Australian Market Report of February 14, 2011: Black Fire Minerals (ASX:BFE) To Acquire Tungsten/Copper Project in USA

Black Fire Minerals Limited (ASX:BFE) has entered into an agreement with Pacific Gold Corporation (PINK:PCFG) to acquire 100% of the advanced Pilot Mountain Tungsten-Copper Project in Nevada, USA. Project tenure covers significant tungsten, copper and silver mineralisation including the Desert Scheelite, Gunmetal and Garnet Deposits. The Company's initial Exploration Target for these three deposits is 7-9 million tonnes at 0.30- 0.37% WO3 and the exploration upside is excellent with all three deposits currently open and 11 further prospects identified within the project area.

Virax Holdings Limited (ASX:VHL) has signed a worldwide exclusive License Agreement with leading French biopharmaceutical company Transgene (EPA:TNG) for Virax to develop Transgene's TG1042, a clinical-stage skin cancer immunotherapy product. The worldwide Licensing Agreement is a major potential opportunity for Virax to develop the treatment of skin cancer in the Australian and global market. Virax plans to move rapidly to a clinical trial with TG1042 in Australia in 2011.

Southern Cross Goldfields Limited (ASX:SXG) reported excellent results from the recent drilling program at the Battler deposit in Western Australia. The drilling program is to confirm, and where possible, extend the current 37,500 ounces gold resource at Battler. Battler is just one of seven key oxide deposits that underpin the Company's production strategy. The company plans to build a 400,000tpa gold processing plant, targeting an initial production rate of 30,000 ounces per year over 5 years.

Prosperity Resources Limited (ASX:PSP) has commenced its first drilling program at Panton Luas Prospect in its Aceh Project in Indonesia. Previously trenching at Panton Luas recorded results including 15 metres at 6.71g/t gold, 6 metres at 2.7g/t gold and 15 metres at 3.10g/t gold. An ongoing drilling program is anticipated on the basis of successful results from this initial program.


Related Companies

Southern Cross Gold Ltd
            

Prosperity Resources Limited
            

Prescient Therapeutics Ltd
            

Pacific Gold Corporation
            

Black Fire Minerals Limited