Asian Activities Report for March 24, 2011: Paramount Mining (ASX:PCP) Sign Key Coal Agreement With Antam (ASX:ATM)

Paramount Mining Corporation Limited (ASX:PCP) has signed a comprehensive Memorandum of Understanding (MoU) with PT Antam (Persero) Tbk (ASX:ATM), whereby both parties will identify prospective coal mining and related infrastructure projects in Indonesia that are suitable for joint venture projects. Paramount's involvement starts from exploration project identification, to development of mining operations and associated infrastructure, through to coal market development and sales.

Genesis Minerals Limited (ASX:GMD) is to raise A$1.845 million through a placement of 9.225 million fully paid ordinary shares to sophisticated investors at A$0.20 per share. The proceeds will be used for exploration and evaluation of the Dinamarquesa Gold-Copper Project and the Cerro Blanco Gold-Copper-Silver Project in Chile. Recent drilling from the Dinamarquesa Project has reported very high grade gold intersections including 2m at 102.8 g/t gold. A 5,000m drilling program will commence at the Dinamarquesa Project in early May 2011.

Aphrodite Gold Project (ASX:AQQ) announced an upgraded resource at the Aphrodite Gold Project in Western Australia. The resource estimate now stands at 10.06 Mt Indicated and Inferred (JORC) Mineral Resource containing 1,033,000 ounces gold averaging 3.19 g/t Au. A 30,000m drilling program is now underway. The Project is expected to start production over the next two years.

Avalon Minerals Limited (ASX:AVI) announced that on-going exploration at its 100%-owned Viscaria Copper-Iron Project in Northern Sweden has reported a series of outstanding results from the D Zone. Grades of up to 1.9% Cu and 42% Fe were returned. The drilling program is designed to upgrade the current mineral resource at D Zone of 9.0Mt at 0.6% Cu and 27% Fe to the Measured and Indicated category. Test results indicate that the magnetite mineralisation within the D Zone can produce high grade iron concentrate.


Related Companies

Paramount Mining Corporation Limited
            

Genesis Minerals Limited
            

Avalon Minerals Limited
            

Aphrodite Gold Limited
            

Aneka Tambang (Persero) TBK (PT)