Company News1-15 July 2000 |
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New Nickel Company to List this Month
Australia's latest nickel float, Western Areas NL, is scheduled to list before the end of the month and immediately initiate an intensive few months of drilling on already well advanced nickel sulphide targets in Western Australia. First results are expected within six weeks.
Western Areas has tied up complete geological belts covering 1,850sq km of WA's Yilgarn Craton with extensive, advanced sulphide nickel plays west, north and east of Kalgoorlie. It has already identified 21 priority drilling targets -- several with potential to host high grade deposits similar to Jubilee's producing Cosmos mine in WA -- and has earmarked $1.3 million for the first year exploration program.
The company has raised about $3.7 million from a prospectus that will see only 20.4 million 20c shares tradeable on the Australian Stock Exchange before another 10 million shares come out of escrow over the next 12 months. The prospectus closed this week.
"We are delighted with the way Western Areas has been accepted. It is a very tightly held company and we are now instigating a substantial diamond drilling program on three well advanced targets. The next two-three months will be very exciting," Western Areas Managing Director Julian Hanna said today.
"We are also evaluating other nickel sulphide properties and joint venture opportunities to expand the company's horizons beyond this prospectus," he said.
Diamond drilling on three targets at 100%-owned Mt Jewell, 60km north of Kalgoorlie and 25km NW along strike from the high grade Silver Swan nickel sulphide mine (which had a resource of 500,000t at 9% nickel), is scheduled to begin next week. These tenements already have a small inferred resource of 86,000t grading 2% nickel and intersections including 1.5m at 4.9% nickel, 6.6m at 2.7% and 1.9m at 2.6%.
At 100%-owned Cundeelee and Plumridge, east of Kalgoorlie, 2 layered mafic/ultramafic intrusive complexes have been identified with the potential to host large, nickel/copper and polymetallic deposits. A 700-metre diamond hole is scheduled for early August to test a porphyry intrusion into the main Cundeelee complex.
Soon after listing, shareholder and underground mining contractor Barminco is scheduled to begin drilling the Quinn Hills tenements in the Mt Alexander region, 250km north of Kalgoorlie, where recent drilling yielded a high-grade gold intersection of 9m at 17g/t from 137m, including 1m at 36.3g/t. Barminco can spend $400,000 to earn 70% in Quinn Hills. For details of the Prospectus, click here.
JUNE QUARTER - SUMMARY:
CORPORATE
The Directors are actively seeking a suitable project that has the potential to create growth for Alliance Gold Limited.
MALDON GOLD PROJECT (100%)
A revised structural interpretation of the Maldon Gold Field is in draft form to be published by the Victorian government. This should generate new exploration targets in a gold field, that has produced over 1.75 million ounces of gold.
Meanwhile the project remains on care and maintenance and is available for sale or joint venture. From time to time part of the Porcupine Flat treatment plant is being hired by a contractor to extract gold from used carbon.
CRESWICK GOLD PROJECT (70% - 100%)
There was no exploration during the quarter
ENCORE METALS NL (40%)
The feasibility study into producing zinc from the Zeehan stag dumps has been suspended because the project appears uneconomic at present, without additional resources.
ALLMED TECHNOLOGIES LIMITED (5%)
The development of Allmed as a new IT healthcare company is being reassessed following the initial technical and industry studies.
OFFER OF SHARES AND OPTIONS
On 13 June 2000 the Company announced an entitlements issue of 1 Share and 1 free attaching Option (exercisable at 20 cents each on or before 31 January 2004) for every 2 Shares held. The Shares (and free Options) are issued at 5.5 cents per Share, and both the Shares and Options will be listed in ASX.
Based upon an issued capital of 216,555,214 Shares, this would result in the issue of up to 108,277,607 new Shares and Options, to raise up to $5,955,268 in working capital. Throughout this Prospectus this is the figure that will be used.
The Company currently has 34,650,456 listed options on issue exercisable at 20 cents on or before 31 January 2004 and 135,894,791 unlisted options on issue exercisable at 12 cents on or before 31 March 2001. Should all of these options be exercised prior to the record date, which the Directors consider unlikely at the market price of the Shares at the date of issue of this Prospectus, the Issue will result in up to 193,050,230 new Shares and Options being issued to raise up to $11,583,013.
Drillsearch advised that its Canadian subsidiary, Circumpacific Energy Corporation ("Circumpacific") has reported that the 4,500 metre Devonian Gas Well in which is it participating is now anticipated to commence drilling on or about 24th July, 2000.
JUNE QUARTER - SUMMARY:
GRD's business base is represented by three operations. During the quarter the business names of these changed to:
Gold: GRD Macraes
Resource Solutions: GRD Minproc
Construction: GRD Kirfield
GRD generated $54 million of revenue for the quarter (44% Gold, 33% Resource Solutions and 23% Construction).
Profit Continued to improve to $7.4 million for the quarter.
With the merger of Minproc completed in early April, the second quarter is the first in which the potential of GRD's business model is evident.
The Macraes Gold Project continued to perform well. The second half of 2000 is expected to see slightly less production at marginally increased cash cost per ounce.
GRD Minproc had an excellent quarter, with profit ahead of forecast and substantial new and exciting work won.
GRD Kirfield appointed a new management team led by Dario Amara, providing further skills in the development of its construction business. GRD Kirfield secured additional work in Africa during the quarter, providing an enviable competitive position amongst its peers.
The registered office of Horizon Mining NL has changed to:
Level 1
3 Ord Street
WEST PERTH WA 6005
The Board of Pan Australian Resources NL is pleased to announce that it has accepted a proposal from Resource Capital Fund II L P ("RCF II") for RCF II to take a private placement of ordinary shares and unlisted options in Pan Australian.
The placement will be for US$750,000 at an issue price of A$0.06 per share. For each two ordinary shares so purchased, RCF II will be issued an unlisted option to purchase one Pan Australian share at A$0.081 per share exercisable for two years. For more information, click here.
JUNE QUARTER - SUMMARY:
DETAILED REVIEW OF OPERATIONS
ACTIVITIES
WORLD SCALE AMMONIA/UREA PROJECT
Plans for the company's world scale ammonia/urea project progressed satisfactorily during the quarter.
There was minor slippage in the completion of final capital cost estimate for the Project, and this was ultimately delivered to Project Participants at a Project Participants' meeting held in Milan on 19 and 20 June 2000.
The capital cost optimisation process which was embarked upon by the Project's prime contractor and technology provider, Snamprogetti SpA, in conjunction with Thiess Contractors Pty Limited in March 2000, proved to have been very beneficial and a significant reduction in capital cost has been achieved.
The final capital cost estimate presented to Participants provides a sound basis for proceeding forward with the project and several other options for further reducing capital cost are being investigated including the outsourcing of power generation. The outsourcing of power would result in a further significant reduction in capital cost, but this would come at the expense of a modest increase in operating costs and the cost benefits of this trade-off are currently subject to detailed study.
Plenty River was also given authority at the Milan meeting to finalise gas supply and product off-take agreements by the end of July 2000. It was also agreed that the short list for the project's urea off-take should be reduced to Cargill Australia Limited and Helm Dungemittel of Germany, and final negotiations with these companies are taking place.
Plenty River is currently preparing a Project Information Memorandum comprising essentially of a status report which is being circulated to Participants with a view to Participants obtaining Board approval by 31 July 2000, to proceed with the completion of the Bankable Feasibility Study and other activities necessary to secure financial close.
MINERAL EXPLORATION
NULLAGINE PROSPECT, WESTERN AUSTRALIA
A program of geochemical stream sediment sampling, rock chip sampling and airphoto base mapping was undertaken during the quarter. Access to the general tenement area was restricted due to high rainfall in the region.
Helicopter support enabled the collection of 75 Stream sediment samples and 5 rock chip samples. Assay results are awaited. Geological maps are currently in preparation.
The processed imagery from the geophysical and remote sensing surveys undertaken last quarter was received from the contractors. An interpretation of this data in conjunction with the recent field work will be completed during the next quarter.
COANJULA DIAMOND PROJECT, NORTHERN TERRITORY
The Northern Territory Department of Mines and Energy have advised that the Coanjula exploration licence applications are to be processed in accordance with the right to negotiate provisions of the Commonwealth Native Title Act (1993).
OTHER PROSPECTS
There are no further developments to report in relation to the company's Vettersburg Gold Prospect.
CORPORATE AND FINANCIAL
FINANCIAL
A total of 200,000 of the company's listed 31 July 2002 options were exercised during the quarter, resulting in the cash inflow of $40,000.
Further, as announced on 7 June 2000, Thiess Contractors Pty Limited (Thiess) subscribed for 1,000,000 ordinary shares in Plenty River at an issue price of 25 cents, as the first leg of all agreement to subscribe for a total of 4,011,036 ordinary shares in the company. This placement raised a further $250,000 which is being applied for working capital purposes.
The second tranche of the placement is contingent upon the execution by the participants in Plenty River's ammonia/urea project of an agreement to complete the Bankable Feasibility Study currently under preparation by Plenty River, and to proceed with project financing.
The second tranche is also subject to Plenty River and Thiess executing Heads of Agreement in relation to the development of a plant to produce ammonium nitrate. Plenty River and Thiess will investigate the feasibility of such a plant which would be located on the Barrup Peninsula and utilise as feedstock, surplus ammonia produced by the ammonia/urea plant.
Thiess, which is one of Australia's leading integrated engineering service providers, and a wholly owned subsidiary of Leighton Holdings Limited, is a major consumer and supplier of explosive grade ammonium nitrate, both in its own operations and through its subsidiary Quantum Explosives Pty Ltd.
Under the terms of the Subscription Agreement executed between the company and Thiess, a portion of the second tranche funds will be applied to the establishment of a project office for the ammonia/urea project in Perth, which will utilise facilities and personnel provided by Thiess.
The pricing of the second tranche is subject to reduction if the weighted average price of the ordinary shares of the Company traded on the ASX over the 7 business days immediately prior to the second tranche completion date, is less than 20 cents.
Plenty River has also agreed to issue to Thiess, subject to shareholder approval (to be obtained by no later than 31 December 2000), a total of 4,000,000 options to acquire ordinary shares in Plenty River at an exercise price of 50 cents each, exercisable on or before 31 July 2003.
Strike announced that the Strike Mining / Select-Tel Prospectus issued on 6 June 2000 is now closed.
Shaw Stockbroking Limited, the underwriters, informed the Company that the Prospectus offering was closed at 5.00 pm Thursday 13 July 2000 and that the issue was oversubscribed.
West Oil announced that it has completed a placement to clients of CIBC World Markets Securities Australia Pty Ltd of 2,783,500 ordinary shares at an issue price of 17 cents each, with a free attaching option exercisable at 30 cents on or before 30 June 2001, to raise $473,000 in additional working capital.
In addition, Mr Charles Morgan has replaced Michael Langoulant as Company Secretary of the company.
Anglo Pacific advises that all resolutions put to the Annual General Meeting on 11 July 2000 were passed without amendment.
Effective Tuesday 1st August 2000 the company's registered office will change to:
14th Floor, 145 Queen Street, Brisbane 4000 Australia
GPO Box 2617, Brisbane 4001
Ph +61 7 3317 2227
Fax +61 7 3317 2228
Maple-Brown Abbott Ltd decreased its relevant interest in Aurora Gold Limited on 04/07/2000, from 12,704,879 ordinary shares (7.90%) to 9,712,738 ordinary shares(6.04%).
Bligh Oil & Minerals NL has announced a rights issue to shareholders, the details of which were disclosed in a release dated July 13, 2000.
The purpose of the rights issue is to provide working capital for the exploration and development program planned by Bligh through to December 31, 2001. The principal areas of expenditure during the period are as follows, and are highlighted on the attached map.
Over the past year, Bligh has been concentrating its efforts on a re-structuring of its exploration portfolio. Two core projects have been added, Bayou Choctaw in Louisiana and Block 22/12, Beibu Gulf, Offshore China, both of which bring a much reduced level of risk to Bligh's program, without sacrificing the company-making potential which is the Company's key objective. Rapid developments on both of the above, in terms of prospect generation, and industry interest, have led to the design of a thirteen well program, which will be drilled over the next eighteen months.
Croesus Mining NL have announced that followup reverse circulation (RC) and diamond drilling completed at the Giles prospect near Davyhurst had yielded significant gold results.
Holes were completed over a 400m long zone where earlier RAB and RC drilling had indicated significant gold anomalism.
The drilling results from the Giles prospect are considered very encouraging and include:
15m @ 3.37g/t from 30m
40m @ 4.10g/t from 40m
25m @ 1.93g/t from 50m
15m @ 4.50g/t from 35m
6m @ 25.8g/t from 29m
10m @ 20.2g/t from 45m
8m @ 9.10g/t from 82m
32m @ 9.90g/t from 83m
8m @ 9.40g/t from 51m
PRODUCTION AND ACTIVITY REPORT JUNE QUARTER 2000
PRODUCTION
NORTH STRADBROKE ISLAND
3 MONTHS TO 30/06/00
Rutile production -tonnes 19,898
Ilmenite production -tonnes 24,374
Zircon production -tonnes 12,658
Combined production of rutile and zircon in the 3 months to 30 June 2000 was 20% above the March quarter, reflecting increased output from the recently commissioned Yarraman mine.
Rutile and zircon production for the 6 month period ending 30 June 2000 was lower than the corresponding period due to a low post commissioning contribution from Yarraman in the first quarter of 2000.
MINERAL SANDS EXPLORATION
HERRING-ENTERPRISE ORE BODY, NORTH STRADBROKE ISLAND
In December 1999 CRL commenced an extensive exploration drilling program as part of the upgrading of the Herring-Enterprise reserve from probable to proven reserve status.
In the six months to 30th June 2000 a total of 12,733 meters were drilled in this program. Total exploration expenditure during this period was $333,000.
The Company announces the resignation of Simon William Holmes as a director.
QUARTERLY REPORT HIGHLIGHTS
PROFIT
DIVIDENDS
GROWTH
The Company has distributed in specie 29,523,767 of the 50,000,000 shares in its subsidiary Hi Tech Investments Limited to shareholders of Heritage Gold NZ Limited.
The nil value shares were distributed in the ration of two (2) Hi Tech Investments share for every five (5) Heritage Gold shares. Fractions were rounded up to the next whole number.
Hi Tech Investments Ltd now has 981 shareholders.
Heritage Gold NZ Limited retains 20,476,233 shares (41%) in Hi Tech Investments Ltd.
JUNE 2000 QUARTERLY REPORT
PRODUCTION SUMMARY: APRIL TO JUNE 2000
TOTAL TONNES
Ruble 55,409
Synthetic Rutile 97,091
Ilemenite(1) 354,853
Zircon 91,367
Hyti 91 2,608
Tin in Concentrate 2,557
Coal
1 Total ilmenite production
OPTIONS EXERCISABLE AT 30 CENTS EXPIRING 30 JUNE 2000
With reference to the above we confirm that at their expiry date, Notices Of Exercise had been received in respect of 1,017 of the 12,613,778 options (IMPOA) exercisable at 30 cents prior to 30 June 2000.
12,612,761 options were not exercised by their expiry date and as a consequence have lapsed.
Distribution of Shares on 1:3 Basis
Further to the announcement of 26 June 2000 regarding the spin-off of Minotaurs base metal assets and the purchase of Colloqui Pty Ltd, the Board of Minotaur Gold NL advises that the proposed in-specie distribution of the shares of the companys base metal subsidiary Minotaur Resources Ltd will be made on the basis of one share in Minotaur Resources Ltd for every three shares held in Minotaur Gold NL.
For further information, click here
Presentation: The West Angelas Development:
The West Angelas Development represents the most exciting new chapter in North's involvement in the Australian iron ore industry through Robe River Iron Associates, which is a joint venture comprising North Limited 53%, Mitsui Iron Ore, 33%, Nippon Steel Corporation 10.5% and Sumitomo Metal Industries Ltd 3.5%.
There have been a number of misconceptions in the market about the impact of West Angelas production on our existing contracts with the presumption being made that this would result in the substitution in the market of a quantity of Mesa J ore.
CURRENT STATUS
Current probable reserves in Deposits A and B at West Angelas total just over 440 million tonnes. Deposit A alone contains a probable reserve of 306 million tonnes at 62.3% Fe. We are confident that the total West Angelas resource will ultimate supply at least 1 billion tonnes of Marra Mamba ore.
Previous drilling data will be supplemented by a further program of approximately 46,000 metres of infill RC drilling which is currently underway in the area of Deposit A, allowing fine tuning of the existing geological model sufficiently to allow the existing Mineral Resource to be reestimated and upgraded. Results will also enable further detailed mine planning, scheduling and metallurgical testing to be carried out.
The program is on schedule with respect to both time and budget.
Construction work on the ground currently includes the centreline trace for the new rail line, which has been cleared. Site investigation activities, including geotechnical studies and establishment of water supply, are continuing. At the plant site, work is in hand on upgrading road access, extending the airstrip, and preparing for establishment of the accommodation village.
Nugold Hill Mines telco subsidiary, the Hong Kong-based wholesale carrier Advantage Telecommunications Limited (AdvanTel), has announced its profit and earnings forecast for the first twelve months of operation.
AdvanTel expects gross operational revenue for this period to be US$ 48.6 million. As a result, earnings before interest, tax, depreciation and amortisation (EBITDA) are expected to be approximately US$13.5 million for the same period.
On 30 June 2000 the Company made an announcement regarding a 5 for 8 non-renounceable pro-rata rights issue of options at an issue price of $0.04 each, exercisable by the payment of $0.20 each.
The Company announces that all of the conditions precedent of the underwriting agreement between the Company and D J Carmichael Pty Ltd have now been satisfied which means that the Entitlements Issue is fully underwritten and subject only to the termination clauses as previously disclosed. This ensures the Company will raise the entire $4.32 million sought from the offer.
For company information, click here
Shareholders have approved an ownership optimisation of Australian Magnesium Corporation Pty Limited (AMC) clearing the path for a global fund raising later this year to commercialise, the Stanwell Magnesium Project.
All resolutions to endorse the restructuring of AMC and QMC as part of the commercialisation programme were approved at an extraordinary general meeting of QMC shareholders in Brisbane Friday, 14 July.
A name change from Queensland Metals Corporation Limited to Australian Magnesium Corporation Limited was also approved and will take place shortly in consultation with the Australian Stock Exchange. A new share code at ANM has been reserved for this purpose.
NEW ISSUE ANNOUNCEMENT
Tap Oil NL provides the following update on the West Gipsy-1 exploration well which spudded on 8 July 2000.
LOCATION
The well is located in TL/l, 14 kilometres east of Varanus Island and 1.1 kilometres west of the Gipsy Oil Field at latitude 20 degrees 38'49.97"S and longitude 115 degrees 42'39.27"E.
PROGRESS
As at 6.00am today, the well has drilled ahead to the total depth of 2,519 metres measured depth. The well intersected the target North Rankin Sandstones at a depth of 2,216 metres measured depth being 51 metres higher than prognosed. The well failed to encounter a hydrocarbon accumulation and following wireline logging, will be plugged and abandoned as a dry hole.
TAP COMMENT
Although the well failed to encounter a hydrocarbon accumulation, the target North Rankin, Brigadier and Mungaroo reservoirs were intersected significantly higher (approximately 50 metres) than expected. As a result this will require re-mapping of the seismic data including a revision of the depth mapping over the Gipsy and Gipsy North oil fields.
Daily Share Buy-Back Notice - continued: the remaining number of shares to be bought back - 27,589,558.
The Prospectus is now available. The offering consists of the right to subscribe for one new share for every 2 shares currently held, at a price of $0.12 cents. $0.06 is payable upon acceptance, and the remaining $0.06 payable on or before 15 February 2001. Each new share issued pursuant to the prospectus will be accompanied by one option to subscribe for a second share, exercisable at $0.15 on or before 15 February 2002.
The net proceeds from the Issue will be used to provide Bligh Oil with additional working capital to contribute towards the Company's future oil and gas exploration and production activities. The Company will primarily focus on its projects in the United States, China, and New Zealand.
NEW ISSUE ANNOUNCEMENT
Black Range has retained Westpac Corporate Finance to advise on and facilitate separated Build Own Operate (BOO) packages for infrastructure and utilities associated with the development of the 100% owned Syerston nickel cobalt platinum project in New South Wales. The brief includes power plant, acid plant, water supply, the total metal refinery and associated infrastructure. The gross capital value of all these items is in the order of $300 million.
Westpac has significant expertise in this area of financing and has successfully acted in this role for a number of major Australian resource development projects in recent years.
RESPONSE TO ASX QUERY
PROSPECTUS
OFFER: A maximum of 21,000,000 Ordinary Shares are being offered to investors by invitation.
ISSUE PRICE: The issue price is 23 cents per share being 80% of the average market price over the five days prior to issue date on 13 July 2000.
ISSUE AMOUNT: Up to 21,000,000 New Shares will be issued, which would raise up to $4,830,000 at the issue price of 23 cents per share.
PURPOSE OF THE OFFER: The purpose is to provide funding for the first drilling of the "Northright" oil prospect on Permit VICP41 in the offshore Gippsland basin. Details are described on page 9.
OPENING AND CLOSING DATES: The Offer will open for receipt of acceptances on the date of issue of this Prospectus 13 July 2000 and will close on 31 July 2000.
The dispute with CITIC over the Central North Island Forestry Partnership is not resolved, Fletcher Challenge Chief Executive Officer Michael Andrews has said in response to a speculative story in the New Zealand Herald.
"Discussions are continuing. We share CITIC's disappointment at the time the discussions have already, taken but we believe there is a desire on the part of both parties to seek resolution."
NEW ISSUE ANNOUNCEMENT
NEW ISSUE ANNOUNCEMENT
NEW ISSUE ANNOUNCEMENT
Entrepreneurial commerce service provider, marketboomer has signed a 5-year business-to-business (B2B) contract with TAB Limited (NSW), a leader in Australia's leisure and entertainment industry. Under the contract marketboomer will supply the underlying technology to power TAB's newly unveiled online procurement solution for the hospitality industry called LoadingDock.
UBS Nominees Pty Ltd became a substantial shareholder in North Limited on 13/07/2000 with a relevant interest in the issued share capital of 39,160,530 ordinary shares (5.312%).
SANTOS LIMITED - SUMMARY OF DRILLING
WEEK ENDING 13/07/2000
QUEENSLAND
WELL: Stokes 7
TYPE: SWQ Unit Gas Development
LOCATION: PL 84, Total 66 Block, 1.3km NE of Stokes 6, 1.7km E of Stokes 4, and some 130km SW of the Ballera Gas Centre
STATUS AT 13/07/2000 0600 HOURS: Conducting wiper trip prior to running production casing. The well is to be cased and suspended as a Permian gas producer. The well reached a total depth of 2609m, with 567m progress for the week
PLANNED TOTAL DEPTH: 2591m
WELL: Challum 18 DW1
TYPE: SWQ Unit Gas Development
LOCATION: PL 59, Aquitaine B Block, 1.25km NE Challum 1 and 20km W of the Ballera Gas Centre
STATUS AT 13/07/2000 0600 HOURS: The well has been completed as a gas producer from the Permian Toolachee Formation. The upper lateral objective was abandoned due to mechanical difficulties. Challum 18 DW1 reached a total measured depth of 2902m. The rig was released on 09/07/2000 and is currently moving to Challum 17
PLANNED TOTAL DEPTH: DW1 3121m MD
WELL: Wippo East 1
TYPE: SWQ Unit Gas Exploration
LOCATION: ATP 259, Naccowlah Block, 3.1km ESE of Wippo 1, 6.6km NNE of Wippo South 2, and some 30km NE of the Ballera Gas Centre
STATUS AT 13/07/2000 0600 HOURS: Conducting wiper trip prior to running surface casing. Current depth and progress for the week is 876m. The well spudded on 10/07/2000
PLANNED TOTAL DEPTH: 2637m
WELL: Merivale 9
TYPE: Gas Development
LOCATION: PL 44, Denison Trough, 0.2km NNW of Merivale 2, 0.5km N of Merivale 8, and some 140km N of the township of Roma
STATUS AT 13/07/2000 0600 HOURS: Merivale 9 has been completed as a gas producer. The well reached a total depth of 1569m, with 118m progress for the week. Open hole flow tests of the Staircase Sandstone and the Reids Dome Beds at a depth of 1549m resulted in a final flow rate 56,240 cubic metres (1.986 million cubic feet) per day. The rig was released on 08/07/2000
PLANNED TOTAL DEPTH: 2107m
WELL: Merivale 10
TYPE: Gas Development
LOCATION: PL 44, Denison Trough, 690m SSE of Merivale 8, 680m SW of Merivale 5, and some 140km N of the township of Roma
STATUS AT 13/07/2000 0600 HOURS: Waiting on rig repairs. Current depth and progress for the week is 252m. The well spudded on 10/07/2000
PLANNED TOTAL DEPTH: 2300m
SANTOS LIMITED - SUMMARY OF DRILLING
WEEK ENDING 13/07/2000
OFFSHORE WESTERN AUSTRALIA
WELL: Triller 1
TYPE: Exploration Wildcat
LOCATION: TL 3, Offshore West Coast Barrow Island, WA
STATUS AT 13/07/2000 0600 HOURS: Triller 1 has been plugged and abandoned. Triller 1 reached a total depth of 1526m, with no progress for the week. The rig was released on 07/07/00.
