Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Study boosts Shanta mine hopes
Tanzania-focused Shanta Gold (SHG) says a feasibility study of its Singida project supports developing a mine producing 45,000 oz a year. The Guernsey-based company, which recently raised a dilutive £15.1 million at 18p to take its larger project, New Luika, into production, says the Singida study envisages a $39 million (£24.4 million) capital cost, operating costs of $412 an ounce — against a current market price of nearly $1,880 — and a 126 per cent internal rate of return.
AIM-quoted Shanta has said it expects New Luika to produce 175,000 to 190,000 oz of gold a year in its first three years from December 2011 and now suggests proceeds from this output will be enough to pay for building a mine at Singida next year. Executive chairman and substantial Shanta shareholder Walton Imrie says the feasibility study, conducted as with Luika by Environmental, Process and Mining Consultants, shows 'attractive investment outcomes', arguing Singida will enable Shanta to 'transform into a mid-tier gold producer by 2013' with a target of 100,000 oz a year combined production from the two mines.
Shanta recently arranged a $3.4 million (£2.1 million) facility with US hedge fund Yorkville Advisers, based in Jersey City and founded 10 years ago by Mark Angelo, backed by an existing standby equity draw-down agreement with Yorkville. The company is also in a joint venture with Toronto-quoted Great Basin Gold to develop another prospect in Tanzania, the Lupa goldfield.
Floated at 25p in 2005, Shanta shares have traded between 35.25p and 18.13p over the past year. Highlighted by Growth Company Investor last month at 18.5p, they have now reached 26.13p, up 3.25p this morning and valuing the company at £69 million.
Hold on.
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