Asian Activities Report for October 28, 2011: Victory West Metals (ASX:VWM) to Acquire South East Asia Energy Resources
Centrex Metals Limited (ASX:CXM) has received payment of A$8 millions to commence Stage 3A of the Bungalow Magnetite Joint Venture with Baotou Iron & Steel Group Company Limited ("Baogang"). This is the third progress payment by Baogang which has now invested a total of A$24M into the Joint Venture. The results of the recently completed Stage 1 scoping study and Stage 2 resource definition drilling have resulted in Baogang electing for an early payment of the Stage 3A funds. The Stage 3A payment will enable the project to steadily continue rather than wait for the completion of Stage 2 in 2012.
Gryphon Minerals Limited (ASX:GRY) announces more outstanding drilling results from ongoing drilling at the Nogbele Deposit at the Company's flagship Banfora Gold Project in Burkina Faso. Results include 68 metres at 3.86 grams/tonne gold and 32 metres at 1.14 grams/tonne gold. Gryphon has already identified a JORC-compliant inferred resource estimate at Banfora of 29 million tonnes at 2.1 grams/tonne for 2 million ounces of gold.
Ivanhoe Australia Limited (ASX:IVA) announces the completion of the Osborne Copper-Gold Study and the results of the Preliminary Economic Assessment of the Osborne Project in north-western Queensland. The Company is firmly on track to begin production from the Osborne Project in March 2012, targeting a over 10 year mine life.
Victory West Metals Limited
Inova Resources Limited
Gryphon Minerals Limited
Centrex Metals Limited