PLANNED TOTAL DEPTH: 1552m
WELL: Stag 21H
TYPE: Oil Development
LOCATION: WA-15l, Barrow Basin NW Shelf, Offshore WA
STATUS AT 13/07/20000 0600 HOURS: Pulling out of hold for bottom hole assembly change prior to drilling ahead. Current depth and progress for the week is 319m. The well spudded on 10/07/00.
PLANNED TOTAL DEPTH: 1196m
USA WELL: Webb 1
TYPE: Gas Exploration
LOCATION: Suemaur Moore Prospect, San Patricio County, Texas
STATUS AT 12/07/2000 0600 HOURS: Drilling ahead. Current depth is 3822m, with 622m progress for the week.
PLANNED TOTAL DEPTH: 4115m
WELL: State Tract 157#1
TYPE: Gas Exploration
LOCATION: South Long Reef Prospect, Aransas County, Texas
STATUS AT 12/07/2000 0600 HOURS: Drilling ahead. Current depth is 3749m, with 580m progress for the week.
PLANNED TOTAL DEPTH: 3048m
WELL: Mew Estate 1
TYPE: Gas Exploration
LOCATION: Edge-Queen City 111 Prospect, Duvual County, Texas.
STATUS AT 12/07/2000 0600 HOURS: Mew Estate 1 has been cased and suspended as a future gas producer. The well reached a total depth of 2698m, with no progress for the week. The rig was released on 12/07/00.
PLANNED TOTAL DEPTH: 2743m
SANTOS LIMITED - SUMMARY OF DRILLING
WEEK ENDING 13/07/2000
SOUTH AUSTRALIA
WELL: Moomba 116
TYPE: Gas Development
LOCATION: PPL 7, Moomba Block, 1.6km W of Moomba 91, 1.0km SW of Moomba 113, and some 9km NW of the Moomba Gas Plant.
STATUS AT 13/07/2000 0600 HOURS: Moomba 116 has been cased and suspended as a future Permian gas producer. The well reached a total depthof 2783m with 79m progress for the week. The rig was released on 09/07/00 and moved to Moomba 114, a PPL 7 gas development well.
PLANNED TOTAL DEPTH: 2789m
WELL: Moomba 114
TYPE: Gas Development
LOCATION: PPL 7, Moomba Block, 1.1km SE of Moomba 74, 1.0km NNE of Moomba 71, and some 9km NW of the Moomba Gas Plant.
STATUS AT 13/07/2000 0600 HOURS: Running wiper trip prior to running surface casing.
Current depth and progress for the week is 920m. The
well spudded on 12/07/00.
PLANNED TOTAL DEPTH: 2759m
WELL: Pondrinie 17DW1
TYPE: Gas Development
LOCATION: PPL 90, Merrimelia-Innamincka Block, 1km WNW of Pondrinie 15DW, 1.8km WSW of Pondrinie 8 and 75km NE of the Moomba Gas Plant.
STATUS AT 13/07/2000 0600 HOURS: The well has been completed as a Permian gas producer. The well reached a total depth of 2602m MD with no progress for the week. The rig was released on 08/07/00 and moved to Meranji 20, a PPL35 gas development well. Pondrinie 17DW is a high angle gas development well designed to drain gas reserves in the Permian aged Toolachee and Tirrawarra/Merrimelia Formations.
PLANNED TOTAL DEPTH: 2820m
Oil Company of Australia Limited, on behalf of the PL 44 Joint Venture, advises that:
Merivale No 10, a gas appraisal well situated approximately 690 metres south-south-east of Merivale No 8, lattitude 25 deg 33 min 38.85 sec south, longitude 148 deg 20 min 13.68 sec east, was spudded at 23:30 hours on July 10, 2000. Surface casing was set at 250.1 metres RT. At 06:00 hours today the rig was waiting on a new blow out preventor to arrive from Adelaide, before mud drilling ahead in the intermediate section. Progress for the week was 252 metres.
The primary targets of the well are the Aldebaran, Staircase and Reids Dome Sandstones.
Pima Mining NL has announced that its 80% owned subsidiary, SAMAG Limited, has decided to build its proposed magnesium metal processing facility at the Weeroona site, located adjacent to National Highway No 1, approximately eight kilometers northeast of Port Pirie.
Options to purchase land have been negotiated over a total area of 940 hectares and further land will be acquired to provide an appropriate buffer zone. The land on which the plant will be built is freehold land currently used for cereal cropping.
The Weeroona site has been selected following a comprehensive and exhaustive evaluation of sites both Interstate and in South Australia. Key requirements for the site include the availability of land, proximity to standard gauge railway, coolant and process water availability, access to a skilled labour force and low labour costs, environmental issues, port facilities and road access.
Daily Share Buy-Back Notice - continued: the remaining number of shares to be bought back - 577,446.
Participating Organisations are advised that the shareholders of Queensland Metals will meet at 9.00 am on Friday, 14 July 2000 to consider a three part proposal which will result in QMC emerging with a controlling interest in Australian Magnesium Corporation Pty Ltd.
If shareholders of QMC approve the AMC transaction, QMC will implement a consolidation of capital on a 5:1 basis.
Rio Tinto Investments Two Pty Limited gives notice in relation to the offers dated 13 July 2000 for the ordinary shares in North (each an Offer) included in its Bidder's Statement dated 28 June 2000 that the condition in clause 2.6(f) (Hart-Scott-Rodino) of the Offers has been fulfilled.
Notice is hereby given that a General Meeting of Sun Resources NL will be held on Monday, 14 August, 2000 at 9.00 am, at Level 1, 40 Kings Park Road, West Perth, Western Australia, for the purpose of transacting the following business:
BUSINESS: Placement of Fully Paid Shares
Saracen Mineral Holdings Ltd increased its relevant interest in Westgold Resources NL on 28/06/2000, from 16,549,341 ordinary shares (25.3%) to 17,232,841 ordinary shares(26.3%).
All Ords
3265.5
Dow Jones
10,788.71
ASX200
3306.5
-11.9
S&P 500
1495.84
+2.92
All Resources
1324.6
Nasdaq
4174.86
All Mining
672.3
Gold - spot/oz
US$279.5
All Gold
706.3
Silver - spot/oz
US$4.97
Energy
1463.1
Platinum - spot
US$557.00
All Industrials
5711.8
Bridge CRB Index
222.6
FTSE 100
6475.7
-42.8
Crude Oil (NYMEX)
US$30.41
+0.77
Nikkei
17,036.9
-305.23
Copper (spot $US/tonne)
US$1779
-7
Hang Seng
17,449.5
+102.76
Lead (spot $US/tonne)
US$455
-5
A$ = US58.55c
Zinc (spot $US/tonne)
US$1120
A$ = 63.42yen
Nickel (spot $US/tonne)
US$8365
A$ = 0.625Euro
Aluminium (spot $US/t)
US$1566
US 30-Year Bond
5.810%
-0.073
Tin (spot $US/tonne)
US$5305
ASHANTI GOLDFIELDS COMPANY LIMITED NOTIFICATION OF INTERESTS OF DIRECTORS
Ashanti announces that its wholly-owned subsidiary, Ashanti Goldfields Share Incentive Trustee Limited, a trust company established in connection with the Ashanti Bonus Co-Investment Plan and the Ashanti Performance Share Plan, has purchased 125,000 ordinary shares of Ashanti on 10 July 2000 at a price of US$1.625 per share. The purchase of the Shares is for the purposes of satisfying awards under the Incentive Plans and in respect of purchases on behalf of participants of the Ashanti Bonus Co-Investment Plan.
Alcaston Mining NL advises that the company has acquired an option over a promising South Australian diamond exploration prospect located in the Terowie Kimberlite Field.
The granted Exploration Licence, EL2575, is located approximately 200km north-northeast of Adelaide in the central Flinders Ranges, adjacent to the Barrier Highway and covers a distinctive, circular topographic feature known as Hiles Lagoon. (Location and gravity maps over Hiles Lagoon are attached).
The Company announces that, following its recent restructuring and injection of funds, Mr Liu De Hui has been appointed by the board as Managing Director of the Company. Mr Ken Watson-Bates, the Company's former Managing Director, will continue as an Executive Director of the Company and as Company Secretary.
The increase in the market capitalisation of AuIron Energy Ltd has resulted in it being included in the following ASX indices:
1. S&P ASX 300
2. S&P ASX 300 Res
3. S&P ASX Small Res
4. S&P ASX Small Ords
5. All Ords
6. All Resources
7. Energy
AuIron confirmed that its subsidiary, SASE Pty Ltd, was on track to start the commissioning of the Demonstration Plant at Whyalla, South Australia in August 2000.
PRE-FEASIBILITY BUDGET APPROVED FOR GINKGO DEPOSIT
BeMaX Resources advises that the BIP Joint Venture Parties have agreed to a budget for the pre-feasibility study on the Ginkgo Deposit, which is to commence immediately. It is anticipated that the study will be completed in October 2000.
The Ginkgo Deposit is the largest contiguous Indicated Resource of heavy mineral defined to date in the Murray Basin. Snowden Mining Industry Consultants recently estimated an Indicated Resource of 252 million tonnes at 2.8% heavy mineral, at a cut off grade of 1%, which was announced on the 2 May 2000. Ginkgos favourable grade, grain size, mineralogical and slimes characteristics make undertaking feasibility studies an obvious high priority.
For further information, click here
NEW ISSUE ANNOUNCEMENT
The company announces that there was an initial shortfall in the New Options Entitlements subscribed for by Optionholders in the "1 New Option Issue for every June 2000 Option held as at 15 June 2000".
As at the Closing Date the shortfall was 19,806,374.
Prior to the Closing Date of the Entitlements Issue the company has received strong interest from investors eager to take up any potential shortfall.
The company is confident that the shortfall will be fully subscribed for.
Alcoa of Australia Limited increased its relevant interest in Eastern Aluminium Limited on 12/07/2000, from 85,884,211 ordinary shares (78.15%) to 86,146,725 ordinary shares (78.39%).
FLETCHER CHALLENGE ENERGY DRILLING & PRODUCTION TESTING REPORT (CONTINUED) FOR THE WEEK ENDING 12/07/2000
Country : New Zealand
Block Area : PML 381012
Well Name : MB-6
Objective : Horizontal development well in the Maui B D1.10 oil reservoir.
Current Status : * Suspended well with stuck 4(1/2)" liner pending evaluation of sidetrack or completion options while operations proceed on MB-7.
Country : Brunei
Block Area : Block CD
Well Name : EEG-(1)
Objective : Stacked Pliocene Shelf Sand objectives 3,400-4,600m
Current Status : * Set 9(5/8)" casing @ 3,907m.
* Run cement.
* Performed FIT.
* About to drill primary objective @ Plio850 to
Plio900 level.
DRILLING SUMMARY REPORT FOR THE WEEK ENDING 12/07/2000
Country : Canada
Block Area : Mikwan
Well Name : 5-28-37-23 W4M
Objective : An Exploratory well testing Basal Belly River Gas.
Current Status : * Spud: 04/07/2000.
* D & A.
* Rig Released: 09/07/2000.
Block Area : Baldwinton
Well Name : A13-10-44-23 W3M
Objective : A Development well testing Sparky Oil
Current Status : * Spud: 02/07/2000
* Cased for Sparky Oil.
* Rig Released: 05/07/2000.
Block Area : Hatton
Well Name : 12-34-14-26 W3M
Objective : A Development well testing Milk River/Medicine Hat Gas
Current Status : * Spud: 10/07/2000.
* Cased for Milk River/Medicine Hat gas.
* Rig Released: 11/07/2000.
Block Area : Hatton
Well Name : 2-1-15-26 W3M
Objective: A Development well testing Milk River/ Medicine Hat Gas.
Current Status: * Spud: 12/07/2000
* Drilling ahead
FLETCHER CHALLENGE ENERGY DRILLING & PRODUCTION TESTING REPORT (CONTINUED) FOR THE WEEK ENDING 12/07/2000
Country : New Zealand
Block Area : PML 38036
Well Name : McKee-2B/C
Objective : Sidetrack development infill well in the McKee oil reservoir.
Current Status : * Intersected top McKee within expected range.
* Lost circulation after drilling 20m into the
McKee, likely due to the intersection of a
substantial fracture/fault.
* Unable to regain circulation.
* Abandoned McKee-2B and set kick-off plug at
1,915mAHKB.
* Drilling McKee-2C with target location 75m NE of
original location.
* Current depth at 2,108mAHKB, estimated TD is
2,345mAHKB.
Block Area : PML 381012
Well Name : MB-7
Objective : Horizontal development well in the Maui B D1.10 oil reservoir.
Current Status : * Operations suspended for four days waiting for weather to enable re-supply of equipment and chemicals.
* Drilled out shoe track and drilled 6" hole to
3,457m.
* Successfully completed LOT.
* Drilled 6" hole from 3,457m to 3,499m building
angle to horizontal.
* Current operation @ 0600hrs 13th July, changing
drilling assembly to drill horizontal section.
A drilling program of approximately 5 partially cored boreholes and 5 RC holes has commenced at Mt Kelly located 120kms by road north of Mt Isa.
The program has been designed to extend the previously defined copper/gold mineralisation around borehole MK 475 as well as investigate two additional targets with potential for shallow gold mineralisation.
A recently defined target called the Mt Kelly West Prospect located approximately 500 metres south of the MK 475 mineralisation will be investigated. Anomalous gold grades ranging up to 16gms/tonne have been recorded from surface samples collected from a brecciated quartz/ironstone outcrop at the Mt Kelly West Prospect which is located near the interpreted intersection of several major fault structures.
Directors announce that revenue for the first 6 months of the financial year ending 31 December 2000 was $1.9m, 23% higher than the previous corresponding period.
Revenue for the second half of the financial year is also expected to exceed the previous corresponding period.
The Company also announces that Mr Bruce McLeod has been appointed Chairman of the Company. Mr David Sutton will remain as a non-executive Director.
PLACEMENT OF 86,666,666 SHARES AND OPTIONS
The Directors of Kalrez Energy NL announce a placement to clients of Kirke Securities Ltd of 86,666,666 fully paid shares together with a free attaching June 30th 2003 option at a price of 3.75 cents per share.
Funds will be used for working capital.
The company hereby advises that the unaudited net tangible asset backing (excluding equity accounting adjustments) of Lion Selection Group Limited as at 30 June 2000 was $1.13 per share.
Dr Salim Cassim ceased to be a substantial shareholder in Masmindo Mining Corporation Limited on 10/07/2000.
Progress Report - Big Bell Underground
SUMMARY
* Seismicity Events at Big Bell Underground
DETAILS
A seismic event occurred in the lower levels of the Big Bell Underground Mine on 9 July causing limited damage to the 510 ore drive. Production from the lower levels was immediately halted and limited production is expected to recommence today after inspection by mine management and with the approval of the Department of Mines. Otherwise mine operations are continuing, including production from upper levels of the underground mine. The company's safety management systems and procedures have proven to be effective.
Mining operations are being rescheduled to ensure the continuing safety of the underground workforce, and will result in a short term 40% reduction to normal underground ore production rates. This will be substantially offset by access to stockpiled underground ore and increased production from Cuddingwarra open pits.
Expert assistance, including international consultants, will contribute to the redesign of the underground mining to assist in managing seismicity in the short term and to eliminate seismicity issues in the longer term. Normal underground ore production at the rate of 450,000 tonnes per quarter is anticipated by late in the December 2000 quarter.
The level of gold production forecast for the September quarter is estimated to be similar to that achieved in the June quarter, with improved recovery rates resulting from the new gravity circuit being commissioned this week.
Rio Tinto Investments Two Pty Limited gives notice in relation to the offers dated 13 July 2000 for the ordinary shares in North (each an Offer) included in its Bidder's Statement dated 28 June 2000 that the condition in clause 2.6(f) (Hart-Scott-Rodino) of the Offers has been fulfilled.
Rio Tinto released its Offer Document (Bidder's Statement) to shareholders of North Limited today. The $3.80 cash offer is now open. The offer is scheduled to close at 7:30 pm Australian Eastern Standard Time on Monday 14 August 2000.
Shareholders wanting information about the offer can call Rio Tinto's Offer Hotline (toll free) on 1800 249 247. The Offer Document is available on the Rio Tinto website: www.riotinto.com
Rio Tinto also has been advised that the waiting period under the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976 expired on 11 July 2000. Accordingly, this condition of the Rio Tinto bid has been satisfied.
MAIN FEATURES OF THE FOURTH QUARTER
IRON ORE
* Robe
- Established new production, productivity and shipping records.
- New annual sales record of 31.0mt (100% basis), including 4.3mt of lump.
- Annual productivity per employee increased by 33% compared with 1998/1999.
- West Angelas on schedule.
* IOC
- Increased mine tonnages resulted in concentrate and pellet production achieving above design levels. Pellet production for the quarter, of 3.1mt (100% basis), was up 100% on the previous corresponding quarter whilst concentrate production was up 15%.
- C$361m was approved by the North Board in May and IOC Board in June to refurbish the currently inactive Sept-lles pellet plant. This refurbishment will take two years to complete and will increase pellet production from 12.5 to 17mtpa. Sales commitments from customers are already in place for a portion of the 4.5mt pellet production and negotiations are continuing for the balance.
- IOC is expecting continued strong demand for concentrates and pellets from all regions and remains fully booked through calendar 2000
- Unit operating costs reduced to record lows in the fourth quarter as workplace change initiatives began to have effect. With further workforce reductions and a focus on improving the efficiency and design of work practices, costs will continue to fall significantly over the next two years and beyond.
- Revised vessel scheduling resulted in the slippage of 900,000 tonnes of concentrate (100% basis) and 500,000 tonnes of pellets (100% basis) into the first quarter 2000/2001. This should result in total sales exceeding 5mt for that quarter.
WOOD FIBRE
* North Forest Products
- Record annual export hardwood chip sales buoyed by continuing strong demand from both Japan and Indonesia.
URANIUM
* ERA
- Production is expected to increase from 4,144 to 5,000t U(3)O(8) in 2000/2001.
ZINC
* Zinkgruvan
- Concentrate production improved during the quarter with an increase in the number of underground operating faces and resolution of recent metallurgical issues.
- The annual level was down slightly due to short term lower zinc grades, partially compensated by record mill throughput.
COPPER-GOLD
* Northparkes
- Underground production returned to the pre-November 1999 levels. However, concentrate production was adversely impacted by the expected decline in head grades.
* Alumbrera
- As previously noted, metal grades were down on the previous corresponding quarter and year to date. These lower grades are in line with the mine plan and resource estimate. The lower grades together with a number of major plant maintenance works adversely affected mill throughput and in turn concentrate production.
CORPORATE
* Share buy back. North has purchased and cancelled 25 million shares with about 737 million shares remaining on issue.
* Exploration strategy has been repositioned, ie
- Advanced projects (no greenfields).
- Base metals (no gold).
- Near mine at Zinkgruvan and Northparkes.
- Reduced support infrastructure.
Fourth Quarter Activities Report Overview
Norwest Energy advises that it has reached agreement with the Tap Oil NL and Australian Worldwide Exploration Limited groups to "farm" into EP-364.
Norwest will earn 10% equity in EP-364 by funding an estimated A$420,000 of the "dry hole" drilling costs of the Lindsay 1 exploration well. The agreement is, as always, subject to approval by the appropriate government department.
Oil Company of Australia Limited, on behalf of the PL 44 Joint Venture, advises that:
Merivale No.9, a gas appraisal well situated approximately 220 metres north-north-west of Merivale No.2, latitude 25 deg 33 min 03.00 sec. South, longitude 148 deg 20 min 00.04 sec East, was spudded at 19:00 hours on June 24, 2000. Surface casing was set at 205.8 metres RT. Intermediate casing was set at 1439 metres RT. The well reached a total depth of 1560 metres RT at 04:30 hours, July 7, 2000. Rig released at 24:00 hours, July, 8, 2000. The well was completed with 73mm tubing set at 1453.8 metres RT. Progress for the week was 118 metres.
Further positive news from ResX proposed indirect investment in ViewInternet.com Pte Ltd, Singapore, (www.viewinternet.com.sg) was released yesterday.
Viewinternet has announced the signing of a Memorandum of Understanding ("MOU") with the Taj Hotels Resorts and Palaces ("TAJ") to be the high speed internet connectivity provider for the group. The Taj MOU gives access to 7,500 guest rooms, in 59 properties located in 9 countries. Viewinternet has also recently reached a similar agreement with the Melia Hotel in Kuala Lumpar Malaysia. Copies of the Viewinternet media releases may be viewed on the Viewinternet website.
Saracen Mineral Holdings Ltd increased its relevant interest in Westgold Resources NL on 28/06/2000, from 16,549,341 ordinary shares (25.3%) to 17,232,841 ordinary shares(26.3%).
Australia's leading independent oil and gas explorer and producer, Woodside, and one of the nation's leading oil and gas research centres, Curtin University of Technology, announce Woodside's sponsorship of a Joint Hydrocarbon Research Facility at Curtin.
NEW ISSUE ANNOUNCEMENT
Portfolio Partners Limited increased its relevant interest in Consolidated Minerals Limited on 06/07/2000, from 8,375,453 ordinary shares (8.19%) to 14,384,257 ordinary shares(13.05%)*.
* Based on issued capital of 110,250,648 ordinary shares
The directors of Defiance Mining NL have made a placement of 16 million shares and 12 million options to clients of D & D Tolhurst to raise $512,000 for working capital.
The shares are to be issued at 3.2 cents per share together with 3 free options for every 4 shares issued. The options are exercisable at 20 cents per share on or before 30 June 2003.
D & D Tolhurst will be paid a fee of 5% for raising the funds.
The Resolutions were passed by shareholders to allow directors to make placements of 21 million new shares including 3 million to the directors themselves.
Directors will now complete and lodge a prospectus Thursday, 13 July and will invite all current shareholders and other investors to participate. The issue price will be 23 cents and the issue date is 13 July 2000.
Chairman, Tony Rechner, advises that the Company has been invited to join a consortium of explorers to share the cost of an available oil rig which would significantly reduce the cost of the drilling.
NEW ISSUE ANNOUNCEMENT
Bank of England held its seventh gold auction yesterday with analysts denying that it affected yesterday's gold prices, with a market finish 1.5 points lower.
CIBC World Market analyst, John Macdonald stated that "the last auction was a bit of a non-event, I don't see why this one would be any different".
An estimated 25 tonnes were to be sold at yesterday's auction.
A shareholder holding a very small parcel of shares in GKL (approximately 0.005% of the total issued share capital) has raised a number of issues with the Supreme Court of New South Wales regarding the selective capital reduction by GKL, which was approved at GKL's EGM on 28 June.
The matter will be considered by the court on Friday, 14 July. In the meantime, the proposed despatch of the cheques to non-Goldfields shareholders on 13 July pursuant to the original timetable will be postponed since GKL has undertaken to the court (without admission) that it will not take any steps to implement the selective capital reduction until at least 4.00pm (Sydney time) on 14 July, at which time GKL will review its position in light of the court action.
Perpetual Trustees Australia Limited became a substantial shareholder in Goldfields Limited. on 10/07/2000 with a relevant interest in the issued share capital of 8,364,823 ordinary shares (5.09%).
NEW ISSUE ANNOUNCEMENT
For company information, click here
Commonwealth Bank of Australia became a substantial shareholder in Gympie Gold Limited on 13/06/2000 with a relevant interest in the issued share capital of 11,076,705 ordinary shares (8.57%).
This information is based on a total number of securities of 11,076,705.
Cash Credit Corporation became a substantial shareholder in New Holland Mining NL on 10/07/2000 with a relevant interest in the issued share capital of 8.3 Million ordinary shares ( -%).
Daily Share Buy-Back Notice - continued: the remaining number of shares to be bought back - 579,446.
The Company advises that the meeting of shareholders held Wednesday, 12 July passed a resolution to elect Mr Bryan Frost as a director of the Company.
Resolutions 2 to 6 did not proceed as the relevant requisitioning shareholders had agreed to withdraw their respective actions.
Mr. Fehlberg and Mr Chng resigned as director prior to the meeting and Mr Roberts withdrawn his nomination to the board.
The board of the Company now comprises of Mr. Bryan Frost, Mr. Richard Revelins and Mr. Adi Trikarso.
The directors announce that all outstanding disputes between the current and previous directors have been resolved.
Daily Share Buy-Back Notice - continued: the remaining number of shares to be bought back - 935,348.
Staltari Investments Pty Ltd changed its relevant interest in Saracen Mineral Holdings Limited on 05/07/2000, from 4,060,000 ordinary shares (12.4%) to 4,060,000 ordinary shares(12.4%).
Renaissance Capital Ltd became a substantial shareholder in Saracen Mineral Holdings Limited on 05/07/2000 with a relevant interest in the issued share capital of 4,160,000 ordinary shares (12.6%).
This information is based on a total number of securities of 4,160,000.
The Company advises that Mr D. Frank Crawley has been appointed as a Non-Executive Director of the Company, this appointment being effective forthwith.
