Elvis has left the building

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THE BOURSE WHISPERER: The regular game of musical chairs continues within the boardrooms across the resources industry.

Appointment of managing director and non-executive director
 
RMA Energy (ASX: RMT) has appointed Qin Weihong as managing director.

Qin has been an executive director of RMA since August 2012.

The company also advised Nigel Ferguson will not be seeking re-election at its coming Annual General Meeting and will be retiring.

Leonard Math will be appointed as non-executive director following the retirement of Ferguson.
 
Math is a director of Kangaroo Resources and company secretary of a number of ASX-listed companies.

He is also the current joint company secretary of RMA Energy.

Change to company office holders

Mandalong Resources (ASX:MDD) announced that Jian (Jason) Shen has been appointed non-executive director.

He will replace Yang (Simon) Liu as a representative of major shareholder Hanhong New Energy Holdings Limited who has resigned from the Board.

The company also announced Elissa Hansen has been appointed company secretary.


New director appointed

Killara Resources (ASX: KRA) has advised the market that Wim Iskandar Zulkarnaen has joined the board as a non-executive director.

Resignation of founding director

Founding director of Silver Mines (ASX: SVL) Malcolm Bird has resigned as a director of the company.

Retirement of director

Tiger Resources (ASX: TGS) announced the retirement of Rhett Brans as a director of the company as it wrapped up its annual general meeting.

Brans was appointed as an executive director of Tiger in July 2008 and continued in that role until January 2010, when he became a non-executive director.


GBM Gold appoints director and CEO

GBM Gold (ASX: GBM) has appointed John Harrison as a director and chief executive officer.

The company described Harrison as a mining engineer with significant experience in gold mining, mining engineering and business management.


Change of management structure following AGM

Admiralty Resources (ASX: ADY) has implemented a change in the management structure of the organisation following the results of the company’s general meeting.

The company carried a resolution at the general meeting to remove Stephen Prior as a director resulting in Prior ceasing his position as managing director effective immediately.

Following the removal of Prior as the Board appointed Hanrui Zhong as interim general manager.

Zhong is the largest shareholder in Sino Investment & Holding, a substantial shareholder of the company.

The appointment of Zhong is on an interim basis and Admiralty said it will conduct an appropriate recruitment process for a permanent CEO in due course.


Board Restructure

Dampier Gold (ASX: DAU) has promoted Richard Hay to the position of managing director, from the role of chief executive officer.

Dampier has also appointed Susan Hunter as a non-executive director.

Chairman Dr Russell Skirrow is to retire from the Board effective 31 May 2013 and non-executive director Rod Hanson will become the new non-executive chairman at that time.


Apex Minerals appoints two new directors

Apex Minerals (ASX: AXM) has announced two additional directors, Joseph Sponholz as non-executive director and Haydn Lynch as independent non-executive director, have joined the Board of the company.


Discovery Metals– Board changes

John Shaw has been appointed as chairman of the Discovery Metals (ASX: DML) Board, effective immediately.

Shaw has been a director of Discovery Metals since 2006.
 
Gordon Galt, previous chairman of the company, and Morrice Cordiner, non-executive director of the company, have notified the Board of their resignations, effective from the close of business on 20 May 2013.


Resignation and appointment of directors

Gladiator Resources (ASX: GLA) announced Andrew Draffin has been appointed as a director of the company.

Gladiator also announced the resignation of Mark Gordon as a director.


Director Resignations

Predictive Discovery (PDI: ASX) announced that two of the company’s five directors, Dr Bobby Danchin and Dr Tom Whiting, have resigned.
 
The company said it is focused on reducing its costs wherever possible so that it can maximise expenditure on exploration of its Eastern Burkina Faso project.

Both Dr Whiting and Dr Danchin resigned voluntarily to assist in this process.

Predictive explained it has made other cost saving measures since April last year when market conditions in the junior sector began to deteriorate, including non-executive directors foregoing their fees for six months, and a reduction in the managing director’s salary package.


Resignation of managing director

Carbine Resources (ASX: CRB) managing director, Peter Sheehan, has resigned.

Tom Bahen has joined the Carbine Resources Board as a non-executive director.


European-based mining executive appointed as chief executive officer

Prairie Downs Metals (ASX: PDZ) has appointed European mining finance executive Benjamin Stoikovich as chief executive officer.

Stoikovich will be based in London and will also be appointed as a director of the company.

