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Tiger Resources

8 July 2008 Media Release

Resource Upgrade to Measured and Indicated Status for Kipoi Central Supports

Early Mining Start To Produce 32,000tpa Copper Metal

 

...Measured and Indicated Resource of 2.86Mt at 8.1% Cu containing

232,000 tonnes of copper (compared to the previously reported Inferred Resource of

3.2Mt @ 7.2% Cu containing 230,000t of copper)...

 

...The total of the Inferred resource reported in March 2008 was 13.4Mt at 3.3% Cu containing

439,000 tonnes of copper, 20,000 tonnes of cobalt and 1,416,000 ounces of silver. Included in

the resource was a high grade component (also to inferred resource status), determined by a

lower cut off grade of +5% Cu, of 3.2Mt at 7.2% Cu containing 230,000 tonnes of copper,

5,200 tonnes of cobalt and 441,000 ounces of silver. ...

 

http://www.stocknessmonster.com/news-item?...SX&N=413049

(it is a PDF)

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http://www.marketwire.com/press-release/Mo...MGL-875921.html

 

Jul 07, 2008 08:15 ET

Moto Signs Consolidated Lease and Revised Technical and Financial Assistance Agreement With Okimo

 

PERTH, WESTERN AUSTRALIA--(Marketwire - July 7, 2008) -

 

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH ANY US NEWSWIRE SERVICE

 

Moto Goldmines Limited ("Moto") (TSX:MGL)(AIM:MOE) is pleased to announce that its wholly owned subsidiary, Borgakim Mining sprl ("Borgakim"), has entered into a lease agreement with L'Office des Mines d'or de Kilo-Moto ("Okimo"), the Congolese para-statal entity with whom it is developing the Moto Gold Project (the "Consolidated Lease"). The Consolidated Lease provides that:

 

- the various existing leases in respect of the Moto Gold Project that had been granted by Okimo in favour of Moto's subsidiaries in the Democratic Republic of Congo ("DRC") have been amalgamated in favour of the Consolidated Lease issued to Borgakim;

 

- the Consolidated Lease, which sits on ten of Okimo's new exploitation permits (the "Okimo Exploitation Permits") issued following the transformation of its previous concession rights pursuant to the Congolese Mining Code, is in respect of a newly consolidated perimeter of 1,841sq kms. The perimeter includes the Karagba, Durba and Camp Chauffeur sites previously part of the perimeter covered by the contract of technical and financial assistance dated December 30, 2003 (the "ATF Contract");

 

- the Consolidated Lease has the same term as the Okimo Exploitation Permits. These permits last initially until May 2014 and are then subject to renewal in accordance with the Congolese Mining Code;

 

- the balance of the areas held by Moto's subsidiaries have been returned to Okimo in accordance with the arrangements agreed in November 2006. (All of Moto's current reserves and resources are within the Consolidate Lease area); and

 

- Borgakim will pay a monthly rental to Okimo of US$350,000 in respect of the Consolidated Lease, as from the execution of the Consolidated Lease until the commencement of production. In addition, Borgakim is responsible for paying the surface rents payable by Okimo under the Okimo Exploitation Permits in respect of the Consolidated Lease area. This amounts to approximately US$1,000,000 per year.

 

Borgakim and Okimo are currently carrying out the necessary formalities for the registration of the Consolidated Lease with the Congolese Mining Registry.

 

Borgakim has agreed that the US$5,000,000 premium which was the amount agreed to be paid November 2006 will be paid in full upon registration of the Consolidated Lease. The balance currently outstanding is US$3,750,000. Borgakim and Okimo have also entered into a revised financial and technical assistance contract ("Revised ATF Contract"), conditional on the Consolidated Lease becoming effective, which replaces the ATF Contract, to the following effect:

 

- Borgakim will provide technical and financial assistance to Okimo within a perimeter (the "ATF Perimeter") prescribed in the Revised ATF Contract in relation to the following matters, up to the amounts specified below:

 

- Rehabilitation of the N'Zoro hydro-electrical plant (funded by Borgakim with the costs expected to be in the region of US$300,000);

 

- Exploitation of the "Durba Tailings", including the conception, acquisition, construction and commissioning of a re-treatment unit (funded by Borgakim up to US$1,500,000);

 

- Exploration programme - planning and carrying out an exploration programme within the ATF Perimeter aimed at identifying economically workable resources which could constitute a source of gold for Okimo (funded by Borgakim up to US$1,500,000);

 

- Acquisition of production plant - assisting Okimo in selecting and installing a production unit if the exploration programme referred to above has identified economically workable resources (funded by Borgakim up to US$3,000,000);

 

- The total expenditure expected to be provided by way of financial assistance under the agreement amounts to approximately US$6,300,000. Borgakim will also provide technical assistance to Okimo in developing its own capacity of production.