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All Ords | 3276.3 |
|
|
Dow Jones | 10,783.41 |
|
ASX200 | 3318.4 | -4.9 | S&P 500 | 1492.92 | +12.04 | |
All Resources | 1324.9 |
|
Nasdaq | 4099.59 |
|
|
All Mining | 676.7 |
|
Gold - spot/oz | US$280.2 |
|
|
All Gold | 718.5 |
|
Silver - spot/oz | US$4.97 |
|
|
Energy | 1458.3 |
|
Platinum - spot | US$553.00 |
|
|
All Industrials | 5733.5 |
|
Bridge CRB Index | 219.82 |
|
|
FTSE 100 | 6518.5 | +42.7 | Crude Oil (NYMEX) | US$29.64 | +0.58 | |
Nikkei | 17,342.13 | -162.23 | Copper (spot $US/tonne) | US$1773 | -10 | |
Hang Seng | 17,552.26 | +192.60 | Lead (spot $US/tonne) | US$447 | -1 | |
A$ = US58.84c |
|
Zinc (spot $US/tonne) | US$1119 |
|
||
A$ = 63.68yen |
|
Nickel (spot $US/tonne) | US$8515 |
|
||
A$ = 0.624Euro |
|
Aluminium (spot $US/t) | US$1569 |
|
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US 30-Year Bond |
5.883% | no ch | Tin (spot $US/tonne) | US$5345 |
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NEW BUSINESS ALLIANCE
Electrometals announces that it has formed a business alliance with Baulderstone Hornibrook Pty. Ltd., the well-known Australian engineering group that now forms part of the Bilfinger Berger Group based in Europe. This new alliance brings together Electrometals' unique patented EMEW electrowinning technology, which promises to revolutionise many aspects of mineral and metals processing, with the substantial technical and financial resources of a leading multinational engineering group.
For further information, click here
BHP have announced that it had reached agreement with Falconbridge Limited on the formation of a Joint Venture which may lead to development of the Gag nickel laterite project in Indonesia.
The basis of the agreement is that Falconbridge would spend US$75 million to earn a 37.5 per cent interest in the Gag Island nickel project. It is expected the investment would primarily be directed towards completing a Gag Island project feasibility study, to be managed by Falconbridge, over the next 2 years.
NEW ISSUE ANNOUNCEMENT
Comet Resources announces the appointment of ANZ Investment Bank to jointly advise Comet and QNI Pty Ltd in relation to the raising of debt finance for the Ravensthorpe Nickel Project and to promote the project in the debt markets on behalf of Comet and QNI.
The directors of Defiance Mining NL advise that they have made a placement of 16 million shares and 12 million options to clients of D & D Tolhurst to raise $512,000 for working capital.
The shares are to be issued at 3.2 cents per share together with 3 free options for every 4 shares issued. The options are exercisable at 20 cents per share on or before 30 June 2003.
D & D Tolhurst will be paid a fee of 5% for raising the funds.
Fourth Quarter Activities Report
PRODUCTION
Production for the full year of 4,144 tonnes U(3)O(8) (1999: 4,375 tonnes U(3)O(8)) was in line with the Company's announced production for 1999/00 of around 4,000 tonnes.
Production in the quarter was 911 tonnes U(3)O(8) compared with 736 tonnes U(3)0(8) in the corresponding quarter of last year.
Production for the 2000/01 year is expected to increase to around 5,000 tonnes U(3)O(8) in line with expected sales.
OIL COMPANY OF AUSTRALIA (14 July 2000)
SANTOS LIMITED - SUMMARY OF DRILLING
WEEK ENDING 13/07/2000
OFFSHORE WESTERN AUSTRALIA
WELL: Triller 1
TYPE: Exploration Wildcat
LOCATION: TL 3, Offshore West Coast Barrow Island, WA
STATUS AT 13/07/2000 0600 HOURS: Triller 1 has been plugged and abandoned. Triller 1 reached a total depth of 1526m, with no progress for the week. The rig was released on 07/07/00.
PLANNED TOTAL DEPTH: 1552m
WELL: Stag 21H
TYPE: Oil Development
LOCATION: WA-15l, Barrow Basin NW Shelf, Offshore WA
STATUS AT 13/07/20000 0600 HOURS: Pulling out of hold for bottom hole assembly change prior to drilling ahead. Current depth and progress for the week is 319m. The well spudded on 10/07/00.
PLANNED TOTAL DEPTH: 1196m
USA WELL: Webb 1
TYPE: Gas Exploration
LOCATION: Suemaur Moore Prospect, San Patricio County, Texas
STATUS AT 12/07/2000 0600 HOURS: Drilling ahead. Current depth is 3822m, with 622m progress for the week.
PLANNED TOTAL DEPTH: 4115m
WELL: State Tract 157#1
TYPE: Gas Exploration
LOCATION: South Long Reef Prospect, Aransas County, Texas
STATUS AT 12/07/2000 0600 HOURS: Drilling ahead. Current depth is 3749m, with 580m progress for the week.
PLANNED TOTAL DEPTH: 3048m
WELL: Mew Estate 1
TYPE: Gas Exploration
LOCATION: Edge-Queen City 111 Prospect, Duvual County, Texas.
STATUS AT 12/07/2000 0600 HOURS: Mew Estate 1 has been cased and suspended as a future gas producer. The well reached a total depth of 2698m, with no progress for the week. The rig was released on 12/07/00.
PLANNED TOTAL DEPTH: 2743m
General Gold Resources has signed an agreement to sell the Mt Monger Gold Project to Solomon Resources Limited, a company listed on the Canadian Venture Exchange. Solomon entered into a Farm-in Agreement in August last year, whereby Solomon could earn a 70% interest in the Project through expenditures over four years.
The new agreement sells 100% equity in the Project to Solomon on the following terms:
GRD Kirfield have been awarded the mechanical and piping installation package for the Bulyanhulu Gold Project. The project is owned by Barrick Gold and the project development is being undertaken by SNC-Lavalin at a total project cost of US$280 million.
FLETCHER CHALLENGE (14 July 2000)
The dispute with CITIC over the Central North Island Forestry Partnership is not resolved, Fletcher Challenge Chief Executive Officer Michael Andrews has said in response to a speculative story in the New Zealand Herald.
"Discussions are continuing. We share CITIC's disappointment at the time the discussions have already, taken but we believe there is a desire on the part of both parties to seek resolution."
Bulyanhulu is located in Tanzania, Africa, and approximately 45 kilometres south of Lake Victoria.
Quininup Holdings Pty Ltd decreased its relevant interest in Gold And Resource Developments NL on 29/06/2000, from 55,134,241 voting shares (36.05%) to 54,141,654 voting shares(34.77%).
Gold and Resource Developments NL has changed the names of its three operating subsidiaries.
The businesses will continue to grow and operate as independent entities while optimising the corporate assets of GRD.
GTN Resources Ltd has suspended detailed technical and commercial evaluation of the Tohono Copper Project (Project), located in southern Arizona on land owned by the USA in trust for the Tohono O'odham Indian Nation (Nation), pending resolution of an environmental permitting issue which has become apparent during the initial phase of GTN's due diligence program.
The company advises that Mr Stephen Miller and Mr John Traicos are retiring as directors of the company.
In March 1999 IRC obtained an Option over Patented Technology which can aid in the diagnosis of depression, and other mental disorders.
On 24 January 2000 Intermin announced that it was transferring the benefits of its Option over the so-called HeartLink Technology to a newly-founded company, HeartLink Ltd. HeartLink is now in the process of completing a prospectus, in preparation for listing on ASX in the next few weeks.
Intermin shareholders will have a priority right to subscribe for 1 HeartLink share for each 5 Intermin shares held. Intermin shareholders who accept their entitlement to HeartLink shares are entitled to one free incentive Share for every five Shares subscribed for.
Molopo Australia announces that it has successfully completed the drilling of the LW-L2 well at its Liulin project, Shanxi Province, China. LW-L2 is the second well of a three well programme at Liulin.
Both the LW-L1 and LW-L2 wells have intersected the target gas saturated coal seams at the prognosed depth and thicknesses.
Natural waterflow from both wells indicates that initial coal permeability is good, as in the nearby HW-L1 well drilled in 1996.
Both new wells have now been cased and suspended pending fracture stimulation on completion of the three well drilling programme. An extended production test of wells LW-L1 to L3, together with the previously drilled HW-L1, will follow the stimulation programme.
Murchison United has announced that it had completed the sale of its Mt Cuthbert Copper Project following the successful ASX listing of Matrix Metals Limited.
The Company received A$5,000,000 for the sale of Mt Cuthbert that was satisfied by the issue of 20,000,000 shares in Matrix Metals. As a result, the Company holds approximately 39% of Matrix Metals and it is intended, following an agreed holding period of six months, that these shares be distributed to Murchison shareholders registered at that time.
The Board of Directors announce the appointment of Mr Adrian Floate as Chief Executive Officer of the Company.
At the General Meeting of 23rd June, 2000 the shareholders resolved the change of name of Nexus Minerals NL to IPT Systems Ltd. This will be effective following a 28-day statutory gazette period.
NEW ISSUE ANNOUNCEMENT
Peregrine Strategic Limited increased its relevant interest in Prima Resources Limited on 07/07/2000, from 5,427,237 ordinary shares (12.84%) to 8,018,024 ordinary shares (18.98%).
The Stage Two drilling programme at the Centennial Project, Broken Hill NSW, will commence in late July/early August. Joint venturer Triako Resources Limited have planned a programme of ten (10) reverse circulation (RC) drillholes to follow up encouraging intersections of zinc mineralisation encountered in the Stage One programme completed in April this year. The Stage One programme comprised 22 RC holes all of which intersected strongly anomalous zinc values ranging from wide intervals at low grades (up to 36 metres at 1.16% zinc) to narrower higher grade intervals up to 3 metres at 8.9% zinc, and one metre at 9.66% zinc, 11.6% lead and 117g/t silver. The holes targeted a series of prospects defined using detailed geological mapping, rock-chip sampling and RAB drilling (see the accompanying plan).
Selwyn Mines Limited was admitted to the official list of Australian Stock Exchange Limited on Wednesday, 28 June 2000.
Official quotation of the following securities will commence on Friday, 30 June 2000.
7,981,111 fully paid ordinary shares
ASX CODE: SLN
STATUS OF THE FOLLOWING CONTRACTS
* Macmahon Mining Contract
The status of this contract has not changed from that disclosed in the Prospectus dated 19 May 2000. The written form of the contract is not signed, however Macmahon continues to perform mining operations at the Selwyn Project in accordance with the terms of the written agreement.
* Glencore Security Documents
The security held by Glencore and disclosed in the Prospectus dated 19 May 2000 remains in place. It is intended that the loan from Glencore will be repaid from a drawdown from the BankWest Corporate Facility. Upon repayment, Glencore will release the security they currently hold. No additional security has been put in place other than that disclosed in the Prospectus dated 19 May 2000.
* Bankwest Corporate Facility
This facility was signed by BankWest and the Company on 9 June 2000.
The Company has been progressing through the Conditions Precedent List and it is believed all of the Conditions will have been satisfied shortly.
* Bankwest Overdraft Facility
This contract has been extended to expire 31 July 2000. Documentation to this effect has been executed with the Bank. As stated in the Prospectus dated 19 May 2000, it is intended that this loan will be repaid from a drawdown of the Corporate Facility. As stated above it is the intention of both parties that the Corporate Facility will be available before that date.
Daily Share Buy-Back Notice - continued: the remaining number of shares to be bought back - 28,150,904.
RESPONSE TO ASX QUERY
We refer to your letter of 11 July 2000 re the rise in the price of the Company's securities, and advise as follows in respect of the four questions:-
The Directors announce the successful fracture stimulation (fraccing) of the Rodney Creek #4 and the Rodney Creek #7 wells.
Fraccing of the Rodney Creek #7 has been completed and stimulated with 79,000 lb 16 - 30 sand in two stages. The well has been cleaned out and the pumping system installed. The generator is scheduled to be hooked up and the pump test commenced by Wednesday 12 July.
The Rodney Creek #4 well has been stimulated with 180,000 lb of sand in two stages and is flowing back load fluid.
The Rodney Creek #5 well has had the lower interval completed (fraced with 42,000 lb sand) and is being cleaned out for perforating and stimulating of the upper zone.
The Rodney Creek #6 well has had the lower interval completed (fraced with 123,939 lb of 16 - 30 sand) and is being cleaned out for perforating and stimulating of the upper zone.
Rodney Creek #3 well was re-worked and put on pump on 29th June 2000 to supply water for the fraccing operation on the other 4 holes. The well is continuing to produce water and gas from the Betts Creek and Aramac coals. Gas flows are not being measured at the present time however we are continued to be encouraged by the fact of there being a gas flow at this stage of dewatering.
NEW ISSUE ANNOUNCEMENT
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NEW ISSUE ANNOUNCEMENT
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BeMaX Resources advises that, in accordance with the Underwriting Agreement dated 28 June 2000 for the 20 cent Options expired 30 June 2000, notice of a Shortfall of 23,954,368 Options has been delivered to Hudson Corporate, Underwriters.
BeMaX has issued and applied for quotation of securities as described by the attached Appendices:
a) Issue and allotment of 362,682 ordinary shares pursuant to exercise of 30 June 2000 Options by Optionholders;
b) Application for quotation of 2,716,080 previously unquoted 20 cent Options expiring 20 September 2001;
c) Issue of 300,000 unquoted 20 cent Options expiring 31 December 2004 under an Employee Incentive Scheme.
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BHP has announced initial results from its appraisal well on the Atlantis discovery in the Atwater Foldbelt ultra deepwater area of the Gulf of Mexico. The well has encountered a significant oil zone in Miocene sands with net pay in excess of 300 feet. Drilling will continue through additional prospective zones. The well is expected to reach its planned total depth of 18 600 feet within the next several weeks.
Notice is hereby given that a general meeting of the members of Brandrill Limited will be held at Level 38, 108 St George's Terrace, Perth on Friday, 11 August 2000 at 11.00 am for the purpose of transacting the business referred to in this notice of general meeting. The explanatory memorandum which accompanies and forms part of this notice of general meeting provides additional information in relation to the resolutions to be considered at the meeting.
The meeting has been convened to approve or ratify (as appropriate) the issue of 6 million shares to Impala Platinum Holdings Limited, a major South African mining company, and to ratify the issue of 1,004,097 shares issued pursuant to the underwriting of Brandrill's Dividend Reinvestment Plan on 1 November 1999.
RESPONSE TO ASX QUERY
The company is unaware of any unannounced information which could be affecting recent trading. We are anticipating resources updates for the Sukari project but are awaiting advice of finalisation. The shareholders have been informed through Quarterly Reports of the commencement of pre-feasibility and ongoing studies.
From discussions with stockbrokers and shareholders, it would appear that the rise in price and increase in trading volume can be attributed to our 'Nelson's Fleet' project at Kambalda. This tenement sits on the southern edge of Lake Lefroy and is in the locality of WMC's announced favourable drilling results at the Belleisle discovery at St Ives. The company is currently investigating opportunities to JV this project and will keep the market informed as to the outcome.
All results and details of exploration for Nelson's Fleet have been published in previous Annual and Quarterly Reports.
NEW ISSUE ANNOUNCEMENT
AMP Limited decreased its relevant interest in Hill 50 Gold NL on 07/07/2000, from 9,059,632 voting shares (7.48%) to 6,737,433 voting shares (5.56%).
A meeting held with a Banque-Tec to discuss the Company's revised agreement on July 5th was not accepted, and Banque-Tec have now signed an agreement with another equity investor.
Copper miner, Matrix Metals debuted strongly on the Stock Exchange Tuesday, with shares starting at an 18 per cent premium to their 25c issue price.
Trading as high as 29.5c before ending the day at 28c, Matrix forecasts a $2.81 million profit after-tax for 2000-1.
Further to our previous advises, the Company advises that they have completed the allotment and issue of an additional 10,450,000 New Options exercisable at 20 cents per share on or before 30 June 2004. These securities have been allocated into the issuer sponsored sub-register.
The balance of 2,000,000 New Options remaining to be issued to Hartley Poynton Ltd, subject to certain performance criteria being met over the next 3 months.
The Directors advise that the Sale Agreement with Matrix Metals Limited has been completed. The first instalment of the $5,000,000 consideration, being $2,000,000 has been received by the Company, with the balance of the funds due to be received as follows.
The Company advises that it has issued an additional 2,200,000 ordinary fully paid shares arising from the following conversions:
Daily Share Buy-Back Notice - continued: the remaining number of shares to be bought back - 586,121.
Bodie Investments Pty Ltd became a substantial shareholder in Prima Resources Limited on 07/07/2000 with a relevant interest in the issued share capital of 3,000,000 ordinary shares (7.1%).
This information is based on a total number of securities of 3,000,000.
Daily Share Buy-Back Notice - continued: the remaining number of shares to be bought back - 965,187.
Rio Tinto has completed the compulsory acquisition procedures under its takeover offer for all shares in Comalco Limited and Comalco is now wholly owned by Rio Tinto Limited.
For the information of the market, a total of 2,142,634 Rio Tinto Limited shares and 3,161,939 Rio Tinto plc shares have been issued to those Comalco shareholders who elected to receive shares under the Offers.
Westralian Farmers Co-operative Ltd became a substantial shareholder in IAMA Limited on 07/07/2000 with a relevant interest in the issued share capital of 12,896,134 ordinary shares (13.04%).
This information is based on a total number of securities of 12,896,134 .
WA-269-P TITANIA-1
Woodside, Operator of the WA-269-P Joint Venture, reports that the Titania-1 exploration well located in the Carnarvon Basin was spudded at 1845 hours on 6 July 2000. At 0600 hours (WST) on 11 July the operation was running into the hole to drill out the 9(5/8) inch shoe track.
The Marine 500 rig is drilling the well. The location is approximately 245 kilometres northwest of Karratha. Water depth at the location is 1501 metres. Current depth is 2433 metres and planned total depth is 3178 metres.
All reported depths (except water depth) are referenced to the rig rotary table.
RESPONSE TO ASX QUERY
All Ords
3280.0
Dow Jones
10,727.19
ASX200
3323.3
-0.5
S&P 500
1480.88
+5.26
All Resources
1314.3
Nasdaq
3956.42
All Mining
673.7
Gold - spot/oz
US$281.80
All Gold
720.0
Silver - spot/oz
US$4.93
Energy
1452.7
Platinum - spot
US$550.00
All Industrials
5748.5
Bridge CRB Index
220.11
FTSE 100
6475.8
+9.6
Crude Oil (NYMEX)
US$29.70
+0.01
Nikkei
17,504.36
-68.32
Copper (spot $US/tonne)
US$1772
-1
Hang Seng
17,359.66
+120.99
Lead (spot $US/tonne)
US$445
-2
A$ = US58.8c
Zinc (spot $US/tonne)
US$1120
A$ = 62.96yen
Nickel (spot $US/tonne)
US$8500
A$ = 0.617Euro
Aluminium (spot $US/t)
US$1567
US 30-Year Bond
5.883%
+0.007
Tin (spot $US/tonne)
US$5315
Anthony Barton increased his relevant interest in Amity Oil NL on 27/06/2000, from 9,026,475 ordinary shares (9.1%) to 10,320,714 ordinary shares (10.4%).
A General Meeting of Shareholders of Centaur Mining & Exploration Limited will be held at the Kimberley Gardens Hotel, 441 Inkerman Street, St Kilda East, Victoria, 3183 Australia, on August 18, 2000 at 10.00am for the following purpose:
ORDINARY BUSINESS
"To approve the consolidation of the Company's Fully Paid Ordinary Shares on issue so that every ten (10) Fully Paid Ordinary Shares are consolidated into one (1) Fully Paid Ordinary Share."
The Solomon Islands Court of Appeal, comprising former Australian High Court Chief Justice Sir Anthony Mason, Mr Justice McPherson of the Queensland Supreme Court and Mr Justice Los of the National Court of Papua New Guinea, has upheld a judgement requiring Australian law firm Slater & Gordon and businessman Mr Denis Reinhardt to pay damages and costs to Ross Mining NL for civil conspiracy, abuse of process, champerty and maintenance. Ross Mining, a wholly owned subsidiary of Delta Gold Limited, is the owner and operator of the currently suspended Gold Ridge mine in Solomon Islands.
The directors of Dioro Exploration NL advise that London Partners Australia Pty Ltd have underwritten 60,000,000 shares and free attaching options in the recently announced 1:2 entitlements issue at 5.5 cents per share.
The underwriting represents $3,300,000 shortfall, being 55% of the total issue.
A fee of 6% ($198,000) is payable to the underwriter.
None of the directors of Dioro or their associates are associated with the underwriter.
Billiton Exploration Australia Pty Ltd became a substantial shareholder in Equinox Resources Limited on 04/07/2000 with a relevant interest in the issued share capital of 10,000,000 ordinary shares (9.24%).
CLEAR BRANCH FIELD, JACKSON PARISH, NORTH LOUISIANA
The second well in the year 2000 program, The Terry Ewing No 1 well, is drilling ahead at 8,059 feet after running surface casing to 3,025 feet. The well is a 12,200-foot test of the Clear Branch Field Gas Prospect.
The location lies on trend with significant Hosston and Cotton Valley production which blankets a portion of North Louisiana. Hunt Oil discovered the field in 1976 and has produced in excess of 55 billion cubic feet of gas from multiple Hosston reservoirs.
Importantly, all of the gas completions within the field were natural and no infill drilling or stimulation has been applied at Clear Branch. Engineering studies suggest significant amounts of producible gas could remain within the Hosston reservoirs and be captured by wells drilled on smaller spacing.
MIKESKA-HAMILL FIELD PROSPECT, AUSTIN COUNTY, TEXAS
The third well in the year 2000 program, the Schulz-1 well, spudded on 9 July 2000 and is drilling ahead at 652 feet using Paterson Rig 127. The well is an 8,650-foot test of the Mikeska-Hamill Field Oil Prospect with an expected duration of around 20 days.
The Mikeska-Hamill Field is located in Northwestern Austin County.The most significant production in this field is from the Blum No 1 well which was drilled in 1986 and has produced 280,000 barrels of oil from the 8,600 foot Wilcox oil sand. Engineering studies suggest this well is part of a much larger reservoir.
NEW ISSUE ANNOUNCEMENT
NEW ISSUE ANNOUNCEMENT
NEW ISSUE ANNOUNCEMENT
Kimberley Diamond Company NL reminds all interested parties that the closing date for the Rights Issue is 5:00 pm (WST) on 12 July 2000 and your directors encourage you to lodge your application forms either with the Company or its share registry by that time to secure your entitlement.
The Directors of Matrix Metals Limited advise the Sale Agreement between the Company and Murchison United NL has been completed and the Sale Agreement between the Company and Majestic Resources NL has also been completed.
FAIRYMOUNT OILFIELD RE-JUVENATION PROGRAM (MOSAIC 100%)
Mosaic Oil NL has installed an electric submersible pump on the Fairymount 8 well to look at reducing costs associated with standard beam (donkey) pumps. Fairymount 8 which was formerly producing 25 barrels a day is currently producing 41 barrels oil a day after one week and should require little servicing for 2 years.
Westgold NL announces that, through its wholly owned subsidiary Castle Hill Resources NL, it has reached agreement to sell all of its Tuckabianna tenements to New Hampton Goldfields Limited. The terms of the sale are that the Company will pay $300,000 to New Hampton and in return New Hampton will take full responsibility for the environmental bonds on Tuckabianna which amount to approximately $1,000,000.
As indicated in the previous quarterly report the Company has continued the rationalisation of its projects and sees the sale of Tuckabianna as achieving a large part of that rationalisation process.
The Company has reached agreement to acquire 100% of Tuckabianna. Past production from the area in recent years totalled approximately 550,000 ounces of gold from 6,420,000 tonnes at 2.7 grams per tonne of gold. Based on estimates prepared by previous owners and the work of independent consultants, Indicated and Inferred resources of 250,000 ounces are present beneath the more significant pits.
The mineralisation occurs over a strike length of 30 kilometres and is identified by 22 shallow open pits. Proposed exploration strategies will focus on drilling at depth, beneath the pits. Tuckabianna covers an area of 49 square kilometres and is situated within trucking distance of the company's Big Bell Gold Operations, 56 kilometres to the west.
The Vendor has paid $300,000 to the company for the acquisition of Tuckabianna. The company has taken over the environmental responsibilities, independently assessed to not exceed $820,000, by PPK Environment and Infrastructure Pty Ltd.
A review and compilation of all exploration data is currently in progress to define the priority exploration targets.
New Zealand Oil & Gas has advised that the NZOG group has adopted a programme to drill 11 wells in Australia and New Zealand during the 2000/2001 financial year.
The prospects to be tested cover a range of objectives and play styles, from appraisal wells designed to increase oil reserves and flow rates from existing production licences, through to wildcat drilling with huge potential.
National Australia Bank Limited Group increased its relevant interest in Oil Search Limited on 30/06/2000, from 27,092,167 ordinary shares (5.15%) to 54,121,882 ordinary shares (9.39%).
PAN PACIFIC DRILLING PROGRAMME
Pan Pacific Petroleum has announced its plans for drilling during the 2000/2001 financial year.
The prospects to be tested cover the range of opportunities from appraisal drilling to high upside exploration.
The primary focus is the highly prospective Carnarvon Basin, and the first well to be drilled will be Tusk-1 in August. Tusk will be drilled to about 2000m to test Athol Formation and Mungaroo Formation targets with potential reserves of 10 and 30mmbbl respectively. Tusk lies between Corvus-1, which encountered thin oil bearing Athol Fm sands, and Oryx-1, which also encountered oil bearing sands in both the Athol and Mungaroo Formations.
NEAR TERM DRILLING PROGRAM
ONSHORE UK (ROC: 100%)
The Saltfleetby-5 appraisal well started drilling on 8th July. At 0600 hrs on 10th July (UK time) the operation was cementing 18-5/8" casing. The well is designed to test the gas potential of the Namurian sequence which underlies the main Westphalian gas reservoir. Planned depth is 3200 metres including, if warranted, a 300 metre horizontal section in the Namurian.