He is expected to formally commence his role on 17 June 2013.


Appointment of managing director and chairman

Kangaroo Resources (ASX: KRL) announced the appointment of Ian Ogilvie as managing director and Graham Anderson as non-executive chairman.


Globe appoints new chief executive officer

Globe Metals & Mining (ASX: GBE) has appointed Alistair Stephens to the role of chief executive officer.
 
Stephens formerly held the position of managing director and chief executive officer of Arafura Resources (ASX: ARU) between 2004 and 2009.

Stephens replaces Fergus Jockel who has held the role of acting chief executive officer since August 2012. Jockel remains as exploration manager.


Non- executive chairman appointment

Coppermoly (ASX: COY) has appointed Tom Revy as a non-executive chairman.
 

Mining sector fund-raising drops 24 per cent

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THE BOURSE WHISPERER: There is currently no shortage of junior resources exploration companies with projects that have potential to become viable economic mining operations.

There is, however, a shortage of fund providers willing to bankroll them.

According to IntierraRMG the first quarter of 2013 has been a challenging time for, not just the Australian mining industry, but for the international mining community as a whole.

The global industry has been presented with a problematic combination of rising operating costs, falling metals prices, lower ore grades and a continued scarcity in the availability of funds.

“After an 18-month decline that started at the end of 2010, the second half of last year saw a gradual recovery in the mining industry’s overall market capitalisation,” IntierraRMG said recently.

“This improvement was helped by a strengthening gold price, but precious metals, and the industry’s valuation, have gone into reverse this year.”

 

Source: IntierraRMG

 

In its latest ‘State of the Market’ report, IntierraRMG indicated the price of most metals fell considerably during the last two months of the quarter, which it said has had a particularly damaging effect on the valuations of the smaller companies.

Although 2012 ended on a fairly optimistic last quarter, IntierraRMG said this year has all the signs of being especially difficult for raising exploration finance.

“Hitherto, initial public offerings (IPOs) have played an important role in generating cash for mining projects,” the Data and Research Group said.

“However, market confidence has been dented against a backdrop of volatile markets, political turbulence and fragile economic news.”

This, according to IntierraRMG , has resulted in limited IPO activity in the past quarter for either the Toronto or London stock exchanges.

This was put down to neither retail nor professional investors having the capacity, or appetite, to fund equity raisings, and so equity markets remain constrained.

Share prices sitting at the lower end of the spectrum don’t necessarily help either with most explorers coming to grips with the stark reality that raising the necessary funds to bring themselves to the stage where they can generate cash flow from metals production is becoming increasingly difficult.

According to the IntierraRMG database of almost 3,500 listed companies, funds raised by the mining sector in the quarter to end-March dropped to under US$5.2 billion from almost US$6.8 billion in the last three months of 2012.

During this time there has also been a particularly sharp fall in the funds raised by exploration companies; dropping to only US$1.5 billion in the quarter just ended from US$3.4 billion in the December quarter.

IntierraRMG data show mining companies raised only US$0.2 billion during the quarter on the London Stock Exchange (LSE), which represents a slump of almost 80 per cent from the previous quarter.

The Toronto Stock Exchange (TSX) and Australian Securities Exchange (ASX) were not immune to the disease and also experienced sharp falls.

The good news is that there were funds made available; the bad news for the junior end of town is that almost 80 per cent of funds raised during the quarter were by companies with individual market capitalisations of over US$100 million.

If the juniors are to take anything away, it would be that IntierraLive data showed there was an improvement in the amount raised by the industry’s smallest companies – those valued at under US$10 million; however the amounts raised are still well below the funds secured in the year-ago quarter.

The worrying aspect of this statistic is that companies have typically raised most of the necessary funds for project development during the first quarter of the year.

IntierraRMG’s global data suggests that the industry is in for a bleak year.

Enerji completes waste to heat power system construction at Carnarvon

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THE BOURSE WHISPERER: Enerji Limited (ASX:ERJ) has completed the final installation and construction of a waste heat to power system (WHPS) at the Carnarvon power station.

Enerji Limited is a Perth-based clean power company focussed on delivering waste heat to power systems, based on the Opcon Powerbox cogeneration technology, which transforms waste heat into electricity.

The company claims this technology creates energy cost savings and reduced CO2 emissions for its customers.

Enerji has installed and tested modified heat exchanger manifolds on the Opcon Powerbox WHPS at the Carnarvon site, marking the end of installation and construction phase.