 

- All expenditure incurred by Borgakim or provided to Okimo in respect of the projects set out above will be by way of loans to Okimo, to be reimbursed from 30 per cent of the profits generated by Okimo's own exploitation activities and, in the event said profits should be insufficient, from the dividends that it will receive from Borgakim, the joint venture company; and

 

- Detailed agreements relating to each of the projects set out above will be entered into by Borgakim and Okimo to specify the details of the work to be carried out, the parties' obligations and liabilities with respect to such work and the timetable for implementation.

 

As announced by Moto on December 31, 2007, it has agreed with Societe d'Organisation, de Participation et de Management ("Orgaman") to acquire a mixed currency debt owed by Okimo to Orgaman (the "OKIMO Loan"), which as at June 30, 2008 amounted to approximately US$30.3 million and Euro 1.6 million. The first payment due to Orgaman of US$9.7million and Euro 0.5 million in respect of the OKIMO Loan will be payable within seven business days of the Consolidated Lease and a tripartite agreement (to be entered into among Okimo, Moto/Borgakim and Orgaman confirming completion of the assignment of the OKIMO Loan (the "Tripartite Agreement")), becoming effective. The Tripartite Agreement is currently under discussion. Moto has the option to settle 50 per cent of these amounts through an issue of shares.

 

Moto and Okimo have also been in discussions as regards a revised and updated protocol agreement, as part of an agreement between the parties as to how to deal appropriately with the matters raised by the Commission for Revisitation and the DRC Government. This agreement is intended to cover the basis of Okimo's participation in the joint venture, including its 30 per cent free carried interest, and the other financial terms of the joint venture interest, including miscellaneous financial assistance which is being sought by Okimo as well as the Tripartite Agreement for the transfer of the OKIMO Loan. Although discussions are advanced, the agreement is only likely to be concluded once approved as part of the "revisitation" process. There remains some uncertainty regarding the timing and nature of this process.

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Anvil Mining Limited announces approval in principle of C$296 million private placement

MONTREAL, Jul 10, 2008 (Canada NewsWire via COMTEX News Network) --

 

TSX, ASX: AVM

 

Common Shares outstanding 71.2 million

 

Anvil Mining Limited (TSX, ASX: AVM) ("Anvil" or the "Company") is pleased to announce that it has entered into a binding term sheet for a private placement of 23,733,970 Common Shares at a price of C$12.50 per share for C$296,674,625, with Catala Global Limited ("Catala"), whose ultimate owner is a trust for the benefit of family members of Dan Gertler. The subscription price represents a premium of approximately 27% to the 30-day volume-weighted average price of the Common Shares of Anvil on the Toronto Stock Exchange (the "TSX") as of closing of trading on July 9, 2008.

 

The proceeds from the private placement will be used by Anvil for completion of Kinsevere Stage II, Kulu Stage II SX-EW and studies leading to the development of an expanded SX-EW facility at Kolwezi and for general working capital purposes.

 

The private placement is subject to satisfaction of a number of conditions, including regulatory approval and the approval of Anvil's shareholders. The Board of Directors of Anvil has provisionally determined to call a special meeting of Anvil's shareholders to approve this transaction, to be held September 15, 2008.

 

Completion of the placement will result in Catala owning approximately 25% of the outstanding Common Shares of Anvil on an undiluted basis and after giving effect to the placement. Upon completion of the placement, Catala will be entitled to nominate one person to Anvil's Board of Directors. So long as Catala or its affiliates continue to hold at least 20% of Anvil's Common Shares, Catala will have a right to participate in future issuances of shares or convertible securities so as to maintain its pro rata position, excluding issuances under Anvil's stock option plan.

