9Apr 2016

St Brides Weekly Brief

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We hope you’ve picked your horse for today’s Grand National, which is scheduled to start at 5.15pm ! Here at St Brides it is sweep-stake time and Charlotte Heap has a big smile on her face having picked the favourite, which is last year’s winner ‘ Many Clouds’, although the rest of us are relying on the fact that it is often ‘luck of the draw’. Anyway, we’re wishing the best of luck to everyone reading this week’s brief, and of course to the horses and jockeys racing tomorrow.

The Brief

Alecto Minerals has a new significant shareholder in Paternoster Resources after the AIM Listed investment company served a notice to convert its US$495,365 convertible loan notes in full into a Little over 433,500,000 in new ordinary shares. Paternoster has a strong track record of working supportively, with successf ul companies as a longer-term shareholder and the company ‘s Chairman, Nicholas Lee, commented on the excellent progress Alecto has made with its recent acquisition of the Matala and Dunrobin Gold Mines in Zambia.

Cluff Natural Resources raised £727,000 through a placing and subscription this week. The net proceeds raised willbe used to carry out further geological and technical work to enhance the Company’s existing portfolio of Southern North Sea gas Licenses. The funds raised will also be used to attract investment  and strategic  partnerships that will enable drilling of exploration and appraisal wells.

DekelOil announced a very positive production update that highlighted a 51% increase 1n crude palm oil production to 15, 141 tonnes during Q 1 2016 at its Ayenouan palm oil project in Cote d’Ivoire. The increase comes in material y above management’s expectations and sets the Company on course for another record year following 2015’s 35,500 tonnes.  This is also the first f ull quarter during which the Company has delivered revenues from its newly constructed kernel crushing plant.

Europa Oil & Gas released its interim results, highlighting 3 billion barrels of gross unrisked prospective resources offshore Ireland and an expected doubling of UK production in H2 2016. Preparations are now underway to drill an exploratory well targeting prospective resources of 5.6 million boe at the Holmwood Prospect in the Weald Basin, which is bang next door to the headline grabbing Horse Hill discovery – we don’t think this horse willbe racing tomorrow however!

Noricum Gold announced the completion of its drillprogramme focused on outcropping gold mineralisation at the Kvemo Copper-Gold Project in Bolnisi. The Company is now prioritising mine drilling at the Project, placing it top of the agenda. which will provide an initial resource for the Bolnisi Project, ahead of first gold mining in Q3 2016.

Keras Resources can now officially call itself a gold miner after completing first gold ore haulage from the Grants Patch Project in Kalgoorlie, Australia. A total of 7,548t of ore at a grade of 1.53 g/t containing around 372 ounces of gold was hauled for processing under the terms of its tribute agreement, which sets the clock ticking for its first cash payment.

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