Press Releases

Sydney, Feb 11, 2010 (ABN Newswire) - Emerging lithium producer, Galaxy Resources Limited (ASX:GXY) (PINK:GALXF) finalised a long term contract for the shipping of spodumene concentrate to China with Hong Kong based company, Pacific Basin Shipping Limited (Pacific Basin). The Pacific Basin shipping contract provides a five year fixed price arrangement to ship Galaxy's spodumene concentrate from Esperance Port in Western Australia to Zhangjiagang Port, Jiangsu Province in China.

Otto Energy Limited (ASX:OEL) is commencing a new 3D seismic data acquisition program in SC55. Otto plans to acquire approximately 1,800km2 of 3D data in SC55. The seismic vessel, Ramform Explorer operated by Petroleum Geo-Services Asia Pacific Pte Ltd is currently in the field and will be commencing seismic acquisition on 10 February 2010. The survey is expected to take approximately 2 months to complete.

Australian Bauxite Limited (ASX:ABZ) has 17 bauxite exploration tenements in eastern Australia covering over 5,000 sq kms. A small area of one tenement, EL 6977 at Inverell in northern NSW, has been drill tested by 118 holes totalling 1,773 metres. The drilling has only evaluated 15% to 30% of bauxite Deposit A-B which has been mapped for 4.6 kilometres to date and is open to the north and west.

Coalspur Mines Limited (ASX:CPL) (PINK:CSPZF) has completed a positive Scoping Study confirming the economic viability of the Company's wholly owned Hinton Coal Project ("HCP" or "Project") in Alberta, Canada.

Against a background of continuing buoyancy in commodity prices, Havilah Resources NL (ASX:HAV) plans an active year balanced between moving its advanced projects towards production and exploring its portfolio of promising prospects. Havilah's primary objective is to realize the value and exploit the potential of the three mineral deposits it has discovered, namely Kalkaroo, Mutooroo and Portia.

Piper Jaffray Asia Securities Limited has rated Fufeng (HKG:0546) (OTC:FFNGY) at "Overweight" and has raised its target price from HK $5.00 to HK $6.00 with the improved earnings estimates. Piper Jaffray Asia Securities Limited revised up its FY09E-11E earnings estimates by 10%-11%, as the securities had increased the ASP assumptions for MSG for 4Q09E and FY10E by 6% and 6%, respectively.

Contact

Michelle Liang Asia Business News Asia Bureau TEL: +61-2-9247-4344 Email: michelle.liang@abnnewswire.net