 

BMO Capital Markets has been engaged by the Board of Directors of Anvil in connection with the transaction and the provision of a fairness opinion.

 

Upon entering into a definitive agreement with Catala, the Company proposes to hold a conference call to discuss the private placement and will announce the access details for the conference call in advance.

 

Anvil Mining Limited is an unhedged copper and silver producer, the shares of which are listed for trading on the Toronto Stock Exchange (as Common Shares) and the Australian Securities Exchange (as CDIs) under the symbol AVM. It has majority interests in and operates the Dikulushi copper-silver mine, the Kinsevere copper mine, and the Kulu copper tailings operation in the Katanga Province of the Democratic Republic of Congo.

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International Barytex Resources Ltd.: Shituru Project Contract Review

 

Last update: 7:11 p.m. EDT July 11, 2008

VANCOUVER, BRITISH COLUMBIA, Jul 11, 2008 (MARKET WIRE via COMTEX) -- INTERNATIONAL BARYTEX RESOURCES LTD. ("the Company") (CA:IBX: news, chart, profile) advises that in regard to the contract review process the Democratic Republic of Congo ("DRC") is undertaking, East China Capital Holdings Ltd ("ECCH"), a subsidiary controlled by the Company, has received a proposal from Generale des Carrieres et des Mines (Gecamines) to revise the Gecamines-ECCH agreement in regard to the Shituru copper deposit located near Likasi, Katanga province, DRC.

ECCH has been advised by Gecamines that as a preliminary step to finalizing the contract review initiated by the DRC Government, ECCH should reach agreement with Gecamines on the proposed modifications to the existing agreement. In this regard, it is expected that Gecamines will set a meeting date within the next few weeks for discussions. If agreement regarding changes to the existing contract can be reached, Gecamines and ECCH would then take these amendments to the DRC Government for approval. If no agreement on the proposed changes can be reached, the matter would then be put before a tribunal to be set up by the DRC Government.

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Firestone Diamonds upbeat about its Orapa diamond finds

http://sundaystandard.info/news/news_item....6&GroupID=3

 

....BK16

The Company is pleased to announce that it has entered into agreements with SouthernEra International Limited (‘SouthernEra’), a wholly owned subsidiary of Mwana Africa plc, and SouthernEra’s Botswana joint venture partner, under which Firestone can acquire an 87.5% interest in the BK16 kimberlite in return for carrying all costs to completion of bankable feasibility and a cash payment of £60,000. This will bring the number of kimberlites in Firestone’s Orapa licence areas to 10.

 

BK16 is situated approximately 22 kilometers north east of BK11 and 12 kilometers north of the Letlhakane Mine. SouthernEra will retain a carried 12.5% interest in the project to completion of bankable feasibility.

 

 

 

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Canadian explorer ties its fortunes to the DRC

 

http://www.miningweekly.com/article.php?a_id=138258

 

By: Liezel Hill

Published on 16th July 2008

Updated 13 minutes ago

TSC Venture Exchange-listed gold hopeful La Quinta Resource Corporation is so excited about the outlook for its exploration properties in the Democratic Republic of Congo (DRC) that the company is looking for a partner to take on its other asset, a gold prospect in Mexico, so that it can direct 100% of its efforts on the central African nation.

 

The Orofino gold property, in Mexico's Sonora province, is still seen as a solid project, but the general message from investors was that they would prefer to see the company focus on its large land package in the mineral-rich DRC, La Quinta senior VP Glen Watson told Mining Weekly Online.

 

“And so we're looking for potential strategic partners on the project,” he said.

 

Back to the DRC, chairperson and CEO Malcom Swallow is clearly enthusiastic about his company's prospects in what he terms “the last great jewel box” of the world.

 

“I've never, ever seen a country with the grades and with the mineral availability that you get in the Congo,” he commented in a presentation in Mississauga, Ontario.

 

“The whole country, from a minerals point of view, is remarkable...the law within the country is starting to be applied...the minerals law is working."

 

Vancouver-based La Quinta has now finalised a joint venture agreement with Wa Balengela Kasai-Investments Congo (WBK), a local firm which holds the licences to 7 010-km2 of land in the north-east of the country - La Quinta can earn up to an 80% stake in the property by funding $10-million in exploration expenditure over five years.

