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Canadian miner Almonty Industries isn’t giving up immediately despite being rebuffed in its bid to combine two major Spanish tungsten projects through an unsolicited all-scrip offer for Ormonde Mining.
Expressing disappointment that Ormonde’s board rejected its 1-for-12.2 shares bid without discussing the merits of the transaction, Almonty said it was considering its various options.

The recent acquisition of a 49% interest in the Panda Hill project in Tanzania transformed Cradle Resources into an international niobium development company, Patersons Securities reports.
The Western Australian explorer has the right to acquire the balance of Panda Hill, which has estimated potential to be worth $A1B once fully de-risked.

Northern Star’s newly discovered Titan discovery could develop in time to be as significant at the Voyager 2 discovery at the Paulsens gold mine in Western Australia, Perth-based broker Hartleys said.
The zone of gold mineralisation runs parallel to the high-grade Voyager 1 and 2 lodes at Paulsens, within 100m of existing underground mine development.
The discovery hole intersected 6.2m (true width) @ 24.7g/t Au from about 700m below surface.

Australian gold producer Northern Star Resources is likely to produce an unaudited net profit after tax of over $A27M for the year to June 30 based on its record production of 88,614oz from the Paulsens project in Western Australia..
The outcome, representing a 23% increase year on year, is described by broker Hartleys as a good result given the challenge of declining gold prices in the second half of the year.

Having bedded down the acquisition of the 3Moz Manica gold project in Mozambique, Australian-based gold explorer Auroch Minerals is steadily advancing towards its first production target of early 2015.
The recently completed scoping study indicated attractive economics centred around initially mining the non-refractory and transition zones of the deposit to produce about 40,000oz pa gold, Breakaway Research reports.

Tungsten Mining is advancing closer to first production at its flagship Kilba tungsten project in Western Australia’s Gascoyne region, with the company soon expected to announce an offtake agreement with a major tungsten end user, Breakaway Research reports.
Tungsten recently commenced a definitive feasibility study after a scoping study indicated the 100%-owned project had a seven-year mine life producing a total of 1.1Mt of tungsten concentrate.

Australian company Kasbah Resources’ plan to sell 5% of its Achmmach tin project in Morocco has helped to further de-risk the project despite it having more potential than is reflected in the preliminary feasibility study, Phillip Capital said.
Last month the company signed a memorandum of understanding with Japan’s Nittetsu Mining Company for a 5% stake in the project for $A7.25M.

Junior Great Western Exploration’s recent landmark joint venture agreement with Kazakhstan’s state-owned mining company to explore a highly prospective land package could yield short term exploration success, Breakaway Research said.
The Australian-based company recently inked the agreement to earn a 50% stake in the prospective Spasskaya project, which has significant resource potential based on Soviet exploration data from the ‘70s.

Australian-focused Proto Resources and Investments’ plan to acquire a majority stake in Dourado Resources’ exploration licences in Western Australia’s Yerrida Basin provides it with strong leverage in an emerging copper province, research house RM Research reports.

UK-based Ariana Resources has received a £1.25M cash injection that will progress works at its Red Rabbit gold project in Turkey through to construction, Edison Investment Research said.
The company has raised the funds via a subscription/equity swap agreement with investment firm Lanstead Partners that will allow it to complete pre-development works including environmental approvals with Turkish authorities.


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