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ABN Newswire Stocks to Watch: February 16
ABN Newswire Stocks to Watch: February 16
Sydney, Feb 16, 2010 AEST (ABN Newswire) - Emerging lithium producer, Galaxy Resources Limited (ASX:GXY) (PINK:GALXF), provided a finance update as it progresses the development of its Mt Cattlin Spodumene Project and the Jiangsu Lithium Carbonate Plant. Following the transfer of the Debt Facility Agreement from Creat to an independent syndicate of banks comprising Austrian Bank RZB and China Development Bank in November, Galaxy achieved the first of three drawdowns to the value of US$20 million.

Environmental Clean Technologies Limited (ASX:ESI) said subsequent to the disclosure at annual general meeting (AGM) on 18 November 2009, outlining the results of the Matmor report by HATCH and the intended path moving forward, it has provided an update on advancement activities. As flagged at the AGM, the review was completed in October 2009 and the report delivered to ECT for consideration.

Republic Gold Limited (ASX:RAU) has completed its upgrade of the geological block model at the Amayapampa Gold Project ("Amayapampa" or "Project") in Bolivia. The mineral resource has been increased by 19.4% from 1,084,000 ounces to 1,294,000 ounces.

Conquest Mining Limited (ASX:CQT) (PINK:CQMLF) released the findings of a Definitive Feasibility Study (DFS) on its Silver Hill gold-silver-copper project in Northern Queensland (Silver Hill Project) on 4 February 2010. DFS says outcome didn't meet some of the commercial or operational expectations set by the Pre-Feasibility Study (PFS), it still indicates a project which would be within the first quartile of junior/mid-cap Australian gold projects in regards to production costs, and would still be profitable.

Beach Energy Limited (ASX:BPT) (PINK:BEPTF) said the NS377-5 oil development well (North Shadwan Development Lease, Gulf of Suez, Egypt, Beach 20%) has reached a total depth of 2909m MD (-1767m TVD SS) after intersecting a gross oil column of 107m in the Kareem Formation sandstone of Miocene age. The well was drilled as an extended reach deviated well from an onshore location. This will enable rapid completion and connection of the well to onshore production facilities.

AusTex Oil Limited (ASX:AOK) (PINK:ATXDF) advises that drilling of the Mayo Moore #7 Well is expected to commence this week. This well is a 50 foot offsetting twin to the recently successful Mayo Moore #5 Well, which is producing oil and gas from the Red Fork Formation at 1,500 feet.

Otto Energy Limited (ASX:OEL) provides an update on its Phase 2 exploration drilling program in the Edirne Licence, Turkey. The Phase 2 drilling program incorporates up to seven exploration and appraisal wells, which includes the previously advised Kumluk and Kartal wells.


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

Related Companies

Republic Gold Limited        
Otto Energy Limited         
Galaxy Resources Limited        
Environmental Clean Technologies Ltd             
Conquest Mining Limited             
Beach Energy Limited             
AusTex Oil Limited       

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