THE KYLE OIL FIELD (ROC: 12.5%)
Encouraged by the results of the Kyle Extended Well Test ("EWT") the Kyle Joint Venture has approved the drilling of an appraisal well on the northeast flank of the Kyle structure. This well is expected to start drilling within the week using the "Sovereign Explorer". If initial drilling results are encouraging, it is anticipated that the well will be drilled to a total depth of 3,800 metres, including a 750 metre horizontal section within the fractured chalk reservoir.
MONGOLIA (ROC: 100%)
At ROC's base camp in the Gobi Desert preparations continue for the drilling of two back-to-back wildcat exploration wells, the first of which is scheduled to start in mid-August.
SUMMARY OF PRODUCTION ACTIVITIES
SALTFLEETBY GAS FIELD (ROC: 100%)
During June 2000 the Saltfleetby Gas Field continued to produce at, or close to, plateau rates with an average gas production of 47.3 mmscf/d for the month. The field is now expected to come off plateau production during July 2000, significantly later than originally anticipated. Some ROC shareholders have enquired whether or not this better-than-expected production performance implies any change to the ultimate recoverable reserve potential of the Saltfleetby Field. ROC will not be able to provide a definitive response to this type of enquiry until later this year after it has completed further production testing, finalised the 3-D seismic interpretation and drilled Saltfleetby-5.
KYLE OIL FIELD (ROC: 12.5%)
The Kyle EWT continues with the single well flowing steadily at 13,000 BOPD with a stable gas-oil ratio and zero water cut. The first cargo of Kyle EWT oil, approximately 254,400 barrels (net ROC 31,800 bbls), was sold during the third week of June 2000. Another, similar-sized, lifting occurred in early July 2000. Both liftings were sold at a small premium to Brent.
MONGOLIA (ROC: 100%)
During June 2000 ROC's three producing wells in the East Gobi Basin in southern Mongolia produced at a combined average of 119 BOPD. ROC continues to export to China Mongolian crude oil which it produced and stored through the winter. A second cargo of approximately 7,000 bbls was transshipped during the first week of July 2000. A further, similar-sized shipment, is due to be exported within the next two weeks. The oil is sold at international prices, specifically at a modest discount to Minas
Following a Technical Meeting and Operating Committee Meeting on WA-261-P, Offshore Carnarvon Basin, on Friday 7, July 2000, Sun Resources NL confirms drilling activity for the period mid August to mid September 2000 on the Kudu, Chamois and Rhebok Prospects. The drilling timetable is on a dry hole basis which can be subject to both acceleration or operational delays (the latter more usual by add ons such as testing or coring operations) in the Operator's general multi-well programme on a number of permits.
The Operator, Apache Energy will use their newly contracted Ensco 56 drilling rig to commence the drilling programme on the Kudu Prospect which overlaps the northwest corner of WA-261-P and Apache controlled western adjacent WA-256-P. The crest of the Kudu Prospect lies within WA-261-P, but the prospect will be drilled in WA-256-P as a commitment well. It is similar in structural setting, objectives and size as the Chamois Prospect, 4 kilometres to the southeast.
The Chamois Prospect, a NW tilted upthrown fault block structure on the western side of a prominent NE trending regional fault, will be tested by a 1,529 metre deep well. Target reservoirs are the Lower Cretaceous M Australis Sandstone, specific sand members of the Lower Jurassic Athol Sandstone and the Middle Triassic S Quadrifidus Sandstone of the Mungaroo Formation. Target reserves are up to 28.6 million barrels of oil recoverable in the Athol and Mungaroo Formation objectives. From the 3D seismic a small gas accumulation is probable in the M Australis, but at this stage a potential resource estimate has not been made by the Operator. The Chamois Prospect is a look-a-like to the Oryx Prospect oil discovery made recently by Apache on the same regional fault structure some 10 kilometres to the northeast in WA-209-P. Any oil from Oryx can be expected to spill into Chamois.
Triton Corporation has announced that it had completed its share swap acquisition of cabling/telecommunications engineering company, Yost Technologies Limited.
Following the receipt of an outstanding acceptance from one Yost shareholder, Triton is now the registered holder of 100% of the shares and options on Issue by Yost.
Notice is hereby given that a Meeting of shareholders of Union Capital Limited will be held at The Mackellar Room, The Novotel Hotel, Level 1, 200 Creek Street, Brisbane, Queensland on 21 August 2000 at 11.00 am.
Victoria Petroleum NL advises that the resolution put to shareholders at Tuesday's Extraordinary General Meeting was passed.
Progress Report:
* Aquarius has secured its third mining project, Everest South, with an unclassified resource of 34.7mt @ 4.0 g/t PGM. This equates to 4.45 million ounces which is larger than both Kroondal and Marikana.
* Aquarius has also secured Chieftains Plain and a portion of Everest North to raise in-situ PGM ounces controlled by Aquarius to approximately 35 million.
* With Kroondal, Marikana and Everest South in production, Aquarius by late 2003 will have reached its stated goal of producing 500,000 ounces annually.
Ashton Mining Limited announces the appointment of Justin H Gardener as its new non-executive Chairman. Mr Gardener replaces Paul McClintock who, as a result of his appointment to the Head of the Cabinet Policy Unit and Secretary to the Federal Cabinet, has resigned from his private sector positions, including his role as non-executive Chairman of Ashton Mining.
The company announces that diamond drilling has commenced at the Iron Princess Anomaly in the Middleback Ranges in South Australia. The Middleback Ranges Project is one of the Helix Resources NL - BHP Minerals Strategic Exploration Alliance projects.
The diamond drill hole has been designed to investigate a previously untested large coincident magnetic and gravity anomaly located at approximately 300 to 400 metres depth below the old Iron Princess iron ore workings.
Daily Share Buy-Back Notice - continued: the remaining number of shares to be bought back - 20,142,900.
Second Quarter Activities Report
NORSEMAN OPERATIONS
Gold production for the quarter was 22,893 ounces, which was steady on the previous quarter, despite a concentration on high grade low tonnage ore from the Harlequin and Bullen underground mines.
QUARTER ENDED 30/06/2000 |
QUARTER ENDED 31/03/2000 |
QUARTER ENDED 30/06/1999 |
|
Ore treated tonnes | 61,731 | 82,443 | 137,194 |
Recovered grade grams per tonne | 11.91 | 8.55 | 5.80 |
Gold produced ounces | 22,893 | 22,671 | 25,564 |
NEW GENERAL MANAGER
The Company announces the appointment of Wojciech Ozga to the position of General Manager of the Norseman operation effective from Monday 10 July 2000.
Wojciech joined WMC Limited in 1989 at Kambalda Nickel Operations as an underground shift superintendent. He has been working with WMC Projects as a Consulting Mining Engineer and comes to us with vast experience and expertise on various sites throughout Europe, Africa and Australia. Recently, he has been involved with the WMC Zarmitan Project in Uzbekistan and Meliadine in Canada.
The Company announces that its status has changed from a no liability company to one limited by shares. The Company's name is now Gondwana Resources Limited.
General Gold Resources NL (GGR) advises that it has received a copy of a letter from Pegasus Gold Australia Pty Ltd (Subject to Deed of Company Arrangement) (PGA) dated 8 July 2000. This letter gave notice that PGA have taken possession of the property of Vallance Holdings Pty Ltd (Vallance) and have appointed Mr Chris Medway as its agent to act as Controller of such property, with all power conferred under a Charge given by Vallance to PGA in April this year.
Vallance is a wholly owned subsidiary of GGR. The only asset of Vallance is a 2.26% interest in the Yimuyn Manjerr Joint Venture, which it acquired from PGA in April 2000.
National Australia Bank Limited Group became a substantial shareholder in Goldfields Limited. on 30/06/2000 with a relevant interest in the issued share capital of 11,266,712 ordinary shares (6.86%).
This information is based on a total number of securities of 11,266,712 .
Quarterly Report April-June 2000
During the June 2000 Quarter, highlights included:
Lafayette Mining Limited has signed documentation with Standard Bank London Limited (SBL) under the terms of which SBL has made available to the Company a secured corporate loan facility of US$3,000,000.
The facility may be drawn in part or in full at any time before 1 January 2001 and has a term of 1 year from the time it is first drawn. It is intended that this facility will be rolled into a larger project finance facility that SBL proposes to advance to enable the Rapu Rapu project to be built.
Daily Share Buy-Back Notice - continued: the remaining number of shares to be bought back - 970,187.
On Monday, 10 July, Rio Tinto submitted an off-market bid for ordinary shares in North Limited with ASIC.
Tap Oil NL advises that the West Gipsy-1 exploration well spudded at 01:30 hours on 8 July 2000.
LOCATION
The well is located in TL/1, 14 kilometres east of Varanus Island and 1.1 kilometres west of the Gipsy Oil Field at latitude 20(deg)38'49,97"S and longitude 115(deg)42'39.27"E.
PROGRESS
As at 6:00am today, the well has drilled ahead to 1,454 metres measured depth and will continue to drill ahead to the planned total depth of 2,532 metres measured depth.
TAP COMMENT
The Gipsy-1 well will target two levels.
The primary objective consists of stacked sandstones of the North Rankin, Brigadier and Mungaroo Formations within a fault compartment immediately downdip of the Gipsy-1 oil discovery. The well will also be deepened to intersect the Mungaroo "B" sandstones not intersected in the Gipsy-1 well, but which has been shown to contain both oil and gas in the Rose and Lee wells. Should the well be successful, mean reserves are estimated to be 8.7 mmbls of oil.
The well will also intersect Jurassic aged Athol Formation higher in the section, within structural closure. Numerous oil shows have been encountered at this level in the Gipsy/Rose/Lee wells and in the Dorrigo-1 well immediately downdip, and the West Gipsy-1 well is designed to investigate sandstone reservoir development at this level.
The well is expected to take 5 days to reach the programmed total depth of 2,532 metres.
All Ords
3279.9
Dow Jones
10,646.58
ASX200
3323.8
+18.5
S&P 500
1475.62
-3.28
All Resources
1303.0
Nasdaq
3980.29
All Mining
677.7
Gold - spot/oz
US$283.3
All Gold
722.0
Silver - spot/oz
US$4.97
Energy
1443.8
Platinum - spot
US$550.00
All Industrials
5756.1
Bridge CRB Index
219.3
FTSE 100
6466.2
-31.3
Crude Oil (NYMEX)
US$29.69
-0.59
Nikkei
17,247.13
+417.17
Copper (spot $US/tonne)
US$1760
+19
Hang Seng
17,238.67
+408.71
Lead (spot $US/tonne)
US$444
no ch
A$ = US59.17c
Zinc (spot $US/tonne)
US$1112
A$ = 63.4yen
Nickel (spot $US/tonne)
US$8355
A$ = 0.62Euro
Aluminium (spot $US/t)
US$1546
US 30-Year Bond
5.876%
+0.017
Tin (spot $US/tonne)
US$5370
HIH Insurance Limited ceased to be a substantial shareholder in Acclaim Uranium Limited on 06/07/2000.
AMI subsidiary, thingstodo Pty Ltd, plans to tap Australia's $1.5 billion backpackers' market in an online alliance with mapmaker Hema Maps Pty Ltd.
Hema maps cover both city and outback and are increasingly popular with backpackers, four-wheel drivers and outback sports enthusiasts.
Petronas Australia Pty Limited became a substantial shareholder in Australian Pipeline Trust on 13/06/2000 (Revised notice dated 05/07/2000) with a relevant interest in the issued share capital of 97,622,000* ordinary units (40%).
This information is based on a total number of securities of 97,622,000*.
*Original notice incorrectly stated 97,612,000 instead of 97,622,000 units.
SHARE SALE AGREEMENT WITH IMPERIAL ONE LIMITED SIGNED TODAY
Imperial One Limited and BeMaX Resources NL have signed the Share Sale Agreement by which BeMaX Resources NL will acquire 100% ownership interest in Imperial Mining (Aust) NL. This will give the BeMaX group an additional 25% beneficial ownership in the BIP Joint Venture, which owns the Ginkgo heavy mineral deposit and other strandline prospects in the Murray Basin mineral sands province.
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Boulder Steel's Joint Venture partner, Idaho Consolidated Metals Corp announce that it has mobilized a drill crew and equipment for Phase I drilling in the Stillwater Complex. The drill program will consist of 2,000 feet of NQ-sized core over six drill holes.
The first three holes will be located 1.3 kilometers south-east of the Stillwater Mine in the Mountain View area. Two targets are sited to test platinum group metal (PGM) mineralization associated with chromite seams. The third target is designed to test nickel/copper mineralization and the potential for associated PGMs. The remaining three of the six holes will be located 1.5 kilometers east of the Stillwater Mine in the Nye Basin area. Drill holes four through six will test chromite zones with anomalous PGMs.
The Directors advise that Bliss has made an investment in Internova MCI Pty Limited. Internova is an Australian private company that has developed an exciting Internet based concept called "MyCommunity". This concept provides local bodies, such as local councils and Chambers of Commerce, the ability to develop community centred web sites that act as a source of information on local affairs and businesses. The MyCommunity web site currently has eight substantial local councils utilising the package. Internova is currently negotiating with other councils and bodies to enlarge that number considerably.
Alcoa of Australia Ltd, AFP Pty Ltd increased their relevant interest in Eastern Aluminium Limited on 07/07/2000, from 84,425,418 ordinary shares (76.82%) to 84,578,238 ordinary shares(76.96%).
VivaNET (formerly Fortuna NL), Australia's first dedicated Internet infrastructure service provider, today lodged its prospectus with ASIC to raise $5 million from the issue of 25 million 20 cent shares. The company is due to relist on the Australian Stock Exchange shortly.
VivaNET will use the capital raised from the issue to:
General Gold Resources NL (GGR) continues to evaluate its position as a result of the recent appointment of Mr Garry John Trevor and Mr Martin Bruce Jones of Perrier Hodgson, Perth as voluntary Administrators of its 100% owned subsidiary General Gold Operations Pty Ltd (GGO), the operator of the Yimuyn Manjerr Joint Venture Gold Mine in which GGR and its subsidiaries holds approximately 4.5%.
General Gold Resources NL advise that the directors of the wholly owned subsidiary, General Gold Operations Pty Ltd (GGO), have appointed Garry John Trevor and Martin Bruce Jones of Ferrier Hodgson, Perth, as Administrators of GGO.
This action was necessitated by the written advice received from Yimuyn Manjerr (Investments) Pty Ltd (formerly Multiplex Resources Pty Ltd) (YMI) that it would not contribute its share of the Cash Call issued by GGO and due for payment on 5 July, 2000. GGO has also been formally advised that YMI have elected not to contribute any further funds required during the current Budget period, commencing 1 July and ending 31 December 2000.
The immediate affect of the above advice leaves GGO, as Operator of YMJV approx $3.9 million short in available funds. Accordingly, GGO is unable to sustain operational activity at the YMJV mine site.
The directors of Glengarry Resources NL announce that at a General Meeting of shareholders held on 14 June 2000 the following resolutions were passed.
1. ORDINARY RESOLUTION - RATIFICATION OF SHARE ISSUE
2. SPECIAL RESOLUTION - CHANGE OF COMPANY STATUS
The Directors of the Company advise that 38,000 partly paid ordinary shares on issue have now been fully paid up. The total number of ordinary securities in the Company quoted on ASX will be 257,445,486. Unquoted partly paid ordinary shares on issue now total 5,550,000.
The company announces that diamond drilling has commenced at the Iron Princess Anomaly in the Middleback Ranges in South Australia. The Middleback Ranges Project is one of the Helix Resources NL - BHP Minerals Strategic Exploration Alliance projects.
The diamond drill hole has been designed to investigate a previously untested large coincident magnetic and gravity anomaly located at approximately 300 to 400 metres depth below the old Iron Princess iron ore workings.
This highly significant coincident geophysical feature, which is some 600 metres in diameter, shows many similar geophysical and surface geochemical characteristics to large copper-gold-iron deposits identified throughout the world. Analyses of previous shallow drilling, to 250m depth, for iron ore by BHP has indicated substantial copper and gold anomalism in the overlying weathered rocks. The combination of geochemistry and geophysics has made the Princess Anomaly a high priority target in Helix's ongoing exploration of the Gawler Craton.
The drillhole will take 3 to 4 weeks to complete to an estimated depth of approximately 600 metres.
In a statement released to the Australian Stock Exchange on 7 July, Rio Tinto said it believed North Limited had breached bid conditions by the announcements made by North Limited on 30 June in relation to the Sept-Iles pellet plant in Canada. In relation to the West Angelas development in Western Australia, Rio Tinto's statement said it had not determined whether a breach had occurred.
Given North Limited's pre-existing commitments to the Sept-Iles pellet plant and the West Angelas development, relevant conditions imposed by Rio Tinto's proposed offer meant it was unlikely those conditions could ever be satisfied. North Limited's announcements on 30 June were made to keep shareholders fully informed of the current status of these two previously announced projects.
An insurance claim arising from the March 1996 partial collapse at Pasminco's Elura mine in New South Wales has been settled for $25 million.
After adjusting for amounts already paid on the claim and a $1 million deductible, the amount payable to Pasminco is $22.95 million. The settlement will have a positive impact, after allowing for prior year provisions, of $16.5 million before tax in the 1999/2000 financial year.
No one was injured in the collapse which occurred when a crown pillar failed creating a collapse zone running through the top section of the mine to the surface. A section of the mine was rendered unworkable, some infrastructure was lost and production at the time was disrupted for several months.
The Company announces that an agreement has been reached between the opposing parties on the board of Prima Resources Limited. On Friday 7 July 2000 interests supporting Mr Fehlberg and Mr Chng sold 5 million shares on the market to various parties including interests associated with Mr Revelins and Mr Frost. Mr Fehlberg and Mr Chng have agreed to retire shortly as directors of the Company and the resolutions to remove Mr Revelins and Mr Trikarso as directors will be withdrawn.
Daily Share Buy-Back Notice - continued: the remaining number of shares to be bought back - 993,187.
Sydney Gas Company NL announces that it has started planning for a new coal bed methane project to be located in the Upper Hunter Valley areas of the Sydney Basin which are within the Petroleum Exploration Licences 4 and 267 held by the group.
Notice of meeting of members of Timor Sea Petroleum to be held at 10.30 AM on 7 August 2000 at Media Centre, ASX, 530 Collins Street, Melbourne, Victoria
BACKGROUND: PROPOSED E-ESTATE TRANSACTION
In November 1999 Timor Sea Petroleum NL (TSP) established a hi-tech unit to investigate technologies which included the potential for opportunities that might result from the way business could be transacted through the emerging medium of the internet. Early this year, TSP commissioned McKerlie Consulting Pty Ltd to prepare an assessment of the technical and commercial merits of e-Estate.Net Pty Ltd ("e-Estate"), a company that had developed an interesting 3D internet concept. Their subsequent report gave the Directors confidence that this concept was unique and has potential to make the World Wide Web more user friendly. A report from McKerlie in relation to e-Estate is included in the Explanatory Information to shareholders. Subsequently, TSP acquired an option to acquire e-Estate.
NOTICE OF TRUSTEE STOCK SCHEME MEETING BEING A MEETING OF MEMBERS SUMMONED PURSUANT TO AN ORDER OF THE SUPREME COURT OF VICTORIA
Notice is hereby given that by an Order of the Supreme Court of Victoria the Court has directed a Meeting of the Members of the Company be summoned pursuant to Section 411 of the Corporations Law for the purpose of considering and if thought fit agreeing with or without amendment to the following resolution in accordance with Section 411 of the Corporations Law.
"That the Trustee Stock Scheme of Arrangement proposed to be entered into between Timor Sea Petroleum NL and its Members be agreed to."
The Court has Ordered the Meeting to be held at Media Centre, ASX, 530 Collins Street, Melbourne in the State of Victoria at 11.30am on 7 August 2000 or so soon thereafter as the Demerger Scheme Meeting convened and to be held at 11.15am at the same place shall have concluded.
BERKLEY PETROLEUM CORP:
JOINT NEWS RELEASE UPDATE ON EAST LOST HILLS GAS DISCOVERY
Berkley is pleased to provide the following update on the East Lost Hills natural gas discovery.
The production test of the Berkley No 1 discovery well has been completed and analyzed. As previously reported, the initial perforated interval of 272 feet in the well was flow tested at an extended, restricted flow rate of 13.1 million cubic feet per day (mmcfpd) of natural gas. The pressure build-up portion of the production test has now been interpreted. The data obtained from this build-up is very encouraging and supports the partnership plan to tie the well in and proceed with the expanded development drilling plan. Flowing bottom hole pressure during the test was 14,438 psi, liquids were easily transported by the gas. The gas rate, the water gas ratio, and condensate gas ratios were stable for the final 48 hours of the flow test. Berkley No 1 has demonstrated the presence of a significant hydrocarbon column in excess of 2750 feet at East Lost Hills, as well as a high pressure, high quality reservoir with enormous deliverability.
A subsequent press release of June 22, 2000 by the EKHO participants advised the following:
TRI-VALLEY'S EKHO NO 1 ENCOUNTERS HIGH-GRADE PETROLEUM
The operator and partners of the EKHO No 1 deep test well 45 miles northwest of Bakersfield are announcing petroleum of magnificent quality as results of the initial phase of production testing come in.
The oil is pure and sweet with an API gravity of 48.6 degrees, and the associated natural gas has a net Btu content of 1,460 with no water, H2S, C02 or nitrogen, according to Joe Kandle, president of Tri-Valley Oil and Gas Co. (OTCBB: TRIL - news), EKHO No 1 operator.
West Oil NL announces that it has reached agreement with CIBC World Markets Securities Australia Limited (the Underwriter) to alter the underwriting agreement for the one for five non-renounceable entitlements issue.
The Underwriter no longer has the right to terminate the underwriting agreement if the All Ordinaries Accumulation Index (500) falls below 2,700 or if the oil price trades below US$25.
West Oil requested this change in order to be able to make the financial commitment for a drilling rig slot for the Puffin-6 appraisal well in AC/P22. AEC, the operator of AC/P22, has indicated that it is looking to commit to a rig slot in the near future.
CIBC World Markets has agreed to remove the above conditions in consideration of an extra fee of 1.5% of the underwritten amount and the issue of 1,500,000 options exercisable at 30 cents on or before 30 June 2001.
All Ords
3261.0
Dow Jones
10,635.98
ASX200
3305.3
-1.6
S&P 500
1478.90
+22.23
All Resources
1309.6
Nasdaq
4023.20
All Mining
675.8
Gold - spot/oz
US$283.1
All Gold
738.0
Silver - spot/oz
US$4.95
Energy
1450.8
Platinum - spot
US$543.00
All Industrials
5713.1
Bridge CRB Index
219.33
FTSE 100
6497.5
+77.9
Crude Oil (NYMEX)
US$30.28
+0.29
Nikkei
17,398.24
+37.1
Copper (spot $US/tonne)
US$1741
-3
Hang Seng
16,829.26
+340.37
Lead (spot $US/tonne)
US$436
+2.0
A$ = US59.13c
Zinc (spot $US/tonne)
US$1120
A$ = 63.77yen
Nickel (spot $US/tonne)
US$8415
A$ = 0.624Euro
Aluminium (spot $US/t)
US$1538
US 30-Year Bond
5.859%
-0.041
Tin (spot $US/tonne)
US$5435
Bronzewing Belt Project - RC Drilling Programme
The company has received final results from the recent RC drilling programme. The programme consisted of 41 holes for a total of 2311.5m. The holes were drilled in a wide variety of areas to test several targets generated by previous exploration of the project area. The assaying was by fire assay on individual 1 metre samples.
Several significant (greater than 3.5g/t Au over two metres) results were obtained from the drilling programme, these are given in the following table.
Significant results from RC drilling programme.
PROSPECT | HOLE | NORTH | EAST | DEPTH | FROM | TO | M | AU G/T |
Forked Stick | BRC029 | 7975 | 4300 | 35 | 17 | 24 | 7 | 11.44 |
Including | 20 | 22 | 2 | 27.60 | ||||
Eric | BRC037 | 5900 | 5180 | 89 | 46 | 48 | 2 | 3.75 |
International | BRC043 | 7050 | 4425 | 59 | 51 | 53 | 2 | 4.15 |
SIGNIFICANCE OF THESE RESULTS
Previously within this project only two zones of potentially economic resources were known. The recent programme has added three new targets in areas well away from the known resources. Additional exploration will be carried out to better define these new areas.
Ausdrill has acquired the assets and business of Ace Co Pty Ltd, which is a civil construction services contractor providing horizontal drilling, trenching, cable & pipeline rollout in the telecommunications, gas, water and power industry. In addition it undertakes installation services in the telecommunications industry.
The acquisition complements the company's 50% investment in Diamond Communications Pty Ltd acquired in November 1999 and is consistent with our strategy to grow our activities in the utilities area.
AUSTRALASIAN GOLD MINES (8 July 2000)
Australasian Gold Mines has placed 6 million ordinary fully paid shares in ATE at an issue price of 7 cents per share to raise $420,000. The shares have been placed to clients of Hartley Poynton Limited for a placement and management fee of 5% and 1% respectively.
The proceeds of the Placement will be used to meet the Company's ongoing mineral exploration commitments and for working capital purposes.
