Amara Mining* (AMA) has announced a recommended offer from Australia-headquartered Perseus Mining, with Amara Chairman and CEO John McGloin emphasising “Perseus has the strong balance sheet to move Yaoure into production and an experienced operating team. This deal therefore addresses two of the major risks facing a junior developer”
Following a mineral resource update for its Yaoure gold project in Côte d'Ivoire in November and capital and cost estimates generated in a pre-feasibility study announced in May, Amara Mining* (AMA) has announced an increase in the portion of higher confidence (‘Measured’ and ‘Indicated’) resources which fall within a designed project pit (‘mineral reserve’ and here based on an optimised pit shell corresponding to a gold price of $880 per ounce).
Amara Mining* (AMA) has announced the results of a pre-feasibility study for its Yaoure gold project in Côte d'Ivoire. The shares are currently 5% lower, at 15p, on the announcement as a net present value, at a 10% discount rate and $1,250 gold, of $228 million compares to $566 million in a 2014 preliminary economic assessment.
John McGloin, entrepreneurial chairman and chief executive officer of West Africa-focused Amara Mining (AMA), says he is ‘looking to use the value we have created to build a larger company’ and reports ‘corporate guys are busy in our data room’ in the wake of proposals for a a $10million (£6.6million) ‘strategic’ investment at a premium price of 16p by International Finance Corporation (IFC), an affiliate of the World Bank.
Amara Mining* (AMA) has announced a proposed $10 million strategic investment by International Finance Corporation, a member of the World Bank Group and the largest global development institution focused exclusively on the private sector…
Amara Mining (AMA) has announced a conditional-on-shareholder-approval 16p per share placing to raise gross proceeds of £14.6 million ($22 million) – ostensibly to enable further exploration of its Yaoure gold project in Côte d'Ivoire and to fund it to the point of making a construction decision for the project, including the delivery of a bankable feasibility study late this year. However, the company also faces some potential - albeit we think low risk - legal nasties…
West Africa-focused gold play Amara Mining (AMA) has hoisted the formal indicated mineral resource at its Yaoure project in Cote d’Ivoire 63% to 4.4 million oz. at a low grade of 1.29 grammes of gold per tonne of ore. Citing another 2.4 million oz. there with gold at 1.19 grammes a tonne in the more tentative inferred resource category, the AIM-quoted company, which began life as Cluff Gold, says this confirms Yaoure as the largest gold development project in the region and indicates it expects a pre-feasibility study to be completed in March.
Amara Mining* (AMA) has announced an increase in total mineral resources at its Yaoure gold project in Côte d'Ivoire from 6.3 million ounces to 6.8 million and a 63% increase (to 4.4 million ounces) in the higher confidence ‘Indicated’ resource.
Amara Mining (AMA) has announced further results from the 2014 drilling programme at its Yaoure gold project in Côte d'Ivoire which “continues to confirm high grade mineralisation throughout the deposit”. This is the ONLY gold stock we are now tipping on our premium Nifty Fifty website.
Amara Mining (AMA) has announced an updated Mineral Resource estimate for its flagship Yaoure gold project in Côte d'Ivoire – emphasising that “with over 4 million ounces contained in a single economic pit and compelling economics benefiting from low cost hydro-electric power, Yaoure stands out as the pre-eminent gold development asset in West Africa”.
Amara Mining (AMA) has announced further encouraging drilling results from its Yaoure project in Côte d'Ivoire. Most AIM casino listed gold miners are a total waste of space, Amara is a rare quality play.
We are well ahead on our tip to buy shares in Amara Mining (AMA) We told Nifty Fifty readers to buy at a 15.75p offer – the stock is now 23.75-24p. But there was interesting news last week implying that there is more upside still.
We are c50% ahead on this share tip after interims last week. But there is more to come.
Steve and I have avoided tipping gold stocks on our Nifty Fifty website but we made an exception for Amara Mining (AMA) suggesting readers pile in at a 15.75p offer. The shares are now 23p and there was cracking news a couple of days ago. This stock is starting to hum.
Shares in Amara Mining (AMA) dipped last week to 20.875p on the back of announcements that its Kalsaka/Sega gold mine is to be put into early liquidation and that “as a consequence of the company's transition from producer to developer status, Peter Spivey has resigned from his position as CEO”. There is also a drilling update from the company's Yaoure project which serves to "further underline the potential to expand its 6.3 million ounce resource base“. View this as a buying opportunity.
Not many mining shares at present have doubled from their 12-month lows, but one that has is West African gold play Amara Mining (AMA). Last year it boosted its estimated gold resource at Yaoure in Cote d’Ivoire from 200,000 oz. to more than six million oz. and expects soon to shift more of the 5.5 million oz. which is now in the mining industry’s tentative ‘inferred’ category into the firmer ‘measured and indicated’ classification. AIM-quoted Amara, which raised £22 million in May at 17p, is engaged in a £10 million 80,000-metre drill campaign, one of the largest ever in Africa. This is to fill in gaps left by previous efforts, upgrade the resource at Yaoure, which currently averages a modest 1.4grams of gold per tonne of ore, and, suggests executive chairman John McGloin, possibly add another 500,000 to one million oz. to the project’s resource.
Amara Mining (AMA) has affirmed that results from the first 19 holes of a current drilling programme at Yaoure in Côte d'Ivoire “confirm the continuity and high grade nature of the CMA zone, increasing Amara's confidence in the deposit”. These results are, without doubt, very good. This is one of the few AIM listed gold stocks you would want to own. I do.
Amara Mining (AMA) has announced that its producing Kalsaka/Sega operation returned to EBITDA profit in the first quarter of the 2014 calendar year but that “the head grade mined in Q1 2014 was below expectations and accordingly Amara expects production in 2014 to be at the low end of the previous guidance of 60,000-70,000 ounces”.
The World’s number one mining analyst Roger bade of Whitman Howard has today suggested that Randgold Resources (RRS) could bid for Amara Mining (AMA) and quite happily pay double the current (16.5p) share price.