The company explained that Opcon engineers had arrived on site in Carnarvon to begin the final phase of commissioning.

Enerji said it expects first power will be generated in approximately seven to fourteen days.

“This kicks off the beginning of a busy period of milestones for Enerji as our maiden project comes online,” Enerji chief executive officer Greg Pennefather said in the company’s announcement to the Australian Securities Exchange.

“We are looking forward to turning the corner to becoming a revenue generating company with the ability to return value to our shareholders.

“The Carnarvon system in operation will provide a vitally important reference site for other potential customers.

“It will prove the technology in a warmer climate and substantially de-risk the decision making for many of the companies we are actively engaged with.”

Enerji outlined its business model to be to generate revenue from the installation of the WHPS through long-term power purchase agreements.

The company has recently received a purchase order for installation preparation of a WHPS from a second offgrid mining customer and claims to have a pipeline of other potential new customers at mine and remote town sites across Australia.

The Opcon Powerbox is a Swedish designed and manufactured WHPS incorporating a twin-screw Lysholm turbine that generates electrical power using heat captured as a by-product of fossil fuel combustion or other industrial heat sources.

AMMG produces 99.99 per cent (4N) purity alumina

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THE BOURSE WHISPERER: Australia Minerals and Mining Group (ASX: AKA) has produced 99.99 per cent (4N) high purity alumina (HPA) using the company’s own innovative aluminous clay (kaolin) to HPA processing technology.

AMMG filed three patent applications for its processing technology in February 2013 when it announced it had achieved production of greater than 99.9 per cent (3N) HPA.

At this time AMMG lodged three patent applications to protect the intellectual property of its processing technology.

The company has now produced the 4N HPA by utilising its unique processing technology in collaboration with its consulting processing chemists, TSW Analytical, which was engaged in mid-2012 to refine and verify AMMG’s process and produce HPA material.
 
“After producing greater than 99.9 per cent HPA, we conducted additional trials to subsequently achieve the 4N HPA,” AMMG managing director Ric Dawson said in the company’s announcement to the Australian Securities Exchange.

“We are now confident from TSW’s work that we will be able to produce higher 5N or 6N purity levels, subject to further successful development of the process.

“This successful result confirms the capacity of our processing technology and gives us the confidence to pursue the interest we have received from potential investors and off-take customers.

“We are now reviewing the next steps to progress this project and are scoping the design, construction and financing options for a HPA production plant.”

AMMG’s 100 per cent-owned South West HPA project carries a combined JORC resource of 297 million tonnes of aluminous clay.

The company claims this to be the second largest currently reported aluminous clay deposit in the world.

Breakaway Resources sells Scotia project to Minotaur Exploration

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THE BOURSE WHISPERER: Breakaway Resources (ASX: BRW) has reached agreement to sell the company’s Scotia project to Minotaur Exploration (ASX: MEP) for a consideration of $600,000 in cash.

The Scotia project, located 65 kilometres north of Kalgoorlie in Western Australia, comprises a 160 square kilometre package portfolio of 14 tenements, and is considered to be prospective for both gold and nickel.

 

Scotia project. Source: Company announcement

 

In 2011, Breakaway signed a Farm-in and Joint Venture Agreement with Aphrodite Gold (ASX: AQQ), under which Aphrodite is earning up to an 80 per cent interest in the Scotia project gold rights by spending $1.5 million over 4 years.

So far Aphrodite Gold has focused its exploration efforts at the Chameleon prospect, where Breakaway said it has reported some encouraging results.

The proposed sale of Scotia project will allow Breakaway to focus on the company’s major project – the Eloise copper-gold project in North Queensland, as well as its Leinster gold project in Western Australia.

“This sale follows an ongoing review of our non-core tenement holdings in WA, including our extensive nickel portfolio, and represents a sensible rationalisation of our asset base,” he said.

“The proceeds from this transaction will boost our working capital position in what is clearly a very challenging market environment for junior explorers,” Breakaway Resources managing director Victor Rajasooriar said in the company’s announcement to the Australian Securities Exchange.

“This will enable us to continue to progress upcoming exploration activities including further drilling at Eloise and planned drilling to test some of the exciting new gold targets identified recently at Leinster.”

