Australian Market Report of February 3, 2011: Crusader Resources (ASX:CAS) To Significantly Expand Gold Exploration in Brazil

Crusader Resources Limited (ASX:CAS) has extended the known mineralisation at the 100% owned Borborema gold project in northeast Brazil both along strike and down dip. Significant gold intercepts have been returned including 11m at 6.85g/t Au. The Company is to significantly expand the drilling in March 2011 to re-estimate the resource at Borborema.

WPG Resources Limited (ASX:WPG) has signed a memorandum of understanding agreement with Evergreen Energy Inc. (NYSE:EEE) to jointly develop and commercialise Evergreen's K-Fuel technology throughout Australia. K-Fuel technology can significantly reduce air emissions and other pollutants from coal-burning power plants. Under the agreement, the two parties will establish a 50/50 joint venture, whereby WPG will contribute its coal assets and Evergreen will contribute its technology.

Xanadu Mines Limited (ASX:XAM) announced a strategic alliance with Noble Group (SIN:N21) to explore and develop coking coal, iron ore and ferro alloys opportunities in Mongolia. Xanadu and Noble will form joint venture companies with each party holding 50% in the joint ventures. The alliance will allow Xanadu to continue to advance its existing thermal coal projects and its copper gold assets in the south east Gobi, Mongolia.

Octanex N.L. (ASX:OXX) said that a two well drilling programme will commence soon at Exmouth Plateau, offshore Western Australia. A drillship is currently being mobilised to site. Gawain-1, the first well in the two well programme is anticipated to spud shortly after the drillship arrives.


Related Companies

Xanadu Mines
          

Wpg Resources Ltd
            

Octanex NL
         

Noble Group Limited
         

Evergreen Energy Inc.
         

Crusader Resources Limited