Asian Activities Report for November 4, 2011: Gascoyne Resources (ASX:GCY) Announces More Outstanding Gold Results from Glenburgh Project
Sydney, Australia (ABN Newswire) - Gascoyne Resources Limited (ASX:GCY) announces more outstanding drilling results from its 100% owned Glenburgh gold project in Western Australia. Significant high grade gold mineralisation, including 14 metres at 8.9 grams/tonne gold, was returned from the Zone 126 deposit, extending the deposit a further 60 metres down plunge. The Company will commence step out drilling to target high grades at greater depths.
Ceramic Fuel Cells Limited (ASX:CFU), a leader in developing solid oxide fuel cell technology to provide electricity from natural gas, has raised AUD 5.9 million through an institutional placement and a share subscription with an existing UK private investor. The Company will also launch a rights issue and offer to existing investors to raise a maximum of AUD 21.7 million. The funds raised will enable the Company to increase volume production of its products and match the demand from the volume orders it has started to receive.
MHM Metals Limited (ASX:MHM) has secured its first overseas processing contract for the supply of feedstock to MHM's first US salt slag and black dross processing facility. The five year contract has been structured as a tolling arrangement, where a fixed price per tonne is charged to the customer with MHM returning aluminium and flux to the customer while retaining ownership of recovered aluminium oxide. This is a significant development for MHM, marking a milestone in the global expansion for its aluminium waste recycling technology.
Magna Mining NL (ASX:MAN) has received official confirmation that the tin, copper and gold tailings in Far Eastern Russia have now been released for economic exploitation. The Company will visit the region to finalise discussions and submission of its project application by the end of November 2011. The proposed project is located within the Khabarovsk territory, one of Russia's largest administrative regions and historically the most important tin mining region in Far Eastern Russia.
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