25.5    202.7     87.5   14.8   3.8
CENTRAL AFRICAN MINING & EXP   CFM.L       11.0     -4.3     -17.0    243.8   308.4    48.8   2.0   PENINSULAR GOLD LTD            PGL.L      31.0     -7.5     -8.8    121.4     17.1   46.0  14.0
CENTRAL CHINA GOLDFIELDS PLC   GGG.L        3.9                        96.2     7.1     4.5   1.3   PERSIAN GOLD PLC               PNG.L       6.0      0.0     14.3     33.3      4.5    6.8   3.9
CHINA GOLDMINES PLC            CGM.L       20.0      0.0      -4.8    -27.3     9.7    93.5  18.5   PETER HAMBRO MINING PLC        POG.L     600.0     -3.2    -10.6     57.1   1026.5 1173.9 165.5
CHROMEX MINING PLC             CHX.L       17.0      0.0      -8.1    -20.9    14.5    46.0  15.0   PETMIN LTD                     PTMN.L     16.0      0.0      4.9     23.1     87.1   31.8  10.3
CHURCHILL MINING PLC           CHL.L       55.0     -0.9      -0.9    105.1    42.5    67.4  21.7   PETRA DIAMONDS LIMITED         PDL.L      41.5      3.8      6.4    -53.0     76.3 116.0   24.0
CLUFF GOLD LTD                 CLF.L       57.3      4.1       4.1     47.7    67.1    68.0  10.3   PLATINUM AUSTRALIA LIMITED     PLAA.L     50.0     -6.5    -12.3     68.1    126.2 135.0   17.5
CONDOR RESOURCES PLC           CNR.L        0.5    -20.8     -34.5     18.8     2.2     1.4   0.2   PLATMIN LTD                    PPN.L      46.5     -2.1    -19.8     19.2    206.9 367.5   23.5
CONNEMARA MINING CO            CON.L       12.5     11.1      -7.4     25.0     1.9    29.5   9.0   POLO RESOURCES                 PRL.L       4.0      2.6     -7.6     62.9     92.7   10.3   1.7
CONROY DIAMONDS & GOLD PLC     CDG.L        3.8     11.1      -3.2     76.5     4.0     4.5   1.9   PROSPERITY MINERALS HOLDINGS   PMHL.L     55.0      0.0      0.0    189.5     72.9 115.0   10.5
DIAMONDCORP PLC                DCP.L       20.3      0.0     -33.6    -40.4     7.5    72.1  20.3   RAMBLER METALS AND MINING PL   RMM.L      14.8     -3.3    -14.5     73.5      8.8   46.5   6.3
DISCOVERY METALS LTD           DME.L       13.5      3.8       1.9     92.9    23.2    23.8   6.5   RED ROCK RESOURCES PLC         RRR.L       1.2     12.2     21.1    206.7      5.3    2.1   0.4
DWYKA RESOURCES LTD            DWY.L        5.6     -2.2     -11.8     66.7    10.7    21.8   2.8   REGENCY MINES PLC              RGM.L       1.0      5.6     -7.3    169.1      3.4    2.0   0.4
EASTERN MEDITERRANEAN RES      EMED.L       9.0     12.5       7.5     89.5    23.6    26.8   3.4   RIDGE MINING PLC               RDG.L      73.5    -13.5    -30.0    133.3     67.7 110.0   21.5
EASTERN PLATINUM LTD           ELR.L       29.0      4.5     -22.7     11.5   197.4   128.0  11.0   RUSINA MINING NL               RMLA.L      3.4    -10.0    -12.9     90.1      8.2    9.0   1.5
ENERGYBUILD GROUP              EBG.L       23.0     -7.1      22.7     35.3    29.9    27.5  11.5   SERABI MINING PLC              SRB.L       1.3      6.3     -7.3     13.3      1.8   18.5   0.4
EURASIA MINING PLC             EUA.L        1.3      0.0     -28.6     -9.1     1.8     3.3   1.0   SHANTA GOLD LTD                SHG.L       5.1      0.0     10.8    192.9      5.2    6.6   1.3
