Serabi Share News (SRB)

Kalimantan Gold plunged 22 per cent after it said Tigers Realm Metals had pulled out of drilling at its Jelai epithermal gold project in Indonesia. "TRM did not see the results it expected in [its] modest 6-month drill test and they have provided notice to withdraw from the option deed effective September 30th, 2012, having spent two million dollars," the company said. "We are currently in discussions with a number of parties that have expressed interest in the project."Shares also dropped at Serabi Gold after it said it had placed £16.2m of new shares with Fratelli Investments, one of its major shareholders, to finance the development and start-up of underground mining operations at its Palito gold mine. In addition, Fratelli has provided the firm with an interim secured short term loan facility of $6.0m - around £3.7m - to provide additional working capital to enable the company to commence the initial works at Palito. The firm was trading down 4.3% by 1015 on Tuesday morning, following the announcement.Ariana Resources, the gold explorer focused on Turkey, said the licence containing its Kizilcukur Project had been granted 10 year operational status by the General Directorate of Mining Affairs in Turkey. The company is now planning for a 1,500m drilling programme on this property beginning in the second quarter of 2013. MM