Australian Market Report of December 30, 2010: PanAust - Reported Sales Increase From Phu Kham Copper-Gold Operation in Laos
30.12.2010 | ABN Newswire
13:30 AEST Dec 30, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Quest Minerals Limited (ASX: QNL) has entered into an agreement to earn 80% of two iron ore prospects - Alken Prospect and Feral Prospect in Western Australia. Alken prospect hosts 3km of outcropping hematite mineralisation with high-grade surface rock chip sampling to 63% Fe, whilst Feral Prospect has significant magnetite potential with previous drilling of magnetite yielded 61m at 40% Fe.
PanAust Limited (ASX: PNA) has completed the sale of its fourth shipment of concentrate during December from the Company's Phu Kham Copper-Gold Operation in Laos. At design production levels, there are usually two or three shipments per month. Securing the extra shipment has resulted in sales matching strong production levels in the December quarter and additional revenue of approximately US$24 million. The Company's 2010 EBITDA is now likely to be between US$280 million and US$290 million.
Montezuma Mining Company Limited (ASX: MZM) has received partial assays for the second round of RC drilling at the Butcherbird Copper Prospect. The drilling successfully intersected visible primary copper sulphide mineralisation with a strong cobalt and nickel association. Partial results received to date include 3m at 1.94% copper 0.12% cobalt and 0.15% nickel within a broader zone of 10m at 0.77% copper, 570ppm cobalt and 710ppm nickel .
Norwest Energy NL (ASX: NWE) announced a A$2m equity raising to provide exploration funds for its ongoing Australian and UK exploration activities and to supplement working capital. The equity raising will comprise issue of approximately 104.5 million Primary Options to raise A$784,404 and a placement to sophisticated investors of 28.4 million fully paid shares at an issue price of A$0.044 per share to raise A$1.25million.
Contact:
Asia Business News
Tel: +61-2-9247-4344
http://www.abnnewswire.net
