Beacon Hill Resources

African coal producer Beacon Hill Resources has submitted an application to the ASX for admission to the official list and is expecting trading in its shares to begin after the announcement of its annual 2011 preliminary results at the end of March.

Following admission to the official list of the ASX, CHESS depository interests will be traded on the ASX. Each CDI will represent two fully paid ordinary shares in the capital of the company. Its ordinary shares will continue to be traded on the London AIM.

Chairman of Beacon Hill Justin Lewis said: "The board of Beacon Hill is pleased that the process of obtaining an ASX listing is close to finalisation. We believe that the dual listing of the company will provide Beacon Hill with access to a broader capital market base with and a strong understanding of resources."

East Africa Resources

Korea Resources Corporation’s decision to invest $US3.5 million in East Africa Resources’ Mkuju South uranium project in Tanzania will provide funding for its immediate term exploration programs as well as providing it with access to an experienced minerals development and investment group.

The terms of the agreement will see Kores commit to a staged investment of $3.5 million to secure a 50% interest in the Mkuju South uranium project.

The investment will be aligned with two major exploration programs at Mkuju South.

An initial amount of $2 million (for a 28% shareholding in the project) will be paid by Kores for the purpose of satisfying the work obligations and expenditure requirements of the prospecting right during an initial exploration program, to be undertaken over a 12 month period from the time of the signing of the final agreement.

A further $1.5 million (for an additional 22% of the project) will fund the work obligations and expenditure requirements of the prospecting right associated with the second exploration program during the following 12 months.

Ventnor Resources

Ventnor Resources has reported significant mineralisation in deepest intercept yet at its Thaduna-Green Dragon copper project in Western Australia.

Phase 4 drilling at Thaduna and Green Dragon, which is located 170km north of Meekatharra, Western Australia, has been completed and has intersected primary mineralisation at 200m vertical depth.

Ventnor managing director Bruce Maluish said: “This presents a compelling case to extend the current drilling campaign to investigate the potential below this intersection. Five additional deeper holes have been planned along strike; sites are being prepared for drilling to be undertaken during May.”

Millenium Minerals

Millennium Minerals has received firm commitments for a $A16.6 million capital raising and has restructured its debt facilities to allow it to assess a medium term production expansion and to provide additional working capital reserves during the ramp up phase of the Nullagine gold project in Western Australia.

The capital raising, by way of a private placement to institutions and high net worth individuals, will be completed in two tranches.

The first tranche for $8.5 million settles under the company’s 15% rule. The second tranche of $8.1 million will settle after the company receives shareholder approval at the company’s annual general meeting scheduled for April 2012.

Millennium has also restructured its global debt facility to increase and optimise project funding costs. BNP Paribas and National Australia Bank have agreed to increase the senior construction facility by $15 million to $40 million, in addition to the existing $5 million capital cost overrun facility and the $5 million rehabilitation bond facility.

Millennium has agreed to provide an additional $2.5 million capital cost reserve account. On the present construction schedule and the forecast cost-to-complete estimate, neither the capital cost overrun facility nor the capital cost reserve account are expected to be utilised.

Construction of the Nullagine project’s gold processing plant and associated infrastructure remains on schedule and within the approved $87.6 million capital cost budget.

The design construction has been enhanced and 99% of the equipment orders have been placed. Commissioning remains scheduled to start in the third calendar quarter 2012 with commercial production planned for the fourth calendar quarter 2012.