Asian Activities Report for June 3, 2011: Mithril Resources (ASX:MTH) Announce High Grade Copper Extensions At Huckitta Project

Major Asian markets had a mixed morning trading. The S&P/ASX200 opened in green but slipped 8.5 points to 4591.9 in the first two hours. Nikkei 225 opened higher but soon lost 0.25% to 9,531.27. Hang Seng Index rose slightly by 0.05% to 23264.38 right after the opening bell, while Shanghai Composite edged higher by 0.23% to 2711.38.

Companies

Mithril Resources Limited (ASX:MTH) has extended the Basil Copper Prospect at its Huckitta Project in the Northern Territory to a total mineralised strike length of over 2.6 km. The exploration programs at the Huckitta Project are rapidly progressing and early results are encouraging and highlight the large scale nature of the Project. Step-out drilling to test the higher grade copper zones is underway.

UXA Resources Limited (ASX:UXA) announced very encouraging high grade lead-zinc-silver assay results from 3 diamond drill holes at the Dome 5 prospect in NSW. One of the holes has interested 3.0m of high grade mineralisation grading 15.8% Pb+Zn. This is the widest zone of high grade lead-zinc-silver mineralisation discovered to date.

General Mining Corporation Limited (ASX:GMM) is to commence drilling at the Uvs Basin project in Mongolia between July and August. The project comprises five granted exploration licences covering more than 2,000 km2 that is considered prospective for potash deposits as well as for lithium and potassium brines.

Sandfire Resources NL (ASX:SFR) said that the Definitive Feasibility Study on its 100%-owned DeGrussa Copper-Gold Project in Western Australia has confirmed that the project will be an exceptionally robust project with current forecast revenue of A$4.2 billion over its initial 7+ year life. The Project is expected to produce an average of 77,000tpa of copper metal and 36,000oz per annum of gold in the first three years of operations (FY 2013-15).


Related Companies

UXA Resources Limited
            

Sandfire Resources Ltd
       

Mithril Silver and Gold Limited
     

General Mining Corporation Limited