ABN Newswire http://www.abnnewswire.net Wed, 22 Feb 2012 17:05:59 cs@abnnewswire.net cs@abnnewswire.net 60 <![CDATA[ Earth Heat Resources Limited (ASX:EHR) Announce $40 Million in Additional Project Finance For The Copahue Development ]]> en71738 Y http://www.abnnewswire.net/press/en/71738/ Wed, 22 Feb 2012 15:48:52 GMT+10:00 Earth Heat Resources Limited (ASX:EHR) is pleased to advise that it has successfully mandated Corporacion Interamericana para el Financiamento de Infraestructura ("CIFI") as Lead Bank and Mandated Lead Arranger for a Drilling Loan of US $22.5 million subject to due diligence. Further, the Company has signed an agreement for $17.5m in Capital Contingency Finance with AGS Capital Group LLC ('AGS').

Highlights

- CIFI to provide US$22.5 million debt financing for drilling loan directly and through syndication;

- Proceeds to be used for drilling 3 of the 4 wells planned for Phase 1;

- Drilling Loan to close contemporaneously with the Senior Debt

- AGS has agreed to provide up to $17.5m AUD in Capital Contingency Funding, if required.

- Total debt for Phase 1 US$86.5 million;

- Earth Heat on the threshold of full funding for the Copahue Development.

The Drilling Loan and Capital Contingency Finance, in conjunction with the previously announced (ASX 24th November 2011) $134 million Project Finance Loan from Inter-American Development Bank ("IDB") forms the debt aspects of project financing requirements for the Company's Geothermal development at Copahue in Argentina.

Earth Heat Managing Director, Torey Marshall commented,"Securing additional funding for the advancement of the Copahue project is the achievement of an enormous milestone. We now have agreements in place with AGS, CIFI and IDB, subject to due diligence, which will more than cover the debt requirements to proceed with Phase 1 at Copahue. Our rapid progress has shown that EHR has a formidable business model and a high quality project in Copahue. We will continue to lead the ASX listed sector and over the next 6 months will provide clarity to shareholders on corporate activity, joint ventures and additional funding options to achieve the best outcome for all the Company's shareholders and stakeholders."

Indicative Terms of the CIFI Drilling Loan

These terms are preliminary and are subject to change at CIFI's discretion after completing detailed and satisfactory due diligence of the Company and Shareholders. Extra indicative detail has been omitted at the request of CIFI, deeming it commercial in confidence until formal close has been achieved.

1. Loan Size $22,500,000

2. Use of Proceeds
- Proceeds will be allocated to drilling three wells at the Company's Copahue Geothermal Project in Argentina.

3. Availability of Proceeds
- The proceeds from the drilling facility will be available in 3 tranches of $7.5 million. The first tranche will become available after the first well has been drilled. The costs of the first well are to be paid by the Company. The remaining 3 tranches will come available for drawdown at the time of successful completion of
each well in advance.

4. Maturity Date
- Each tranche will mature 5 years from its disbursement with a maximum maturity 6 years from Closing.

Compensation, Fees and Expenses of CIFI Drilling Loan

As compensation undertaking the Scope of Work under this Mandate Letter/Term Sheet, the Company agreed to pay standard fees to CIFI. At the request of CIFI, such detail is considered commercial in confidence and has potential negative consequences for formal close if divulged.

Terms of the AGS Group Capital Contingency Finance

AGS Group has committed to buy shares in Earth Heat at prices determined in the future. Earth Heat has the sole discretion to issue shares to AGS in tranches of up to $1m AUD, thus no obligation to, and has agreed to pay a fee of 1% of the face value of the investment in shares to ensure the Finance is available for 60 months. AGS has agreed to a voluntary escrow on those shares.

About Copahue

Earth Heat signed a Heads of Agreement to farm-in to the Copahue Geothermal Development Project in Argentina in May 2010, which comprises an identified initial 30 MW geothermal development with the potential for significant expansion. Development of Copahue is anticipated to provide first power production and revenue within four years and Earth Heat has the right to earn up to 87.5% of the Project by funding various stages of development.

The Copahue project area is located in the western part of Neuquén Province, approximately 300 km from the provincial capital and just a few kilometres from the Chilean border. The geothermal resource on which the project is based occurs on the North-East flank of the Copahue volcanoa young, historically active stratovolcano whose summit is on the international border. It is also situated within a broad caldera that is inferred to have formed by activity that pre-dates that of the Copahue volcano.

The project area has been the site of geothermal exploration and development activities since the 1970s. This work has included a number of superficial and shallow exploratory surveys (geology, geochemistry, geophysics and temperature gradient drilling).

