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London-based Ariana Resources is on track for its first gold pour in 2014 at its Kiziltepe gold-silver project in Turkey following the submission of documents for the environmental approvals process, said equity research firm GECR.

London investment bank VSA Capital believes TSX-listed Tertiary Minerals’ announcement yesterday that it is targeting 85-105Mt at 9-11% fluorspar from its MB project in Nevada justifies its recent upgrade in valuation.
The company said it had confirmed the “world class potential” of the project but reiterated that the published figure was an estimate only under the JORC code and further drilling would be required to deliver those tonnes as a resource.

Canadian investment bank Haywood Securities believes a combination of plus 4Moz in the ground, further exploration potential, a decreasing risk profile, and an opportunity for regional consolidation makes junior gold developer Moneta Porcupine Mines a smart investment.
Moneta is developing the 4.3Moz Golden Highway project in the prolific Timmins Camp of northern Ontario, which has historic production of more than 85Moz and where the junior is the fourth largest landowner.

Australian junior explorer Spitfire Resources’ 2013 drilling program could lead to the discovery of the additional resources needed to boost the company onto a development platform, according to broker DJ Carmichael.
Spitfire has defined 11 targets at its Woodie Woodie South manganese project in Western Australia’s eastern Pilbara with the Australian broker forecasting additional discoveries in 2013 and maintaining its speculative buy tag.

The start of production at the Premier gold project in Brazil should deliver solid returns over the next 12 months for shareholders in Australian junior Cleveland Mining, broker DJ Carmichael reports.
The Australian broker maintained its speculative buy recommendation for the company, with the proviso it needs a more focused marketing strategy and positive news flow throughout 2013.
“We see everything going to plan at this point and maintain our speculative buy recommendation,” the firm said in a research note.

Santa Fe Gold anticipates substantial improvements in performance and profitability after December quarter equipment availability and haulage-to-mill issues at the Summit gold and silver mine in New Mexico, USA.
The company anticipates annualised revenues during H2 2013 could approach $US35M, versus the current $20M.
In a research note, London-based VSA Capital says progress towards stabilised production and increasing ore grades over the prior quarter is encouraging.

A strong December quarter for nickel miner Mincor Resources, which included higher production and lower costs, has contributed to RBC Capital Markets improving its price recommendation by $A0.15.
The investment bank also upgraded Mincor to Sector Perform following a period where the company’s project at North Kambalda in Western Australia experienced grades 30% higher than forecast.
RBC said Mincor delivered a “solid quarter” of 2,600t nickel in ore at C1 cash costs of $4.73/lb.

Foster Stockbroking has slashed its buy recommendation for shares in base metals miner Altona Mining by 10c after Xstrata Copper opted not to exercise its option to acquire a 51% stake in Altona’s Roseby copper project in Queensland, Australia.
Xstrata subsidiary Mount Isa Mines walked away from the deal which would have given it a majority interest in the proposed 39,000tpa copper development following a definitive feasibility study in 2012.

The uncommon scope of its 100%-owned Milo project in the Cloncurry district of far NW Queensland may have contributed to the market overlooking the inherent value of Australian explorer GBM Resources, research house RM Research says.
The recently completed scoping study by Mining One points to a viable, economic project with a base case cash flow of $A702M, giving GBM the confidence to progress directly to prefeasibility.

Numis Securities has re-rated Russian gold miner Petropavlovsk on news out yesterday that it has beaten its full year production forecast, expects further improvements in the current year, and has reduced its exposure to intimately related (66%-owned) Hong Kong iron ore group, IRC.
Petropavlovsk produced 10,000oz over and above its 700,000oz guidance figure and forecast growth of 4-10% for 2013 – eclipsing Numis expectations.


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