Resources round up: Arian, Baobab, Trans-Siberian Gold ...

16th Jul 2012 08:46

Arian Silver, the Mexico focused silver company, said a dispute with the owner of a toll mill has prompted it to suspending trial milling operations at its San Jose mine in Zacatecas state. Arian says talks are underway to resolve the row but the stock was down 15% at 11:31.Baobab Resources, the minerals explorer, says tests at its Tete site in Mozambique show the iron ore available could be upgraded to a higher concentrate through low cost, coarse crushing and dry magnetic separation. The news saw the stock rise 4.1% by 11:40.Trans-Siberian Gold says measures to improve the ore being extracted at its Asascha mine had resulted in a 30% increase in the gold grade by the end of June. An additional drilling rig purchased to improve the quality of geologic sampling in the mine has also now been delivered. The stock was up 1% at 10:46.San Leon Energy jumped 3.8% by 11:43 after revealing it has started drilling at its Nova Sol concession in Poland. The firm's Chief Executive Oisin Fanning said: "The Nowa Sol drilling programme is a very exciting development for us with the possibility of generating near term cash flow should we be successful."President Petroleum says it has bid for licences surrounding the Puesto Guardian area in north-west Argentina. If the company wins the concessions it will be the main operator. The news saw the stock rise 5.9% by 10:14.Alecto Minerals has completed its acquisition of Rift Valley Resources through a new share issue. The company will now get access to what it calls the "highly prospective" Wayu Boda Gold Project in southern Ethiopia. Alecto shares gained 3% on the news.BS