Four deep wells, reaching depths of as much as 1,414m have also been drilled in the area. These wells have demonstrated the presence of a commercially exploitable, vapor-dominated geothermal reservoir within at least a part of the project area.

Through the Course of 2011, EHR has increased the resources by 150%, completed an EIA, a pre-feasibility study and most recently signed Letters of Intent for offtake of the power to be produced well in excess of stage 1 and 2 development.

Torey Marshall
Managing Director
Earth Heat Resources Limited
T: +618-8212-0579
http://www.earthheat.com.au

Victoria Thomas
Director
Six Degrees Investor Relations
T: +613-9674-0347
http://www.sixdegreesmedia.com.au

]]> newsroom@abnnewswire.net <![CDATA[ Celamin Holdings NL (ASX:CNL) Appointment of Mr. Martin Broome as a Non-Executive Independent Director ]]> en71735 Y http://www.abnnewswire.net/press/en/71735/ Wed, 22 Feb 2012 12:33:00 GMT+10:00 The Board of Celamin Holdings NL (ASX:CNL) is pleased to announce the appointment of Mr. Martin Broome as a Non-Executive Independent Director to the Board of Directors. This appointment will take immediate effect as at 22 February 2012.

Mr. Martin Broome B.Sc(Hons) Geology, M.Sc Engineering Rock Mechanics, Chartered Engineer, FIOM

Mr. Broome has more than 37 years of experience working in the minerals industry in Africa. Until 2010, Mr. Broome was Managing Director of African Mining Consultants ("AMC") having founded AMC in 1994. This followed a 20 year career with Zambian Consolidated Copper Mines Limited ("ZCCM") in the Zambian Copperbelt.

Mr. Broome, an MSc graduate in Engineering Rock Mechanics from Imperial College London, progressed to being the Group Rock Mechanic Engineer for ZCCM until 1989. Following this, Martin was involved in project management for the Baluba and Chambishi mining projects before initiating AMC where he has overseen open pit and underground rock mechanics design projects, feasibility studies for large and small scale open pit and underground mining projects; mine audits, due diligence and competent person's reports, mining methods, backfill and rock mechanics studies, government and parastatal mining, company privatizations, environmental auditing and project management.

Mr Broome has been a non-executive director of Barclays Bank of Zambia plc, since 2003 and has been Chairman of the Bank's Subsidiary Audit Committee since 2009.
Managing Director, David Regan said he was delighted that a Director with such Technical and Commercial experience as Mr. Broome's is joining the Board and that his role as an Independent Director will focus CNL on building its portfolio of assets into a business in North Africa for the benefit of all shareholders.
The Company also advises that Mr Justin Mouchacca has tendered his resignation as a Director effective 22 February 2012. The Company thanks him for his contribution during his tenure as Director.

Celamin Holdings NL
T: +61-3-9692-7222
F: +61-3-9529-8057
WWW: celaminnl.com.au

]]> newsroom@abnnewswire.net <![CDATA[ Atlas Iron Limited (ASX:AGO) Atlas Board and Executive appointments ]]> en71729 Y http://www.abnnewswire.net/press/en/71729/ Wed, 22 Feb 2012 08:21:00 GMT+10:00 Atlas Iron Limited (ASX:AGO) prepares for the next chapter of growth with the appointment of David Flanagan as Executive Chairman and Ken Brinsden as Managing Director. In addition, former Fremantle Ports chief Kerry Sanderson joins the Board.

Atlas is pleased to advise it has appointed David Flanagan as Executive Chairman and Ken Brinsden as Managing Director.

Atlas is also pleased to advise that Kerry Sanderson AO has also joined the Board as an independent Non-Executive Director.

The changes are part of Atlas' preparations for exponential growth, with iron ore production forecast to increase from 6Mtpa currently to 46Mtpa by 2017.

The restructure will initially see Mr. Flanagan retain a day-to-day role overseeing Atlas growth (assisting Mr. Brinsden) with a particular emphasis on strategic planning and corporate issues.

It will also see the Board bolster its capabilities with the appointment of Ms Sanderson, a successful and highly experienced leader in the management of port and transport infrastructure in Western Australia as an independent Non-Executive Director.

Mr. Flanagan said the restructure reflected the evolving and maturing nature of Atlas' business as it continued its rapid growth from its share market float in 2004 to what is now approaching a world class operation.

"Atlas' success has always been the result of a team effort," Mr. Flanagan said. "The talented and committed Atlas management team is perfectly placed to capitalise on the Company's strengths and deliver the strategy they developed."