 

WBK formally received the exploration permits under the DRC's new mining regime in March and the deal with La Quinta received the go ahead from the TSX Venture Exchange last month.

 

(Investors also need not be concerned by the mining contract review under way in the country, mainly because because there is no State-owned company involvement in the property, and secondly because WBK's licences have now been awarded by the government under the new mining law.)

 

The property, on the Maniema-South Kivu gold belt, is largely unexplored using modern technology, although a number of sites were mined alluvially in the former Belgian Congo, before Congolese independence in 1960.

 

The land also holds the appeal of what Swallow calls 'closology', as it abuts two of fellow Canadian Banro Corporation's projects, which already have NI 43-101-compliant resource estimates totalling some 8-million ounces.

 

Banro is actually expected to publish the results of a prefeasibility study into its Namoya property, to the south west of the WBK-La Quinta property, within the next few weeks.

 

Moving forward, La Quinta will focus its exploration efforts on the past producing alluvial sites on the property, as well as a number of anomalies which have already been identified on the large land tract.

 

The firm hopes to get some drilling under way by the end of the year, Swallow said, and access to the property will soon be much improved, as the Chinese-built N2 highway currently under construction will run straight through the WBK land.

 

“And that makes a huge difference to us because it obviously aids us with infrastructure.”

 

La Quinta is happy that a dispute between WBK and Banro, which claims it had a previous agreement with WBK on the licences, is behind it, although it should be mentioned that a Banro spokesperson said last month that the company was still pursuing the matter.

 

The firm announced plans earlier this month to raise about C$900 000 in a nonbrokered private placement of shares and warrants, although Swallow indicated on Thursday that it may have to relook at the pricing of the fundraising because of the difficult market conditions facing junior miners at the moment.

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http://www.africanmetals.com/st/ir.htm

 

11/07/08

Second round of geochemical sampling will commence in mid July on all eight of the Licences held by AFR in the Katanga Province, Democratic Republic of the Congo

 

http://www.africanmetals.com/st/news/2008/080711.pdf

 

:blink:

http://www.irw-press.com/dokumente/African_110708.pdf

 

Market Capitalisation 6.1 mil CAD

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ALROSA AND DRC MINES MINISTER DISCUSS COOPERATION

30 July 2008

http://www.diamondintelligence.com/magazin...ine.asp?id=6737

 

A delegation from the Ministry of Mines of the Democratic Republic of the Congo (DRC), headed by Victor Kasongo, the country’s Deputy Minister of Mines, has visited Moscow at the invitation of Russian diamond monopoly Alrosa Co. Ltd.

During the visit, Sergey Vybornov, President of Alrosa, and Kasongo discussed cooperation in diamond exploration and mining in the DRC.

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Congo Mining Deal Negotiations to Start Aug. 5,

RTNC Reports

2008-07-29 21:51:25.620 (New York)

 

 

By Franz Wild

July 29 (Bloomberg) -- Democratic Republic of Congo will

start renegotiating contracts with mining companies starting Aug.

5, Congolese National Radio and Television said, citing Mines

Minister Martin Kabwelulu.

A panel of ministers, which will lead the negotiations, will

send the private companies the terms of reference by this date,

the Kinshasa-based broadcaster said late today.

Congo is reviewing 62 mining contracts with companies such

as Freeport McMoRan Copper & Gold Inc., the biggest publicly

traded copper producer, as it tries to increase revenue from the

industry.

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Congo Companies to Lead Mining Contract Renegotiation (Update2)

http://www.bloomberg.com.au/apps/news?pid=...mp;refer=africa

 

By Franz Wild

 

Aug. 5 (Bloomberg) -- The Democratic Republic of Congo, the world's largest source of cobalt, said state-owned mining companies will lead the renegotiation of contracts with foreign investors.

 

Congo wants to increase state revenues by amending 62 deals with companies including Phoenix-based Freeport-McMoRan Copper & Gold Inc., the biggest publicly traded copper producer, and AngloGold Ashanti Ltd., Africa's largest gold miner. Congo holds a third of the world's cobalt reserves, a metal used in rechargeable batteries, and 10 percent of copper reserves.

 

``We will give the terms of reference to the state enterprises and then it's up to them to discuss with their private partners,'' Alexis Mikandji, chief of staff for the Mines Ministry, said today by phone from Kinshasa. ``The terms of reference just say what the ministry wants from the deals.''