EUROPEAN NICKEL PLC            ENK.L        6.7     -0.1     -17.9    140.1    31.5    25.7   1.9   SIRIUS EXPLORATION PLC         SXX.L       4.4      6.1     75.0    400.0      5.8    5.3   0.8
EUROPEAN GOLDFIELDS LIMITED    EGU.L      182.5      2.8      -9.4      7.7   325.4   227.0  64.0   SOLOMON GOLD PLC               SOLG.L      9.1     -6.4     35.2    247.6      6.0   13.5   1.3
EVERFOR DIAMONDS PLC           EVE.L        2.0      0.0     -40.7    196.3     0.1    23.5   0.6   STEPPE CEMENT LTD              STCM.L     39.5     -3.7    -17.7     12.9     60.8 339.5   23.5
FINDERS RESOURCES LTD          FND.L       18.5      0.0       5.7     44.7    21.3    41.3  10.3   STRATEGIC NATURAL RES          SNRP.L      8.5     -5.6    -12.8    -35.1      5.8   29.7   7.5
FIRESTONE DIAMONDS PLC         FDI.L       31.8     -2.3     -15.3     56.8    19.6   113.8  13.5   STRATEX INTERNATIONAL PLC      STI.L       2.8      0.0     15.8     22.2      6.4    6.0   1.6
FRONTIER MINING LTD            FML.L        4.9    -15.2     -26.4   2685.7    20.8    11.0   0.2   SUNRISE DIAMONDS PLC           SDS.L       0.7     -3.4     -6.7     64.7      1.3    1.1   0.4
GALANTAS GOLD CORP             GAL.L        2.8     -4.3     -12.0     22.2     5.2     7.0   2.1   SYLVANIA RESOURCES LIMITED     SLV.L      80.0     -2.4      8.8    128.6    145.3   97.0  24.0
GEMFIELDS RESOURCES PLC        GEM.L        6.8      0.0      -8.5    -35.7    21.9    34.5   2.5   TANZANITE ONE LTD              TNZ.L      12.5     -3.8    -19.4    -45.6     13.1   46.5  12.5
GLADSTONE PACIFIC NICKEL LTD   GPN.L       15.0    -14.3     -36.2    -21.1    10.6    85.0  11.5   TARGET RESOURCES PLC           TGT.L       1.8      0.0      0.0    -41.7      2.2   12.0   1.6
GLENCAR MINING PLC             GEX.L        4.9      5.4      14.8     50.2    14.7     8.3   3.0   TERTIARY MINERALS PLC          TYM.L       2.6     -4.5     -4.5     23.5      2.0    4.6   1.8
GLOBAL COAL MAN. PLC           GCM.L       97.5     -1.3      12.1     57.3    49.7   263.0  13.0   THOR MINING PLC                THR.L       1.3     -9.1    -28.6     69.0      2.1    5.1   0.7
GMA RESOURCES PLC              GMA.L        4.9     21.9      18.2    181.8    20.8     6.9   1.1   TIGER RESOURCE FINANCE PLC     TIR.L       2.0      2.5    -10.0     30.6      3.5    2.8   1.2
GOLDPLAT PLC                   GDP.L       11.5      0.0      -2.1      4.5    12.8    13.0   8.1   TITANIUM RESOURCES GROUP LTD   TXR.L       5.3      0.0     13.5    -65.9     35.2   23.5   3.3
GOLDSTONE RESOURCES LTD        GRL.L        0.5     -8.7      -8.7      5.0     0.7     1.2   0.4   TOLEDO MINING CORP PLC         TMC.L      35.5    -16.5     -5.3    115.2     10.5   77.5   8.4
GREATLAND GOLD PLC             GGP.L        0.8      0.0     -11.4     99.2     1.9     1.2   0.4   TRANS-SIBERIAN GOLD LTD        TSG.L      24.5     -7.5    -14.0     96.0     20.8   42.0  11.5