Mr. Flanagan thanked David Hannon for his contribution as Atlas Chairman. Mr. Hannon will continue as an independent Non-executive Director of Atlas.

Mr. Flanagan will remain as Executive Chairman until 31 August 2012 as part of the hand-over of Managing Director's duties to Mr. Brinsden. Mr. Flanagan will then become Non-Executive Chairman. He will continue to be closely involved in Atlas' growth and activities and will retain his office at Atlas' Perth headquarters. The promotion of Mr. Brinsden, who is currently Chief Development Officer at Atlas, to the role of Managing Director, reflects the Board's strong confidence in his capability to lead the Company and deliver the immense growth and rapid transition underway in Atlas' business.

This will see Atlas build new mines, operate several production sources and also play a key role in supporting the construction of a new Pilbara railway network.

Mr Brinsden, a Mining Engineer, has been at the centre of Atlas' operations and growth strategies since its inception. He has overseen development of Atlas' current operating mines at Wodgina and Pardoo and has played a key role in the Company's successful strategy to secure highly valuable port capacity at Port Hedland.

One of the architects of Atlas' acquisition strategy, Mr. Brinsden has also been instrumental in developing the plan to grow production to 12Mtpa by 2013 and then 46Mtpa by 2017.

Ken Brinsden, Managing Director, Atlas Iron Limited

Ken Brinsden graduated from the WA School of Mines as a Mining Engineer in 1993. Between graduation and May 2006 he worked for WMC Resources, Normandy, GoldFields and Iluka Resources in production, management, brown-fields and green-fields mine development roles.

Ken joined Atlas in May 2006 as Operations Manager. In January 2010 he accepted the role of Chief Operating Officer and subsequently from July 2011 Chief Development Officer, further contributing to the growth of the Company from a junior explorer to an iron ore producer with two Pilbara operating mine sites, a significant project development pipeline, a market capitalisation of circa AUD$3.0bn and admission to the ASX 100.

Ken is also a non executive director of Shaw River Manganese (ASX:SRR) owned 45.4% by Atlas. Since joining the board of Shaw River he played an important role in developing and executing a global manganese development strategy with highly advanced projects in Namibia, the Pilbara of Western Australia and Ghana.

Appointment of Ms Kerry Sanderson AO as an independent non-executive director

Atlas is also pleased to announce that Kerry Sanderson, the former Chief Executive of the Fremantle Port Authority, has joined the Atlas Board as a Non-executive Director.

Mr. Flanagan said Ms. Sanderson would bring a wealth of knowledge and experience to the Board, including a thorough understanding of the ports business, which was an integral part of Atlas' operations.

Kerry Sanderson AO, Independent Non-Executive Director, Atlas Iron Limited

Ms Kerry Sanderson AO was Agent General for the Government of Western Australia from November 2008 until December 2011. Based in London, the Agent General represents the Government of Western Australia in Europe and Russia and promotes investment in Western Australia and Western Australian exports to Europe.

Ms Sanderson was Chief Executive Officer of Fremantle Port Authority from 1991 to 2008, a period during which container trade quadrupled. She previously worked for the Western Australian Department of Treasury for 17 years and the Western Australian Department of Transport for four years, ultimately as Deputy Director General.

Ms Sanderson has Bachelor of Science and Bachelor of Economics degrees from the University of Western Australia and in 2005 she received an Honorary Doctorate of Letters from the University of Western Australia.

She is a Member of the Advisory Council, Curtin University Business School; a former Member of the Ambassadorial Council, University of Western Australia Business School in the UK; and a former Member of the Advisory Board, Menzies Centre for Australian Studies, Kings College London. She has previously served as a Director of Austrade, the Australian Wheat Board, Rio Tinto WA Future Fund and the Western Australian Lands Authority (Landcorp).

In 2004, Ms Sanderson was named an Officer of the Order of Australia for service to the development and management of the port and maritime industries in Australia, and to public sector governance in the areas of finance and transport. Ms Sanderson is currently a non-executive director of Downer EDI Limited.

Atlas Iron Limited
T: +61-8-9476-7900
F: +61-8-9476-7988 
WWW: www.atlasiron.com.au

]]> newsroom@abnnewswire.net <![CDATA[ Avalon Rare Metals (TSE:AVL) Helps the International Rare Earth Industry in Strengthening Business and Technical Collaboration ]]> en71727 Y http://www.abnnewswire.net/press/en/71727/ Wed, 22 Feb 2012 08:15:19 GMT+10:00 In our ongoing efforts to provide you with broader communications and industry information, Avalon Rare Metals (TSE:AVL) is pleased to issue this Industry Bulletin, which reports on the Technology Metals Summit (TMS) held in Toronto on February 1-2, 2012, the REITA annual general meeting held in Toronto immediately before TMS, and the upcoming CIM 51st Conference of Metallurgists in Niagara Falls, Sept. 30 - Oct.1, 2012.

