Bannerman Resources is in talks with its major shareholder Resource Capital Fund and director and shareholder Clive Jones to clean up its balance sheet.
The company is proposing to acquire the 20% minority stake of its flagship Etango uranium project in Namibia from Jones for 123.4 million shares and $A1 million cash.
Also proposed is the conversion of $8 million of convertible notes held by RCF, and the sale of a 1.5% royalty over Etango to RCF for $6 million, comprising $2 million cash and the extinguishment of the residual convertible notes held by RCF.
The deals would leave RCF with a 38.7% stake and Jones with an 11.05% interest in Bannerman.
Bannerman is also planning to raise around $3 million.
Predictive Discovery has signed a deal to provide and/or arrange financing and exploration management on a gold permits in Ivory Coast.
The permit covers the large Bobosso gold mineralised system, with previous drilling returning 5m at 20.6 grams per tonne gold from 48m; 7m at 9.5gpt gold from 26m; 32m at 1.9gpt gold from 12m; 35m at 1.6gpt gold from 65m; and 2m at 29.2gpt gold from 66m.
Hannans Reward is seeking clarification from Avalon Minerals after the Discovery Zone exploitation concession in Sweden was dismissed.
Avalon terminated a deal to buy the project and was supposed to transfer it back to Hannans – something which can no longer occur.
As a result, Hannans has lost title to not only the Discovery Zone, but also the Rakkurijarvi iron project and Tributary zone copper-gold project.
The maiden drilling campaign at Genesis Minerals’ Ulysses project in Western Australia has confirmed high-grade gold.
Results included 4m at 15gpt gold; 11m at 7.2gpt gold; 5m at 5gpt gold; 3m at 7.6gpt gold; and 8m at 4gpt gold.
The company is due to complete a mining study by the end of the year.
St George Mining shares rose today after the company hit thick mineralised ultramafic at its Windsor nickel target in WA.
One hole hit 215m of high magnesium ultramafic with elevated nickel values identified by XRF analysis.
Finally, Glencore subsidiary Minara Resources has surrendered its rights to explore for and mine nickel and cobalt from Excelsior Gold’s Kalgoorlie North project.