GREYSTAR RESOURCES LTD         GSL.L      155.0     -6.1     -27.1     67.6    89.2   242.5  40.0   TRIPLE PLATE JUNCTION PLC      TPJ.L       1.8     -6.7      0.0     -6.7      2.7    9.8   0.6
GRIFFIN MINING LIMITED         GFM.L       36.0      2.1      -7.7     54.8    65.4    56.3  13.8   UMC ENERGY PLC                 UEP.L       2.6      0.0     -4.5    -30.0      0.8    5.5   2.6
HAMBLEDON MINING PLC           HMB.L        4.8      0.0     -13.6     18.8    22.3     8.8   2.4   URANIUM RESOURCES PLC          URA.L       2.0      6.7      0.0     45.5      5.8    2.8   0.8
HERENCIA RESOURCES PLC         HER.L        0.5     -5.0       5.6     18.8     2.9     1.1   0.3   URUGUAY MINERAL EXPLORATION    UGY.L      19.0      0.0    -24.0    -24.0      9.2 127.5   14.5
HIDEFIELD GOLD PLC             HIF.L        1.0      0.0       0.0     33.3     3.4     3.8   0.6   VAN DIEMAN MINES PLC           VDM.L       0.9                      -22.2      1.3    5.4   0.9
HIGHLAND GOLD MINING LTD       HGM.L       49.5      0.0      -7.5     26.9   161.0   176.5  22.0   VANE MINERALS PLC              VML.L       5.8      0.0      2.2    130.0     10.9    9.1   2.3
HORIZONTE MINERALS PLC         HZM.L        7.5     39.5      30.4     62.2     3.0    10.8   4.4   WEATHERLY INTERNATIONAL PLC    WTI.L       1.6      1.6    -10.1               6.3   13.0   0.6
INTERNATIONAL FERRO METALS     IFL.L       41.8      1.2      -6.2    114.1   210.3   101.3  11.5   WEST AFRICAN DIAMONDS PLC      WAD.L       3.5      0.0    -12.5    -30.0      2.4   13.3   3.3
JUBILEE PLATINUM PLC           JLP.L       44.0    -18.1     -12.9    309.3    52.1    53.8   7.1   WESTERN CANADIAN COAL CORP     WTN.L      99.5    -10.4      7.0     93.2    196.6 400.0   22.5
KALAHARI MINERALS PLC          KAH.L      131.0      5.2       4.0    183.0   257.9   136.5  25.3   WOGEN PLC                      WGN.L      37.5     -1.3     53.1     66.7     16.8   84.0  13.5
KALIMANTAN GOLD                KLG.L        5.8     -8.0      -8.0     15.0     3.5     7.8   3.0   XTRACT ENERGY PLC              XTR.L       2.8    -11.8     27.3    103.6     21.0    3.2   0.6
KARELIAN DIAMOND RESOURCES     KDR.L        3.3      0.0       8.3      0.0     2.0     8.3   3.0   YAMANA GOLD INC                YAU.L     556.5     -0.3    -16.3     12.1   4095.0 775.0 242.5
KEFI MINERALS PLC              KEFI.L       1.9     -6.3     -21.1     32.6     4.2     3.1   1.3   ZEEHAN ZINC                    ZZL.L       1.2    -13.2    -11.5     15.0      5.2    7.6   0.3
KIRKLAND LAKE GOLD INC         KGI.L      515.0     -0.5      -1.9    110.2     4.2   557.5 142.5   ZINCOX RESOURCES PLC           ZOX.L      63.8     -9.3     -9.6     73.5     49.5 144.5   25.5
KRYSO RESOURCES PLC            KYS.L        6.5     13.0      14.1     87.5     6.7    10.3   3.1




                                                                                                                                                                                                9
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realised.




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