Mano River Resources
SPECULATIVE BUYDavid Evans, former Aquarius Platinum luminary and new executive chairman of Mano River Resources, and chief executive officer Luis da Silva have radical plans for the long-neglected company.
Mano's 65 per cent-owned West African diamond joint ventures are being floated on AIM as Stellar for £10 million to £15 million, following a £4.2 million pre-float funding at 87.1p a share. Though the issue has not yet been priced, there is talk of warrants at 120p.
The plan is to step up the drilling at Mano's Putu Range iron ore project in Liberia, where the company hopes to double historic resource estimates to 900 million tonnes by mid-2008 and then do a deal with a major mining group. In relation to gold, Mano now argues that a previous feasibility study at New Liberty in Liberia – which suggested a 1.4 million oz potential resource (averaging 4.5 grammes a tonne) – is inadequate. The company suggests its resources could reach three million oz by going deeper.
Floated at 18p in 1998, Mano shares drifted all the way down to 8.38p last August. They have now rallied to 11.5p and should go further.
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