Company Briefs: CNMC Goldmine Holdings

CNMC Goldmine Holdings

Catalist-listed CNMC Goldmine Holdings said an annual independent review found its flagship Sokor project in Malaysia's Kelantan state had a resource estimate of 914,000 ounces of gold in the ground as of end-December last year, a 26 per cent increase from the previous year.

The review was conducted by Australia-based mining consulting firm Optiro.

The figure is the highest untapped gold resource level recorded since CNMC started exploration at the site in 2007, the company said in a filing yesterday.

CNMC said the increase validates its ongoing exploration programme at Sokor to find new mineral resources to replace what had been removed from the ground. Last year, 31,473 ounces of fine gold were produced, more than double the 14,817 ounces in 2017.

"There is considerable potential remaining in the Sokor Block mining licence to locate additional gold and base metal mineralisation," Optiro said in its 73-page report, which CNMC said also indicated the presence of significant amounts of silver, lead and zinc resources at Sokor as of the end of last year.

The Optiro report follows the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, CNMC said.

The Sokor project is 81 per cent owned by CNMC, through its subsidiary CMNM Mining Group.

China Star Food Group

Sweet potato snacks maker China Star Food Group said in a bourse filing on Monday night that the Singapore High Court has dismissed claims against the company brought by Mr Cheong Chee Hwa.

Mr Cheong had claimed a sum of $2.54 million, or damages to be assessed, for breaches alleged to have been committed by the company. These alleged breaches were in relation to the sale of his shares in China Star Food to the company in connection with its reverse takeover.

China Star Food said that according to the court's written judgement, dated March 29, Mr Cheong had failed to show there was a breach of a sale and purchase agreement entered between both parties in 2014, as well as a supplemental agreement.

He also did not prove the implied term, in which he alleged the company was not to "unilaterally undermine the value of the shares" and hence the value of the shares issued to him, said the company.

China Star Food said it will be awarded the costs of the lawsuit. Mr Cheong has until April 29 to appeal against the High Court's decision in Singapore's Court of Appeal, it added.

A version of this article appeared in the print edition of The Straits Times on April 03, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe