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Miners tumble as South Africa escalates black ownership rules
Kenadyr Announces Partial Drill Results at the South Zone:
Intersects 40 Meters at 6.17 Grams of Gold per Ton
Company Announcement
Friday, May 25, 2017
VANCOUVER, British Columbia, Canada -- Kenadyr Mining (Holdings) Corp. (TSX Venture: KEN, OTCQB: KNDYF, Frankfurt: KM0) announces that drilling at the South Zone of Kenadyr's fully owned Borubai License in the Kyrgyz Republic has intersected widespread gold mineralization including 40 meters at 6.17 grams per ton.
The South Zone is directly adjacent to Zijin Mining Group Co. Ltd.'s Taldy Bulak Levoberejnyi ("TBL") Mine deposit, currently in production.
Initial drilling was designed to intersect an area drilled by the Soviets between 1970 and 1990 that intersected significant gold mineralization. The current drill hole provides support for the validity of the historic Soviet results and indicates that widespread gold mineralization may exist on Kenadyr's license directly adjacent to (within 100 meters of) the TBL mine.
The South Zone is open in three directions and to depth and there are strong indications that it connects to the TBL deposit. Core recovery is greater than 95 percent and all intervals have been assayed using fire assay methods at an internationally accredited laboratory (ALS Global). ...
For the remainder of the announcement:
http://kenadyr.com/kenadyr-announces-partial-drill-results-from-drill-ho...
By Paul Burkhardt and Kevin Crowley
Bloomberg News
Thursday, June 15, 2017
Companies including Anglo American and Sibanye Gold dropped after South Africa increased the minimum black ownership requirement for local mines and set a 12-month deadline for compliance with the new rules.
The Department of Mineral Resources will raise the requirement from the current 26 percent to ensure that more proceeds from the country's natural resources flow to the black majority, Mining Minister Mosebenzi Zwane said today in Pretoria, the capital. The new minimum applies regardless of whether they have previously sold shares or assets to black investors who later divested. ...
A holder who claims a historical transaction that achieved 26 percent prior to the new Mining Charter, which Zwane presented today, “must top up to 30 percent,” regardless of whether the earlier black shareholders still hold their position, according to a statement handed to reporters.
Most mining companies reached the 26 percent level under previous versions of the charter but many of the black investors have since sold out. The Chamber of Mines, which represents mining companies, has said it's willing to fight the government in court over the issue of getting credit from earlier deals, which it says would kill investment in the industry.
"The new charter is significantly worse for the mining industry than the original draft," Peter Leon, the Africa co-chair at Herbert Smith Freehills LLP, said by phone. "It's poorly considered and raises serious questions about the government's commitment to the protection of property rights." ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2017-06-15/south-africa-raises-b...
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