Sydney, April 9, 2010 AEST (ABN Newswire) - Marion Energy Limited (ASX:MAE) (PINK:MAEJF) said it has commenced a Board restructure to support the strong operational and commercial focus of activities currently in progress, while retaining extensive existing management expertise. Marion Energy Thursday also provided further information on the comprehensive operational plan being implemented by the Company. Marion Energy said the Board is also pursuing a prudent capital management strategy to support the continued implementation of the operational program, including the recent completion of a A$2.8m placement, renegotiation of the Company's banking facility and a proposed capital raising.
Texon Petroleum Limited (ASX:TXN) advises that the sixth Leighton well, Tyler Ranch #5, commenced drilling on 7 April 2010. The well has a planned total depth of 2,743 metres (9,000 feet) and will take about 12-15 days to drill. Texon has a 70% working interest (52.5% net revenue interest) in the Leighton Project with joint venture parties Global Petroleum Limited (15%) and Excellong, Inc (15%).
Magnetic Resources (ASX:MAU) has applied for an exploration licence covering a substantial magnetic anomaly north of the Tallering Peak iron ore operation. The new tenement (called the Malara project) is situated 50km north of Tallering Peak some 210km by road from the port of Geraldton and forms part of Magnetic's search for iron ore close to existing infrastructure.
Image Resources NL (ASX:IMA) (PINK:IMREF) said it is about to commence the measured resource estimate for its Atlas heavy mineral deposit. The results of this work are expected to demonstrate how attractive this heavy mineral resource is to both end users and producers and allow Image to determine, on a more informed basis, how best to commercialise the project.
Pacific Enviromin Limited (ASX:PEV) is inviting expressions of interest for commercial participation in its coal tenements in Queensland. PEV holds over 30 pending and granted Exploration Permits for Coal located in Queensland's Bowen, Galilee, Surat and Clarence-Moreton basins. All participation proposals will be considered, including joint venture exploration and development of all or individual tenements.
Krucible Metals Limited (ASX:KRB) said the Scoping Study has been completed on the Korella (formerly known as PHM South) high grade phosphate deposit, located about 150 km SE of Mount Isa and immediately adjacent to the Phosphate Hill Mine (owned and operated by Incitec Pivot Ltd). The Scoping Study has indicated that this resource is likely to provide the basis for an economic direct shipping ore (DSO) fertiliser operation, provided market prices continue to improve
Havilah Resources NL (ASX:HAV) advises that it has finalised the Kalkaroo feasibility study funded by Glencore International for a high tonnage throughput open pit operation. Havilah said It is evident that Kalkaroo is a substantial copper-gold deposit, which can generate an attractive cash surplus at current metal prices. The deposit is somewhat unique in a number of respects, which may permit refinement of development options, in order to improve project returns.
Michelle Liang Asia Business News Asia Bureau Tel: +61-2-9247-4344 Email: email@example.com