Technology Metals Summit Toronto, February 1-2, 2012
Avalon was a major sponsor and actively participated in the first TMS rare earth conference in Toronto organized by REE World in association with Pro-Edge Consultants and Market-edge. Attended by over 200 delegates from around the world, the program covered a broad range of important opportunities and issues facing the rare earths industry, including supply and demand, Chinese export quotas and domestic pricing, and human resource needs.

Keynote speaker Constantine Karayannopoulos, President and CEO of Neo Material Technologies Inc., noted that stricter enforcement of environmental regulations within China will drive rare earth prices higher than they've historically been and that China will probably consume more than 70% of rare earths demand in the future. He suggested that all prospective producers include Chinese clients in their plans. Mr. Karayannopoulos also noted there will not be much room for new light rare earths ("LREE") producers outside China after Lynas and Molycorp come into production. However, he emphasised that the world, including China, will require a "few" heavy rare earths ("HREE") producers to come on-stream, particularly those rich in dysprosium (Dy), terbium (Tb), europium (Eu), and neodymium (Nd). Mr. Karayannopoulos also called for large consumers complaining about the rare earths supply situation outside of China to "put their money on the table", as he expects the Chinese users will.

Veteran rare earth market analyst Dudley Kingsnorth, Executive Director of Industrial Minerals Company of Australia ("IMCOA") and recently appointed Adjunct Professor at Curtin University in Perth, Australia, delivered the second keynote address, during which he noted:

- While rare earth demand in 2010 was 120,000 metric tonnes ("mt"), it fell to 105,000mt in 2011 with the European crisis and high REE prices.
- Demand is expected to recover in 2012, to 123,000mt, growing to 160,000mt in 2016, and to approximately 200,000-240,000mt by 2020.
- China's HREE reserves are finite, with current reserves in the order of 8-12 years. As a result, HREE production will be constrained and prices for Eu, Dy, Tb and Y will remain strong between 2012 and 2020.
- Rare earth producers need to understand and take special care of the radioactive elements that are present in all rare earth deposits. It can be done, but care and expertise are required.

Avalon's Pierre Neatby, Vice President Sales and Marketing, sat on a panel of corporate leaders that discussed International Perspectives on the Future Rare Earth Supply, speaking to such matters as supply-demand, pricing, and the role of government. "My view is that government should encourage the REE industry through education and infrastructure but not be involved in market distorting actions such as stockpiling or supporting individual projects." commented Mr. Neatby.

Avalon's Market Development and Energy Advisor, Ian London, organized and moderated a panel of three Canadian university students, representing three different schools and programs. The panelists and their classmates had recently been introduced to the opportunities and challenges of the rare earths industry as part of their studies. Their messages clearly reinforced the growing interest and enthusiasm among undergraduates and graduate students to meet the business and technical challenges of the North American rare earths industry.

Rare Earth Information and Technology Association (REITA)
As announced in October 2011, Avalon joined REITA as the Company continues to contribute to building the rare earths industry and supply chains outside of China. REITA offers the industry a strong international association to help educate the market on issues such as rare earths recycling, sustainability, and building a globally competitive and diverse supply chain. Pierre Neatby, Avalon's Vice President Sales and Marketing, was elected to the Board at the most recent Annual General Meeting held in Toronto on January 31, 2012. Avalon looks forward to helping REITA become an influential international rare earths association. More information on REITA can be found at www.reitaglobal.org.

51st Annual Conference of Metallurgists (COM12)
Avalon has been invited and agreed to organize and chair the first ever Rare Earths Symposium at COM 2012, on September 30 to October 3, 2012 in Niagara Falls, Ontario, Canada (www.cim.org/com2012).

The theme of the Conference is Metallurgy and Materials Impact on Society; the technology achievements of today that answer society's aspirations for tomorrow. The technical program will feature papers from all fields of minerals, metals and materials technologies. The three-day Rare Earths Symposium has received over 40 abstracts to date, from nine different countries, covering the following topics:

- Rare Earth Geology and Geochemistry
- Ore Dressing and Separation Technology
- Hydrometallurgical Processing of Rare Earths
- Physical Metallurgy of Rare Earths
- Preparation of Metals, Alloys and High Purity Metals
- Thorium Management
- Rare Earth Economics

This annual conference is attended by approximately 800 delegates, equally split between academia and industrial sector specialists. There will be a Proceedings Volume published containing all of the papers presented.