Under the Sale and Purchase Agreement, between Minotaur’s wholly-owned subsidiary Minotaur Gold Solutions and Breakaway’s wholly-owned subsidiary Scotia Nickel, Minotaur will acquire 100 per cent of the rights to all minerals other than gold and the right to no less than 20 per cent of the gold deposits discovered on the tenements for total consideration of $600,000 cash (plus GST).

The agreement is conditional on completion of detailed due diligence and receipt of Ministerial approval for the transfer of the tenements to Minotaur.

It is also conditional on Breakaway entering into a deed with Norilsk Nickel releasing it from all of its obligations under a Clawback Agreement and converting its rights into a 2.5 per cent net smeler return on nickel, copper and platinum group elements (PGE), and Aphrodite Gold also not exercising its pre-emptive rights to purchase the remaining 20 per cent of the gold rights on the same terms offered by Minotaur Exploration.

Anketell Port given Federal environmental approval

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THE BOURSE WHISPERER: Aquila Resources (ASX: AQA) announced the Commonwealth Minister for Sustainability, Environment, Water, Population and Communities has approved the Anketell Port proposal.

Aquila holds a 50 per cent interest in the Anketell Port.

This announcement follows approval by the Western Australian State Minister for Environment in February, which means all primary Western Australian State and Federal environmental approvals have now been granted for the mine, rail and port elements of the company’s West Pilbara iron ore project.

The Federal environmental approval for the Anketell Port Proposal was granted under the Environmental Protection and Biodiversity Conservation Act 1999 and is subject to certain conditions and procedures.

“Aquila believes the conditions of the Anketell Port environmental approval compare favourably with other recent major marine development approvals in Western Australia,” the company said in its ASX announcement.

The approval covers development of the shipping channel, turning basin, berth pockets, causeway and jetty from Anketell Point, as well as onshore infrastructure including stockpiles, ore processing facilities, desalination plant, power station, car dumpers, and road and rail links.”

 

Anketell Port – Proposed design. Source: Company announcement

 

Aquila indicated the Minister had simultaneously granted a sea dumping permit for the required dredging.

Receipt of this approval constitutes attainment of all primary environmental approvals for Anketell Port.

The approval brings to an end a process the company commenced tarted nearly four years ago when it first referred the Port Proposal to the Western Australian State Government.

Impact Minerals sells non-core assets in Botswana

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THE BOURSE WHISPERER: Impact Minerals (ASX: IPT) has entered into a Sale and Purchase Agreement with Sechaba Natural Resources and Shumba Coal to sell four non-core Prospecting Licences situated in the northern part of the company’s Botswana uranium project.

The four licences will be transferred to Sechaba for a total of US$800,000, consisting of US$250,000 cash and Consideration Shares equal to US$550,000 in Botswana Stock Exchange-listed Shumba.

“The sale of these four non-core assets is an excellent outcome for Impact and is part of our exploration strategy to focus on the discovery of high-grade uranium deposits hosted by Proterozoic sedimentary and basement rocks similar to those in the Athabasca Basin in Canada and the Pine Creek Geosyncline in Australia,” Impact’s Minerals managing director Dr Mike Jones said in the company’s announcement to the Australian Securities Exchange.

 

Location of Impact Mineral’s Xade copper-nickel-PGE project and Botswana uranium project. Source: Company announcement

 

Impact said it intends using the proceeds from the sale to strengthen its working capital position and to progress exploration activities at the Red Hills prospect.

The company explained the sale is subject to successful renewal of the Prospecting Rights and Ministerial approval, with the purchase price due and payable in the following tranches:

US$50,000 cash (non-refundable) payable upon execution of the Sale and Purchase Agreement (completed);

US$50,000 cash payable upon the renewal of the Prospecting Rights (expected within 4 months); and

US$150,000 cash and $550,000 in shares in Shumba Coal payable upon the Minister of Mines approving the transfer of the Prospecting Rights (expected within 6 months).

Gold Road Resources signs South Yamarna JV

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THE BOURSE WHISPERER: Gold Road Resources (ASX: GOR) has executed a binding exploration Joint Venture Agreement with Sumitomo Metal Mining Oceania, a subsidiary of Sumitomo Metal Mining Co. over Gold Road’s southern tenements of its Yamarna land holding, to be known as the South Yamarna Joint Venture.

Under the terms of the South Yamarna JV, Sumitomo can earn up to a 50 per cent interest by funding $8 million of exploration activities over the period to 31 December 2016.

