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Market: AIM
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Web Site: Fox-Davies Capital
Other Articles: 20-11-200819-11-200818-11-2008

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Fox-Davies Capital

Fox-Davies Capital specialises in international resource companies and has a substantial background in emerging markets. FDC is dedicated to providing in depth sector, commodity, regional and company specific reports, driven by the aim of being specialist providers of high quality analysis on natural resource companies worldwide. Find out more at www.fdcap.com
Thursday, October 02, 2008

Fox-Davies Capital Thursday Energy and Mining News Wrap

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Lydian International (LYD) has announced results from further drilling at its Amulsar gold
discovery in Armenia. Assays from a further 18 combined diamond and reverse circulation drill holes have been returned, with best results including 125m at 1.6/gt gold (including 31m at 4.4g/t gold), 122m at 1.0g/t gold (including 38m at 2.6g/t gold), and 83m at 1.0g/t gold. Step-out drilling has commenced on targets located some 1.5km to the northwest and southeast of the current drilling grid.


Comment: These best intersections to date lend support to the statement made in our recent initiation of coverage report that Amulsar has multi-million ounce potential. The indications of significant widths at much  higher-than-average grade is also highly encouraging. We maintain our Buy recommendation and target price of C$1.47.

Central African Mining (CFM) announces that it has agreed to acquire a significant interest in a major Chinese cobalt chemical plant and trading operation. CAMEC has agreed to acquire all the issued shares in Joy Rainbow Profits Limited (BVI). Joy Rainbow has a 78% equity interest in Zhejiang Galico Cobalt & Nickel Materials Co., Ltd. A consideration of US$18.7 million to be satisfied by the issue of 73 million new CAMEC Ordinary Shares. The Shares are subject to a staged two year lock-in agreement. The deal will allow CAMEC to become a vertically integrated producer with direct access to the end users of the cobalt it produces in the DRC. The enhanced supply of cobalt should enable Zhejiang Galico to increase market share and profitability.


Comment: The deal has a see-through price of 14.5p, close to the current share price.


Chromex Mining (CHX) announced its first sale of 8,500 tonnes of chrome lump, chip and fines on 26
September 2008, achieving an operating profit in its first month of production. In addition, Chromex has increased its planned run-of-mine output from the Stellite mine to 70,000 from 30,000 tonnes per month at full production, expected to be achieved in February 2009.

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