CUE ENERGY RESOURCES (8 July 2000)
Cue Exploration Pty Ltd (Cue), a wholly owned subsidiary Of Cue Energy Resources No Liability has accepted an offer from Apache Northwest Pty Ltd (Apache) to acquire the whole of Cue's participating 17.65% interest in EP363.
Under the terms of the offer which is effective July 1, 2000, Apache will pay all ongoing costs associated with the Cue equity and in return will grant Cue an option to acquire a 10% interest in every production licence derived from EP363.
The option may be exercised any time after Apache has recovered, from the sale of petroleum from each licence, an amount equal to twice Apache's payments, on behalf of the option interest.
The Apache offer is subject to the pre-emptive rights of EP363 coventurers.
Current participants in EP363 are:
Apache Northwest Pty Ltd 45.45% (Operator)
Cue Exploration Pty Ltd 17.65%
Australian Worldwide Exploration NL 16.00%
Kufpec Australia Pty Ltd 12.79%
Tap (Harriet) Pty Ltd 8.11%
CUE ENERGY RESOURCES (8 July 2000)
The directors of Cue have resolved subject to shareholder approval to implement the following:
1. CONSOLIDATION OF CAPITAL
It is proposed that the present issued capital of the Company, presently consisting of 297,272,564 ordinary fully paid shares of no par value, be restated by a consolidation of capital in the following manner:-
The Company's ordinary fully paid shares of no par value shall be consolidated into ordinary fully paid shares of no par value on the basis of one (1) of such ordinary fully paid share of no par value for every ten (10) ordinary fully paid shares of no par value then held.
2. CHANGES TO THE COMPANY'S CONSTITUTION
As a consequence of changes made to the New Zealand Stock Exchange Listing Rules of 1 January 1999 and 1 December 1999 it is required that the Company amend its Constitution to incorporate these changes.
3. REMOVAL OF NO LIABILITY STATUS
The attributes of No Liability status are now defunct in New Zealand and it is proposed to substitute Limited status in its stead.
DALRYMPLE RESOURCES (8 July 2000)
99.5% of the 7,513,620 options issued on 24 May 1999 had been exercised at 20 cents each by the 30 June 2000 expiry date. 34,800 options were not exercised and consequently expired on 30 June.
EASTERN ALUMINIUM LIMITED / ALCOA (8 July 2000)
In the light of the level of acceptances received by Alcoa under the takeover bid and the resulting limited number of Eastern shareholders, Alcoa has reconsidered its intentions as set out in paragraph (a) of clause 4.4. As a result of that reconsideration, the present intention of Alcoa is now that, following the close of the Offers, it will seek to procure the removal of Eastern from the official list of the ASX. Following such removal, Eastern shares would cease to be able to be traded on ASX.
FIRST AUSTRALIAN RESOURCES (8 July 2000)
MIKESKA-HAMILL FIELD PROSPECT, AUSTIN COUNTY, TEXAS
Location building is complete and a land rig has been mobilized to commence an 8,650 foot test of the Mikeska-Hamill Field Oil Prospect. The well is due to spud today and is expected to have a duration of around 20 days.
FLETCHER CHALLENGE (8 July 2000)
Fletcher Challenge Energy has acquired 124,800 gross acres in the Saskatchewan District as part of a programme to improve the quality of its portfolio in Canada. Of that, 38,400 acres are undeveloped. Fletcher Challenge Energy's working interest in the lands is approximately 85%, which brings the net acreage (developed and undeveloped) to 106,000 acres.
The properties were purchased from UPRI for C$23.25 million, and are located in the North of the Saskatchewan District. Included are five developed areas with infrastructure complementary to assets already owned and operated by Fletcher Challenge Energy in the area.
Current gas production is approximately five million cubic feet per day and 250 barrels of oil per day. Extensive seismic survey information came with the purchase as well as 37,000 net acres of undeveloped land.
GENERAL GOLD RESOURCES (8 July 2000)
General Gold continues to evaluate its position as a result of yesterday's appointment of Mr Garry John Trevor and Mr Martin Bruce Jones of Perrier Hodgson, Perth as voluntary Administrators of its 100% owned subsidiary General Gold Operations Pty Ltd (GGO), the operator of the Yimuyn Manjerr Joint Venture Gold Mine in which GGR and its subsidiaries holds approximately 4.5%.
The complexity of the issues generated by the 5th July decision by
Yimuyn Manjerr (Investments) Pty Ltd (YMI), which holds the balance of approximately 95.5% of the Mine, not to contribute to GGO its share of the latest Cash Call in an amount of $3.9m requires careful evaluation.
GGR and the directors of GGO are also awaiting the receipt of information from the voluntary Administrators as to the affairs of GGO.
To provide time to properly evaluate the above, the Company requests suspension of trading in its securities.
GOLD AND RESOURCE DEVELOPMENTS (8 July 2000)
GRD Kirfield have been awarded the mechanical and piping installation package for the Bulyanhulu Gold Project. The project is owned by Barrick Gold and the project development is being undertaken by SNC-Lavalin at a total project cost of US$280 million.
Bulyanhulu is located in Tanzania, Africa, and approximately 45 kilometres south of Lake Victoria.
Engineering works commence immediately, with the project construction to be completed in January 2001.
GUNSON RESOURCES (8 July 2000)
Coburn Mineral Sand Project Drilling Programme
Drilling commenced today to test for major heavy mineral sand deposits south of Shark Bay in Western Australia.
This programme is being guided by the results of digital photogrammetric mapping from high resolution colour aerial photography recently flown over the area. Computer processed images of this data have confirmed several wind blown sand dune sets which are transected by a series of NNE trending sub parallel linear features up to 15 kilometres in length. These previously unknown gently arcuate linear features are spaced several kilometres apart and are interpreted to be fossil shorelines beneath the sand dunes.
Drilling to test for high grade beach strand mineralisation will be focused along the western or seaward side of the fossil shorelines and the programme will also test for larger lower grade deposits within the overlying sand dunes.
Approximately 400 holes are planned, mainly along east-west traverses 2 kilometres apart. The average hole depth is expected to be 25 metres and drilling should be completed in late August.
HITEC ENERGY (8 July 2000)
The Resolutions put today to members of HiTec Energy at the Extraordinary General Meeting were passed..
HOMESTAKE MINING COMPANY (8 July 2000)
Paul McClintock has resigned as a director of Homestake Mining Company.
HUDSON RESOURCES (8 July 2000)
Second Quarter Activities Report
MINING EXPLORATION - ATTAPULGITE
No attapulgite mining or exploration activities were conducted during the quarter. Rehabilitation work on previously mined areas was continuing.
ATTAPULGITE PROCESSING OPERATIONS
During the quarter under review, 4,390 tonnes of attapulgite ore were transported to the processing plant in Geraldton, Western Australia. A total of 2,957 tonnes of ore were processed through the plant under contractual arrangements with Industrial Minerals Marketing Pty Limited, from ore transported from the company's attapulgite deposit and from previously stockpiled ore.
MINING OPERATIONS - DIATOMACEOUS EARTH
No mining, exploration or production activities took place during the quarter.
MARKETING ACTIVITIES - SOUTH EAST ASIA
The Company continues to explore opportunities for its Bleach-Flo product and other refined attapulgite products in Australia and South East Asia.
HUDSON RESOURCES (8 July 2000)
Mr David Sutton has resigned as Chairman of the Company, effective 4 July 2000. Mr Sutton remains on the board as a non-executive director. Mr Bruce McLeod has been appointed Chairman, effective 4 July 2000.
Mr Andrew Parry has been appointed Company Secretary for the Company, effective 4 July 2000.
ILUKA RESOURCES (8 July 2000)
National Australia Bank Limited became a substantial shareholder in Iluka Resources Limited on 30/06/2000 with a relevant interest in the issued share capital of 12,115,537 ordinary shares (5.42%).
MT LYELL MINING COMPANY (8 July 2000)
Following is an update as to the present status of the Company's acquisition of Automatic Communications Limited ("ACL") announced on 19 April 2000.
VARIATION TO HEADS OF AGREEMENT
The Company and ACL Holdings Ltd have signed a variation to the heads of agreement, such that the:
(a) purchase price for an initial 50% shareholding in ACL is A$40 million payable:
(i) A$15 million in cash;
(ii) A$20 million by the issue of 80 million shares in the capital of
the Company (post consolidation) at 25 cents each; and
(iii) A$5 million in debt, repayable out of the next capital raising;
(b) the Company will undertake a placement ("Placement") of 80 million shares (post consolidation) at 20 cents each, with one free option (exercisable at 25 cents on or before 30 September 2004) for every 2 such shares issued. This Placement will raise A$16 million, sufficient to pay the cash component of the purchase price after costs;
(c) proposed issue of 32 million options to Verona will not proceed and in lieu the Company will issue 12 million options (post consolidation) to Mr Mark Blanchard exercisable at 25 cents each on or before 30 September 2004; and
(d) time periods for completion of the transaction are extended by approximately 6 weeks.
CONSOLIDATION OF CAPITAL
In order for the Company to complete the acquisition of ACL and re-list on ASX, it must satisfy the requirements of ASX Listing Rules 1 and 2 which require, amongst other things, an issue price of at least 20 cents for all securities for which the Company is seeking quotation. To meet this requirement, the Company proposes to consolidate the existing ordinary and preference shares on the basis of 1 new ordinary or preference share for every 4 existing ordinary or preference shares.
UNDERWRITING
Investa AG, a Swiss based investment firm, has agreed to underwrite $14 million of the Placement for a fee of 5% of the amount underwritten and the issue of 20 million options (post consolidation) exercisable at 25c each on or before 30 September 2004.
SPIN-OFF AND SEPARATE ASX LISTING OF FREDDIE WELL ZINC PROJECT
The directors of the Company have decided to transfer the Company's principal asset, the Freddie Well Zinc Project, and $800,000 cash into a newly formed subsidiary, Valdera Resources Limited, in consideration for Valdera issuing 22.9 million ordinary fully paid shares to the Company.
Subject to shareholder approval, these Valdera shares will then be returned in specie to Mt Lyell shareholders on a pro rata basis with 1 Valdera share being returned for every 20 ordinary or preference shares held in Mt Lyell. Shareholders will therefore maintain the same proportionate interest in Valdera (and hence Freddie Well and the cash component) that they previously held in Mt Lyell.
The directors intend to list Valdera on ASX and, in order to satisfy listing requirements, will raise up to $4 million by offering up to 20 million Valdera shares at 20 cents each (with a minimum subscription of $1 million) together with up to 10 million options (to be issued for no consideration on the basis of 1 option for every 2 ordinary shares issued each such option to be exercisable at 25 cents each on or before 30 September 2002).
The new Valdera shareholders will have a priority right to participate in up to 10 million of the Valdera shares. If Valdera shareholders apply for more than 10 million shares, the directors will allocate shares on a first applications received basis. The directors will reserve the right to place the other 10 million Valdera shares and any of the Valdera shares not applied for by Valdera shareholders.
APPOINTMENT AND RESIGNATION OF DIRECTORS
Mr Craig Burton and Mr Hans Moser have been appointed as directors of the Company as of today. They replace Mr Alasdair Cooke and Mr Jon O'Callaghan, who both resigned today.
INFORMATION MEMORANDUM
The Company is in the final stages of preparing an information memorandum (including a notice of general meeting) which it anticipates dispatching to shareholders within two weeks.
NORTH LIMITED / RIO TINTO (8 July 2000)
MEDIA RELEASE
Rio Tinto has concluded that the conditions of its bid for North have been breached, based on information released by North on 30 June 2000 in relation to its subsidiary, Iron Ore Company of Canada (IOC). North's announcement referred to the $C365.5 million reactivation of the Sept-Iles pellet plant by IOC.
Rio Tinto is not in a position to determine the impact of this breach on its bid. North's announcement did not contain sufficient information for an informed assessment of the financial impact upon North of the reactivation of the pellet plant, including any North financial guarantees. If Rio Tinto determines that these matters (whether alone or together with other matters announced by North) are of such magnitude that Rio Tinto should not waive any breach of its bid conditions, it will inform the market promptly thereafter.
North also announced on 30 June 2000 that it remains committed to the West Angelas project and that North (along with the other Robe River Iron Ore Associates participants) is obliged to incur considerable further expenditure in addition to that already reported. North has not provided sufficient information as to the extent of those obligations to permit Rio Tinto to determine whether they constitute a breach of the bid conditions.
In its Bidder's Statement, Rio Tinto stated its intention to continue North's participation in the West Angelas project, subject to customers confirming they would continue to support the project. Rio Tinto gave careful consideration to the conditions of the bid to ensure that North could continue to conduct its business in the ordinary course, and to proceed with the West Angelas mine and other significant aspects of the project. Rio Tinto would be concerned, however, about significant expenditure and commitments on West Angelas-related port and duplicative rail facilities during the relatively short period of its offer. If the bid is successful, these expenditures and commitments would potentially be wasteful and would diminish the value of North to Rio Tinto.
Rio Tinto believes that its bid conditions enable "business as usual" for North.
Rio Tinto will not be in a position to assess the significance of breaches of conditions of its bid before its review of North's Target's Statement and any other relevant information which North may provide. On 30 June 2000, North undertook to announce any further contracts in relation to West Angelas when let. Rio Tinto believes that North should extend this undertaking to commitments in respect of other projects including Sept-Iles.
NEWCREST MINING (8 July 2000)
National Australia Bank Limited Group became a substantial shareholder in Newcrest Mining Limited on 30/06/2000 with a relevant interest in the issued share capital of 16,212,818 ordinary shares (6.7%).
NEXUS MINERALS (8 July 2000)
Following the successful re-instatement of the Company's securities to the official list this morning, the Directors of Nexus look to the future with great confidence and excitement.
The Company embarks on its new future as a robust technology company offering Electronic Data Interchange (EDI) and a unique offering with the first Australian rollout of Secure Electronic Transaction (SET).
The Company is also employing its secure EDI application and I-NetPOS payment gateway in developing other commercial markets for its products.
RANGER MINERALS (8 July 2000)
Daily Share Buy-Back Notice - continued: the remaining number of shares to be bought back - 1,007,318.
TAP OIL (8 July 2000)
National Australia Bank Limited Group became a substantial shareholder in Tap Oil NL on 30/06/2000 with a relevant interest in the issued share capital of 8,754,298 ordinary shares (6.66%).
WMC (8 July 2000)
Daily Share Buy-Back Notice - continued; the remaining number of shares to be bought back - 28,250,904.
WOODSIDE PETROLEUM LIMITED / SHELL (8 July 2000)
MEDIA RELEASE BY SHELL
To ensure the market is fully informed, Woodside is releasing the text of a press release made today by Shell. This relates to Shell's proposal to Woodside.
Woodside stands by its response to the proposal as announced on 30 June 2000.
Woodside confirms that it will continue to discuss ways to take the relationship with Shell forward in a constructive manner.
SHELL MEDIA RELEASE
SHELL PROVIDES DETAILS Of WOODSIDE MERGER PROPOSAL
In the interests of a fully informed market, Shell today made available the details of its merger proposal presented to last week's meeting of the Woodside Board. An outline of the merger proposal was originally presented to the Woodside Board in mid-March and a formal proposal was submitted on 6 April 2000.
A copy of the main part of the presentation made to the Woodside Board on 29 June 2000 is available on the Shell websites (www.shell.com and www.shell.com.au).
Shell International exploration and production director, Mr Raoul Restucci, said: "Shell has written to Woodside to reiterate key aspects of the proposal which were presented at the Board meeting.
"Shell remains disappointed by the reaction of the Woodside Board to the proposal, and is continuing to consider its options," he said. "At this stage, we are keen to ensure that the market has as much information as possible in relation to the proposal."
In its letter to the Woodside Board dated 6 July 2000, Shell has highlighted:
Under the merger proposal, Shell's upstream oil and gas assets in Australia and New Zealand would be vended to Woodside. Shell has also offered Woodside an opportunity to join Shell in the redevelopment of Soroosh and Nowrooz oil fields in Iran, and has invited Woodside to participate as a preferred partner in other international projects.
In return for acquiring Shell's assets at fair market value, Woodside would issue Shell new shares at a premium to the fair market value of the shares, resulting in Shell increasing its shareholding in Woodside from 34.3 to 60 per cent.
XENOLITH GOLD (8 July 2000)
The production test of the Berkley No 1 discovery well has been completed and analyzed. As previously reported, the initial perforated interval of 272 feet in the well was flow tested at an extended, restricted flow rate of 13.1 million cubic feet per day (mmcfpd) of natural gas. The pressure build-up portion of the production test has now been interpreted. The data obtained from this build-up is very encouraging and supports the partnership plan to tie the well in and proceed with the expanded development drilling plan. Flowing bottom hole pressure during the test was 14,438 psi, liquids were easily transported by the gas. The gas rate, the water gas ratio, and condensate gas ratios were stable for the final 48 hours of the flow fest. Berkley No 1 has demonstrated the presence of a significant hydrocarbon column in excess of 2750 feet at East Lost Hills, as well as high pressure, high quality reservoir with enormous deliverability.
After reviewing the Independent engineering analysis, the partnership estimates the Berkley No 1 well to be draining 190 billion cubic feet (bcf) of natural gas and probably in excess of 260 bcf for the 4600 feet examined laterally by the test.
Xenolith has an indirect interest via its equity in Kookaburra Resources Ltd and KOB Energy Inc.
All Ords
3262.0
Dow Jones
10,481.47
ASX200
3306.9
-13.6
S&P 500
1456.67
+10.44
All Resources
1294.3
Nasdaq
3960.57
All Mining
660.6
Gold - spot/oz
US$282.4
All Gold
714.2
Silver - spot/oz
US$4.98
Energy
1449.3
Platinum - spot
US$544.00
All Industrials
5725.9
Bridge CRB Index
217.88
FTSE 100
6419.6
+37.1
Crude Oil (NYMEX)
US$29.99
-0.68
Nikkei
17,282.37
-153.58
Copper (spot $US/tonne)
US$1744
-19.0
Hang Seng
16,489.59
+15.32
Lead (spot $US/tonne)
US$434
+1.0
A$ = US59.05c
Zinc (spot $US/tonne)
US$1120
A$ = 63.45yen
Nickel (spot $US/tonne)
US$8315
A$ = 0.621Euro
Aluminium (spot $US/t)
US$1549
US 30-Year Bond
5.900%
+0.043
Tin (spot $US/tonne)
US$5415
The first results from the underground drilling program being conducted from the Swan decline were positive and have confirmed the repetition of ribbons beneath the historic workings on the Sheepshead and Deborah lines of reef. The thesis that ribbons, which control gold mineralisation in Bendigo, repeat with depth beneath historic workings, is central to the Company's announced 10 million-ounce gold potential of the New Bendigo.
Richard Marr and Peter Boykett have been appointed (effective 4th July 2000) as Directors of Crest Magnesium NL and the 100% owned subsidiary Tasmania Magnesite NL. Paul Berresford and Marcello Cardaci have resigned as Directors of the same companies.
Paul Berresford will remain as Company Secretary of both companies.
The first results from the underground drilling program being conducted from the Swan decline were positive and have confirmed the repetition of ribbons beneath the historic workings on the Sheepshead and Deborah lines of reef. The thesis that ribbons, which control gold mineralisation in Bendigo, repeat with depth beneath historic workings, is central to the Company's announced 10 million-ounce gold potential of the New Bendigo.
Fletcher Challenge Energy has received notice of the intention of Government-owned utility Genesis to appeal the recent High Court decision that the "ECNZ Heads of Agreement" contract is binding.
"Fletcher Challenge Energy will be taking steps to ensure that the appeal is dealt with as soon as possible as we believe this is in the best interests of all parties," said Rick Webber, General Manager, New Zealand.
The High Court decision was very firmly in Fletcher Challenge Energy's favour and the company has always believed that the contract is binding. Fletcher Challenge Energy remains ready to deliver gas on 1 October 2000 under the take-or-pay provisions of the contract and expects Genesis to either take or pay for gas accordingly.
The Prospectus is now available for a 1 for 3 Non-Renounceable pro rata issue of Shares at an issue price of $0.04 each together with 1 attaching Option granted free for every 1 Share subscribed for and issued ("the Entitlements Issue")
Normandy Wiluna Mines Pty Ltd ceased to be a substantial shareholder in Julia Corporation Limited.
NEW ISSUE ANNOUNCEMENT
Matrix, an amalgam of Murchison United and Majestic Resources has recently raised $7 million and is now looked in for listing next week. The Company has a three year view of production of 20,000 tonnes from its present 5500 tonnes.
Mosaic Oil NL has commenced a testing program on the Taylor Oilfield in conjunction with Schlumberger Oilfield Services. Special down-hole logging tools are being used to identify oil and gas zones with a view of re-perforating existing oil production zones and perforating new oil bearing intervals previously untested.
Molopo Australia NL announce that the Mongolian courts have ordered the restoration of the license over the Tsagaan Suvraga copper resource project located in Mongolia, that has been subject to a title dispute.
The courts decision, however, may be subject to an appeal.
The Tsagaan Suvraga copper deposit is a major porphyry copper deposit with an indicated resource of 240 million tonnes at 0.53% copper with a cap of approximately 10 million tonnes of copper oxide resource at a similar grade. The deposit represents the second largest known copper deposit in Mongolia, with the largest deposit being the resource for the Erdenet copper mine.
Nexus Minerals relists Friday, 7 July, cashed up with more than $9 million to aggressively pursue its new direction as a major e-commerce solution provider.
Nexus, which will change its name to IPT Systems, will focus on secure messaging, Internet based Electronic Data Interchange (EDI), and payment gateway solutions.
Shareholders approved the company's plans to restructure as a technology company at an extraordinary general meeting on June 23. The name change to IPT Systems will take place after a set period and until this time the company will continue to be listed as NEX.
The Directors advise that reinstatement of the Company's securities has been scheduled for 10.00am EST/8.00am WST Friday 7th July, 2000.
The Company's name change to IPT Systems Ltd will take place after a statutory gazette period of 30 days following the General Meeting and until this time the Company will continue to be listed as Nexus Minerals NL with the following security codes;
NEX Ordinary shares
NEX0 30 June 2004 options
NEXOA 30 June 2001 options
N M Rothschild Australia Holdings Pty Limited became a substantial shareholder in Novus Petroleum Limited on 04/07/2000 with a relevant interest in the issued share capital of 8,084,001 ordinary shares (5.07%).
Oil Company of Australia Limited on behalf of the PL 44 Joint Venture advises that:
Merivale No.9, an oil appraisal well situated approximately 220 metres north-north-west of Merivale No.2, latitude 25 deg. 33 min. 03.00 sec. south, longitude 148 deg. 20 min. 00.04 sec. east, was spudded at 19:00 hours on June 24, 2000. Surface casing was set at 205.8 metres R.T. intermediate casing was set at 1439 metres R.T.. At 06:00 hours Thursday the well was about to commence air drilling at a depth of 1451 metres R.T.. Progress for the week was 335 metres.
The primary targets of the well are the staircase sandstone and the reids dome beds.
By agreement with the holder, 350,000 options exercisable at $7.00 per share and expiring 21 July 2001 (PSAAU) have been cancelled.
Peregrine Strategic Limited increased its relevant interest in Prima Resources Limited on 17/07/2000, from 4,832,237 ordinary shares (11.44%) to 5,427,237 ordinary shares(12.84%).
SANTOS LIMITED - SUMMARY OF DRILLING
WEEK ENDING 6TH JULY 2000
QUEENSLAND
WELL: Challum 18DW1
TYPE: SWQ Unit Gas Development
LOCATION: PL 59, Aquitaine B Block, 1.25km NE Challum 1 and 20km W of the Ballera Gas Centre
STATUS AT 06/07/2000 0600 HOURS: Preparing to complete well as a gas producer from the Permian Toolachee Formation. The upper lateral objective was abandoned due to mechanical difficulties. Challum 18DW1 reached a total measured depth of 2902m.
Challum 18 was designed as a high angle well with two sub-horizontal lateral well bores designed to drain separate reservoirs in the Permian age Toolachee Formation. Challum DW1 is designated the lower lateral wellbore while Challum DW2 is designated the upper lateral wellbore.
PLANNED TOTAL DEPTH: DW1 3121m MD
DW2 3100m MD
WELL: Merivale 9
TYPE: Gas Development
LOCATION: PL 44, Dennison Trough, 0.2km NNW of Merivale 2, 0.5km N of Merivale 8, and some 140km N of the township of Roma.
STATUS AT 06/07/2000 0600 HOURS: Preparing to commence air drilling. Current depth is 1451m, with 351m progress for the week.
PLANNED TOTAL DEPTH: 2107m
OFFSHORE WESTERN AUSTRALIA
WELL: Triller 1
TYPE: Exploration Wildcat
LOCATION: TL 3, Offshore West Coast Barrow Island, WA
STATUS AT 06/07/2000 0600 HOURS: Laying out bottom hole assembly prior to running abandonment plugs. Triller 1 reached a total depth of 1526m, with 1024m progress for the week.
PLANNED TOTAL DEPTH: 1552m
SANTOS LIMITED - SUMMARY OF DRILLING
WEEK ENDING 6TH JULY 2000
SOUTH AUSTRALIA
WELL: Moomba 116
TYPE: Gas Development
LOCATION: PPL 7, Moomba Block, 1.6km W of Moomba 91, 1.0km SW of Moomba 113, and some 9km NW of the Moomba Gas Plant.
