Magnetic Resources Nl

The directors of Magnetic Resources Limited (ASX:MAU) are pleased to announce that the company has reached agreement with a combination of sophisticated and professional investors to place 3,960,230 fully paid shares at an issue price of A$0.40 per fully paid share.

FINANCE VIDEO: Magnetic Resources (ASX:MAU) George Sakalidis Speaks with Brian Carlton at Sydney Symposium Resources Roadshow. Magnetic Resources NL (Magnetic) is an Australia-based company. During the fiscal year ended June 30, 2008 (fiscal 2008), the principal activities of the Company were the exploration of mineral tenements in Western Australia.

ABN Newswire stocks to watch today include: Iron Road Limited (ASX:IRD), Meteoric Resources (ASX:MEI), Cougar Energy Limited (ASX:CXY), Magnetic Resources (ASX:MAU), ABM Resources NL (ASX:ABU), AusTex Oil Limited (ASX:AOK), and Victory West Moly Limited (ASX:VWM).

As part of Magnetic Resources' (ASX:MAU) ongoing iron ore exploration in the south west of WA, Magnetic Resources has identified two pronounced magnetic anomalies about 30km northeast of the Newdegate town site and railway line. The eastern magnetic anomaly is interpreted to be a BIF some 10km in length whereas the nature of the western magnetic complex remains to be determined but is consistent with magnetite-rich lithologies, possibly related to a tightly folded metamorphosed BIF sequences about 14km in strike length.

ABN Newswire stocks to watch today include: Iron Road Limited (ASX:IRD), Galaxy Resources Limited (ASX:GXY) (PINK:GALXF), AusTex Oil Limited (ASX:AOK), Beach Energy Limited (ASX:BPT) (PINK:BEPTF), Kairiki Energy Limited (ASX:KIK) (PINK:KAIRF), Magnetic Resources NL (ASX:MAU) and Pluton Resources Limited (ASX:PLV).

Magnetic Resources NL (ASX:MAU) continues to advance exploration on several of its uranium projects in the southwest region of Western Australia. The Lake Harvey and Seabrook uranium prospects continue to show promise.

ABN Newswire stocks to watch today include: Atlas Iron Limited (ASX:AGO), D'Aguilar Gold Limited's (ASX:DGR), Lions Gate Metals Inc. (CVE:LGM) (PINK:LGMFF), Magnetic Resources Nl (ASX:MAU), Universal Resources Limited (ASX:URL), Victory West Moly Limited (ASX:VWM) and ABM Resources NL (ASX:ABU).

Magnetic Resources Nl (ASX:MAU) has now completed 94% of a 3,480sq km high resolution aeromagnetic survey of its tenements over multiple target areas in the south west of WA. The aeromagnetic survey comprises about 16,280 line-km of flying on a 250m line spacing, in areas where much of the historic aeromagnetic data is based on a line spacing of 1,600m. The survey forms part of Magnetic's search for iron ore close to existing infrastructure.

Magnetic Resources Nl (ASX:MAU) has now completed 67% of a 3,480sq km high resolution aeromagnetic survey of its tenements over multiple target areas in the south west of WA (ASX release 17 February 2010). The aeromagnetic survey comprises about 16,280 line-km of flying on a 250m line spacing, in areas where much of the historic aeromagnetic data is based on a line spacing of 1,600m. The survey forms part of Magnetic's search for iron ore close to existing infrastructure.

Magnetic Resources NL (ASX:MAU) has received the first analytical results from its initial reverse circulation (RC) drilling programme testing the Jubuk Target 1 magnetite prospect near Corrigin in WA.