 

Canada's Katanga Mining Ltd., which is restarting Congo's biggest underground copper mine, said today it amended a joint venture with state-owned Gecamines following a government review.

 

Gecamines, which holds copper and cobalt assets in the south of the country, will complete negotiations with other companies over the next month, Managing Director Paul Fortin said today on the phone from South Carolina.

 

Campaign groups including London-based Global Witness yesterday criticized the lack of published information on the government's review. There's ``no clear timeframe'' for the process, which began in June last year, the 15 groups said yesterday.

 

Mines Minister Martin Kabwelulu and his deputy Victor Kasongo didn't immediately answer calls to their mobile phones.

 

To contact the reporter on this story: Franz Wild in Kinshasa via Johannesburg at pmrichardson@bloomberg.net

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Libya signs $300 million pipeline deal with DR Congo

Tue 12 Aug 2008, 12:57 GMT

http://africa.reuters.com/business/news/usnBAN250153.html

 

 

TRIPOLI (Reuters) - Libya Oil Holding Company, Tripoli government oil investment arm in Africa, had won a $300 million deal in Democratic Republic of Congo to build oil storage and control facilities and pipeline, its chief executive officer said on Tuesday.

 

The contract, part of the company's expansion plan on Africa, involves setting up oil storage, control station facilities near Banana area on the country's Atlantic Coast from where the 140 km (87.5 miles) pipeline would carry petroleum products onto DC Congo, Ali al Shamekh added.

 

The Company also acquired the retail business of Royal Dutch/Shell in Ethiopia, Djibouti and Sudan, Shamekh said, without giving further details on the deal over 230 petroleum distribution stations in the three countries.

 

"The deal to buy Shell operations is consistent with Libya Oil Holding Company's global strategy to expand business in Africa," he said.

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DRC govt wants mining contract review wrapped up this year – Anvil

http://www.miningweekly.com/article.php?a_id=140600

 

By: Liezel Hill

Published on 12th August 2008

The "encouraging" message coming from the government of the Democratic Republic of Congo (DRC) was that it wanted to conclude the review and renegotiation of mining contracts in the country by September or October, Anvil Mining president and CEO Bill Turner said on Tuesday.

 

“There is some light at the end of the tunnel,” he commented on a conference call to discuss the copper miner's second-quarter performance.

 

The DRC has reviewed and identified areas for renegotiation of about 60 contracts entered into between foreign companies and State mining firms during and immediately after the country's civil war, in order to determine the legality of the deals and renegotiate those seen as unfair to the State.

 

The government has indicated that it wants to renegotiate the mining contracts for Anvil's Dikulushi, Mutoshi and Kinsevere operations, and discussions with the government, as well as with State miner Gecamines, are ongoing, Turner said.

 

He expressed optimism that the review and renegotiations, which have been hanging over companies with assets in the country for more than a year now, would be concluded before the end of this year.

 

DISAPPOINTING QUARTER

 

Anvil posted second quarter net income of $8,5-million, a decline of 76% compared with the same period a year earlier.

 

The company's performance during the quarter was “disappointing”, but it was working to resolve operational difficulties at the Dikulushi and Mutoshi mines, Turner said.

 

At Dikulushi, after ore extraction and underground development rates lagged expectations, the firm decided to switch from a sublevel caving mining method to an Avoca cut and fill method, and has brought on Perth-based mining contractor Byrnecut to implement the new method.

 

Although there is additional capital cost involved in modifying the mining method, ore recovery rates are expected to improve significantly as a result, Turner said.

 

At Mutoshi, the firm has suspended mining operations altogether, while it considers alternative mining methods and studies the feasibility of building an SX-EW facility at the operation.

 

It has enough stockpile to continue processing until December, and expects to meet its 2008 production guidance of 9 000 t of copper, but will stop operations at Mutoshi at the end of the year.

 

Metallurgical recoveries from the heavy-media separation process had declined to the point that it made more sense to “preserve the resource” until the SX-EW plant was in place, DRC operations VP Toby Bradbury said.

 

The scoping study on an SX-EW plant was expected to be completed by year end, after which the firm would move towards a feasibility study. An updated resource estimate at Mutoshi is also expected this year.

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