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Sydney, May 18, 2011 (ABN Newswire) - The Australian sharemarket opened flat in early trade. The S&P/ASX200 index was up 0.1% to 4688.2, while the All Ordinaries index inched up 0.1% to 4756.6. In other parts of our region, Nikkei 225 jumped 0.85% to 9,648.48 in early session. Hang Seng Index rose slightly, up 0.15% to 22935.94, while Shanghai Composite fell 0.25% to 2845.51.

Companies

Australia Minerals and Mining Group Limited (ASX:AKA) today announced the Constance Range Iron Ore Alliance with Viento Group Limited (ASX:VIE), Icon Resources Limited (ASX:III) and Resolve Geo Pty Limited for the development of 92 kilometres of prospective iron ore formation in Queensland. The Alliance will allow Australia Minerals and Mining Group to confidently approach potential overseas markets, particularly China.

Uranex NL (ASX:UNX) announced substantial high grade uranium intersections at the Mkuju Uranium Project in Tanzania. Substantial thickness and grade of uranium were returned and the known mineralisation is extended to the south. The Company will mobilise additional rigs to accelerate the drilling program.

MEO Australia Limited (ASX:MEO) has completed Heron gas discovery farm-out agreement with Eni Australia Limited, whereby Eni will be the Operator and earn 50% interest by funding the drilling of two wells. Following successful appraisal of the gas discovery, the two parties will evaluate all potential commercialisation paths for the resources.

Zambezi Resources Limited (ASX:ZRL) has commenced a A$3.5 million diamond drilling programme at its Kangaluwi Copper Project in Zambia. The campaign is designed to convert the resources at Chisawa Prospect into the Measured Resource category. Four diamond holes have been finished to-date, each encountering significant copper intersections.

Contact

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Related Companies

Zambezi Resources Limited      
Viento Group Limited      
MEO Australia Limited        
Magnis Resources Ltd             
Icon Resources Ltd          
Australia Minerals and Mining Group Limited             






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