Avalon Rare Metals Inc.
Communications and Investor Relations
Virginia Morgan, Director
T: +1-416-364-4938
F: +1-416-364-5162
E: ir@avalonraremetals.com
WWW: www.avalonraremetals.com

]]> newsroom@abnnewswire.net <![CDATA[ Marmota Energy (ASX:MEU) To Exhibit at PDAC 2012 in Toronto at Booth 2177, Investors Exchange ]]> en71726 Y http://www.abnnewswire.net/press/en/71726/ Tue, 21 Feb 2012 17:55:39 GMT+10:00 Marmota Energy (ASX:MEU) is pleased to announce it will be exhibiting at the PDAC 2012 Convention, situated at Booth 2177 in the Investors Exchange.

Marmota Energy is an integrated precious metal and uranium exploration specialist offering shareholders exposure to a pipeline of discovery opportunities.

Marmota returns shareholder value through a two-pronged approach of:

- discovery and resource definition on existing key projects with a focus on financial returns and building shareholder value; and

- identifying and investing in advanced exploration opportunities with emphasis on potential near-term production and revenue capability.

Marmota is continuing to maximise its discovery opportunities through the application of leading edge exploration techniques in our project areas.

High resolution gravity data and airborne electromagnetic (AEM) surveys have successfully mapped prospective geology along palaeochannels and defined potential IOCGU targets.

Marmota's project portfolio offer uranium, iron ore and copper-gold potential. Tenement interests cover in excess of 10,000 square kilometres in the Gawler and Curnamona Cratons in South Australia.

Key uranium projects:

Marmota's flagship uranium project Junction Dam, one of two in-situ recovery (ISR) amenable palaeochannel sedimentary uranium projects. Junction Dam is strategically located 10 km from Uranium One's Honeymoon uranium mine in South Australia. In 2011 Marmota defined a maiden 3.33 Mlb Inferred resource at one of three adjoining prospects. Chemical assay results confirm positive disequilibrium factor ranging between 1.22 and 2.25 for the deposit with high grades of up to 8143 ppm U3O8. Uranium has been intersected in drilling along a 15 km strike offering significant resource expansion potential.

Marmota's other uranium project, Pundinya is located near to the Trans Australian railway and has grades of up to 3200 ppm U3O8 from assay. The uranium mineralisation has significant expansion potential along a 9km strike length.

Iron ore:

The Western Spur iron ore project contains a number of large scale hematite outcrops discovered in early 2011 within an 8km zone. The bulk of the iron outcrop has been identified as hematite with discrete high grade pods of manganese. Grades greater than 60% Fe have been returned from assay of surface samples with up to 28% Mn. The iron outcrops are located 15km from the main arterial road that services the Moomba gas fields to the north of the project. To the south lies the Leigh Creek rail head that services coal fields shipping ore to the coast.

Copper-gold:

The Melton copper-gold project is located on the northern Yorke Peninsula in South Australia nearby to existing large scale copper mine development. The project has excellent access to power, road, rail and port infrastructure. Grades intersected from drilling include 9m @ 1% Cu which includes grades of up to 2.25% Cu. A broad zone of copper intersected extending for at least 1.3km with expansion potential along a further 1km of target is yet to be tested.

For more information on Marmota Energy, please visit;
http://www.marmotaenergy.com.au

Marmota Energy Limited
T: +61-8-8375-4300
F: +61-8-8375-3999
http://www.marmotaenergy.com.au

]]> newsroom@abnnewswire.net <![CDATA[ Padbury Mining Limited (ASX:PDY) Optimisation Study for Peak Hill Project ]]> en71724 Y http://www.abnnewswire.net/press/en/71724/ Tue, 21 Feb 2012 14:49:00 GMT+10:00 Padbury Mining Limited (ASX:PDY) and its Joint Venture partner Aurium Resources (ASX:AGU) have appointed CSA Global to carry out a pit optimisation and mine planning study for its flagship Peak Hill Iron Project in Western Australia's Mid West region.

The work will provide important data that will contribute to the progress of a pre-feasibility study, which is the next targeted stage of project development.

The optimisation study will focus on magnetite mining and processing, taking into account the project's Inferred JORC compliant magnetite resource to date (850Mt @27.3% Fe), to help determine the most economically and technically feasible means of developing the project.

