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ABN Newswire Stocks to Watch: January 22, 2010
ABN Newswire Stocks to Watch: January 22, 2010

Sydney, Jan 22, 2010 AEST (ABN Newswire) - AuDAX Resources Limited (ASX:ADX) (PINK:ADXRF) plans to spin-off its portfolio of about 20 gold and base metal assets into a new ASX listed company. The assets include possible gold development projects such as Millrose and gold and base metal exploration properties such as Marymia and Mt Webb together with various other joint ventures and royalties as well as new tenements.

Rex Minerals Limited (ASX:RXM) has received assays for an additional three drill holes from its 100% owned Hillside Project on the Yorke Peninsula in South Australia. All drilling results from the 2009 drilling program have now been received. "The discovery of extensive copper mineralisation only 10 metres from surface is a further positive result for the Hillside project. The drilling completed in the last quarter of 2009 indicates that there is extensive shallow copper mineralisation which will significantly increase our ability to deliver a large scale Resource at Hillside this year," Rex's Managing Director Mr Steven Olsen said.

ASF Group Limited (ASX:AFA) (PINK:ASFTF) said further to the Company's ASX announcement on 16 September 2009 concerning its strategic co-operation with Fujian Materials (Group) Co., Ltd ("FMGC"), a Fujian state-owned enterprise, the Company is pleased to announce that, through its wholly-owned subsidiary ASF Energy Pty Limited, it has entered into a Coal Sales Agreement with FMGC for the immediate sale and export of coal to China.

Legend Mining Limited (ASX:LEG) (PINK:LGDMF) has announced the commencement of a helicopter borne magnetic and radiometric survey at its Cameroon Project, West Africa. The survey, covering approximately 3,510km2, will be undertaken over the Ngovayang and Mayo Binka Project Areas by geophysical contractors New Resolution Geophysics and should take 4-5 weeks to complete.

Otto Energy Limited (ASX:OEL) (PINK:OTTEF) said it made substantial progress in delivering shareholder value in the quarter ended 31 December 2009. The Galoc oil field has now produced a total of 3.6 mmbbls of crude oil and delivered 10 offtakes to customers. Otto also said it recently entered into a seismic acquisition and farm-in option agreement with BHP Billiton in Service Contract 55 in the Philippines.


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

Related Companies

Rex Minerals Limited             
Otto Energy Limited         
Legend Mining Limited             
ASF Group Limited        
ADX Energy Limited       

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