Australian Market Report of March 15, 2011: Kangaroo Resources On Track To Complete The Acquisition Of Indonesian Pakar Thermal Coal Project
15.03.2011 | ABN Newswire
12:00 AEST Mar 15, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Kangaroo Resources Limited (ASX: KRL) said today that the due diligence process is proceeding smoothly and the Company is on track to complete the acquisition of the Pakar Thermal Coal Project in Indonesia by June 2011. Kangaroo Resources and Indonesian coal conglomerate PT Bayan Resources (JAK: BYAN) (PINK: BYRSF) entered into an agreement in December 2010, whereby the companies would start to work together immediately to build up Kangaroo's Indonesian coal business. Technical and operational work is underway on many fronts and the Pakar Project is expected to move into production in 2011.
General Mining Corporation Limited (ASX: GMM) has placed 6,947,234 shares to institutional and sophisticated investors at A$0.175 per share to raise A$1,21 Million. Funds will be used to assist the Company's forthcoming Mongolian potash and lithium brine exploratory drilling program and the drilling program at the Shoemaker Iron Ore/Manganese Project in Western Australia.
Hot Rock Limited (ASX: HRL) has successfully completed the first geophysical survey at its Longavi Geothermal Project in Chile. Data gathered from the survey will be used to evaluate the suitability of the Longavi prospect for exploration drilling. Longavi is one of 6 geothermal prospect areas the Company holds in Chile. Further geophysical surveys are planned at the prospects throughout 2011.
Rex Minerals Limited (ASX: RXM) has received further shallow drilling results from its 100% owned Hillside Copper Project in South Australia. The recent results continue to demonstrate the broad extent of the shallow and higher grade mineralisation. Drilling will continue to focus on both the shallow copper mineralisation for a proposed stage one open pit. The current Mineral Resource estimate at Hillside consists of 170Mt at 0.7% copper and 0.2g/t gold for 1.2 million tonnes of contained copper and 1.1 million ounces of gold.
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