Australian Market Report of March 8, 2011: Advanced Energy Systems - Commenced Construction Of Aocheng Gardens Property Development Project In China
08.03.2011 | ABN Newswire
12:00 AEST Mar 8, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Advanced Energy Systems Limited (ASX: AES) said today that the construction of 'Aocheng Gardens', a residential and commercial property development project in Yantai, Shandong Province of China has commenced. The project involves the construction of 1,986 apartments, 76 shops and 3,012 car bays across 17 buildings. Aocheng Gardens will be used to showcase the Company's sustainable energy technologies in residential and commercial property. The Company has projected a pre-tax profit of about A$70 million from the Aocheng Gardens development.
Lachlan Star Limited (ASX: LSA) announced a 28% increase in the JORC Resource estimate from 936,000 ounces to 1.2 million ounces of gold at its 100% owned CMD Gold Mine in Chile. The new resource estimate covers the Churrumata deposit which now totals 235,000 ounces of gold. The Churrumata deposit is one of the main pits currently being mined and the Company is planning additional drilling to better define the ultimate pit potential.
Aura Energy Limited (ASX: AEE) has received the first assay results for its major resource drilling programme at the Reguibat Project in Mauritania. Broad areas of calcrete uranium mineralisation were confirmed and high grade intercepts were reported including 4.5m at 1863ppm U3O8, 3m at 1312ppm U3O8 and 3m at 1417ppm U3O8. The calcrete uranium mineralisation is close to the surface and has low mining costs.
Golden Rim Resources Limited (ASX: GMR) has received highly anomalous gold results from the recently completed drilling at the Sebba Project in Burkina Faso. A total of 102 holes was drilled for an aggregate of 4,906m along a major gold anomaly. Significant intercepts included 8m at 2.43 g/t gold, 12m at 1.46 g/t gold and 12m at 1.34 g/t gold. The Company will commence a high resolution aeromagnetic survey shortly to be followed by infill drilling and reverse circulation drilling.
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