Annual Report 2014

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Latitude Consolidated Limited

Latitude Consolidated Group Limited (ASX:IRG) is an Australian Listed Mining and Exploration Company.

 

The Company is focused on exploring and developing high grade copper deposits in Zambia to generate value for shareholders.

Latitude is actively exploring its prospective flagship Kalengwa South Project and plans to grow its portfolio of quality exploration projects to become a major copper explorer and developer in Zambia.

Map of Kalengwa South Project Showing Prospect Areas and Historic Exploration Results

 

The Company also holds the Lyndon Base Metals project located in Western Australia.

Proactive Investors

Saracen Minerals, Silver Lake Resources among ASX Volume Leaders

Monday's leading ASX Volume Stocks by the close.

CompanyCodeLastChangeVolume
Focus Minerals FML $0.007 16.67% 243,418,367
Motopia Ltd MOT $0.001 0% 50,747,924
Saracen Minerals SAR $0.260 18.18% 50,311,207
Arrium Ltd ARI $0.195 25.81% 48,403,745
Sprintex Ltd SIX $0.006 50% 41,918,245
Silver Lake Resources SLR $0.180 0% 41,900,726
Beadell Resources BDR $0.205 7.90% 39,666,694
Sundance Resources SDL $0.020 5.26% 33,051,130
Resolute Mining RSG $0.240 11.63% 32,131,229
Lynas Corporation LYC $0.061 1.67% 24,667,242
Northern Star Resources NST $1.580 17.04% 24,475,265

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Aspire Mining's shares are getting snapped up

Aspire Mining (ASX:AKM) shares have been getting snapped up recently by Hong Kong based investors, along with directors of the company.

Aspire directors are aligning themselves with the success of the company, and combined have increased their stake to over 15% on an undiluted basis (32% fully diluted).

This includes David Paull, managing director for Aspire, who acquired 8,000,000 million shares for a consideration of $206,000 in an off-market trade.

Aspire is an emerging coking coal developer and is well placed to benefit from Mongolia’s changing infrastructure landscape.

The company is the largest licence holder in Selenge Basin – the largest of Mongolia’s coking coal basins with the 255 million tonne Ovoot Coking Coal Deposit - which is the second largest coking coal reserve in Mongolia.

Ovoot is close to China, the worlds’ largest steel industry, and is located only 300 kilometres from Russia’s 20Bt Ulug Khem Coal Basin.

The planned upgrade of Trans Mongolian Railway will allow capacity for Ovoot coking coal and Southern Siberian coals to travel south to China at first quartile landed cash costs.

There is also rail growth that could unlock the Selenge and Ulug Khem Basin potential.


Paull's total interests in the company

- David Paull: 1,000,000 Performance Rights.
- 2Rs Pty Ltd 1,986,792 Ordinary Shares, 943,396 Class A Options, 20,000,000 Performance Options.
- Red Island Resources Limited 8,100,000 Ordinary Shares, 49,000,000 Class A Options, 49,000,000 Performance Options.

 

King River Copper's chairman Anthony Barton increases indirect stake

King River Copper's (ASX:KRC) non-executive chairman Anthony Barton has acquired 500,000 shares for $10,000 through an on-market purchase.

The new interest is indirect, and the average entry price was $0.02.

Earlier in the month the company completed the second round of its Phase 2 reverse circulation drilling program at its Speewah Dome Project in Western Australia.

A total of 28 holes totalling 1,470 metres were drilled, more than the planned 1,250 metres.

All samples are being dispatched to Perth for assay and drill data is being compiled. Results from the program will be released in early 2015.

Drilling was focussed on the Chapman-Catto-Greys corridor in the north-east sector of the Speewah Dome where better ground conditions suited the occasional showers.


Barton's interests

Barton now holds a Direct interest of 1,250,000 options.

Indirect interests under various names include:

- 6,500,000 ORDINARY SHARES, 2,200,001 OPTIONS
- 919,768 ORDINARY SHARES, 367,908 OPTIONS
- 7,060,000 ORDINARY SHARES, 3,424,001 OPTIONS
- 900,000 ORDINARY SHARES, 160,000 OPTIONS

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

ASF Group shareholder acquires additional shares

ASF Group (ASX:AFA) chairman Min Yang has lodged a change of shareholder interest in the company.

FY Holdings Limited in which Ms Yang has an indirect interest acquired 7,023,375 for a consideration of $1,264,207.50 through the recent rights issue, which was priced at $0.18.

In total ASF Group raised $6,093,448.56 from the offer.


Use of proceeds from the offer

ASF said that it will use the proceeds raised to:

- Fund investments in current portfolio assets, including engaging property development consultants;

- Investigate and advance business development opportunities for the Company, with the goal of creating value for shareholders; and

- Provide working capital to the company generally.


Potential additional funding

There is potential for further funding with the company having the option to place the shortfall of 19,387,709 shares, or about 36.42% of the total shares offered.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Baraka Energy & Resources, Newera Resources among ASX % Gainers at midday

Monday's leading ASX % Gainers at midday.