STATUS AT 06/07/2000 0600 HOURS: Drilling ahead. Current depth is 2704m, with 1785m progress for the week.
PLANNED TOTAL DEPTH: 2789m
WELL: Pondrinie 17DW1
TYPE: Gas Development
LOCATION: PPL 90, Merrimelia-Innamincka Block, 1km WNW of Pondrinie 15DW, 1.8km WSW of Pondrinie 8 and 75km NE of the Moomba Gas Plant.
STATUS AT 06/07/2000 0600 HOURS: Preparing to complete well as a gas producer. The well reached a total depth of 2602m MD with 275m progress for the week.
Pondrinie 17DW is a high angle gas development well designed to drain gas reserves in the Permian aged Toolachee and Tirrawarra/Merrimelia Formations.
PLANNED TOTAL DEPTH: 2820m
QUEENSLAND
WELL: Stokes 7
TYPE: Gas Development
LOCATION: PL 84, Total 66 Block, 1.3km NE of Stokes 6,1.7km E of Stokes 4, and some 130km SW of the Ballera Gas Centre.
STATUS AT 06/07/2000 0600 HOURS: Drilling ahead. Current depth and progress for the week is 2042m. The well spudded on 29/06/2000.
PLANNED TOTAL DEPTH: 2591m
SANTOS LIMITED - SUMMARY OF DRILLING
WEEK ENDING 6TH JULY 2000
USA
WELL: Webb 1
TYPE: Gas Exploration
LOCATION: Suemaur Moore Prospect, San Patricio County, Texas
STATUS AT 05/07/2000 0600 HOURS: Preparing to drill ahead after setting a 178mm liner at 3200m. Progress for the week is 318m.
PLANNED TOTAL DEPTH: 4115m
WELL: State Tract 157#1
TYPE: Gas Exploration
LOCATION: South Long Reef Prospect, Aransas County, Texas.
STATUS AT 05/07/2000 0600 HOURS: Drilling ahead at 3169m with 353m progress for the week.
PLANNED TOTAL DEPTH: 3048m
WELL: Mew Estate 1
TYPE: Gas Exploration
LOCATION: Edge-Queen City 111 Prospect, Duvual County, Texas
STATUS AT 05/07/2000 0600 HOURS: Conditioning hole prior to running production casing. The well reached a total depth of 2698m, with 869m progress for the week.
PLANNED TOTAL DEPTH: 2743m
APPOINTMENT OF MR NICK ELLIS AS DIRECTOR
Mr Nick Ellis has been appointed as a Director with effect from 29 June 2000. Mr Ellis has also been appointed as Chief Executive Officer with effect from 1 August 2000.
APPOINTMENT OF MR GRAHAM NICOL AS A ALTERNATE DIRECTOR
Mr Graham Nicol has been appointed as an Alternate Director to Mr Mike Kimberley.
APPOINTMENT OF JOINT COMPANY SECRETARY
Mr Charles MacKinnon, a Director of the Company and Mr Graham Nicol have been appointed as joint Company Secretary.
Sydney Gas Company advises that its wholly owned subsidiary Sydney Gas Operations Pty Ltd lodged an application with the NSW Department of Mineral Resources for an Assessment Lease within PEL 2 in the Sydney Basin.
The Assessment Lease applied for covers an area of 48 square kilometres south-west of Camden including the area where the Johndilo Pilot Project is located and seeks an initial term of 6 years. Under its application SGO has sought approval from the DMR to deliver gas to the AGL Gas Networks distribution system at Menangle Road, Camden pursuant to SGO's Gas Supply Agreement with AGL Wholesale Gas Ltd dated 12 August 1999.
The Lynch Group Shareholding in Werrie Gold Limited previously held through Belamanda Resources Pty Limited (12,000,004 shares) and Queensland Resources Pty Limited (13,745,604 shares) has now been altered as a result of an Order made 26 November 1999 by the Family Court of Australia such that the current holdings are:
Belamanda Resources - Nil
Queensland Resources -16,734,645 shares
Ms D D Fitzpatrick (formerly Lynch) - 9,010,963 shares
Announcement of Prospectus for a non-renounceable pro-rata entitlements issue of approximately 15,430,560 fully paid ordinary shares at an issue price of 17 cents each, together with a free attaching option exercisable at 30 cents on or before 30 June 2001, to raise approximately $2,623,000 (before issue costs) on the basis of one (1) share and one (1) option for every 5 shares held at the Record Date (the "Entitlements Issue").
WMC Limited announces that its wholly owned subsidiary, WMC Resources Ltd, has found further encouraging gold intersections at the Belleisle discovery at its St Ives Gold operation in Western Australia. The two best intersections were 43.1 metres at 18.41 grams a tonne, starting at a depth of 216.9 metres, and 38.2 metres at 8.25 grams a tonne, starting at a depth of 277.5 metres.
Drilling continues on the prospect, which is on Lake Lefroy about 12 kilometres north of the St Ives processing plant and 7 kilometres from the heap leach facility now being built.
ALCOA OF AUSTRALIA LIMITED gives notice that:
(a) on 3 May 2000, the Company declared the offers dated 10 April 2000 by it under its off-market takeover bid to acquire ordinary shares in Eastern Aluminium Limited free from the condition set out in clause 5.1(b) of the Offers; and
(b) the conditions set out in clauses 5.1(a) and 5.3 of the Offers were, at the time of giving this notice, fulfilled.
Accordingly, the Offers are free of all conditions.
The Bidders voting power in Eastern at the time of giving this notice is 76.84%.
Fletcher Challenge
Drilling & Production Testing Report
For the week ending 05/07/2000
Country : Canada
Block Area: Baldwinton
Well Name : A6-10-44-23 W3M
Objective : A Development well testing Sparky Oil
Current Status : * Spud: 25/06/2000
* Cased for Sparky Oil
* Rig Released: 27/06/2000
Block Area: Baldwinton
Well Name : A11-10-44-23 W3M
Objective : A Development well testing Sparky Oil
Current Status : * Spud: 27/06/2000
* Cased for Sparky Oil
* Rig Released: 29/06/2000
Block Area: Baldwinton
Well Name : A12-10-44-23 W3M
Objective : A Development well testing Sparky Oil
Current Status : * Spud: 25/06/2000
* Cased for Sparky Oil
* Rig Released: 29/06/2000
Block Area: St Albert
Well Name : 10-35-53-26 W4M
Objective : A Development well testing Viking/Basal Belly
River Gas
Current Status : * Spud: 23/06/2000
* Cased for Basal Belly River gas
* Rig Released: 29/06/2000
Block Area: Mikwan
Well Name : 5-28-37-23 W4M
Objective : An Exploratory well testing Basal Belly River Gas
Current Status : * Spud: 04/07/2000
* Prepare to drill out. Very wet conditions
Block Area: Baldwinton
Well Name : A14-10-44-23 W3M
Objective : A Development well testing Sparky Oil
Current Status : * Spud: 29/06/2000
* Cased for Sparky Oil
* Rig Released: 02/07/2000
Block Area: Baldwinton
Well Name : A13-10-44-23 W3M
Objective : A Development well testing Sparky Oil
Current Status : * Spud: 02/07/2000
* Ran production casing
Fletcher Challenge
Drilling & Production Testing Report
For the week ending 05/07/2000
Country : New Zealand
Block Area: PML 38036
Well Name : McKee-2B
Objective : Sidetrack development infill well in the McKee oil reservoir
Current Status : * Milled window in 9(5/8") casing at 1618-1625m, Required additional milling in order to get directional assembly through window
* Drilled 8(1/2") directional hole 1625-2212mAH.
Encountered McKee formation 2210mAH, 23m shallow to prognosis
Block Area: PML381012
Well Name : MB-7
Objective : Horizontal development well in the Maui B D1.10 oil reservoir
Current Status : * Drilled 8(1/2") hole from 3393m to 3455m at inclination of 82 degrees.
* Ran and cemented 7" liner
* Performed rig maintenance while operations
suspended for 3 days due high winds and sea state
preventing offloading of equipment
* Current operation @ 0600hrs 6th July, waiting on
equipment to drill 6" horizontal hole in reservoir
Block Area: PML381012
Well Name : MB-6
Objective : Horizontal development well in the Maui B D1.10 oil reservoir
Current Status : * Suspended well with stuck 4(1/2") liner pending evaluation of side-track or completion options while operations proceed on MB-7
Country : Brunei
Block Area: Block CD
Well Name : EEG-(1)
Objective : Stacked Pliocene Shelf Sand objectives 3400-4600m
Current Status : * Drilled to 2679m
* Ran Pex-DSI wireline log
* Run 13(3/8") casing
* Drilled to 3290m
General Gold Resources NL advise that the directors of the wholly owned subsidiary, General Gold Operations Pty Ltd (GGO), have appointed Garry John Trevor and Martin Bruce Jones of Ferrier Hodgson, Perth, as Administrators of GGO.
AGREEMENT FOR SUPPLY OF INCLINOMETERS
Kanowna's subsidiary Kaowna Technology Ltd has secured a 3 year agreement to supply United States of America based tool manufacturer CHECKPOINT Professional with Inclinometers developed by KTL's research and development division Spot-On Technology.
The suspension of trading in the securities of Nexus Minerals NL will be lifted from the commencement of trading on Friday 7 July 2000, following compliance by the Company with listing rule 11.1 and Chapters 1 and 2 of the listing rules.
Security Codes: NEX Ordinary shares
NEXO 30 June 2004 options
NEXOA 30 June 2001 options
Pilbara Mines Ltd has determined to proceed with the proposed initial public offering and listing on ASX of shares in its 95% subsidiary, Request DSL Pty Limited.
It is the intention of Request DSL to raise in the vicinity of $20 million through the issue of ordinary fully paid shares to the public. Pilbara will not be disposing of any of its shares in Request DSL as part of the fundraising and will retain its entire interest in the company.
In the quarter ended 30 June 2000, the QCT Resources Limited Group's coal shipments totalled 3,815,000 tonnes. This total comprised 2,647,000 tonnes from its share of the Central Queensland Coal Associates and Gregory joint venture mines and1,168,000 tonnes from the South Blackwater mines.
Daily Share Buy-Back Notice - continued; Maximum remaining number of shares to be bought back: 28,735,095.
FOURTH QUARTER HIGHLIGHTS
* Oil discovery at Puffin-5; Puffin-5 suspended as a potential producer.
* Announcement of planned Puffin-6 appraisal well.
* Puffin Oilfield has potential to contain 55 million barrels recoverable.
* Phillips has secured rig slot for Coleraine-1 for August or September 2000.
* New 150 million barrel prospect, Aristarchus added to prospect inventory in AC/P28.
* 1 for 5 non-renounceable entitlements issue announced to raise $2.6 million to be fully underwritten by CIBC World Markets.
NEW ISSUE ANNOUNCEMENT
Brandrill Limited has announced that it has entered into a partnering agreement with AngloGold Limited to develop a continuous mining system for narrow vein gold stopes based on its patented Penetrating Cone Fracture (PCF) technology.
AGL announce that AGL had moved to 100% ownership of Chilean company Gas Valpo. Gas Valpo is the leading natural gas distributor in Region V, the area around Valparaso, the seat of Government in Chile.
The first three drill holes of a seven-hole program designed to confirm an identified nickel sulphide resource at the North Avebury Prospect west of Zeehan have been completed.
In addition to encouraging confirmatory intersections in the North Avebury deposit, one hole (A018) also intersected high grade mineralisation in the Central Avebury deposit.
The Company is highly encouraged by the results which further confirm that the Avebury Prospect is not a single nickel sulphide deposit but rather a cluster of significant deposits. It should be emphasised that the present drilling program is confined to 300 - 400 m of strike length within the prospective geological horizons which run for approximately 1800 - 2000 m.
Malaysia Mining Corporation Berhad increased its relevant interest in Ashton Mining Limited on 05/07/2000, from 160,180,888 ordinary shares (47.53%) to 160,430,888 ordinary shares (49.92%).
The Company advises of a change in the telephone and facsimile numbers of the registered office of Ashton Mining Limited. Accordingly, the new contact numbers for the Company are as follows:
Telephone: (03) 9832 9200
Facsimile: (03) 9832 9211
Final On-Market Share Buy-Back Notice;
Total Number of shares bought back: 16,600,000
Total consideration paid or payable for the shares: $13,433,732.53
The intention to form Australia's first multiple-industry business to-business e-marketplace - corProcure - has been announced by fourteen of Australia's leading companies.
The companies, each of which is a founding shareholder in corProcure, include Amcor, AMP, ANZ, Australia Post, BHP, Coca-Cola Amatil, Coles Myer, Foster's, Goodman Fielder, Orica, Pacific Dunlop, Qantas, Telstra and Wesfarmers.
NEW ISSUE ANNOUNCEMENT
NEW ISSUE ANNOUNCEMENT
Fletcher Challenge has started its debt repayment programme with an offer to purchase up to $US1.1 billion worth of notes held by institutional investors in the United States.
The offer is part of the separation process and is conditional on completion of the sale of Fletcher Challenge Paper to Norske Skog at the end of the month. The offer is being made now so that the overall process will be able to be completed as quickly as possible.
The programme is a tender offer and consent solicitation for outstanding 6.75% Notes due 24 March 2005, 7.75% Notes due 20 June 2006, 7.5% Notes due 24 March 2007, 6.875% Notes due 24 March 2008, 8.25% Notes due 20 June 2016 and 7.875% Notes due 24 March 2017.
The securities of General Gold Resources NL will be placed in pre-open pending the release of an announcement by the Company. Unless ASX decides otherwise, the securities will remain in pre-open until the earlier of the commencement of normal trading on Friday 7 July 2000 or when the announcement is released to the market.
Security Codes: GGR
GGRO
Hudson Investment Group Limited increased its relevant interest in Hudson Resources Limited on 27/06/2000, from 80,853,973 ordinary shares (82.74%) to 81,928,524 ordinary shares (83.84%).
Julia Corporation has applied for a listing on the Third Board of the Frankfurt Stock Exchange, Germany. The listing should be effective within two weeks.
This listing will coincide with the opening of a London office for our wholly owned subsidiary Smart Silicon Systems Pty Ltd and an active marketing campaign to commence in Europe in August.
KIMBERLEY SECURES LICENCE TO MINE NAMAQUALAND DIAMONDS GRANTED LICENCE IN WORLD-CLASS COASTAL DIAMOND PROVINCE
Kimberley is gearing up for a major work program which could lead to large-scale mining operations as early as next year at its Namakwa Diamond Project in South Africa's Western Cape Province after being granted the tenement licence for the rich coastal diamond project.
Mt Grace Resources has appointed Carmichael First Capital Pty Limited as corporate advisors, a wholly-owned corporate finance subsidiary of Western Australia's oldest independent securities house, D J Carmichael & Co.
CFC will provide services in relation to:
MANAGER APPOINTMENT
Jeremy Edelman has been appointed in the position of Commercial Manager.
Vince Gauci, currently Group Executive responsible for MIM's operations in Australia, will expand his role to cover all company operations.
Vince continues as an Executive Director of MIM.
Murchison United NL has announced that the Company had successfully listed on the Alternative Investment Market the London Stock Exchange on Monday 3 July 2000. The Company closed at 46 pence with 247,000 shares traded. The Company's code is MUU.
As part of the Company's admission to AIM, the Company issued 15,000,000 shares at 30 pence to institutional clients of Williams de Broe.
Matrix Oil announces that it has received formal approval from the Indonesian national oil company, Pertamina, for a twelve month extension to its Langsa Offshore Technical Assistance Contract (TAC), located in the offshore part of the North Sumatra Basin. The extension was made effective as of 15th May 2000, the anniversary date for the contract.
Western Australian miner Robe River Iron Associates established a series of new performance benchmarks in June to cap off a record year.
In the 12 months to 30 June 2000 Robe shipped 31,379,855 tonnes, 863.797 tonnes more than in any other comparable period in its history.
This included a significant increase in the higher value lump product which Robe now manufactures from ore which was once only regarded as a source of sinter fines.
The Pilbara producer, which is majority owned and managed by North Limited, also reached new highs in every area of its operations from total material mined at its massive Mesa J deposit through to fines and lump product produced by its port operations at Cape Lambert.
Details of records (wet metric tonnes):
1999-2000 | PREVIOUS RECORD | |
* Total material mined | 57,392,332 | 42,097,034 (1998-99) |
* Ore hauled/railed | 30,985,032 | 30,133,970 (1997-98) |
* Ore produced | 31,197,297 | 30,185,344 (1997-98) |
* Total ore shipped | 31,379,855 | 30,516,058 (1997-98) |
* Lump shipped | 4,523,168 | 2,488,500 (1997-98) |
Every weekly production record was broken in the week to 25 June, including 1,292,033 tonnes of total movement on Mesa J; 720,096 tonnes hauled, railed and crushed; and 748,750 tonnes produced by the Cape Lambert plant.
95% owned subsidiary, Request DSL Pty Limited (Request DSL) announces the appointment of Mr Philip Sykes to the board as an executive director in the new role of Chief Executive Officer (CEO).
The appointment follows recent announcement that Mr Sykes had been appointed as Chief Operating Officer commencing on 1st July 2000.
All resolutions proposed at the Extraordinary General meeting of the Company held at 11 am Wednesday, 5th July, were passed.
This confirms the acquisition of new generation telecommunications company, Select-Tel Holdings Pty Ltd, subject to a successful capital raising.
Tap Oil N.L. provides the following update on the Olive-1 exploration well which spudded on 29 June 2000.
LOCATION
The well is located in TL/1, 12 kilometres northeast of Varanus Island and 5 kilometres northwest from the Gipsy oil development at latitude 20(deg)36' 35.26"S and longitude 115(deg)40' 50.35"E.
PROGRESS
As at 6.00am today, the well has drilled ahead to a total depth of 2,232 metres measured depth.
Unfortunately, the well failed to encounter a hydrocarbon accumulation and will now be plugged and abandoned as a dry hole.
The Company advises that a large compressor motor in the refrigeration unit of the Ammonia Plant, at
the Phosphate Hill fertilizer complex, has developed a fault and will delay fertilizer production.
The motor is in the process of being repaired in Mount Isa.
It is expected that ammonia production rates will return to normal and fertilizer production will resume within a month.
The Phosphate Hill fertilizer complex is expected to achieve an averageproduction rate of 70,000 tonnes once production recommences.
Daily Share Buy-Back Notice - continued; Maximum remaining number of shares to be bought back: 30,135,095.
All Ords
3259.5
Dow Jones
10,483.6
ASX200
3310.1
+2.0
S&P 500
1446.23
-23.31
All Resources
1309.6
Nasdaq
3863.10
All Mining
652.8
Gold - spot/oz
US$283.2
All Gold
695.1
Silver - spot/oz
US$4.96
Energy
1423.7
Platinum - spot
US$536.00
All Industrials
5710.1
Bridge CRB Index
219.39
FTSE 100
6382.5
-34.5
Crude Oil (NYMEX)
US$30.67
-1.83
Nikkei
17,435.95
-34.2
Copper (spot $US/tonne)
US$1765
-3.0
Hang Seng
16,474.27
+238.51
Lead (spot $US/tonne)
US$435
no ch
A$ = US58.96c
Zinc (spot $US/tonne)
US$1128
A$ = 63.18yen
Nickel (spot $US/tonne)
US$8315
A$ = 0.618Euro
Aluminium (spot $US/t)
US$1569
US 30-Year Bond
5.857%
-0.005
Tin (spot $US/tonne)
US$5465
International Annax Ventures reports that the third diamond drill hole, SOP24D, of the current program has also intersected high grade zinc-lead-silver stratiform mineralisation at the Dairi project located in North Sumatra. High grade intersections were previously reported for holes SOPD 22 and 23.
Hole SOP24D intersected the main SEDEX zone at 64.8m down-hole depth and approximately 80m up-dip from SOPD23D (14.5m @15.9% Zn, 9% Pb and 8.6 g/t Ag). All intercepts are down-hole widths which approximate true thickness. A 4m upper zone of mineralisation was also intersected at 48m depth. Assays are tabled below.
Metal Grades |
||||||
Drill Hole |
Interval (metres) |
Intercept (metres) |
% Zinc |
% Lead |
g/t Silver |
Combined % Lead + Zinc |
SOP24D |
64.8-75.0 |
10.2 |
17.0 |
12.2 |
19.1 |
29.2 |
and |
||||||
48.0-52.0 |
4.0 |
8.2 |
5.1 |
7.7 |
13.3 |
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The directors of Admiralty Resources NL announce that the placement Prospectus dated 15 June 2000 has closed fully subscribed.
The Prospectus was an offer for the placement of up to 17,000,000 fully paid ordinary shares in the capital of Admiralty Resources NL at an issue price of three cents ($0.03) per share.
The issue has raised $510,000 for the Company and these funds are to be used to conduct further exploration activities in Argentina.
The directors of Admiralty Resources NL announce that the placement Prospectus dated 15 June 2000 has closed fully subscribed.
The Prospectus was an offer for the placement of up to 17,000,000 fully paid ordinary shares in the capital of Admiralty Resources NL at an issue price of three cents ($0.03) per share.
The issue has raised $510,000 for the Company and these funds are to be used to conduct further exploration activities in Argentina.
Oil stocks have been largely overlooked in the last twelve months and are now attracting more market support. Oil however, has been at a nine year high for the last year and looks poised to remain well above US$20 per barrel in the medium term.
A case in point is our company which is now enjoying a very strong revenue stream from its oil production in the USA of approximately US$500,000 per month (A$835,000). A conservatively geared balance sheet, combined with cash at bank, will enable the company to make a US$6 million acquisition.
The "thingstodo" infosite is now on-line as of Saturday 1 July 2000. The infosite may be viewed at wwwthingstodo.com.au.
AUSTPAC AND TICOR AGREE TO WORLDWIDE JOINT VENTURE TO EXPLOIT THE ERMS AND EARS TECHNOLOGIES
Austpac Resources and Ticor announce formation of a 50/50 joint venture for the global development of Austpac's ERMS and EARS technologies for upgrading titaniferous feedstock. The joint venture will participate in the AusRutile Joint Venture which was formed in August 1999 by Austpac and Indian Rare Earths Limited (IRE) to develop ERMS synthetic rutile plants in India. A joint venture company, AusRutile India Private Limited (AusRutile) has been formed to manage the Indian operations. Austpac and Ticor will each directly hold a 37% shareholding in AusRutile and IRE will hold the balance of 26%. Ticor's participation in the project is subject to the formal approval of IRE and relevant Indian authorities.
NEW ISSUE ANNOUNCEMENT
A grant of 160,000 unlisted Directors' and Employees' Option Plan options have been approved by shareholders on 28 May 1997. The exercise price for these options will be $0.83 and the options will expire on 28 March 2005.
The options have been granted to three employees, including new and existing senior staff members who are currently working in South Africa. No options have been granted to Directors under this issue.
Centennial Coal Company Limited announce that the Company has agreed to purchase the remaining 50% interest in Springvale Colliery from GC Coal Company.
Lake Goongarrie Joint Venture
Further encouraging Drilling Result reported from Chameleon
An additional Reverse Circulation ("RC") drilling programme has recently been completed on the Chameleon Prospect situated in the southern part of the area covered by the Lake Goongarrie Joint Venture in which Dalrymple holds a 40% interest and WMC Resources Limited 60%.
Assay results from an RC hole, GG390 drilled on section 6663040N at Chameleon returned an intersection of 22 metres @ 5.4 g/t gold from 150 metres down hole depth. The hole was drilled at an angle of -60 degrees oriented to AMG84 -51 grid east. An estimated true width for this intersection is about 17 metres.
This RC hole was drilled 200 metres to the south-southeast from gold mineralisation previously reported in holes GG68 ( 34 metres @ 3.6 g/'t gold) and GG 382 (25 metres @ 3.9 g/t gold); these holes were estimated to have been drilled sub parallel to the mineralised structure. Holes GG380 and GG381 returned 5 metres @ 1.7 g/t gold and 2 metres @ 4.9 g/t gold.
Three other RC holes in the current programme drilled further to the south-southeast and north-northwest of the previous results failed to return any significant assays.
Diamond hole GG389 drilled to undercut RC holes GG 380 and GG 381 has been completed but not yet assayed. A plan is attached showing the approximate location of recent RC and Rotary Air Blast (RAB) drillholes.
KPMG resigns as auditor of Eastern Aluminium Limited and its controlled entities effective from 29 June 2000. PriceWaterhouse Coopers will be appointed as the new auditor.
The above change of auditor relates to the recent change of Control in the company to Alcoa of Australia Limited, whose auditor is Price Waterhouse Coopers.
Ghana Gold Mines Limited hereby advise that the Company has placed, via Kirke Securities Limited, 35,000,000 fully paid ordinary shares (which will rank equally with all other fully paid ordinary shares) at an issue price of $0.02 each to raise $700,000.
Gold and Resource Developments NL has changed the names of its three operating subsidiaries.
The gold business is now GRD Macraes Limited.
The resource solutions business has changed from Minproc Limited to GRD Minproc Limited.
Kirfield Engineering & Construction Pty Ltd is now GRD Kirfield Limited.
The businesses will continue to grow and operate as independent entities while optimising the corporate assets of GRD.
Hillcrest Resources NL became a substantial shareholder in Vincorp Wineries Limited on 30/06/2000 with a relevant interest in the issued share capital of 3,750,000 ordinary shares (6.19%).
Lakes Oil NL announces that the 2,287,500 outstanding options which were held by the Directors of the Company have now expired.