The terms of the agreement include:

–    Sumitomo Metal Mining must spend a minimum of $3.5 million prior to the end of 2014;

–    Sumitomo Metal Mining may earn a 30 per cent interest in the South Yamarna JV by spending $5 million; and

–    Sumitomo Metal Mining may increase its interest to 50 per cent by spending a further $3 million prior to the end of 2016.

“Attracting a global mining company of Sumitomo’s history, experience and scale is a strong endorsement of the quality of the exploration opportunity Gold Road has throughout its Yamarna greenstone belt in Western Australia,” Gold Road Resources executive chairman Ian Murray said in the company’s announcement to the Australian Securities Exchange.

“Over the next 18 months, Gold Road will be focussed on progressing its 100 per cent-owned high-grade Central Bore project through to production, as well as exploring its 100 per cent-owned northern tenements.

 

Gold Road 100 per cent tenements and Gold Road-Sumitomo South Yamarna JV tenements. Source: Company announcement

 

“Through this transaction, Gold Road has made a conscious decision to bring forward the testing of some of these exploration targets on the southern portion of its tenements by several years in order to give them the near term attention they deserve.

“Gold Road retains a 100 per cent interest in the northern tenements, which includes the Central Bore project, the Attila gold resource and surrounding exploration opportunities.

“We are very pleased to have reached this agreement with Sumitomo, we now have a Joint Venture partner of the highest calibre, with decades of experience in very high-grade underground gold operations similar in grade to Gold Road’s Central Bore project.

“Both companies are keen to commence the drilling campaign and make new discoveries that will add value for our respective shareholders.”

Sumitomo Metal Mining is a major non-ferrous metal mining and manufacturing company, with expertise in gold and copper mining, owning the Hishikari gold mine in Japan and the Pogo mine in Alaska.

Sumitomo Metal Mining also has interests in some of the world’s largest copper (gold-molybdenum) mines with Rio Tinto (Northparkes, NSW), Freeport-McMoran (La Candelaria/Ojo del Salado in Chile, Cerro Verde in Peru and Morenci in USA) and KGHM Polska (Sierra Gorda in Chile).

Sumitomo Metal Mining and Gold Road have agreed a budget of $1.75 million for a program consisting of surface geochemical sampling and Heli-SAM surveys followed by 15,000m of RAB/Aircore drilling.

The Joint venture exploration activities will commence in May 2013.

Elvis has left the building

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THE BOURSE WHISPERER: The regular game of musical chairs continues within the boardrooms across the resources industry.

Anglogold Ashanti appoints new CEO

AngloGold Ashanti (ASX: AGG) has appointed Srinivasan Venkatakrishnan (Venkat) as chief executive officer effective immediately.

Venkat has been with AngloGold Ashanti for nine years.

He was chief financial officer at Ashanti Goldfields until the merger with AngloGold in 2004, shortly after which he became CFO of the combined entity and joined the Board in 2005.

Since the departure of the company’s former CEO at the beginning of April 2013, Venkat has been joint interim CEO, alongside Tony O’Neill.

O’Neill will remain an executive director on the board and revert to his role as executive vice president: Business and Technical Development.

Venkat will also remain CFO of AngloGold Ashanti until further notice. A global search for a new CFO has been initiated.

Appointment of Chief Executive Officer

Zeus Resources (ASX: ZEU) has appointed Peter Williamson as chief executive officer effective immediately.

Dr Mike Etheridge has resigned as interim CEO also effective immediately, but remains as deputy chairman.


Resignation of Non-Executive Chairman and appointment of new

Minemakers Limited (ASX: MAK) announced Andrew Drummond has resigned as non-executive chairman and director of the company with effect from 7 May, 2013.

Richard H (Dick) Block has been appointed in his stead.

Block has been a non-executive director of Minemakers since March 2012.


Resignation of managing director

Bassari Resources (ASX: BSR) managing director Jozsef Patarica has given notice pursuant to his Executive Service Agreement providing three months’ notice of his resignation.

Patarica has held positions as a founding non-executive director and from early 2010 as chief executive officer and MD of the company.

“Jozsef has been a pleasure to work with and his dedication and work ethic is much admired by all,” Bassari Resources chairman Alex Mackenzie said.
    

Appointment of new Director

Gladiator Resources (ASX: GLA) has advised that, subsequent to the resignation of Tim Adams, Juan Martin Jorge has been appointed as a director of the company.