Further work will be done in coming months to model a direct shipping ore mining operation, if recent encouraging drilling results allow the delineation of a maiden Direct Shipping Ore (DSO) resource.

Managing Director Gary Stokes said the work would help set the parameters for viable mining operations at Peak Hill.

"This is the next necessary step in the strategic development of Peak Hill," he said.

"We are focused on moving the project forward and have been encouraged by extremely positive drilling results from our recent resource evaluation program - for both magnetite and direct shipping ore."

Evaluation drilling continues on site targeting magnetite deposits and testing for extensions to the DSO mineralisation announced on February 20.

Gary Stokes
Managing Director
Padbury Mining Limited
T: +618-6460-0250

Terry Quinn
Managing Director
Aurium Resources
T: +618-6460-0250

Media: Tamatha Smith
T: +618-6460-0250
M: +61-433-569-701

]]> newsroom@abnnewswire.net <![CDATA[ Sovereign Gold Company Limited (ASX:SOC) Higher Gold Grades in Diamond Holes ]]> en71721 Y http://www.abnnewswire.net/press/en/71721/ Tue, 21 Feb 2012 12:01:00 GMT+10:00 Following release of the Sovereign Gold Company Limited (ASX:SOC) (Sovereign) announcement (14 February 2012) data has been compared from two sets of close-spaced (10 metre separation) Diamond and Reverse Circulation holes that provide further confidence in the assessment of data integrity between results obtained from Diamond Drill and Reverse Circulation holes (see note 1).

Sovereign's assessment is that diamond drill core predominantly provides samples that give a more accurate measure of the free gold content and hence higher grades.

The Diamond Drill holes below were drilled 10 metres to the south-west of the respective Reverse Circulation holes, on the same dip and azimuth.

Close-spaced Drill Hole Pair 1

Diamond Drill hole SGRDD004:
18 metres @ 3.51 grams/tonne gold from 52-70 metres downhole (see note 2)

Reverse Circulation Drill Hole SGRRC011:
11 metres @1.48 grams/tonne gold from 52-63 metres downhole (see note 2)

Close-spaced Drill Hole Pair 2

Diamond Drill hole SGRDD002:
22 metres @ 3.28 grams/tonne gold from 18-40 metres downhole (see note 2)

Reverse Circulation Drill Hole SGRRC002:
15 metres @ 0.99 grams/tonne gold from 18-33 metres downhole (see note 2)

NOTES:
1 The holes presented above are not twins but simply proximal (10 metres spacings) pairs and hence the natural distribution of gold content within the ore body could in part be responsible for variations between drill methods. However, the twin holes (2 metre spacing) SGRDD014 and SGRCC005 (14 February 2012) supports Sovereign's interpretation that the Reverse Circulation holes are under reporting free gold. Further, free particulate gold has been observed in portions of core from SGRDD002. The current limited data base is insufficient to provide a definitive explanation for variations between the drill methods - metallurgical investigations are ongoing.

2 Downhole length, true width not known. All drill intersections are stated as downhole lengths, true width not yet determined.

For the Full Announcement Including Tables:
http://abnnewswire.net/lnk/67899Z3P

For further information please contact:
Henry Kinstlinger
Investor Relations
Telephone: +61-2-9251-717

]]> newsroom@abnnewswire.net <![CDATA[ Western Australian Minister for Energy Inspects Enerji Limited (ASX:ERJ) and Opcon Powerbox ]]> en71720 Y http://www.abnnewswire.net/press/en/71720/ Tue, 21 Feb 2012 11:12:00 GMT+10:00 Perth-based clean power company Enerji Limited (ASX:ERJ) briefed Western Australia Minister for Energy the Hon Peter Collier on its business and Australia's first Opcon Powerbox technology this week.

The briefing was conducted by Enerji's non-executive chairman Mr Ian Campbell and managing director Mr Greg Pennefather. It focused on the installation of the first Opcon Powerbox at the Carnarvon project and the potential for the application of waste heat to power systems in the state's mining industry.

The Minister then inspected the Opcon Powerbox at its storage point taking this opportunity just prior to the unit being transported to Carnarvon.

The visit comes after a sod-turning ceremony at the Carnarvon site by member for North West Mr Vincent Catania MLA earlier last week. The Opcon Powerbox will be transported to the site on Wednesday. On Thursday it will be installed on the concrete pad that has already been poured.

Enerji's staff and contractors are on site to manage the civil works and construction.

Installation works will continue into March with commissioning scheduled to be completed by late March.