CompanyCodeLastChangeVolume
Baraka Energy BKP $0.00 100% 300,000
Newera Resources NRU $0.00 100% 510,000
Triangle Energy TEG $0.00 100% 500,000
Lionhub Group LHB $0.17 50% 10,000
Laneway Resources LNY $0.00 33.33% 2,127,526
Cervantes Corp CVS $0.01 33.33% 254,554
Lakes Oil LKO $0.00 33.33% 70,000
Tellus Resources TLU $0.00 33.33% 328,785
SWW Energy SWW $0.00 33.33% 125,000
Straits Resources SRQ $0.01 25% 141,401

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

MacPhersons Resources substantial shareholder increases stake

MacPhersons Resources (ASX:MRP) substantial shareholder and chairman Ashok Aaron Parekh has increased their stake in the company following a placement, with the shares now allocated.

Earlier in the year MacPhersons raised $8.8 million to complete the Bankable Feasibility Study on its Nimbus silver-zinc-gold project.

In the placement Parekh acquired one million shares to move to 13.04% ownership from 11.51%.

The allocation of the shames follows the approval from the Annual General Meeting on 20th November 2014.

The shares were acquired at a price of 16 cents per share, a premium of 4.5cps (39%) higher than the market price of 11.5 cents per share last traded.


Reserves expected to increase

Recently drilling results at Nimbus in Western Australia intersected silver-zinc-gold mineralisation outside the planned stoping designs, paving the way for an increase in resources and reserves.

Since October, MacPhersons has focused drilling extensions of the silver-zinc-gold lenses at Nimbus. Highlights of the new drilling included 7 metres at 1472 g/t silver equivalent from 216 metres, which averaged 755 g/t silver and 21% zinc.

Other noteworthy intercepts were 10 metres at 852 g/t silver equivalent 206 metres, and 14 metres at 280 g/t silver equivalent from 96 metres.

Drilling at Nimbus has been completed for the December Quarter, and the Company is currently preparing resource and reserve updates for issue early in 2015.

The defined high-grade ore reserve at Nimbus is: 1.1 million tonnes at 297g/t Ag Eq* recoverable grade and remains on track for production and cashflow in CY15.

Managing Director, Morrie Goodz said “The continued investment by our Chairman shows his belief and commitment to the Nimbus project.

"The drilling has been very positive with extensions to mineralisation remaining open.

"The company is currently preparing updates to our resource and reserve inventories and the mine model.”

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Newera Resources spices up portfolio with Mexican acquisition

Newera Resources (ASX:NRU) has pounced on a high-grade zinc development project in Chihuahua, Mexico.

Mexico is a mineral-rich and mining friendly country and has a highly skilled and experienced local workforce.

The country is the world's biggest silver producer, and is top 10 in copper, gold, zinc, lead, molybdenum and manganese.

Newera has executed a binding Heads of Agreement to acquire 100% of Arena Exploration Pty Ltd, who in turn have the right to earn up to 90% of the Plomosas zinc project.

Consideration includes cash payments and shares.

Records show the Plomosas project to be extremely high grade, with approx. 1.7 million tonnes of ore having been being mined since 1943.

Highlighting the potential the average historical grades of 15-25% zinc + lead with 40-60g/t silver and clean mineralogy.

DJ Carmichael is leading a $500,000 placement at $0.002 with a 1 for 2 attaching option.


Consideration details


After due diligence, Newera may elect to acquire, through Arena Exploration, 51% of the Plomosas project in Tranche 1 with the following considerations:

- Make further cash payments totalling $400,000 and the issuing of 750,000,000 NRU shares at $0.002.

- Make available an additional working capital facility up to $850,000 secured by first ranking charge, held over the existing mining concessions, titles, rights and equipment.

Newera will then have up to 3 years to elect to acquire 90% of the project by making a further cash payment totalling $750,000 and issuing NRU shares to the value of $2,500,000.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Gold holds steady at A$1466 an ounce in Sydney

The price of gold in the spot market has ticked slightly higher and is fetching US$1197 an ounce at 11am ESDT in Sydney.

With the falling Australian dollar against the U.S. dollar - which gold is priced in - an ounce in the local money is therefore A$1466.

The depreciation of the Australian dollar has provided somewhat of a buffer for domestic producers.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Red Mountain Mining granted additional time to finalise capital raising

Red Mountain Mining (ASX:RMX) is currently completing a capital raising, and the Australian Stock Exchange has granted the company additional time to finalise in the form of a voluntary suspension.

The suspension has been extended so that the company can finalise financing arrangements to advance the Batangas Gold Project, which is located in the Philippines.

Red Mountain said that it expects the announcement will be made on or around 23 December 2014.

Just last week the company reached an agreement on strategic joint venture financing for two stage funding of the Definitive Feasibility Study (DFS) and final permitting, then development financing.

The terms were agreed with a private company backed by London based investors for a two stage transaction totalling A$6.7 million (US$5.5 million) to convert to a 50% stake in Red Mountain’s wholly-owned subsidiary Red Mountain Mining Singapore (RMMS).

RMMS is the 100% owner of the Philippines subsidiary company that holds the Batangas Gold Project assets.

- Stage 1: US$1 million to fund DFS and permitting completion, converting to 15% of Batangas project beneficial owner, subsidiary Red Mountain Mining Singapore (RMMS); and

- Stage 2: additional US$4.5 million development finance, converting to additional 35% of RMMS.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.