Asian Activities Report for November 7, 2011: Austal Limited (ASX:ASB) Acquired a Philippines Shipyard to Expand its Manufacturing Base
Sydney, Australia (ABN Newswire) - Austal Limited (ASX:ASB) has acquired a shipyard in the Philippines for A$7 million, with vessel construction expected to commence in the first quarter of 2012. The acquisition of the Philippines shipyard is an important milestone in Austal's corporate strategy to regain its competitiveness in key commercial vessel markets by further regionalising its shipbuilding operations, while its Australian and United States manufacturing operations focus on defence vessel construction.
Palace Resources Limited (ASX:PXR) has signed a binding agreement to make a share placement to professional and sophisticated investors to raise A$1.33 million. The funds will primarily be used to finance the exploration and development of the Company's Lumpo coal project in Western Sumatra in Indonesia.
Golden Gate Petroleum Ltd (ASX:GGP) announces a second oil and gas discovery at the SRH-A # 8A well in the Permian Basin Project in Reagan County, Texas. The first discovery was at the SRH-C # 6H well. Log results along with gas shows and oil recovery from both wells are above initial expectations.
Chalice Gold Mines (ASX:CHN) reports further high-grade gold intercepts from the Koka South and Debre Konate prospects, located immediately south of the flagship Koka Gold Deposit at its Zara Project in northern Eritrea. The new results have confirmed and extended previously intersected high-grade mineralisation at Koka South and identified a significant new mineralized zone at Debra Konate, about 2.5 kilometres south of the Koka Deposit.
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