Each Option entitled the holder to acquire one ordinary share in the Company at a price of 20 cents per share. None of the Options were exercised.
For company information, click here
Daily Share Buy-Back Notice - continued; Maximum remaining number of shares to be bought back: 3,859,295.
For company information, click here
Mining at Normandy's Bronzewing mine cannot recommence until formal approval is received from the Department of Minerals and Energy and the Coroner, who are currently investigating last week's tragic incident. At this stage, there has been no indication of when that might occur.
The Prospectus is now available for a non-renounceable Entitlement Issue to shareholders of up to 23,122,177 New Shares and 11,561,088 free attaching New Options on the basis of one New Share for every five Shares held at an issue price of 3.5 cents per Share and one New Option for every 2 New Shares issued to raise up to approximately $809,276
The Entitlement Issue closes at 5.00pm WST on Tuesday 1 August 2000.
PRINCIPAL ACTIVITIES IN PAST 12 MONTHS
NOTIFICATION OF SHARE CANCELLATION
DETAILS OF SHARES CANCELLED
Period of Cancellation from 01/06/2000 TO 30/06/2000
Daily Share Buy-Back Notice - continued; Maximum remaining number of shares to be bought back: 606,515.
Response to ASX Query -
Platgold Pacific Limited advises that at the time of receipt of your letter dated 3 July 2000 the Company was not aware of any information of the type referred to in your letter and that it is and has been in compliance with the listing rules and, in particular, listing rule 3.1.
The Company is of the view that its share price dropped during the period preceding 30 June 2000 as a result of tax loss selling and that following 30 June there has been general renewed interest in the Company.
Notwithstanding this, following is a summary of the Company's recent activities in accordance with the programme previously advised to ASX.
The Company has reached the major milestone in deployment of the company's next generation remote asset management system. Currently engineers from Startrack, Vistar Telecommunications Inc and C&W Optus are installing the supporting infrastructure including satellite Earth Station Equipment (ESE), terrestrial links and associated telecommunications equipment all of which forms a major component of the Startrack solution.
Following deployment, the system will be commissioned by Startrack's engineers allowing for commencement of commercial trials of the system for various industry segments during July 2000.
Commonwealth Bank of Australia, Colonial Limited became a substantial shareholder in Ranger Minerals Limited on 30/06/2000 with a relevant interest in the issued share capital of 3,309,608 ordinary shares (5.05%).
This information is based on a total number of securities of 3,309,608.
NOTIFICATION OF SHARE CANCELLATION
DETAILS OF SHARES CANCELLED
Period of cancellation from 09/06/2000 to 04/07/2000
FOURTH QUARTER ACTIVITIES
HIGHLIGHTS
The suspension of trading in the partly paid shares of Taipan Resources NL will be lifted before the commencement of trading on Wednesday 5 July 2000, following release of the Company's announcement on 4 July 2000 of its proposal in relation to the postponement of a call on the partly paid shares.
Security Codes: TAICB
All Ords
3259.5
Dow Jones
10,560.67
ASX200
3310.1
+2.0
S&P 500
1469.54
closed
All Resources
1309.6
Nasdaq
3991.93
All Mining
652.8
Gold - spot/oz
US$289.40
All Gold
695.1
Silver - spot/oz
US$5.00
Energy
1423.7
Platinum - spot
US$561.00
All Industrials
5710.1
Bridge CRB Index
222.14
FTSE 100
6417.0
-53.4
Crude Oil (NYMEX)
US$32.50
closed
Nikkei
17,470.15
+46.08
Copper (spot $US/tonne)
US$1779
closed
Hang Seng
16,235.76
+110.79
Lead (spot $US/tonne)
US$441
closed
A$ = US60c
Zinc (spot $US/tonne)
US$1140
A$ = 63.38yen
Nickel (spot $US/tonne)
US$8335
A$ = 0.631Euro
Aluminium (spot $US/t)
US$1560
US 30-Year Bond
5.862%
closed
Tin (spot $US/tonne)
US$5465
The directors of Boulder Steel Limited announce that they have completed the acquisition of a 50% equity participation in Euro Forming Services GmbH through payment of EUR 1,250,000 (A$1,960,446.51).
FOURTH QUARTER HIGHLIGHTS
CLEAR BRANCH FIELD, JACKSON PARISH, NORTH LOUISIANA
The Terry Ewing No 1 well is presently drilling ahead at 4,556 feet after running surface casing to 3,025 feet. The well is a 12,200 foot test of the Clear Branch Field Gas Prospect with an expected total duration of around 30 days.
The location lies on trend with significant Hosston and Cotton Valley production which blankets a portion of North Louisiana. Hunt Oil discovered the field in 1976 and has produced in excess of 55 billion cubic feet of gas from multiple Hosston reservoirs.
Importantly, all of the gas completions within the field were natural and no infill chilling or stimulation has been applied at Clear Branch. Engineering studies suggest significant amounts of producible gas could remain within the Hosston reservoirs and be captured by wells drilled on smaller spacing.
In addition the deeper Cotton Valley gives the prospect considerable upside with overall potential being in the 50 plus billion cubic foot range. The test well is designed to evaluate both objectives.
Up to five wells may be required to recover the field potential. Modern fracturing technology supports a case for flow rates exceeding 5 million cubic feet of gas per day. A pipeline lies adjacent to the test well location and spot gas is currently trading above US$4.00 per thousand cubic feet.
Shareholders in the four Divisions of Fletcher Challenge have voted overwhelmingly in favour of the proposed sale of Fletcher Challenge Paper to Norske Skog.
Goldfields Limited have announced that drilling into the northern end of the Mount Julia resource (Inferred Resource 731,000 tonnes at 7.6g/t gold) and the southern end of the Tyndall Zone at Goldfields' Henty Mine in Tasmania has confirmed and extended the presence of the large mineralised body.
The Company advises that Mr Henry T Fabila MBE has resigned as a Director of Highlands Pacific Limited effective immediately.
HiTec Energy announces the appointment of Warrama Consulting Pty Ltd as financial advisors to assist in financing and development of the Hitec EMD Project.
Julia Corporation Limited has exercised its option pursuant to its recent prospectus to acquire 75% interest in Smart Silicon Systems Pty Ltd.
The securities of Kanowna Consolidated Gold Mines NL will be suspended from Official Quotation from the commencement of trading on Tuesday 4 July 2000, pending the release of an announcement.
Security Codes: KCG
KCGO
Novus Petroleum Limited reports the following update with respect to its working interests in its portfolio of properties in the Western Desert, Egypt.
Daily Share Buy-Back Notice - continued; Maximum remaining number of shares to be bought back: 1,026,167.
CRACOW JOINT VENTURE
ROYAL SHOOT MINERAL RESOURCE ESTIMATE
Sedimentary Holdings NL announces an Inferred Mineral Resource estimate for mineralisation contained within the Royal Shoot in the Klondyke epithermal vein system at Cracow.
The resource estimation of 1.1 million tonnes @ 11gAu/t for 390,000 in situ contained ounces of gold and 9.5gAg/t for 350,000 in situ contained ounces of silver, was received from Newcrest Mining Limited, the joint venture manager.
The mineral resource is reported above a cut-off of 4.6 metrelgAu/t. The zone from which the resource estimate has been made is located between local grid 4450mN and 4900mN (see attached long projection), and is based on results from 93 core holes and 7 reverse circulation percussion holes.
As yet no resource estimate has been made on the zone of mineralisation beneath the old Klondyke workings, north of 4900mN.
For further information, click here
Daily Share Buy-Back Notice - continued; Maximum remaining number of shares to be bought back: 30,585,095.
RESPONSE TO ASX QUERY
We refer to your letter of 3 July 2000 re the rise in the price of the Company's securities, and advise as follows in respect of the four questions;-
The Directors announce the successful fracture stimulation (fraccing) of the Rodney Creek #7 well. The well was logged and showed good cement bonding and was perforated with 6 shots per foot across the lower and middle Betts Creek coals in preparation for stimulation. Halliburton setup their rig and fracture stimulated the interval with Delta Frac Cross-linked Gel(TM) and 80,000 pounds of sand.
Rodney Creek #3 well was re-worked and put on pump on 29th June 2000 to supply water for the fraccing operation on the other 4 holes. The well is producing water and gas from the Betts Creek and Aramac coals. Gas flows are not being measured at the present time however we are encouraged by the fact of there being a gas flow at this early stage of dewatering.
The drilling phase of the trial development work has been a complete success. All holes were drilled without any technical problems and logging has shown that the coals were of the expected thickness and intersected at the predicted depths.
The second phase of development has commenced successfully. Hydraulic fraccing was started on June 30th and should take three weeks to complete. With the completion of the fraccing on each well dewatering will commence using high yield progressive cavity pumps.
Dioro Exploration NL advise the first results received from 4 diamond holes drilled in the current exploration program at the Frog's Leg project. Frog's Leg is owned 49% by Dioro Exploration NL and 51% by Mines and Resources Australia Pty Ltd (a wholly owned subsidiary of the Cogemma Group).
Hole No | Co-ordinates | Dip Azimuth | Depth | Interval | Intersection | ||
Northing | Easting | (m) | (m) | (g/t Au) | |||
MEDD001 | 6595669 | 334174 | -60 070 | 132 | 11-14 3m @ 0.877 | ||
16-26 10m @ 1.66 | |||||||
28-30 2m @ 2.34 | |||||||
40-45 5m @ 34.02 | |||||||
Inc 42-43 1m @ 152.02 | |||||||
47-48 1m @ 0.97 | |||||||
60-61 1m @ 0.60 | |||||||
71-73 2m @ 1.42 | |||||||
84-85 1m @ 2.07 | |||||||
116-117 1m @ 1.66 | |||||||
121-123 2m @ 1.26 | |||||||
MEAC109D | 6595575 | 334102 | -60 090 | 220 | 124-134 10m @ 2.06 | ||
151-153 2m @ 0.68 | |||||||
160-167 7m @ 1.03 | |||||||
179-183 4m @ 12.17 | |||||||
Inc 180-181 1m @ 37.05 | |||||||
190-191 1m @ 4.00 | |||||||
195-196 1m @ 0.61 | |||||||
MEAC213D | 6595816 | 333988 | -60 070 | 119 | 98-99 1m @ 0.61 | ||
103-104 1m @ 0.70 | |||||||
MEAC215D | 6595800 | 333948 | 60 070 | 152 | 94-96 2m @ 3.09 | ||
98-100 2m @ 3.58 | |||||||
117-120 3m @ 10.06 | |||||||
126-142 l6m @ 4.59 | |||||||
Inc 133-140 7m @ 8.80 |
The current program comprises 10,200 metres of drilling and involves 4 rigs on site drilling reverse circulation and diamond holes. One rig is conducting a program of 1,000 metres of diamond drilling below the 600 metres of strike extent beneath the lake at Frog's Leg. Hole MEAC215D is approximately 40 metres into the lake.
Alcoa of Australia Limited increased its relevant interest in Eastern Aluminium Limited on 30 June, from 84,369,710 ordinary shares (76.77%) to 84,376,710 ordinary shares(7.78%).
The Directors announce that Federation Resources NL has sold 50% of it's shares in Opinionex Pty Ltd to New Holland Mining NL for the consideration of $80,000 and 12 million ordinary fully paid shares in New Holland Mining NL.
The Company advises that it has entered into an agreement to purchase an effective 25% interest in Publicdebate.com.au Pty Ltd which owns the www.publicdebate.com.au website. The Company has agreed to acquire its 25% interest by purchasing a 50% interest in Opinionex Pty Ltd, a shareholder in Publicdebate.com.au Pty Ltd, from Federation Resources NL.
The Company advises that, in addition to the Entitlements Issue announced on 9 June 2000, it has made a placement to raise $405,000 with Stanley Management and Investments Pty Ltd on the following terms:
Purpose: To partly finance a drilling programme and for working capital
Number of shares and options: 9 million fully paid shares and 4.5 million options
Subscription: In two equal tranches, first on 30 June 2000 and second by 31 August 2000
Issue price of shares: 4.5 cents per share
Options: Issued free, exercisable on or before 30 June 2004 into fully paid shares at 10 cents each
RE: GOLDEN WEST REFINING CORPORATION LIMITED
ASIC APPROVAL FOR EXTENSION OF LODGEMENT OF ACCOUNTS
ASIC has approved an extension of time, to 31 July 2000 for Golden West Refining Corporation Limited to lodge accounts for the year ended 31 March 2000. The reason for the need of the extension is the current difficulties being experienced by the US subsidiary, Handy and Harman Refining Group.
Perpetual Trustees Australia Limited ceased to be a substantial shareholder in Goldfields Limited on 30/06/2000.
On 10 April 2000, Lend Lease Corporation Limited and National Australia Bank Limited announced their agreement for the sale by Lend Lease to the National of MLC Holdings Limited and its subsidiaries, and certain other related companies, and assets, for $4.561 billion (the MLC Sale). Completion of the MLC Sale occurred on 30 June 2000.
As a result of the MLC Sale, Lend Lease and its related bodies corporate ceased to hold relevant interests in shares held or controlled by the MLC Group as part of its business and Lend Lease ceased to be a substantial shareholder in Goldfields Limited on 30/06/2000.
The Company advises that 150,000 30 June 2000 options have lapsed.
Notice is hereby given that a General Meeting of Shareholders of Gutnick Resources NL will be held at the Kimberley Gardens Hotel, 441 Inkerman Street, St Kilda East, Victoria, 3183 on June 30, 2000 at 10.30 am for the following purposes:
ORDINARY BUSINESS
1. "To approve an offer to issue options at an issue price of one cent and an exercise price of twenty-five cents to Existing Optionholders on the basis of one new option for every one option held by an Existing Optionholder as at July 11, 2000, in accordance with Australian Stock Exchange Limited Listing Rule 7.1".
2. "That subject to the passing of Resolution 1, the Directors be given approval to place any Options not taken up by Existing Optionholders on the same terms and conditions as the offer to Existing Optionholders, such placement to be made within three months of the final date for acceptances and renunciations".
Existing Optionholders are the holders of Options issued by the Company with a maturity date of April 1, 2003.
James B Skinner, Janice I Skinner and Topspeed Pty Ltd increased its relevant interest in Greenstone Resources NL on 28/06/2000, from 9,900,000 ordinary shares (11.61%) to 11,983,946 ordinary shares(14.06%).
NEW ISSUE ANNOUNCEMENT
* 3,000,000 options to Directors as approved by shareholders at a general meeting held on 30 June 2000; and
* 360,000 options to employees in accordance with the Hallmark Gold NL Incentive Option Scheme.
The Board of Directors announce that Kingsgate has purchased from Ban Pu Public Company Limited, (Ban Pu), the outstanding 10% of the shares of Akara Mining Ltd, the entity which owns 100% of the Chatree Gold Project.
The consideration for the purchase is the issue to Ban Pu of 560,000 fully paid shares at A$0.75 per share in Kingsgate and the extinguishment of amounts owing by Ban Pu to Akara.
This agreement replaces all other agreements between Ban Pu and Kingsgate.
Kingsgate Consolidated announces that on 30 June 2000 it agreed with Epoch Mining NL to issue 1,200,000 ordinary fully paid shares in the Company at an issue price of $1.10 in consideration for Epoch's assignment absolutely to Kingsgate or its nominee:
(a) all its right, title and interest to the sum of not less than AUS$1,319,353 under the two agreements listed below (including any subsequent variation agreements, if any)
(b) all its right, title and interest in the two agreements listed below (including any subsequent variation agreements, if any).
* Agreement for Sale of Shares dated 24 June 1993 between Epoch Mining NL and Kingsgate Consolidated NL, re the purchase of all the issued shares capital of Patron Limited which holds the Thai Mineral Assets.
* Agreement for Sale of Cloncurry Mining Interest dated 24 June 1993 between Epoch Mining NL and Kingsgate Consolidated NL and BHP Minerals Limited.
NEW ISSUE ANNOUNCEMENT
For further information, click here
Macmin NL to advise that the company issued the following securities Monday, 3 July:
SHARES
Five hundred thousand (500,000) ordinary shares were issued to Rimfire Pacific Mining NL as part of the consideration for the purchase of the Silver Spur Mining Lease (ML 5932). Details of the purchase were announced on 6 June 2000.
OPTIONS
Approval was given by the General Meeting on 27 June 2000 for the issue of up to 3,200,000 options to directors or their nominees. Three million (3,000,000) options have been issued and no further options will be issued under the approval. The options are exercisable at 12 cents between 4 July 2001 and 3 July 2002. The options are not transferable and official quotation will not be sought.
For further information, click here
Some time has passed since shareholder approval was obtained to purchase gold exploration assets in the South Pacific, Tanzania and Uganda from Iscor Group companies. Consequently Mincor considered it appropriate to approach Iscor with a view to re-negotiating the purchase price.
After discussion Iscor agreed to reduce the agreed asset value for the Tanzanian and Ugandan assets to $2,313,000.
In addition to the adjustment in the asset value, Iscor also agreed that the balance of the Consideration Shares be issued at a price of 15c per share instead of the previously agreed 10c per share. The overall effect of the Proposal is that only a further 15.42 million Consideration Shares would be issued instead of a possible 23.13 million so that Iscor will receive 48.78 million Consideration Shares in total rather than a possible 60 million.
Iscor agreed to this change because, as Mincor's largest shareholder, it recognised that it is in Iscor's interest that Mincor's asset value per share be maximised.
Due to expansion of production operations in the last few months, as from 1st July, the following changes in executive titles have been made by the Board:
There are no Board Changes and the Board of Directors comprises:-
Charles Copeman, CHAIRMAN, Dr Howard Brady, Mr John Florence, Mr John Carmody, Mr Jet Soederdja.
AMP Limited ceased to be a substantial shareholder in Newcrest Mining Limited on 30/06/2000.
Lend Lease Corporation Limited ceased to be a substantial shareholder in Newcrest Mining Limited on 30/06/2000.
Nido Petroleum has announced that the Monde/Nido joint venture has withdrawn from Zhongyuan Rehabilitation project in Central China.
In April, Nido and its US based partner, Monde, accepted an offer from two companies to join the project and fund the ongoing development. The agreement was subject to the two parties obtaining finance, which was expected to be a formality. However, Monde and Nido have just been advised that the funding has been rejected.
The nature of the project does not allow for the project to be suspended effectively while new funding is obtained. As such, the joint venture decided to withdraw from the project and avoid further work and expenditure, despite the economic merit of the project.
Nido's attention in the near term will focus on its Philippine exploration interests.
Notice is hereby given that a General Meeting of members of Norwest Energy NL will be held at The Sebel of Perth, Pavilion Room, 37 Pier Street, Perth, Western Australia, 6000, on Thursday 3 August 2000 at 10.30 am.
Lend Lease Corporation Limited ceased to be a substantial shareholder in Oil Search Limited on 30/06/2000.
2,000 TONNES OF MATERIAL TO BE EXTRACTED TO DETERMINE OPTIMUM MINING PROGRAM FOR THE SOUTH AUSTRALIAN MAGNESIUM PROJECT.
Pima Mining NL has announced that its 80% owned subsidiary SAMAG Limited is undertaking trial mining at its Mount Hutton Magnesite deposit to determine the optimum mining program for its proposed South Australian Magnesium Project.
The Mount Hutton mine, located 25 kilometres north west of Leigh Creek and 17 kilometres west of the Telford Rail siding, contains a measured resource of 18 million tonnes grading 42.9% MgO (23.66%Mg). It will be the first deposit to supply magnesite ore to the proposed 52,500 tonnes pa magnesium and metal alloy plant to be located near Port Pirie, South Australia.
The extended maintenance shutdown of the Company's Bulong operation, which commenced on 15 May 2000, has been completed and recommissioning commenced on 29 June 2000. All defects leading to the prolonged shutdown have been successfully rectified and tested at operating temperature and pressure. The length of time required for the shut has impacted on nickel output and constricted working capital. The Company announces that Barclays Bank has provided support for the operation by approving a further working capital facility and initial draw down has been affected.
The shutdown has permitted all semiannual maintenance tasks to be completed as well as modification and improvements to be undertaken to enhance plant performance. In particular a number of modifications have been implemented to improve the management of gypsum precipitated in the nickel solvent extraction circuit, thus improving throughput and utilisation and availability.
The plant was brought back up to operating temperature and pressure with minimal disruption to the planned schedule and feed pump rates to the autoclave have settled at design levels. The refinery sections of the plant will be progressively brought back on line over the next few days.
Petroz advises that it has sold its interests in two UK North Sea exploration blocks to Denerco Oil A/S for A$340,000.
Blocks 28/15 and 29/11, in which Petroz held a 15% interest, were acquired in the 18th Gazettal Round in December 1998 and were the only exploration licences held by Petroz in the UK.
The blocks were considered to be non-core assets, the sale of which will result in a reduction in Petroz' future exploration commitments and a refocussing of the Company's activities in the Australasian region.
Proceeds from the sale will be applied to the development of Petroz' key asset - the Bayu-Undan Project located in the Timor Gap Zone of Co-operation.
The suspension of trading in the securities of Reef Mining NL will be lifted before the commencement of trading, 4 July 2000, following receipt of an announcement today from the Company confirming the termination of discussions with Newport Capital Group Pty Limited.
Security Code: RFM
Reef Mining NL advises that discussions with Newport Capital Group Pty Limited, which have been in progress since February 2000, have been terminated and Reef will not be proceeding with the acquisition of Newport, nor will Reef be making a placement of shares to raise $5.0 million which was previously advised as part of the Newport acquisition.
Saracen Mineral Holdings Limited increased its relevant interest in Ramsgate Resources Limited on 22/06/2000, from 1,219,159 ordinary shares (9.92%) to 9,175,488 ordinary shares(37.33%).
William Hodgson and controlled entities increased their holding in Sipa Resources International NL to 17,728,937 shares at the end of June being 8.86% of the issued capital.
Priority allocation in Arrow Energy NL Initial Public Offering
Participating Organisations are advised that Sirocco Resources NL has secured a priority allocation for its security holders in the initial public offering by Arrow Energy NL. A total of 10,000,000 ordinary shares and 5,000,000 attaching options in Arrow will be available to holders of the Company's securities.
In order to participate in the priority allocation, applicants must hold parcels of at least 10,000 of the Company's quoted securities (being ordinary shares, partly paid shares or options) as at 10 July 2000.
Daily Share Buy-Back Notice - continued; Maximum remaining number of shares to be bought back: 30,785,095.
All Ords
3256.5
Dow Jones
10,560.67
ASX200
3308.1
-3.1
S&P 500
1469.54
+14.94
All Resources
1317.7
Nasdaq
3991.93
All Mining
653.2
Gold - spot/oz
US$289.40
All Gold
700.1
Silver - spot/oz
US$5.00
Energy
1430.1
Platinum - spot
US$561.00
All Industrials
5698.2
Bridge CRB Index
222.14
FTSE 100
6470.4
+157.7
Crude Oil (NYMEX)
US$32.50
-0.22
Nikkei
17,614.66
+203.61
Copper (spot $US/tonne)
US$1779
+11
Hang Seng
16,124.97
-30.81
Lead (spot $US/tonne)
US$441
+1
A$ = US60c
Zinc (spot $US/tonne)
US$1140
A$ = 63.38yen
Nickel (spot $US/tonne)
US$8335
A$ = 0.631Euro
Aluminium (spot $US/t)
US$1560
US 30-Year Bond
5.862%
+0.004
Tin (spot $US/tonne)
US$5465
Salomon Smith Barney Australia Pty Ltd ceased to be a substantial shareholder in Aurora Gold Limited on 27/06/2000.
BHP has announced that it has signed a 'Memorandum of Understanding' (MOU) with the NSW government aimed at facilitating the transfer of ownership of various BHP properties in Newcastle to the State.
The properties covered by the MOU are the 150ha former Newcastle Steelworks Main Site including the marine precinct earmarked for the development of a multi-purpose shipping terminal, the Kooragang Island land totalling 230ha, the Belmont Sands 500ha land holding and 1500ha of land at West Wallsend.
BHP has announced it has signed a Risk Service Contract (RSC) with the Algerian national oil company, Sonatrach, for the development of four gas/condensate reservoirs in the Ohanet region of Algeria.
The Ohanet development represents a large, relatively stable earnings and cash flow generator within the BHP portfolio and marks a major step for the Company in establishing a core business in Algeria. It also provides an important balance to other projects ensuring downside protection to low oil price environments.
Contact Energy has announced it had acquired the independent electricity retailer Empower Limited, giving Contact a strong strategic foot-hold in the Auckland market and paving the way for substantial growth in its customer base.
Equinox, Billiton Sweden Resources BV and Billiton Exploration Australia Pty Ltd announce that they have restructured the alliance to explore jointly for Iron Oxide Copper-Gold deposits in Sweden, which was announced on 26 April 2000. The restructure ensures that the value of the alliance remains with Equinox and Billiton, rather than being diluted through a new vehicle, thus maximising the benefit of existing shareholders,
The principle components of the agreement include:
(1) Billiton has subscribed for 10,000,000 shares in Equinox at A$0.15 per share, raising A$1,500,000 for Equinox.
(2) Equinox has committed to spend A$1,500,000 on exploration of the Company's Norrbotten Project in Sweden before 30 June, 2001 ("the Option Date").
(3) Billiton has an option exercisable by the Option Date to form a joint venture on the Norrbotten Project.
* Billiton may earn a 50% interest in the Norrbotten Project by spending US$2.0 million on exploration of the Project within 2 years of the Option Date.
