This week: High-grades for AFCR and NYO, HCM nestles into a JV, PFP clears more hurdles Last week, the main indices held on to their recent gains, with the AIM All Share largely unchanged at 692 and FTSE 100 finishing up 37 points to 5,866. Positive sentiment was maintained by German Bundestag’s approval of the latest Greek bailout by a large majority, a strong jump in US pending home sales and an 18-month high for UK GfK consumer confidence in November. While the economic calendar this week is busy including the release of the US ISM Manufacturing index and the BoE interest rate decision, newsflow relating to the US “fiscal cliff” as we approach the critical year-end deadline may be the main drivers of markets this week.
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African Consolidated Resources (LON:AFCR 3.25p/ £19.27m) AFCR Preliminary Economic Assessment African Consolidated Resources, the resource and development Company focused on Southern Africa, has provided further information following its announcement on the 14 November 2012. The Company has completed a Preliminary Economic Assessment (PEA) on what was referred to as Pit 2 of the Pickstone Gold project in the earlier announcement. The Company employed a Johannesburg based mining consultancy, PDNA Minxcon, to undertake this study, which focused solely on an open-pit operation on the Pickstone sheer zone and has considered neither the Pickstone underground nor the Peerless sheer zone open-pit and/or underground potential. The PEA confirms early indications of a high grade open pit able to produce at a rate of 50,000 tpm and a mined grade of 4.6 g/t by applying a mining cut-off of 2 g/t derived from a resource grade of 5.1 g/t. At this cut-off grade the open pit will produce an estimated 720,000 gold ounces over a life of mine of ten years. Applying a 1 g/t cut-off at the same production rate, the open pit will yield 850,000 gold ounces for a life of mine of 16 years.
Alumasc Group (LON:ALU 84p / £30.35m) ALU Acquisition Alumasc, the premium building and engineering products Company announced the acquisition of Rainclear Systems Limited for a purchase consideration of £770,000 on a cash and debt free basis. Rainclear is an internet based business offering metal rainwater products to the building industry…
