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ABN Newswire Stocks to Watch: March 17, 2010
ABN Newswire Stocks to Watch: March 17, 2010
Sydney, Mar 17, 2010 AEST (ABN Newswire) - Iron Road Limited (ASX:IRD) said it has raised total funds of A$6.1 million through a placement priced at A$0.64 per share. The shares were predominantly placed to existing institutional investors of Iron Road and new North American based institutional investors. Proceeds from the raising will be used to fund exploration at the Gawler Iron Project and Resource expansion at Iron Road's 100% owned Central Eyre Iron Project. In addition to exploration expenses, funds raised will also be used to meet general working capital needs.

As part of Meteoric Resources' (ASX:MEI) ongoing assessment of iron oxide-copper-gold (IOCG) targets in the Webb area of the West Arunta region of WA, Meteoric is preparing to carry out detailed airborne magnetic surveys on several of these target areas. The aeromagnetic surveys, which are subject to permitting processes normal for aboriginal reserves, together with gravity surveys, will be used to define drilling targets on several IOCG prospects.

Cougar Energy Limited (ASX:CXY) reported a significant milestone in the development of Australia's Underground Coal Gasification (UCG) industry with the successful ignition of the Kunioon coal seam at the Company's flagship Kingaroy plant in central Queensland. The production of syngas has started. It is being processed by the Company's gas processing plant on site and the main flare has been ignited at 11.37 pm last evening. The company and its technology partners will ramp the gasification process up over the coming weeks.

As part of Magnetic Resources' (ASX:MAU) ongoing iron ore exploration in the south west of WA, Magnetic Resources has identified two pronounced magnetic anomalies about 30km northeast of the Newdegate town site and railway line. The new targets bring the total strike length of iron ore targets identified at the Mt Vernon, Sewell, Wubin, Dalwallinu, Jubuk and Quairading projects to 212km.

ABM Resources NL (ASX:ABU) has released results compiled and validated from its regional exploration portfolio and database for the Barrow Creek area in the Northern Territory. Managing Director, Darren Holden said the company continues to uncover exciting drill-hole intercepts indicating potentially large and high grade gold systems in the Tanami / Arunta Regions in the Northern Territory. The results from its Barrow Creek project and Kroda Gold Project once again highlight that ABM Resources has secured one of the most under-developed portfolios in what we believe is the final frontier for major Australian gold discoveries.

AusTex Oil Limited (ASX:AOK) said that drilling of the wildcat Eisenhour #1 well reached a Total Depth (TD) of 4100 feet overnight. The well had oil shows in the Cherokee formation between 3970 feet and 4009 feet, however, Drill Stem Tests conducted on two intervals failed to recover commercial oil or gas. The well has been plugged and abandoned. The company also said drilling operations are underway on the water disposal well located south of the successful Clark #1 Well. Testing of the disposal system should commence next week.

Victory West Moly Limited (ASX:VWM) has completed arrangements for the capital raising of A$1,500,000. These additional funds will strengthen the company's cash position as it continues its exploration programme of its Malala Molybdenum Project, Sulawesi, Indonesia. The funds will be raised via an underwritten placement of 10,000,000 new fully paid ordinary shares at a price of A$$0.15 per share to institutional and sophisticated investors, together with one free listed share option for every two shares acquired through the placement.


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

Related Companies

Victory West Metals Limited        
Meteoric Resources Nl       
Magnetic Resources Nl       
Iron Road Limited         
Cougar Energy Limited       
AusTex Oil Limited       
ABM Resources NL          

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