Asian Activities Report for May 13, 2011: Lithex Resources (ASX:LTX) Complete Rare Mineral Assets Acquisition In Western Australia

Sydney, Australia (ABN Newswire) - Most Asian markets slipped into negative territory right after the opening bell. Amid worries about the strength of demand from China, the benchmark S&P/ASX200 index was down 0.3%, at 4684.1, while the broader All Ordinaries index slipped 0.3%, to 4763.6. NIKKEI 225 was down 0.24% to 9,693.26, and Hang Seng Index was 0.23% lower, to 23021.13. Only the Shanghai Stock Market opened in green. The Shanghai Composite rose 0.26% in early trade, to 2843.62.

Companies

Lithex Resources Limited (ASX:LTX) has completed the acquisition of a 90% interest in East Kimberley exploration licences and a 100% interest in the Arthur River Project in Western Australia. All purchased tenements are located in a region known to contain rare minerals. The Company is seeking to develop rare minerals export business and has been successfully listed on the ASX with its shares to commence trading on May 17.

Austin Exploration Limited (ASX:AKK) has signed an agreement to purchase a further substantial oil and gas shale project in the USA, following a recent acquisition of a highly-prospective oil and gas shale prospect in Texas. The Company plans to raise up to A$10.5 million for the development of the newly acquired assets.

Multi-mineral producer Gippsland Limited (ASX:GIP) has entered into various transactions in relation to the establishment of a spin-out company Adobha Resources Limited. The newly incorporated company will focus on Gippsland's assets in Eritrea.

Australian oil and gas producer Range Resources Limited (ASX:RRS) announced that its joint venture partner and operator Africa Oil (CVE:AOI) has signed a letter of intent with a drilling subcontractor, paving the way for the milestone exploration well in Puntland, northeastern Somalia to be drilled in Q3 2011.

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