Greg Pennefather
Enerji Limited
T: +618-9268-3800
http://www.enerji.com.au

]]> newsroom@abnnewswire.net <![CDATA[ AusTex Oil Limited (ASX:AOK) Monthly Production for January 2012 ]]> en71719 Y http://www.abnnewswire.net/press/en/71719/ Tue, 21 Feb 2012 11:00:00 GMT+10:00 AusTex Oil Limited (ASX:AOK) is pleased to report oil and gas production for the month of January 2012.
-------------------------------------
Month Total Production Average Daily 
           BOE          Production 
-------------------------------------
October  3,537             114
November 3,459             116
December 4,180             135
January  6,698             216
-------------------------------------


AusTex Oil Limited
T: +61-2-9238-2363
F: +61-2-8088-7280
WWW: www.austexoil.com

]]> newsroom@abnnewswire.net <![CDATA[ WestSide Corporation Limited (ASX:WCL) Open Briefing Interview With CEO Julie Beeby On Reserves Upgrade and December Quarter 2011 ]]> en71717 Y http://www.abnnewswire.net/press/en/71717/ Tue, 21 Feb 2012 10:35:00 GMT+10:00 WestSide Corporation Limited (ASX:WCL) Open Briefing - Reserves Upgrade and December Quarter 2011. In this Open Briefing Julie Discusses; Reserves Upgrade, Initiatives in place to support production ramp up, Implications of recently signed gas swap agreement and outlook for production and exploration in 2012.

openbriefing.com

WestSide Corporation Limited has upgraded its 2P reserves by 17% to 258 PJ and 3P reserves by 96% to 725 PJ. How rigorous is this 2P and 3P reserve upgrade when no additional exploration drilling has taken place?

CEO Julie Beeby

The upgrade reflects a more detailed analysis of regional and newly interpreted data for the entire Meridian SeamGas (WCL 51%) licence area. WestSide completed an extensive exploration program in the first half of 2011, which was reflected in the reserves upgrade at that time.

During the second half of 2011 WestSide focused on bringing the newly drilled production wells into production and further refurbishment and work-overs of existing wells as well as development of a full field development plan.

The results from further studies on deeper exploration wells at Meridian and production results from deep wells drilled were correlated and these results were incorporated in the new reserves assessment. Results from a gas flow test at the Paranui pilot were also used to support the production data used to underpin the 3P estimate in the upper seams.

This reserves upgrade further highlights the latent brownfield reserves expansion potential of the Meridian SeamGas fields.

openbriefing.com

In light of your recent announcement of a $0.65 cent per share indicative offer for the company, how do you expect the substantial reserves upgrade to impact your negotiation position with the potential acquirer?

CEO Julie Beeby

The proposal we've had is indicative, non-binding and highly conditional. There is no certainty that the approach will result in a binding proposal.

Meanwhile, it's business as usual for WestSide, and we continue with our strategic plans to further prove up our existing reserves and continue our exploration activities. The recent reserves upgrade provides some confirmation of the potential of our key assets and gives us confidence in their long-term value.

openbriefing.com

What is the significance of this upgrade for your overall portfolio value and what opportunities are there for further reserve upgrades over the short to medium term?

CEO Julie Beeby

WestSide now has the potential to contract additional future gas sales on the strength of these expanded reserves. Opportunities for further gas upgrades still exist, largely from additional drilling in the deeper sections of Meridian and through improved gas recovery using more efficient extraction technologies and techniques.

openbriefing.com

WestSide Corporation Limited (ASX: WCL) recently announced production of 743,926 GJ from the Meridian SeamGas field for the December quarter, down 3.0% from the September quarter. How do you reconcile this fall in production with your statements that production is continuing to ramp up?

CEO Julie Beeby

WestSide's average net daily sales volumes were impacted by a combination of factors including reduced availability of third party gas, the planned maintenance shutdown of the Hillview compressor station and a temporary loss of production from wells including two top performing new wells (Pretty Plains 2 and 10).

These wells are now being brought back on line, along with a third new well - Meridian 29 - the commissioning of which has been progressing in line with the other two wells.

WestSide's average daily sales started to recover in December, rising to 4,276 GJ per day from 4,232 GJ in November, and reached 4,489 GJ during January. WestSide expects this upward trend to continue.

openbriefing.com

The Pretty Plains 2 and 10 wells have reached significant production levels but, as you have noted, the need to work them over due to fines contributed to the lower production in the last quarter. How are you addressing this issue?

CEO Julie Beeby

We are investigating and implementing various field development options and well completion technologies to lift both production and efficiency. One of the most promising technologies capable of addressing any fines problem and thereby speeding up the commissioning process is a gas lift pumping system.