Jorge is a Uruguayan lawyer and notary and is a member of the Lawyers College and Notaries Association in Uruguay.

He has more than 15 years’ experience in corporate law, specialising in contracts, having previously worked with Guyer and Regules and PricewaterhouseCoopers prior to heading the legal department of the Union Group International Holdings Limited in 2008.


Board of Directors Update

Guildford Coal (ASX: GUF) informed the market of the resignation of Craig Ransley as a non-executive director.

With Guildford making the transition from explorer to producer/seller and with a new team in place to manage the changed emphasis of the company, Ransley decided his energies are best directed at other activities and enterprises.

Following Ransley’s resignation the company appointed Kon Tsiakis, a commercial litigation partner with HWL Ebsworth as a non-executive director.

Tsiakis has wide experience advising directors and companies on regulatory compliance and statutory corporate obligations as a commercial litigator.

He also spent a number of years as a senior enforcement analyst with the Australian Securities and Investments Commission.

Ransley’s resignation and Tsiakis’s appointment are effective immediately.


Board restructure

International Goldfields (ASX: IGS) has reshuffeled the cahairs around its Boardroom table as the company refocusses its activities, following the recent divestment of its West African assets.

Non-executive chairman Tony Sage and non-executive director Bernard Aylward have advised their intentions to resign from the board with immediate effect.

Sage was a founding board member of the company and played a big part in its development.

Current non-executive director Mark Gwynne has agreed to temporarily fill the position of non-executive chairman, until a permanent appointment can be announced.

IGS also announced the appointment of David Tasker as a non-executive director.

Along with Tasker’s appointment the company also announced that current chief executive officer Travis Schwertfeger, has been appointed managing director.

Mr Schwertfeger has been with IGS since 2010, and was appointed CEO of IGS in January 2012.


Director Retirement

Mining service company Allmine Group (ASX: AZG) announced that Andrew Howard has retired as non-executive director.

Howard has been a director of the company since July 2010 and has retired due to an increasing number of other commitments.


Board Changes

Celsius Coal (ASX: CLA) announced changes to its Board and management structure, and a key new appointment to its senior management team.

Transition of managing director, Grant Thomas to consulting role:

Managing director Grant Thomas informed Celsius of his resignation as an executive director of Celsius to pursue other interests but has agreed to remain a consultant to the company.

Alistair Muir promoted to Technical and Operations Director and joins the board:

Alistair Muir, previously Celsius’ country manager in Kyrgyz Republic, has been promoted to the position of Technical and Operations director.

Matthew O’Kane appointed Chief Financial Officer:

The company has appointed Matthew O’Kane as chief financial officer.

Nazariy Terlyga promoted to the position of General Manager, Kyrgyz Operations:

Executive director of Celsius’ Kyrgyz subsidiary, Asia Pacific Resources, Nazariy Terlyga has been promoted to the broader role of general manager, Kyrgyz Operations.

He will also continue his responsibilities for Asia Pacific Resources.

AusAmerican Mining extends due diligence period

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THE BOURSE WHISPERER: Australian-American Mining Corporation (ASX: AIW) has extended the due diligence period for the Blue Bell and De Soto projects, from 12 months to 18 months.

AusAmerican has paid the project vendor a fee of US$25,000 to extend the due diligence period by six months.

The company now has until March 2014 to exercise the option and purchase the project, consideration being a total of US$2m payable in four US$500,000 instalments over a three year period.

AusAmerican explained the he extension of the due diligence period effectively allows the company an additional six month period to pay the first US$500,000 option fee to purchase 100 per cent of the Blue Bell and De Soto copper-gold-silver projects located in Arizona, USA.

“This is a great result for the company as it significantly reduces the company’s upfront commitments during these very difficult market conditions,” AusAmerican managing director Richard Holmes said in the company’s announcement to the Australian Securities Exchange.

“I would like to thank the property owner for his pragmatic approach during negotiations and we look forward to continuing to develop what is shaping up to be a very prospective property.”

 

Quarter 1 2013 Blue Bell drill hole plan. Source: Company announcement

 

AusAmerican recently completed an initial 5,000 metre, 26 hole RC drilling program at Blue Bell.

To date results from 17 of the holes drilled have been received with mineralisation occurring in 15 of these holes.

The company said it has been highly encouraged by the results it has achieved so far and expects results from the remaining holes in the next few weeks.