Antofagasta Earning-in to Argonaut’s Zambia Project

Antofagasta plc has signed an agreement with Argonaut Resources whereby Antofagasta can earn a 70% interest in Argonaut’s Lumwana West copper exploration project in northwest Zambia by spending $18.9 million on exploration plus the amount required to complete a feasibility study. If the project is feasible, Argonaut is either carried into production or bought out prior to construction.

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Fission Reports More Positive Intercepts at Patterson Lake South

Fission Uranium continues to generate very positive exploration results from ongoing drilling at its Patterson Lake South (PLS) property in Saskatchewan’s Athabasca Basin. On April 14, the company announced assay results from 12 holes drilled within the property’s R780E zone, with all holes returning wide intervals of mineralization and nine holes returning high-grade assays. Of particular note, hole PLS14-132 intersected multiple zones of mineralization, including an interval of 8.48% U3O8 over 3.5 m within an interval of 4.03% U3O8 over 8 m.

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Exploration Briefs

Fortuna Silver Mines reported very high-grade assays from step-out drilling at its Trinidad North discovery adjacent to its San Jose silver-gold mine in Oaxaca, Mexico. Intercepts have included 2,762 g/mt silver and 14.46 g/mt gold over estimated true width of 4.2 m, 1,190 g/mt silver and 8.45 g/mt gold over estimated true width of 10.2 m, and 1,503 g/mt silver and 7.76 g/mt gold over estimated true width of 6.5 m.

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Alrosa, Endiama Join to Explore 
for Angolan Diamonds

Russian diamond producer Alrosa and the Angolan national diamond company Endiama have established a 50:50 exploration joint venture in Angola. The registration procedure is expected to take several months, with the launch of exploration to follow in the second half of 2014. The parties also signed a mining investment contract regulating the joint venture’s activities.

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