Asian Activities Report for May 26, 2011: Tellus Resources (ASX:TLU) Completed A$4.25 Million Initial Public Offering To Fund Highly Prospective Gold Projects
Sydney, Australia (ABN Newswire) - Major Asian markets all opened in green. Australian shares recovered after four days of losses, with the S&P/ASX200 index up 1.1% to 4634.3 and the All Ordinaries index up 1% to 4710 in mid-morning. Nikkei 225 jumped 1.22% to 9,537.78 in early trade. Hang Seng Index was up 0.51% to 22863.89, while Shanghai Composite rose 0.76% to 2762.52.
Companies
Tellus Resources Limited (ASX:TLU) has completed A$4.25 million initial public offering after it successfully listed on the Australian Stock Exchange on 11 May 2011. The capital raising will fund the exploration and future resource development plans for the Company's six highly prospective gold tenements in NSW.
YTC Resources Limited (ASX:YTC) announced further drill results from the recently completed drilling programme from the Hera Gold and Base Metals Project. A strongly mineralised interval over three times the anticipated width was discovered. An updated mineral resource estimate for the Hera Project is now being finalised as part of the Definitive Feasibility Study of the Project.
Castle Minerals Limited (ASX:CDT) reported wide zones of gold mineralisation within its extensive Wa Project in north west Ghana. These results confirm a new gold discovery that has excellent potential to host a substantial gold resource. Infill and extensional drilling is ongoing to test this new discovery.
Mindoro Resources Limited (ASX:MDO) announced the final batch of strong drilling results from the Bolobolo nickel target in the Philippines. Highlights include 13.75m at 1.36% Ni, 12.1m at 1.12% Ni and 15m at 1.03% Ni. Resource estimation for the target is now underway.
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