Press Releases

Sydney, May 20, 2011 (ABN Newswire) - Australian shares opened lower, with resources stocks weighing on the market after falls in commodity prices. In early trade, the S&P/ASX200 index was down 20.9 points, to 4735.5, while the All Ordinaries index was down 18.1 points to 4810.1.

However, most other major Asian markets enjoyed a positive opening. Nikkei 225 jumped up 0.33% to 9,652.50. Hang Seng Index rose 0.16% to 23199.59 and Shanghai Composite inched up 0.03% to 2860.39.

Companies

Indo Mines Limited (ASX:IDO) said today that its coal production at the Mangkok Coal Project in Indonesia is now consistently achieving about 25,000 tonnes per month and the Company has revised its mine plan to target production of about 35,000 tonnes per month. The Company is also continuing exploration activities across other significant coal assets in Indonesia.

Avanco Resources Limited (ASX:AVB) reported that drilling at Serra Verde Project has returned excellent results. A massive sulphide copper intersect returned 0.75m at 18.94% Cu, confirming that the area is prospective for high grade copper mineralisation. The Company will continue to target a substantial iron-oxide-copper-gold deposits in the area.

ERO Mining Limited (ASX:ERO) has commenced an initial sonic drilling program at its Wertaloona Lithium Project in South Australia. The drilling program comprises two drillholes totalling approximately 300 metres, located in close proximity to historical holes drilled in the 1970s where significant lithium levels were encountered.

Kentor Gold Limited (ASX:KGL) said today that the development of Andash Copper-Gold Project in the Kyrgyz Republic remains the Company's key focus and significant progress has been made in completing the detailed design and preparing for construction. Kentor remains optimistic that the Project will become one of the world's lowest production cost gold projects.

Contact

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