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ABN Newswire Stocks to Watch: December 15, 2009
ABN Newswire Stocks to Watch: December 15, 2009
Sydney, Dec 14, 2009 AEST (ABN Newswire) - Image Resources (ASX:IMA)(PINK:IMREF) has appointed project management consultants Engenium Pty Ltd and its associated company, Pacer Engineers to assist in advancing the commercialisation of its heavy mineral assets in the North Perth Basin.

Mission NewEnergy Limited (ASX:MBT), a biodiesel refiner and one of the world's largest Jatropha plantation companies by acreage, has entered into a binding five-year biodiesel Supply Agreement with Valero Marketing and Supply Company, a subsidiary of Valero Energy Corporation (NYSE:VLO) ("Valero"), the largest independent crude-oil refiner and marketer in North America. The agreement further provides a subsidiary of Valero the right to purchase up to 25% of Mission at A$0.45 per common share, representing a 61% premium to the current 30 day Volume Weighted Average Price. Under the terms of the supply agreement, Mission will supply Valero with up to 200,000 tonnes (60 million gallons) of biodiesel per year. Valero has the right to double that amount to 400,000 tonnes per year and to extend the term by an additional five years.

Atlas Iron Limited (ASX:AGO) said it has shipped over 1 million tonnes of iron ore in its maiden year of operations at the Pardoo Direct Shipping Ore (DSO) Project in Western Australia's Pilbara. Atlas has shipped the ore through FMG's Port Hedland port facility. Atlas has shipped 1,082,912 WMT of iron ore since December 2008 of which 1,020,758 WMT were shipped in the 2009 calendar year.

Galaxy Resources Limited (ASX:GXY)(PINK:GALXF) said it has awarded the EPCM contract to design and build the Jiangsu Lithium Carbonate plant to Hatch Consulting Shanghai (Hatch). The contract appoints Hatch to provide the engineering services, procurement and manage the construction of the Jiangsu Battery Grade Lithium Carbonate Plant in 2010 on the site in the Zhangjiagang Yangtze River International Chemical Industrial Park.

Environmental Clean Technologies Limited (ASX:ESI) Chief Executive, Kosmas Galtos, said the Victorian Government's deferring plans to allocate new reserves of brown coal for mining and export to India do not adversely affect the company's commercialisation strategy in any way. Its plans are not dependent on a new allocation of brown coal.

Kairiki Energy Limited (ASX:KIK)(PINK:KAIRF) said that on the 11th December 2009 the Service Contract 54 Block A (SC 54A) Joint Venture partners provided their Final Investment Decision (FID) approval for the development of the Tindalo oilfield.

WestSide Corporation Limited (ASX:WCL) said it has significantly increased the coal seam gas (CSG) reserves targets for the Company's 2009 / 2010 program after recent results from its drilling and appraisal works provided confidence for the expanded campaign. The Company is now targeting up to 111 Petajoules (PJ) of Proved and Probable (2P) gas reserves and up to 1,710 PJ of Proved, Probable and Possible (3P) reserves in the Bowen and Galilee Basins, building on previously certified gas reserves.

Legend Mining Limited (ASX:LEG)(PINK:LGDMF) said that following shareholder approvals at the General meeting on 4 December 2009, the initial payment for the Cameroon Iron Ore Project has been completed. Legend has issued 50 million shares to the vendors and made a payment of A$170,000 to Camina SA in accordance with the Share Sale Agreement.

Exoil Limited (NSX:EXX) said that the Cornea Joint Venture operated by Exoil's wholly owned subsidiary, Hawkestone Oil Pty Ltd, took possession of the Songa Venus semi-submersible drilling rig on 8 December 2009. Following a tow to the drilling location, the Cornea-3 well was spudded earlier on Monday. Exoil has a 16.75% interest in WA-342-P where Cornea is located, subject to shareholder approval.

Subsequent to the termination of the joint venture with Ord River Diamonds, 100% ownership of the East Kirup lithium-tantalite-tin exploration prospect has reverted to Red River Resources Limited (ASX:RVR). As a consequence Red River is now planning to carry out a 6,000m program at East Kirup during February-March 2010.


Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344

Related Companies

WestSide Corporation Limited       
Red River Resources Limited       
Mission NewEnergy Limited              
Legend Mining Limited             
Kairiki Energy Limited       
Image Resources NL       
Galaxy Resources Limited        
Exoil Limited       
Environmental Clean Technologies Ltd             
Atlas Iron Limited          

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