African Barrick Gold's (LON:ABG) shares tumbled after full-year net profits fell to $48.2m - down from $284.7m last time.

Revenues in 2012 fell to $1.1bn - down from $1.2bn - while the cost of sales rose to $802.7m from $704.1m.

ABG said gold production of 626,212 ounces and cash costs of $949 per ounce sold, were within recent guidance.

Chief executive Greg Hawkins said: "As we progress through 2013, we are focused on reducing our cost base from current levels to ensure the business returns to delivering appropriate levels of free cash flow.

"Cash flow generation and improving returns from our assets form a key part of our operational review and we will update on our progress throughout the course of the year.

"The 2012 dividend is maintained at the 2011 level and this is both an expression of our confidence in the business as well as our commitment to shareholder returns."

Minco's (LON:MIO) 29%-held Xtierra Inc has engaged Runge Pincock Minarco, or RPM Global, to complete the pre-feasibility study (PFS) on its Bilbao project in Mexico.

"The PFS will be upgradable to definitive feasibility study level relatively quickly with some further engineering details to the paste plant and tailings management infrastructure, confirming water resources through drilling of 4 test wells and conducting pump tests, confirming the cost of purchasing water rights, detailed EIS/EIA, and refining the operating and capital costs to +/- 15% and any further recommendations evolving from the PFS," it said.

"The process plant design, including the related infrastructure, geotechnical 3D Modelling analysis for underground design, majority of the underground design, surface service buildings, power infrastructure, and revised NI 43-101 resources will be at or near the FS level."

Yamana Gold (LON:YAU) has announced a 44% increase in mineral resources at its Cerro Moro project in Santa Cruz, Argentina.

Cerro Moro is a development stage project that was acquired in mid-2012 and is located in the Deseado area of the Santa Cruz Province, Argentina about 70 km southwest of the port city of Puerto Deseado.

The initial indicated mineral resource of 1.95 million gold equivalent ounces (GEO) is an increase of 44% from the previous estimate before the company acquired the project, contained in 4.16 million tonnes with an average GEO grade of 14.6 grams per tonne (g/t).

The inferred mineral resource of 490,000 GEO is contained in 3.60 million tonnes with an average GEO grade of 4.2 g/t.

Pan African Resources' (LON:PAF) revenue for the six months to end-December slipped to ã49.5 million, from ã51.2 million a year earlier, while its attributable profit fell to ã12.4 million, from ã14.4 million.

"The Group has delivered a solid performance in the first half in spite of severe cost pressures. We are encouraged by the progress made at BGMO, in particular with the development of the tailings retreatment project which will add a further 20,000oz per annum starting in June 2013," the company said.

The Evander transaction, which the company described as a game changing project, was expected to conclude in the coming weeks, on receipt of Section 11, and the integration of this project is already well underway, with a view to doubling the Group's gold production to 200,000oz in the next full financial year.

"Our focus in the next 6 months will be to deliver on volume and grade and driving costs down. The Group intends to grow the profit margin and resume the dividend payment," it said.

Anglesey Mining's (LON:AYM) associate Labrador Iron Mines Holdings has completed its public offering for aggregate gross proceeds of C$28,980,000.

A total of 27,600,000 units of LIM, including those issued under the exercise of the over-allotment option, were issued and sold at a price of C$1.05 per unit.

Each unit consists 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 closing of the offering.

LIM intends to use the net proceeds to fund pre-stripping, mining and processing costs, including payments to LIM's mining contractors, and transportation costs in connection with the seasonal resumption of production operations in April 2013; also to supplement working capital and general and administrative costs for the remaining winter season.

LIM issued 27,600,000 common shares pursuant to the offering and now has 126,200,807 common shares outstanding.

Anglesey has the right to purchase on a non-brokered private placement basis up to 3,000,000 units of one LIM share and one-half of one LIM share purchase warrant at a price of C$1.065 per unit subject to certain conditions.

Mwana Africa (LON:MWA) says its Trojan nickel mine in Zimbabwe has been returned to a state of production readiness, on time and on budget.

"This performance bodes well for the delivery of nickel concentrate from Trojan into the market by Q2 2013," said Mwana Africa.

The company said cold commissioning had been completed and hot commissioning had started on Feb. 8.

"The commissioning of the Trojan Nickel Mine marks a major milestone in the restoration of the Group's nickel assets, following a four year period of care and maintenance. The Trojan Mine is planned to produce 7ktpa Ni in concentrate," Mwana Africa said.

Regency Mines (LON:RGM) has noted its joint venture partner Direct Nickel has revealed that hot commissioning on laterite material from Indonesia began in mid-January at its test plant in Perth, Western Australia, and will continue for most of this year.

DNi said the plant has finished its second 10-day campaign with leaching, solid/liquid separation, and intermediate product precipitation operating satisfactorily.

The first two campaigns were carried out on, respectively, 100% saprolite ore and on a 50%-50% saprolite-limonite mix.

The next campaigns will now commission the reagent recovery circuit, previously successfully trialled in Charlotte, North Carolina in 2010.

Regency has a stake in DNi as well as the companies being JV partners in the nickel-cobalt laterite project in Oro Province, Papua New Guinea.

The sector's biggest riser was Creat Resources (LON:CRHL) - up by more than 58% in late afternoon trading.

Other double-digit risers were Eurasia Mining (LON:EUA) and Kibo Mining (LON:KIBO) - up by more than 16% and over 13% respectively.


At 4:11pm:

(LON:ABG) Abbot Group share price was -36.85p at 304.15p

(LON:AMI) American Investment Trust share price was +11.5p at 343.25p

(LON:AQP) Aquarius Platinum share price was +1p at 70.25p

(LON:AYM) Anglesey Mining share price was +0.26p at 9.63p

(LON:BEM) share price was -0.25p at 12.75p

(LON:BKY) share price was 0p at 28p

(LON:CEY) Centamin Egypt Ld share price was +0.38p at 60.73p

(LON:CHL) share price was -0.1p at 8.38p

(LON:CZA) share price was +0.13p at 18.63p

(LON:FDI) Firestone Diamonds share price was +0.01p at 3.13p

(LON:FRES) share price was +44.5p at 1701.5p

(LON:GEMD) share price was -1.37p at 169.88p

(LON:HOC) share price was +15.3p at 453.7p

(LON:KMR) Kenmare Resources share price was +0.85p at 37.35p

(LON:MIO) Minco share price was 0p at 4.25p

(LON:PAF) Pan African Resources share price was +0.01p at 19.13p

(LON:VED) Vedanta Resources share price was +36.5p at 1301.5p

(LON:YAU) Yamana Gold share price was +4.5p at 1022p