Pioneer Credit Limited has finalised the sale of a non-core portfolio of customer accounts, generating $3.1 million cash and a pre-tax profit of approximately $1 million. The sale is of a portfolio of Part IX accounts (also commonly referred to as bankruptcy compromised accounts) that do not align with Pioneer’s business model. It represents the Company’s second successful transaction of this type, following the execution of its first sale of a non-core portfolio of customer accounts in December 2014 that effectively tested the process for such a sale.
BC Iron Limited wishes to provide an update on the contracting strategy for the Nullagine Joint Venture. As a result of current market conditions and the competitiveness and pricing seen in the recent Warrigal hub contract tender, the NJV has resolved to exercise its early termination rights over the mining, crushing and screening contract with Watpac Limited. The contract was originally entered into in April 2010 and was due to expire in September 2015 but will now terminate three months early. Watpac will continue providing mining, crushing and screening services at the NJV until early July 2015 whilst working out the contractual notice period.
Centrex Metals Limited advises that it has signed a non-binding memorandum of understanding in relation to its Kimba Gap magnetite iron ore project in South Australia with Baogang Group Investment (Australia) Pty Ltd, a subsidiary of the Baotou Iron & Steel (Group) Co. Under the terms of the MOU Baotou will undertake preliminary metallurgical test work in China on a 300kg bulk iron ore sample from Kimba Gap at its own cost. Up to A$ 250,000 of the test work costs will be counted as deemed contributions towards payments required under any future exploration joint venture between the companies over the project. Centrex will be provided copies of all test work results.
PLD Corporation Limited advises that geological mapping and soil sampling over ten Nickel Copper Targets has been completed, at the Rocky Gully Project, which covers 1,200km2, located in the Albany Fraser Belt, WA. The N1-N13 Nickel Copper Targets are located within the Rocky Gully North tenement (E70/4622), which covers approximately 173km2, is 100% owned by PLD, and has recently been granted by the Department of Minerals and Petroleum (DMP).
St George Mining Ltd is pleased to confirm that the exploration results from drilling completed by BHP Billiton Nickel West as part of the former Project Dragon farmin arrangement have been updated to compliance with the 2012 edition of the JORC code. These significant exploration results included the first discovery of nickel sulphides at St George’s 100% owned East Laverton Nickel Sulphide Project in Western Australia.
Pancontinental advises that it has served a notice of withdrawal on BG Kenya L10B Limited (BG), the only remaining participant and operator of Kenya Licence L10B (L10B), from the Joint Operating Agreement with BG and from the PSC governing L10B. Pancontinental holds a 25% interest in L10B, while BG holds 75%. Licence area L10B lies immediately to the south of area L10A, in which a joint venture also operated by BG Group (50%) drilled the Sunbird-1 oil discovery well in 2014. Pancontinental holds 18.75% in this licence and PTTEP of Thailand holds 31.25%.
Centrex Metals Limited has commenced a 4 hole (1,200m) reverse circulation drilling program at its Woolgarlo Gold Project in NSW. The drill program will test epithermal gold targets identified from airborne magnetic and ground based dipole-dipole induced polarisation surveys. Pinnacle Drilling Pty Ltd was awarded the contract and has commenced drilling of the first target with the drilling program expected to be completed during April. Assay results are expected in the following months.
Excelsior Gold Limited is pleased to advise that it has completed the issue of 24.22 million shares at $0.09 per share via a placement to Australian institution and sophisticated investors. A further 1,666,666 shares will be issued at $0.09 per share once cleared funds are received by the Company, raising a total of $2.33 million before costs of the issue.
Comstock Mining Inc. announced that the drill program to determine the near-surface mineralized zones on the Succor and Holman mineral patents has been completed. Since reporting the initial high-grade intercepts in February, 2015, based on 30 additional drill holes, the Company has further defined a zone of high-grade mineralization on these patents. The drill holes targeted near-surface vein outcrops, their down-dip extensions and certain infill objectives. All data to date suggest the Succor and Holman claims have excellent potential for economic mining and metal recovery. The next phase consists of core and reverse circulation drilling, both on the surface and underground, expanded resource estimation and extended mine plans.