Quarter Time Wrap

THE BOURSE WHISPERER: Quarterly reporting season is always a heavy burden on The Roadhouse’s virtual postman. The latest round was no exception. Here’s a random selection of what some companies had to say.

Artemis Resources (ASX: ARV)

Artemis Resources’ activities for the latest quarter included preparations for the next phase of exploration at the company’s Eastern Hills antimony project in Western Australia.

Artemis received confirmation from the Western Australian Department of Mines and Petroleum for up to $140,000 in co-funding for drilling at the Eastern Hills project.

The remainder of the program is to be funded from a rights issue the company announced on July 24.

Artemis explained this funding will cover approximately half the costs of a 16 hole, 2,800 metre RC drilling program aimed establishing a maiden JORC-compliant Resource at Eastern Hills.

The Eastern Hills project has an exploration target of 410,000 tonnes to 1.25 million tonnes Mt at 1.5 to 1.9 per cent antimony and 2.1 to 2.7 per cent lead.

Approval has been granted for the planned works program at Eastern Hills and the drilling program is planned to be completed in the September quarter.

The company also evaluated a number of high-grade gold and copper targets at its West Pilbara project with a particular focus on the Carlow Castle project, which Artemis has earmarked as a priority target for future drill testing.

Artemis has entered into discussions with several potential partners looking to invest in the West Pilbara project, through farm-in or joint venture style arrangements.

On 24 July, the company announced a rights issue to raise up to $1.2 million via the issue of approximately 196 million new shares at six cents per share on the basis of two new shares for every five shares held by eligible shareholders, to help fund its exploration programs.

The rights issue includes participation by a key shareholder and directors and is conditionally and partially underwritten to $730,000.

Subscribers will also receive one free attaching “Short Dated” option, exercisable at 12 cents each on or before 31 March 2014 and one free attaching “Long Dated” option, exercisable at two cents each on or before 31 August 2016, for every two new shares subscribed for.


Southern Cross Goldfields (ASX: SXG)

Southern Cross Goldfields’ proposed merger with Polymetals Mining (ASX: PLY) proceeding on track, with key milestones achieved during the Quarter including:

–     Completion of Scheme Implementation Agreement and Scheme Booklet; and

–    Dispatch of Notices of Meeting to both companies’ shareholders to vote on aspects of the merger.
 
Southern Cross said the merger is anticipated to be completed in August 2013 subject to shareholder approval.

Southern Cross stated the merged entity will have increased scale and liquidity as an Australian junior resources company, a strengthened capital base and improved ability to access capital markets, as well as greater visibility and investor relevance combined with a strong balance sheet.
 
The Marda gold project continued to be advanced with engineering studies continuing into the refurbishment and relocation of the Sandstone plant to Marda.
 
Southern Cross continued with a systematic regional auger drilling soil sampling program during the quarter with infill sampling confirming previous results as well as enhancing the prospectivity of several areas along the north eastern section of the Evanston Shear.
 
An auger sampling program was completed on an interpreted gold target west of the Transvaal mine approximately 15 kilometres south of Southern Cross.

The target is 7km long and has variable sand and soil cover. The wide spaced auger program has identified low level gold anomalism over 2km of strike, which Southern Cross said requires infill auger testing.
 
Financing options for the development of the Marda gold project continued following completion of independent due diligence by AMC mining consultants.
 
The company has cash at the end of the June Quarter of $1.8 million, with which it is taking a conservative approach to activities and cash management until the merger is completed.
 
Southern Cross commenced investigations into opting into the new DMP Mine Rehabilitation Fund (MRF).

The company currently has $2.8 million in cash backed environmental bonds across its Marda and Sandstone tenements.


Windward Resources (ASX: WIN)

Windward Resources announced the acquisition of a portfolio of exploration assets in Western Australia’s Fraser Range.

The company has secured firm commitments from investors to raise $10.96 million at 25 cents per share to fund this project acquisition and its exploration.

On completion of the capital raise and acquisition, Windward claims it will be one of the largest ground holders in the Fraser Range, including tenure two kilometres from Sirius Resources’ Nova deposit.

During the quarter the company completed a magnetic and radiometric survey over the entirety of its current Fraser Range South project, comprising of E70/4083 and E70/4085.

The data from the Survey has undergone initial Geophysical interpretation and is currently being reviewed by the company’s consulting Geologists.

Windward said it would use the results from this geological review to develop its understanding of the region and to prioritise the exploration of E70/4083 and E70/4085 in conjunction with proposed acquisitions and portfolio expansion.

During the quarter Windward appointed a new managing director to take on the full-time executive management of the company and exploration of its projects.

David Frances was given the job effective 1st of July 2013 and has taken over all executive and technical functions of the company.