Nyota Minerals' (LON:NYO) shares plunged after it warned it would face a working capital shortfall in the upcoming quarter due to expenditure on feeder zone drilling and delays in the issuance of a large-scale mining licence.

The gold exploration and development company said it was introducing significant cost-cutting measures immediately, and that the board was confident of securing interim financing.

Nyota, which is focused on East Africa, had cash of A$3m at the end of December.

Meanwhile, the company said the successful Feeder Zone drill programme at Tulu Kapi had demonstrated the potential for a significant high-grade resource that would be developed via an underground mine.

New high-grade intersections in the Feeder Zone included 15.04g/t Au over 9.45m, 10.55g/t Au over 13.96m, 5.34g/t Au over 12.25m and 5.24g/t Au over 26m.

African Consolidated Resources (LON:AFCR) is raising ã1.9m through a subscription of 54,330,200 new ordinary shares at 3.50 pence apiece. The subscription is not underwritten.

The directors estimate that the net proceeds of the subscription will be sufficient to fund the company's near term liabilities and progress towards the advancement of its key projects, particularly the Pickstone-Peerless gold project.

An initial in-house inferred resource estimate suggested of 1.1 million tonnes of gold at an average grade of 5.4g/t, containing 188,000 ounces of gold.

Nyota said that at 5 g/t would lift annual gold production by between approximately 15,000oz and 45,000oz a year.

Anglesey Mining's (LON:AYM) 19.7% owned associate Labrador Iron Mines Holdings has confirmed a C$25.2m underwritten equity financing.

LIM said it had entered into an underwriting agreement with a syndicate of underwriters led by Canaccord Genuity and including RBC Dominion Securities, Scotia Capital, Macquarie Capital Markets Canada, Jennings Capital and Raymond James to sell 24,000,000 units of LIM at a price of C$1.05 each.

Each unit will consist of one common share of LIM and one-half of one common share purchase warrant.

Each warrant will entitle the holder to purchase one common share of LIM at an exercise price of C$1.35 per common share for a period of 36 months following the date of closing of the public offering.

Production at Randgold Resources' (LON:RRS) Tongon mine in Cote d'Ivoire is returning to normal after a fire at the mill section there three weeks ago.

"Both mill circuits are expected to be fully operational within 2 weeks and, despite a series of setbacks, the mine produced 210 000 ounces of gold in 2012," Randgold said in a statement.

Minco (LON:MIO) has started drilling on its newly optioned Woodstock manganese project in New Brunswick, Canada.

The drilling programme comprising approximately 4,000 metres in 15 drill holes will be focused on the Plymouth deposit on the Woodstock property and is estimated to take about six weeks to complete.

Atlantic Coal (LON:ATC) has exercised its lease option over the fully permitted 410 acre Pott & Bannon anthracite mining property in New Castle Township, Schuylkill County, Pennsylvania.

Atlantic Coal's managing director, Steve Best, said, "The Pott & Bannon site, which the board estimates has the potential to more than treble Atlantic Coal's existing reserves, is a potentially transformational addition to our Pennsylvanian portfolio and having minimised the cash portion payable as part of the transaction, we believe that this represents value for shareholders."


At 4:19pm:

(LON:AFCR) share price was -0.37p at 3.13p

(LON:AMI) American Investment Trust share price was +2.25p at 320.25p

(LON:AQP) Aquarius Platinum share price was +1.13p at 72.13p

(LON:AYM) Anglesey Mining share price was -0.12p at 10.13p

(LON:BEM) share price was -0.25p at 13.75p

(LON:BKY) share price was -0.13p at 28.25p

(LON:CEY) Centamin Egypt Ld share price was +2.1p at 57.55p

(LON:CHL) share price was +0.14p at 9.26p

(LON:CZA) share price was +0.25p at 22p

(LON:FDI) Firestone Diamonds share price was +0.01p at 4.13p

(LON:FRES) share price was +22p at 1772p

(LON:GEMD) share price was +0.13p at 152.63p

(LON:HOC) share price was -2.7p at 449.8p

(LON:KMR) Kenmare Resources share price was +0.8p at 35p

(LON:MIO) Minco share price was +0.13p at 5.13p

(LON:NYO) share price was -0.68p at 3.45p

(LON:RRS) Randgold Resources share price was +112.5p at 5927.5p

(LON:VED) Vedanta Resources share price was -0.5p at 1168.5p



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