daytrading feb 28 pre-market, page-3

27 Feb feeds:

Luiri Gold’s (ASX: LGM) in-house testwork has produced positive results demonstrating the potential for high gold recoveries from the Dunrobin project in Zambia.

Importantly, preliminary geo-metallurgical interpretation of the Dunrobin resource supports the 90% average gold recovery used in the recent Feasibility Study.

It also enhances Luiri’s understanding of the metallurgical treatment characteristics of the resource.

For the body of results, the average gold recovery potential was about 100%.
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BluGlass Limited (ASX: BLG) has successfully produced p-type gallium nitride (GaN) films, using its low temperature Remote Plasma Chemical Vapour Deposition (RPCVD) technology, that meet industry benchmarks.
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Sentosa Mining (ASX: SEO) has started additional drilling to test the gold mineralisation potential of its Jaurdi Hills Project north of Coolgardie, Western Australia.

This will test the Wealth of Nations, Jaurdi Mining Centre, Panther and Eight Mile Well prospects and follows an independent review that concluded that a number of zones warrant further testing.
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Perpetual Resources (ASX: PEC) has completed a successful IPO and the company will hit the ASX boards at 11:30am A.E.D.T. on Thursday 28th February 2013, with a little over 13.2 million shares on issue. Other shares are subject to 12 and 24 month escrow periods.

The IPO offered 10 million shares at $0.20 to raise a minimum of $2 million, with oversubscriptions possible for another $1 million.
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Cellmid (ASX: CDY) shares have rocketed in trade today, moving 29.2% higher to an intra-day high of A$0.031 from an open of $0.024.

The ASX has issued a price and volume query, with 37.7 million shares traded by mid-afternoon.

Cellmid responded to the ASX, saying it is not aware of any material information that has not been disclosed to the market, which may explain the sudden investor interest.

Proactive Investors said earlier this month: “The retracement in share price from $0.028-$0.03 to $0.02 provides an opportunity for investors. We assess Cellmid to be worth closer to $0.035 on our calculations, offering substantive upside.”

Cellmid recently sealed a key midkine diagnostic deal with listed Japanese company Fujikura Kasei Co (TYO: 4620), a major supplier of latex particles used in medical diagnostics with a market cap. of ¥12.4 billion (A$130 million).
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FAR Limited (ASX: FAR) has assessed its two offshore Africa oil exploration permits as potentially hosting gross Prospective Resources of 7 billion barrels of oil.

In the L6 permit off Kenya, FAR has identified a number of hydrocarbon play types and prospects of which three have been matured for drilling.

The Tembo, Kifaru and Kifaru West prospects have Prospective Resources of 327, 178 and 130 million barrels of oil and discovery chances of 21%, 19% and 18% respectively.

FAR will soon select a location for the first exploration well.
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Golden Gate Petroleum (ASX: GGP) non-executive director Christopher Porter has acquired 2.5 million shares on-market.

Porter purchased the shares for a total consideration of A$10,000, providing an average entry price of $0.004 per share.
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Kidman Resources (ASX: KDR) is preparing to release results from the recent Home of Bullion drilling campaign, with the ASX granting the company a trading halt today and placing its shares in pre-open.

Home of Bullion and another Prospect D are part of the company's Barrow Creek project, which is located in the Northern Territory.

Home of Bullion is a copper, silver, lead, zinc, gold deposit, and is only 30 kilometres from the Stuart Highway.
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Rawson Resources (ASX: RAW) associate Kea Petroleum (AIM: KEA) has restarted drilling at the Mauku-1 well and is preparing to test the Puka-2 well in the onshore Taranaki Basin, New Zealand.

Mauku-1 targets gas in the Mangahewa Formation, a stacked sandstone interval with a gross thickness of about 600 metres.
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Triton Gold (ASX: TON) is preparing to begin the first phase of graphite exploration at the Ancuabe and Balama prospects in Mozambique with the appointment of Jigsaw Geoscience.

Triton's Exploration Licence 5365 at North Balama (EL5365) is located just 3 kilometres North-East of Syrah Resource’s (ASX: SYR) massive Balama East graphite deposit.

Jigsaw, a Perth-based consultancy, will begin work shortly at the North Balama licence and should be in the field by mid to late March 2013.
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Horseshoe Metals (ASX: HOR) received a price and volume 'speeding ticket' from the ASX yesterday after the company's shares hit $0.22, a 29% gain from Monday 25th February 2013.

The company said it is not aware of any material information that has not been released to the market, which may explain the sudden investor interest.
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this morning :



Red Mountain Mining (ASX: RMX) has received a Speculative Buy from Argonaut Securities, with the following an extract from the research report.


Drilling at West Drift identifying a second lode:

Drilling results from Red Mountain Mining’s (RMX) 2 rig program has identified a second gold lode at West Drift, one of the targets at the Lobo Project in the Philippines. Results include (downhole widths):

- 6.3m at 8.0 grams per tonne gold from 198m
- 4.6m at 5.8g/t gold from 153m

In addition, a separate silver lode was intersected:

- 1.5m at 499.4g/t silver from 43m

The Company recently updated its Resource at the 100% owned Batangas Project to 408,000 ounces at 2.2g/t (was 512,000 ounces at 1.1g/t), inclusive of a high grade Resource at Lobo of 45,000 ounces at 7.2g/t.

On the corporate front, Jon Dugdale has commenced as Executive Director. The Company has also appointed Geoffrey Boswell as Country Manager, replacing Tony Climie. Geoffrey has over 25 years’ experience in exploration, exploration management, mining, resource assessment and environmental assessment, predominantly in gold and copper projects. He had held senior management positions with OceanaGold, Crazy Horse Resources and Copper Development Corp.


Impact:

The current drilling campaign is focused on a new target outside the existing Resource areas, and could potentially add to the high grade inventory at Lobo. More encouragingly, the results validate the Company’s low-sulphidation epithermal exploration model and highlights potential for further discoveries.

The updated Resource has seen the grade double at the expense of ~20% of the overall ounces and is a positive development. Going forward, Argonaut anticipates the Company to maintain its focus on defining high grade, quality ounces.


View:

RMX’s near term focus on high grade targets could prove rewarding given the prospective geological setting of the projects and technical expertise of the Company.

Exploration success could translate to low capex / opex and high cash margin operations. The Company is well leveraged to exploration success given the established management team, Philippines well established mining codes and good infrastructure.


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wish a bullish day for all of you