Asian Activities Report for June 17, 2011: Centaurus Metals Acquires New Iron Ore Project In Brazil For Export Business
17.06.2011 | ABN Newswire
12:00 AEST June 17, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Major Asian markets had a mixed opening. In early trade, the S&P/ASX 200 bounced 0.55% to 4504.1. Nikkei 225 opened higher but soon dropped 0.19% to 9,393.35. Hang Seng Index fell 0.13% to 21924.52, while Shanghai Composite lost 0.11% to 2661.45.
Companies
Centaurus Metals Limited (ASX: CTM) has acquired a portfolio of iron ore tenements in south-eastern Brazil, known as the Serra do Lontra Project, to underpin its strategy to export 1-2Mtpa of high-grade hematite to international markets by mid-2014. The company has set up an Exploration Target of 30-50 million tonnes of itabirite ore and will apply for environmental and mining approvals shortly.
L&M Energy Limited (ASX: LME) will commence drilling on Taranaki (New Zealand) drilling programme with the first well Talon-1 to be drilled on 1st July. The Talon-1 well is targeting oil reserves of 2mmbbl and will be followed by other drilling targets.
U3O8 Limited (ASX: UTO) has received a number of high grade gold and silver assays from the Saltwater Pool Joint Venture project in Western Australia. Rock chip sampling has returned up to 8.8 g/t gold and 150 g/t silver. Additional sampling is planned before the commencement of a detailed follow-up sampling and geological mapping programme.
Saracen Mineral Holdings Limited (ASX: SAR) is on track to meet its maiden full financial year production guidance of 110,000 to 120,000 ounces of gold from the Carosue Dam operations. Its gold production is expected to be 24,000-27,000oz in the June quarter and 30,000-32,000oz in the September quarter. The Company's Red October underground mining project is also developing ahead of schedule with the first ore production expected in the June quarter 2012.
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