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Magnetic Resources (ASX:MAU) announce a large 4628km detailed aeromagnetic survey employing 100m and 200m line spacings covering 650sq km has been recently completed and a preliminary interpretation has shown up five main Target Areas covering 70km of potential iron formations.
Magnetic Resources (ASX:MAU) announce a large 4628km detailed aeromagnetic survey employing 100m and 200m line spacings covering 650sq km has been recently completed and a preliminary interpretation has shown up five main Target Areas covering 70km of potential iron formations.

Sydney, Jan 6, 2010 AEST (ABN Newswire) - Australian market continued its gains on Tuesday as energy stocks had another strong day. The global markets rallied in the first trading day of this year while the upbeat manufacturing data from the United States, China and India boosted investor confidence over a global recovery in 2010. At the close, the benchmark S&P/ASX200 index surged 48 points, or 1 per cent, at 4924.3, while the broader All Ordinaries index increased 49.7 points, or 1 per cent, to 4939.5.

Key Economic Facts and Figures

Australia's new home sales posted a modest growth in November after two consecutive months of falls, according to Housing Industry Association data. The figure rose 0.3 per cent for the month of November, compared to a 6 per cent drop in October and 4.5 per fall in September.

On Wednesday, Australian Industry Group is due to release its Performance of Services Index of December. Australian Bureau of Statistics will release new building approvals data for November.

M&A News

Modena Resources (ASX:MDA) said Tuesday that it has executed an Agreement with various parties, subject to shareholder and regulatory approval, to acquire 100 per cent of issued capital of Blackgate Resources, a company duly incorporated in the state of Texas, USA. Blackgate has also entered into an agreement to acquire the interests of Arturus Capital Limited (ASX:AKW) in the income stream from certain producing shallow gas projects in Texas and a participation agreement relating to the Walkoviac No. 1 Well, also in Texas.

Important Corporate News

Online travel agent Webjet (ASX:WEB) says it has defied the industry downturn with a 37 per cent increase in the total transaction values for the second half of 2009. The total transaction values for the six months to December 31 came in at A$248 million, compared with A$182 million for the prior corresponding period. Growth over the past six months had been entirely organic and vastly exceeded general industry data, Webjet Managing Director David Clarke said.

Galaxy Resources Limited (ASX:GXY) (PINK:GALXF) said it has awarded the Mt Cattlin mining contract to Orionstone Pty Ltd (Orionstone). Orionstone is a provider of quality mining equipment and services that was established in the Eastern Goldfields 17 years ago and currently has fleets of equipment operating around Australia. Mining is expected to commence in early April 2010 with a four month pre-strip period in order to guarantee supply of run of mine ore for the commissioning of the process plant in Q3 2010.

Magnetic Resources (ASX:MAU) announce a large 4628km detailed aeromagnetic survey employing 100m and 200m line spacings covering 650sq km has been recently completed and a preliminary interpretation has shown up five main Target Areas covering 70km of potential iron formations.

Centro Properties Group (ASX:CNP) has announced one of its non-executive directors is to take over as the company's chief executive. Robert Tsenin will replace Glenn Rufrano as chief executive designate on February 5 to ensure an orderly handover.

Diploma Group (ASX:DGX) has been awarded a A$110 million contract to build Stage 1 of the Queens Riverside mixed-use development located at 36 Adelaide Terrace in Perth on behalf of Frasers Property Australia. On completion, Queen's Riverside's Stage 1 will comprise commercial, retail, residential and hospitality components.

Contact

Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net


Related Companies

Webjet Limited        
Modena Resources Limited          
Magnetic Resources Nl       
Galaxy Resources Limited        
Diploma Group Limited          
Centro Properties Group        
Arturus Capital Limited       

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