Australian Market Report of January 14: Tiger Resources - Kipoi Copper Project Stage 1 Construction Progressing Smoothly
14.01.2011 | ABN Newswire
13:30 AEST Jan 14, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Tiger Resources Limited (ASX: TGS) (TSE: TGS) advised that construction has continued to proceed safely, on time and on budget for the Stage 1 development at the 55km2 Kipoi Copper Project in the Democratic Republic of Congo. Tiger remains on schedule to start commercial production in the first quarter of 2011. The Company plans to produce approximately 35,000t per annum of copper for three years from the first stage of the development at Kipoi. During the three year life of Stage 1 a total of 900,000tpa of 7% Cu is planned to be processed.
Haranga Resources Limited (ASX: HAR) has completed a magnetic survey at the Sumber iron ore project strategically located less than 50km from the Chinese border crossing at Hangi Mandal in Mongolia. The survey discovered large, intense magnetic anomaly at the Project. Anomaly is coincident with three distinct zones of outcropping iron mineralisation that were discovered in the northern part of the tenement, spread over a distance of 2km. The Company intends to drill this new target in early 2011.
Universal Coal plc (ASX: UNV) announced significant resource increase in Kangala Thermal Coal Project in South Africa, 65km east of Johannesburg. The Project resource has been increased by 19.1Mt to total 124.0Mt (JORC), with a total of 48.7Mt of Measured, 4.4Mt of Indicated and the remaining 70.9Mt being categorised as Inferred. Drilling has also commenced on the Company's Brakfontein Thermal Coal Project in South Africa. This project has to date a defined JORC resource of 125.6Mt with 96.6Mt categorised as Indicated and a further 29Mt as Inferred.
Orion Gold NL (ASX: ORN) has identified significant system of gold mineralisation with a number of high priority drill targets at the Happy Go Lucky Prospect, part of the Walhalla Gold Project in Victoria. The most recent drilling at the Prospect intersected a broad 42.5 metre interval of low grade mineralisation returning gold grades greater than 0.5 g/t. The drill results and geological interpretation completed to date from Happy Go Lucky and other prospects highlight the prospectivity of the entire Walhalla Gold Project. Planning is in progress for follow-up programs at Happy Go Lucky and other identified target zones.
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