Warriedar Resources

Perth-based gold miner Navigator Resources has moved closer to cashing in on rampant investor appetite for rare earths exposure, finalising plans to spin-off its rich Cummins Range project in the Kimberley early next year.

Navigator Resources has announced the initial public offering of its spinoff, Kimberley Rare Earths, has been substantially oversubscribed.

Navigator Resources has announced a maiden net profit of $3.04 million for financial year 2010-11, driven by the first full year of production from its Bronzewing gold mine and trial mining at Leonora.

Managing director Tim Dobson has been made redundant in a company restructure that has redirected all activities to Anova Metals' Perth office and closed its Brisbane office.

West Perth-based juniors Anova Metals and Mining Group have each announced plans to raise $2 million through share placements to advance their respective projects.

Subiaco-based explorer Anova Metals says it has received commitments for a $1.69 million capital raising to fund drilling and permitting programs at its Big Springs project in Nevada.

USA-focused gold explorer Anova Metals has raised $9 million from investors to progress development of its Big Springs project in Nevada, USA.

Local gold explorers Anova Metals and Exterra Resources have entered into a merger agreement, with Anova to wholly acquire Exterra in an all-scrip deal worth $21.3 million.

Karen Wood has been appointed non-executive director of South32. Ms  Wood has extensive experience in leading global mining and processing businesses, having held senior global roles at BHP and Bonlac Foods.

Geoffrey Laing has resigned as executive director of Anova Metals due to increase in work commitments from other business interests.

Dr MingYan Wang has been appointed managing director of Anova Metals. Dr  Wang has over 20 years of experience within the mining and resources industry, specialising in identifying projects, exploration, management and business development opportunities.

David Palumbo has been appointed joint company secretary of Anova Metals. Mr  Palumbo is a Chartered Accountant with over 14 years of experience across company secretarial, corporate advisory, financial management and reporting of ASX-listed companies.

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