Australian Market Report of November 30, 2010: Ord River - Signed A$10.8M JV Heads of Agreement with Guangdong Rising
30.11.2010 | ABN Newswire
13:30 AEST Nov 30, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Ord River Resources Limited (ASX: ORD) has signed a binding Heads of Agreement with Guangdong Rising Asset Management Co., Ltd ('GRAM') to establish a Joint Venture Company ('JV Co') in Australia. The Joint venture will focus on exploration and mining investments in Australia and Asia Pacific and GRAM and ORD will have 51% and 49% of JV Co respectively. Its first project will be ORD's large scale Copper Flats Copper Project in Western Australia. GRAM will contribute up to A$10.8 million exclusively for the Project.
China Yunnan Copper Australia Limited (ASX: CYU) has commenced a 2,000 metre RC drill programme at the company's 100%-owned Humitos Copper Porphyry project in Chile. The project consists of a number of undrilled geophysical and geochemical anomalies including an untested supergene horizon in the most prolific copper belt in the world, the Chilean Cordillera. The project is located ten kilometres south of Pan Australian and Codelco's Inca de Oro project (259Mt at 0.47% Copper).
Segue Resources Limited (ASX: SEG) has entered into a non-binding Memorandum of Intent ('MOI') with a Korean consortium lead by Korea Resources Corporation. This MOI allows the Korean consortium to review the Segue's highly prospective Pardoo magnetite iron project in Western Australia to assess merits of an exploration joint venture. Project evaluation is expected to take place during January-April 2011 leading to decision on potential exploration partnership.
Silver Mines Limited (ASX: SVL) has received results from the recent reverse circulation and diamond drilling at the 100% owned Webb's Silver Project in northeast NSW. Drilling has continued to intersect silver-rich polymetallic mineralisation, reporting results such as 8m at 358 g/t Ag and 4m at 581 g/t Ag. Drilling has identified further extensions to current resource and will continue in 2011 targeting near surface mineralisation.
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