* Billiton may elect to earn a further 20% interest (aggregate 70%) in the Norrbotten Project, within an additional 3 year period by either completing a feasibility study or expending an additional US$10.0 million on the Project.
* Equinox will manage the Norrbotten Project work programme during both the period up to the Option Date and the Billiton earning phases.
(4) Billiton and Equinox are negotiating an extension of the alliance between the companies to the exploration of Billiton's Mumbwa Project in Zambia and to potential elsewhere in the world for Iron Oxide Copper-Gold mineralisation.
NEW ISSUE ANNOUNCEMENT
The securities of Kanowna Consolidated Gold Mines NL will be placed in pre-open pending the release of an announcement by the Company. Unless ASX decides otherwise, the securities will remain in pre-open until the earlier of the commencement of normal trading on Tuesday 4 July 2000 or when the announcement is released to the market.
Security Codes: KCG
KCGO
Rio Tinto plc decreased its relevant interest in Lihir Gold Limited on 30/06/2000, from 239,600,594 voting shares (20.97%) to 185,758,126 voting shares(16.26%).
Marlborough Resources NL note the increase in the Company's share price on Friday, 30 June, and are not aware of any specific reason that led to this increase.
However, the Directors advise that the Ardlethan Tin Project is progressing well. Specific progress is as follows:
* Increased ore resources are being defined by the latest 85 hole drilling programme on the Yithan alluvial tin lead. These drilling results are now being evaluated in detail by the Company' s consultants and it is anticipated that there will be an upgrading in the quantity of resource, quality of reserves and average grade. Extensions of the resource have been defined to the east, north and below the existing ore body.
* The pilot plant test work is showing good results in confirming the suitability of equipment selected for the alluvial project. Exact test results will be obtained progressively during July. The separation of ore from clay and volume of water required were both very encouraging.
* Competitive quotations have been received from Asian smelters to treat the tin concentrate to be produced at Ardlethan. Test work has shown the Ardlethan concentrate should contain high grade tin and low impurities, properties which are attractive to the Asian smelters.
* Detailed study of the records of the Ardlethan tin mine, which Marlborough has purchased from Western Metals, shows that buildings, plant, equipment, power lines and other infrastructure will be of considerable benefit as a base for developing the new project.
* The purchase also included the tailings where the grade was proved by a 50 hole drilling programme. The total tin remaining in the tailings is estimated at about 14,000 tonnes, which is about double the quantity of tin contained in the Yithan alluvial tin lead.
* Negotiations are proceeding with bankers and other groups who are interested in participating in development of the new Ardlethan project which will probably be performed in three major phases:-
- mining of the high grade alluvial deposits next year, at a rate of 500,000 cubic metres of ore per year and capital cost of $4 million;
- doubling capacity of the alluvial operations as water and other services are arranged; and
- treatment of tailings with the latest technology equipment to achieve higher levels of recovery and profitability.
* A draft Environmental Impact Statement has been lodged and well received by the various Government authorities and the local community at Ardlethan. The final EIS will be lodged in July.
* Tin price in Australian dollar terms has strengthened since the Feasibility Study was developed in December.
In conclusion, work on the new project is proceeding well and further results will be announced during July.
Menzies Gold Ltd advises that it is in negotiations with a privately funded Syndicate, for an option to purchase all of Menzies shares in BYG Services Sdn Bhd and as a consequence all of Menzies' interests in the Bau Goldfields.
As an interim measure, Menzies has executed a Letter of Intent to enter into an agreement giving the Syndicate an option to acquire the Bau Goldfields interests of Menzies, and to agree to an interim arrangement under the conditions as set out below.
The main terms of the interim arrangement are:
* The syndicate agrees to fund the project work at Bau until 21 September while it completes its due diligence and finalises negotiations for the formal option agreement.
* For this period the manager of the Syndicate will act as a manager of the project in consultation with the Board of Menzies.
* During this period Menzies and the Syndicate shall do all things reasonably possible to execute an option agreement giving the Syndicate the right exercisable before 23 June 2002, to purchase Menzies' shares in BYG Services at a stipulated purchase price denoted by the formula Purchase Price = GP x A$6,600,000/300 (where GP is the average US$ gold price for the month prior to the agreement being signed). The GP shall not be less than 300.
* The project funding so paid by the Syndicate shall be refunded in full to the Syndicate by Menzies immediately upon demand if the Option Agreement does not proceed within the three month period.
Menzies also advises that Mr Colin Carson has resigned as a director, due to his other business commitments.
The Company advises that Mr Evan Cameron has retired as a Director of the Company effective 1 July 2000.
Agreements in principle have been reached whereby Billiton Exploration Australia Pty Ltd may farm in to over 3,700km2 of ground in the Mt Woods area of South Australia believed highly prospective for Olympic Dam style Cu-Au deposits.
For further information, click here
GASFLOW AT EAST GLEN
Production Licence 16, Surat Basin Qld - Mosaic Oil 100%.
EAST GLEN (LAST FLOWED IN 1994):
East Glen has been re-entered and downhole junk has been successfully retrieved. Testing was conducted over a one week period ending Sunday 2nd July. After clean-up, the well flowed at a stabilised rate of 2 million cubic ft/day through a 18/64 inch choke with a surface flowing pressure of 1,350 pounds per square inch.
Daily Share Buy-Back Notice - continued; Maximum remaining number of shares to be bought back: 1,037,667.
Resolute advise that there will be no dividend declared or paid on the cumulative redeemable converting preference shares for the 6 months ended 30 June 2000, due to insufficiency of distributable profits and reserves under both Australian Accounting standards and the Corporations Law. Net profit in the current year was materially adversely impacted by the write-off of Resolute's entire investment in Preston Resources Limited.
The dividend entitlement of the Preference Shares however, accrues on a daily basis and is a cumulative preferential dividend, with the next Dividend Date being 31 December 2000.
The operating performance of both Obotan and Golden Pride in the 12 months ended 30 June 2000 has been strong and budgets exceeded. Total estimated production for the period from those two mines alone was approximately 356,000 ounces at an average cash cost of US$187 per ounce.
The Golden Pride mine has consistently outperformed in all major areas including, a positive call factor of approximately 24% more contained gold than the geological model. Golden Pride has produced approximately 225,000 ounces for the 12 months at an average cash cost of US$157 per ounce.
With the residual investment in Preston already fully written off, it is presently forecast that the performance of both mines will result in a much improved level of profitability in the financial year ended 30 June 2001.
All Ords
3257.6
Dow Jones
10,447.89
ASX200
3311.2
+56.7
S&P 500
1454.60
+12.21
All Resources
1323.2
Nasdaq
3966.11
All Mining
650.8
Gold - spot/oz
US$289.40
All Gold
701.1
Silver - spot/oz
US$5.00
Energy
1446.0
Platinum - spot
US$561.00
All Industrials
5696.7
Bridge CRB Index
223.93
FTSE 100
6312.70
+73.70
Crude Oil (NYMEX)
US$32.50
-0.22
Nikkei
17,411.05
-64.85
Copper (spot $US/tonne)
US$1775
+13
Hang Seng
16,155.78
-131.02
Lead (spot $US/tonne)
US$435
+16
A$ = US59.79c
Zinc (spot $US/tonne)
US$1141.5
A$ = 63.46yen
Nickel (spot $US/tonne)
US$8265
A$ = 0.628Euro
Aluminium (spot $US/t)
US$1560
US 30-Year Bond
5.881%
+0.004
Tin (spot $US/tonne)
US$5485
Alan David Hill increased his relevant interest in Allied Mining & Processing Limited on 16/06/2000, from 3,192,795 ordinary shares (9.30%) to 4,200,302 ordinary shares(9.30%).
Principal Mutual Holding Company ceased to be a substantial shareholder in 66 on 28/06/2000.
Major Project Facilitation status has been awarded by the Minister for Industry, Science & Resources, the Hon Nick Minchin, providing Anaconda Nickel's Mount Margaret Project with coordinated and fast-track approval processes.
The Mount Margaret Prefeasibility study has been completed, with the Final Feasibility study due for completion in the fourth quarter, 2000. Lowest decile (world nickel industry) capital Costs are expected to be confirmed in this final study. Construction start up is scheduled for the first half of 2001, with commissioning and ramp up in 2003.
Mr Andrew Forrest, the Chief Executive Officer of Anaconda said that Anaconda was moving quickly ahead with the Mount Margaret Project, which will rival the expanded Murrin Murrin Project in size, producing in excess of l00,000 tonnes nickel and 6,000 tonnes cobalt per anuum and see Anaconda consolidate as a major international force in nickel and cobalt production.
Comet redeemed 5 Class A Convertible Notes (issued to NM Rothschild & Sons (Australia) Limited) for a total consideration of $2,500,000.
Crest advised the resignation of John S Salter from the board of Crest and the 100% owned subsidiary Tasmania Magnesite NL effective as of the 29th June 2000.
Crest is continuing negotiations with the proposed appointee to take up control of the magnesium metal project.
Drillsearch advised that its 56%-owned Canadian subsidiary, Circumpacific Energy Corporation, has reported that the 4,500 metre Devonian gas well in which it is participating is anticipated to commence drilling on or about 15th July, 2000.
The well is designated as Lambert 5-4-52-22 W5M. It is located 160 km west of Edmonton, Alberta.
Hallmark announced the appointment of Mr Gary Snow as a Director of the Company.
Mr Gary Snow (who was the founder and major shareholder of Chemist Club) has been confirmed as Managing Director of Chemist Club.
Results of General Meeting - all resolutions passed.
Two additional non-executive directors have been appointed to the Company, being, Abdul Sukor bin Sharar and Mohommad Anuar Sidek (as alternate Ab Sukor bin Sharar).
Abdul Sukor bin Sharar is an Executive Director of both Tronoh Mines Malaysia Berhad and Malaysia Mining Corporation Berhad, the parent companies of Hillgrove Gold NL Mohommad Anuar Sidek is General Manager of Tronoh Mines Malaysia Berhad.
The recently announced offer for the placement of 10,000,000 ordinary fully paid shares at 10 cents each, with a free attaching 31 January 2002 option subject to shareholders' approval, has closed.
The securities of Kurnalpi Gold will be placed in pre-open pending the release of an announcement by the Company.
Minerals Corporation reported that its group company Queensland Kaolin Limited ("QKL") has completed the acquisition of the Skardon River Kaolin Project.
QKL has assembled a geological team comprising leading International Kaolin experts to assist in the development of the Skardon River Kaolin resource. Following our earlier data review, a new drilling programme will commence in August to complement earlier drilling programmes which will provide a high degree of confidence in the resource definition. Product evaluation testwork will be undertaken in September.
The Kaolin Pilot plant situated in Cairns will be moved to Skardon River in July and testwork throughput capacity will be upgraded to accommodate the above programme. Kaolin production is scheduled for commencement at the end of this year.
North Limited announced an increase in iron ore pellet production at the Iron Ore Company of Canada (IOC) following a decision today by the IOC Board to reactivate the pellet plant at Sept-Iles in Quebec.
The refurbishment will cost $C361.5 million - including $C31.4 million which has been spent already on engineering and evaluation studies - and be completed by June, 2002. North Limited owns 56.1% of IOC and manages the operation and if necessary, will provide a guarantee to support the funding of tile project.
Increases in the original project cost are primarily the result of design enhancement to improve both the integrity of the process and the quality of the product, and capilalised interest associated with debt funding.
As a result of re-negotiation between the parties, NHG will now acquire 100% of Kambalda West and associated Joint Venture Interests as follows: Pilbailey 85.5% and Merougil 75%.
As disclosed previously, this project is located approximately l0km west of Kambalda and 30km from the company's milling facility at Jubilee. The project area is highly prospective for gold with resources already established at Jonah Dam (14,250 ounces) which adjoins WMC's Cave Rocks deposit.
The payment terms are as follows:
Payment on settlement: $ 500,000
Production based additional payments:
Upon the production of 250,000 ounces
or 2,500,000 dry tonnes of ore: $500,000
Upon the production of a total of 500,000 ounces
or 5,000,000 dry tonnes of ore: $1,000,000
North Limited's directors yesterday reaffirmed that they regard Rio Tinto's proposed conditional offer for North Limited as inadequate and opportunistic.
Rio Tinto's proposed offer is subject to broad conditions relating to acquisitions, disposals and changes in the conduct of the North Group's businesses and capital expenditure by the North Group; in particular in relation to certain aspects of the West Angelas project.
North Limited regards these conditions as unreasonable and unduly restrictive on the operations of the North Group's businesses and its stated business plans.
North Limited's directors will continue to act in the interests of North Limited and its shareholders, which includes taking decisions which ensure the continued efficient operation of the North Group's businesses and the protection and creation of value for North Limited and its shareholders.
Norwest Energy has agreed to place 3 million fully paid ordinary shares with clients of ABN-Amro at a price of 15 cents.
The placement will raise $450,000 less costs including a placement fee of 6%.
Proceeds from the issue will bolster the approximate A$2.6 million of cash currently on hand and will be used to further the company's ongoing exploration efforts. As part of such efforts the company is currently seeking additional drilling activities.
The Prime Minister of the Independent State of Papua New Guinea, Sir Mekere Morauta announced that the National Executive Council (Cabinet) had approved in principal the MDC for the 33,000 tonne per annum Ramu Nickel Project located near Madang in PNG (the "Project"). Orogen Minerals Limited ("Orogen") currently owns 31.5% of the Project equity.
The National Executive Council has also advised the Head of State to execute the MDC and grant a Special Mining Lease ("SML") for the Project.
All resolutions considered at the Company's Extraordinary General Meeting, which was held today, were passed by the requisite majorities.
The Board of Directors of Precious Metals Australia Ltd advise they have resolved to issue 108,016,656 options at an issue price of $0.04 exercisable by the payment of $0.20 each per option pursuant to a 5 for 8 non-renounceable pro rata, issue (the Entitlements Issue).
The Entitlements Issue will raise approximately $4.32 million, which will be used to meet the company's obligations under the Windimurra Vanadium Mine joint venture agreements and subsequent financing arrangements as the processing plant continues to ramp up to full Operating capacity.
This issue has been fully underwritten by D J Carmichael Pty Ltd. For additional information, click here.
All resolutions considered at the Company's Extraordinary General Meeting, which was held today, were passed by the requisite majorities. For additional information, click here.
The Olive-1 exploration well spudded at 7.00pm hours on 29 June 2000.
The well is located in TL/1, 12 kilometres northeast of Varanus Island and 5 kilometres northwest from the Harriet Gipsy oil development at latitude 20 deg 36'35.26"S and longitude 115 deg 40'50.35"E.
As at 6.00am today, the well has drilled ahead to 610 metres measured depth and will continue to drill ahead to the planned total depth of 2,232 meters measured depth. Estimated drilling time is 5 days.
Zimplats is encouraged by the election outcome which has resulted not only in a peaceful acceptance of the vote counting, but also in a political environment which is likely to be more mature, and conducive to democratic governance.
Discussions with senior officials from the Ministry of Mines indicate that finalisation of legislative amendments affecting the fiscal regime for the mining industry will be high on the priority list for the new cabinet, since all political groups are committed to re- vitalising the economy in which mining is a key area.
The Company announces the results of ongoing drilling at its Cibaliung Gold Project in West Java, Indonesia. The Company announced in November 1999, an Inferred Resource for the Cikoneng & Cibitung shoots of 993,000 tonnes @ 9.78 g/t Au & 57.5 g/t Ag containing 312,230 ounces of gold and 1.83 million ounces of silver.
The objective of the drilling programme for this year is to expand the inferred resource, convert part of that inferred resource to indicated status and test for new vein systems and extensions within the tenement. It is planned to drill between 8,000 and 10,000 metres this year.
HOLE | VEIN | INTERCEPTS |
DOWNHOLE |
ASSAY RESULTS | CORE | |
FROM | TO | LENGTH | AU | AG | RECOVERY | |
(m) | (m) | (m) | (g/t) | (g/t) | ||
Cikoneng | ||||||
AC-4 | 231.20 | 238.60 | 7.40 | 6.71 | 43 | 93.2% |
251.70 | 253.80 | 2.10 | 34.04 | 228 | 90.5% | |
AC-5* | 200.55 | 206.50 | 5.95 | 1.61 | 18 | 94.1% |
Cibitung | ||||||
AC-6 | 122.40 | 123.35 | 0.95 | 19.10 | 133 | 100.0% |
130.40 | 133.50 | 3.10 | 6.35 | 42 | 96.8% |
* Note: Results reported to 3g/t Au cut-off except AC-5 (1g/t Au cut-off).
Further to the Company's announcement dated 14th September 1999, advising that Australian United Gold NL had taken a 4.5% equity interest in Cybertrade Limited, AUL announces that Cybertrade has indicated to AUL that it is not considered appropriate to proceed immediately with an IPO, due to the current state of the market.
As a result, Cybertrade is negotiating with parties to provided private funding for the company, to allow its fully automated direct order entry INTERNET STOCKBROKING project to be fully developed, with the view to listing the company with a more commercialised and comprehensive product at a time when market conditions are more favourable.
AUL has indicated to Cybertrade that it will continue its involvement with Cybertrade, and if and when Cybertrade determines the timing and market conditions for an IP0 listing to be appropriate, AUL shareholders would be entitled to up to 50% of those additional shares which would be available to the public in a prospective IPO.
BeMaX Resources NL announce that it has entered into an agreement with Hudson Corporate Limited for the underwriting of the exercise of each of the 24,317,050 twenty cent options due to expire today.
For further information, click here
The company advises that the two resolutions considered at the Extraordinary General Meeting of shareholders of the company held at 10:30am, 29 June 2000 were all passed.
For further information, click here
We refer to an announcement made on the 1st February 2000 and advise that after further discussion with New Hampton Goldfields Limited (NHG), Central Kalgoorlie Gold Mines Limited (CKG) has agreed to sell 100% of its interests in the Kambalda West Project to NHG.
The Directors of Crest Magnesium NL inform the market that as a result of the Rights Issue which closed on 22nd June 2000, they have issued 14,061,023 fully paid ordinary shares at 7 cents each, raising a total of $984,271.61.
The Directors have received written requests for the placement of a further 20,500,000 shares at 7 cents per share which will raise a further $1,435,000.
The balance of the Rights Issue in accordance with the Prospectus may now be placed at 7 cents per share to non associated parties within three months of the closing date being on or before 22nd September 2000.
As previously announced, the Eureka mine has been affected by a number of adverse factors related to the deterioration of Zimbabwe's economy, particularly shortages and escalating prices of diesel fuel and other imported goods. In addition, Zimbabwe's exchange rate has not depreciated in line with inflation differentials. One of the direct consequences of this is the receipt of a very low Zimbabwe dollar gold price, in relation to the purchasing power of the Zimbabwe dollar with respect to imported goods necessary for gold production. Almost all equipment, consumables and spares for Eureka are imported.
Zimbabwe's economy has yet to improve and the Eureka mine is incurring unacceptable losses. Delta Gold will suspend mining at Eureka, with the existing mining contractor's equipment being demobilised on 30 June 2000.
Ore currently on the heap leach pads will continue to produce gold for several months. The operation will be placed on care and maintenance and the site will continue to be managed in accordance with Delta's environmental policies.
Eureka was forecast to contribute less than 5% of production and profit to Delta in the current financial year, but will now make a loss. The shortfall in production from Eureka will be more than made up by better than forecast production from Delta Gold's Australian operations.
The Australian Competition and Consumer Commission (ACCC) has approved the Norske Skog acquisition of Fletcher Challenge Paper in Australia.
Fletcher Challenge Chief Executive Officer Michael Andrews welcomed the ACCC's approval ahead of the Fletcher Challenge special shareholders' meeting in Auckland next Tuesday (July 4) to consider approval of the sale.
Capstone Turbine Corporation, listed on the US NASDAQ market Friday, 30 June, with trading closing at US$47.98 per share.
Fletcher Challenge Energy owns 8,077,565 shares in Capstone, and is the largest shareholder.
Friday's closing price values Fletcher Challenge Energy's stake in Capstone at approximately NZ$820 million. Fletcher Challenge Energy is restricted from selling its stake for a 12 month period. Fletcher Challenge Energy notes that it expects some volatility in the market price of Capstone and that investors should be cautious.
We advise that Fortuna NL (to be re-named VivaNET NL to reflect the recent acquisition of the VivaNET business) has today completed a private placement of 5 million shares at an issue price of 18 cents each to raise $900,000.
The issue was made to 14 professional and overseas investors to raise funds for the further expansion of VivaNET's business in NSW, including the establishment of a Sydney Office, and to provide additional workings capital pending the receipt of funds from the company's forthcoming public capital raising.
At the General Meeting of the Company held Friday, 30 June, the following resolutions were adopted:
For further information, click here
All resolutions put to Members at the General Meeting held Friday, 30 June were passed on a show of hands.
DRILLING UPDATE TO JUNE 28, 2000
International Annax Ventures Inc. (IAX) has announced the results for drill hole SOP23D, the second diamond drill hole of the current program at the Sopokomil stratiform zinc-lead-silver Dairi prospect located in North Sumatra.
Hole SOP23D interesected a 14.5 metre thick zone of massive sulphide approximately 150 metres down-dip of the surface trace of the mineralized zone. Hole SOP23D reported the following assays:
Metal Grades |
||||||
Drill Hole |
Interval |
Intercept |
% Zinc |
% Lead |
g/t Silver |
Combined % Lead + Zinc |
SOP23D |
107.0 - 121.5 m and |
14.5 |
15.9 |
9.0 |
8.6 |
24.9 |
104.0 - 107.0 m |
3.0 |
2.6 |
1.5 |
3.2 |
4.1 |
Hole SOP23D is located 100 metres north of the section on which holes SOP18D and SOP22D were previously drilled and results reported. Hole 18D intersected 16.9 metres grading 18.8% zinc and 12.4% lead. Hole 22D intersected 19.1 metres grading 16% zinc and 7.5% lead and a second interval grading 29% zinc and 22.2% lead over 2.7 metres.
For further information, click here
Highlands Pacific Limited advises that the Papua New Guinean Government has approved the Mining Development Contract (MDC) for the Ramu nickel project located in the Madang Province.
The securities of Menzies Gold Limited will be placed in pre-open pending the release of an announcement by the Company. Unless ASX decides otherwise, the securities will remain in pre-open until the earlier of the commencement of normal trading on Tuesday 4 July 2000 or when the announcement is released to the market.
Security Codes: MZG
NEW ISSUE ANNOUNCEMENT
Pilbara Mines Ltd 95% owned subsidiary, Request DSL, has entered into a memorandum of understanding (MOU) with Network Design and Construction Limited.
The MOU will enable the two companies to work together on the physical and logistical aspects of Request DSL's nationwide digital subscriber line (DSL) Cisco Powered Network(TM) roll out.
ONSHORE UK
KEDDINGTON-2 (ROC 100%)
The Keddington-2 well was completed on 22nd June. A pumping unit and rods will now be installed and the well hooked into the production system. Pumping production, from the same Basal Westphalian reservoir sands as Keddington-1, is expected to start on about 20th July.
SALTFLEETBY-5 (ROC 100%)
The Explorer drilling rig, owned by Roc Oil (UK) Limited, is currently moving to the Saltfleetby 'B' Site, where it is scheduled to spud the Saltfleetby-5 well on 7th July. Saltfleetby-5 will be drilled to a planned total depth of 3,065 metres, with a horizontal section of more than 300 metres. The expected well duration is 80 days, including testing and completion.
Saltfleetby-5 has a primary target in Namurian sands, which are deeper than the Westphalian sands currently contributing all the field's gas production of 50 mmscf/day.
If successful in the Namurian, this well will add to field reserves and deliverability, otherwise it will be completed shallower, as a fifth Westphalian producer, to provide additional production flexibility and the potential to accelerate production.
OFFSHORE UK
KYLE (ROC 12.5%)
As of Wednesday 28 June 2000 (UK Time) production from the extended well test on the Kyle 29/2c-12z well continued at approximately 13,000 barrels of oil per day with no water production and a stable gas/oil ratio.
MONGOLIA (ROC 100%)
On 28 June 2000 Roc Oil (Mongolia) Ltd (a wholly owned subsidiary of Roc Oil Company Limited) completed the delivery of approximately 7,600 bbls of crude oil to China under its crude oil sales contract with Sinochem International. It is planned to sell approximately 30,000 barrels of oil during June and July under this contract.
The crude oil being sold under this contract is priced in USD at international oil prices.
The partly paid shares of Taipan Resources NL will be suspended from quotation from the commencement of trading on 30 June 2000, pending clarification of the Company's announcement of 28 June 2000 regarding a postponement of the calls due on the partly paid shares.
Security Code: TAICB
The Company advises that all resolutions in the Notice for Friday, 30 June's Extraordinary General Meeting of shareholders were approved on a show of hands.
The Company advises that Director, Mr Gary Hutchinson, has resigned today and the Directors have appointed Mr Garry Yost as a Director.
Triton Corporation Limited shareholders have approved the issue of up to 78.9 million Triton shares and 3 million options to complete the share swap acquisition of Yost Technologies Limited.
Triton has today waived its 100% minimum acceptance condition and declared that all of the other conditions in its offer have been satisfied.
Principal Mutual Holding Company decreased its relevant interest in Werrie Gold Limited on 28/06/2000, from 6,530,400 ordinary shares (10.54%) to 5,842,977 ordinary shares( 9.43%).
NEW ISSUE ANNOUNCEMENT
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