This is not new technology in the CSG industry. Gas lift systems have been successfully utilised in the US for a number of years and we are now preparing to install and test this equipment in the field at Meridian on one dual-lateral well initially.

openbriefing.com

The Meridian JV is still not meeting its supply requirements under contract and continues to pay liquidated damages. With WestSide and its Meridian SeamGas partner Mitsui E&P Australia executing a gas swap agreement during the quarter to fast-track access to gas to help meet their contractual supply commitments, how will sales be impacted in the short to medium term?

CEO Julie Beeby

WestSide is yet to draw on any gas under the agreement and is working with the supplier to finalise logistical arrangements to secure the physical delivery of gas at the required delivery point. The agreement is flexible so we will access gas when it is available to increase sales and reduce liquidated damages when we can. The impact of this will be greater in the short term, because as we increase production toward our target of 25 TJ/day at Meridian, the liquidated damages will proportionately decrease. Under the swap agreement any gas borrowed during 2012 must be repaid by the end of calendar 2015.

openbriefing.com

Three of the seven new dual-lateral wells WestSide has commissioned at Meridian have already produced at pre-peak rates in excess of 600,00scf/d. The third well (Meridian 29) is presently producing more than 621,000scf/d. Can this success be replicated at the other Meridian wells and what are the longer term implications for Meridian production?

CEO Julie Beeby

We believe our wells can all be brought into production in 2012, but the timing depends greatly on the individual well, the gas reservoir in the area of the well and the particular equipment used for dewatering.

As we gain experience and trial innovative technology we are finding that we can bring the production wells on more swiftly and more productively. The long-term implication of this is that we are demonstrating to potential gas customers our ability to reliably ramp up gas production when required for major contracts.

openbriefing.com

Available third party gas sourced for resale by WestSide, from the nearby Mungi field was down 33% in the quarter. What has caused this decline and how long it will last?

CEO Julie Beeby

Meridian processes and sells gas that is supplied from the Mungi field owned by Molopo on an as available basis. WestSide is not in a position to comment on Molopo's plans for its field.

openbriefing.com

WestSide has stated that production remains critical to its success and that it restructured its production operations during the quarter. Is this an indication that you're stepping back in your exploration activities? How is production expected to benefit from the restructure?

CEO Julie Beeby

No, we are not stepping back from our exploration activities. We plan to remain active in both the Bowen and Galilee Basins with exploration in 2012 to identify CSG prospective areas and continue the operation of existing pilots.

The purpose of the restructure was to form two focused groups - one on exploration and the other on production. The production team contains specialist staff to analyse the reservoirs and well ramp-up to ensure production from the wells is brought on to maximise the value of each well. The key goal of this focused team is to reliably ramp up production of gas and we believe we have already seen a benefit from its work in January with a 5% lift in production over the previous month.

openbriefing.com

Planning is underway for additional activity on projects operated by WestSide at Paranui and Mount Saint Martin during 2012. Where are you in the planning process and how important are these projects as future value drivers for WestSide?

CEO Julie Beeby

In ATP 769P we are planning for the installation of a gas lift system on the existing Paranui pilot wells during the second quarter, subject to the success of a trial we are currently conducting at Meridian SeamGas.

Planning is also underway for further exploration drilling in the northern areas of the tenement targeting reserves additions. The joint venture is proposing to drill two additional wells and will be conducting a seismic program within the tenement to identify new exploration targets.

We are also currently evaluating drilling at Mount St Martin to develop a pilot there. The goal of these pilots is to increase the reserves certified to build up critical mass for commercialisation. There are two aspects to the planning - pilot design and location approvals.

The pilot design requires analysis of the existing geological and reservoir data to ensure that the drilling and completion of the pilot is optimised for production. The location approvals are in progress. It takes time to obtain landholder approvals and undertake the cultural heritage survey to ensure the interests of all stakeholders are fully considered in the planning of the wells.

openbriefing.com

Net operating cash outflow was $9.4 million in the December quarter, versus $11.40 million in the previous quarter, and cash at the end of the quarter stood at $15.7 million, up from $13.6 million at the end of September. What are your plans for exploration and development spending over the current quarter?

CEO Julie Beeby

With the wet season in full swing in Queensland we have cut back our exploration until more amenable drilling conditions can be relied upon. However, this is a time of intense preparation work for the exploration and development for the full calendar year as I mentioned earlier.

WestSide Corporation Limited
Richard Owen
Investor & Community Relations Manager
T: +617-3020-0933
http://www.westsidecorporation.com

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