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Proactive weekly news summary - Hummingbird Resources, Anglo Asian Mining Plc, Tango Mining Ltd and Wishbone Gold PLC

We look at the week's news from the small cap mining news arena
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A look at the week gone and the junior mining news.

Several mining stocks were in play this week. Lets start with some broker  comment.

Shares in Hummingbird Resources PLC (LON:HUM) should continue to re-rate as it moves towards first production at Yanfolila in Mali before the year end, said broker Cantor Fitzgerald in a note on Friday.

Shares have broken through the  broker's previous range and it has now hiked up its target to 41p from 32 previously. Shares are at around 33p.

Pre-production mining has already started and by the end of November, the firm expects that over 3Mt (million tonnes) of material will have been moved with ore stacked ahead of fourth quarter commissioning.

The mine is slated to produce 132,000 ounces of gold in its first year of full production.

Sticking with the yellow stuff, Anglo Asian Mining Plc (LON:AAZ) shot up as the company said production has started at the Ugur open pit mine in Azerbaijan.

The mine is already making “a highly significant contribution to Anglo Asian's production”, the directors told investors on Wednesday morning.

The average daily gold production in the form of gold doré for the period from 1 to 10 September 2017 was 212 ounces, which is 116% higher than the average daily production for the previous eight months. This average daily production is expected to increase further as Ugur moves into full production.

Elsewhere, Anglo Pacific Group plc (LON:APF, TSX:APY) has acquired of a royalty over a nickel-cobalt mine in Brazil to position itself for the expected surge in electric car usage.

Cobalt, alongside lithium, is a key component in battery packs for electric vehicles and is in scarce supply.

Initially, royalty specialist Anglo will pay Brazilian Nickel Limited (BRN) US$2mln for a 1% gross revenue royalty (GRR) on the Piauí nickel – cobalt project in the north-east of the country.

Meanwhile, Toronto listed Tango Mining Limited (CVE:TGV) has expanded its diamond activity with a three year mining and marketing deal in Angola - the globe's fifth-biggest producer of the stones by value.

It announced this week it had struck a three-year renewable services agreement with cooperative Txapemba Canguba RL.

The latter has an 84 sq km concession for the semi-industrial exploitation of diamonds within the Luembe River basin - an area, which was a past alluvial diamond producer and well known for both alluvial and kimberlite diamonds.

To Russia, and Amur Minerals Corporation (LON:AMC) said that drill results on the Kubuk deposit had confirmed that there  was potential to substantially upgrade and increase the current resource estimate averaging 0.77% nickel and 0.20% copper.

In its third update for the 2017 drill season, the AIM-listed mineral exploration and resource development company - focused on the Kun-Maine project - said the substantial resource expansion potential remains to be drilled immediately to the west of Kubuk, in the direction of the Kinescope/Sobolevsky deposit, leading to the potential confirmation that both are part of a single 4.5 kilometre long deposit.

Elsewhere, Metal Tiger PLC (LON:MTR) has hired Bangkok based Paragon Partners as its advisor with regard to the consideration and execution of attracting local project financing for its Thai Joint Venture in relation to the two silver-lead-zinc mines in Kanchanaburi Province.

In a statement, the AIM-listed strategic natural resources said “the engagement would be novated to the proposed listco KEMCO PLC should an IPO of Metal Tiger’s Thai Joint Venture be realised.”

Wishbone Gold PLC (LON:WSBN) has told investors its joint venture in Honduras is ready to be brought on stream as soon as the weather in the Central American country picks up.

Earlier this year, Wishbone inked a 30-year deal with SION Honduras, which has an agreement with the Honduran government to expand the mining industry there.

The venture will provide equipment and expertise to small mines in Honduras to enable them to increase production. In return, the mines will supply Wishbone's trading subsidiary Black Sand FZE with all the output at preferential prices.

Last but not least, Horizonte Minerals Plc (LON:HZM, CVE:HZM) has provided for the first time an estimate of the size of the nickel-cobalt limonite portion of Araguaia nickel laterite project in northern Brazil.

It weighs in at a ‘measured and indicated’ 20.7mln tonnes grading 1.13% nickel and 0.12% cobalt, with the potential to produce 515mln pounds of nickel and 56mln pounds of cobalt.


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