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Australian Market Report of October 8, 2010: Waratah Gold (ASX:WGO) To Acquire Iron Ore Project In Congo
Australian Market Report of October 8, 2010: Waratah Gold (ASX:WGO) To Acquire Iron Ore Project In Congo
Sydney, Oct 8, 2010 AEST (ABN Newswire) - Waratah Gold Limited (ASX:WGO) has signed an agreement to purchase 90% of Afriresources Congo S.A., which holds 100% of the Youkou Iron Ore Project. The Project is located in an emerging iron ore province in the north west of the Republic of Congo. The area is host to a number of large scale iron ore projects with huge hematite direct shipping ore and magnetite potential. Limited recent exploration has been undertaken at Youkou and historical assay recorded grading 69% Fe, 0.08% P2O5 and 0.5% SiO2. On completion of the due diligence, Waratah proposes to prepare an exploration programme based upon a desktop review of the previous data, geological surveys and historical reports.

Avonlea Minerals Limited (ASX:AVZ) said that the Namibian Ministry of Mines and Energy was preparing to grant the company two Exclusive Prospecting Licences ("EPL") - EPL 4416 and EPL 4339. Both licence areas, located in Northern Namibia, have demonstrated prospectively. EPL 4416 covers approximately 420 sq. kms and is highly prospective for Vanadium and other base metals including Pb, Zn, and Cu, while EPL 4339 comprises 342 sq. kms and is located along strike from the Cu, Pb and Zn Tsongoari Mine. Exploration targets have been identified for immediate investigation when formal environmental clearance approval has been received.

Cape Range Limited (ASX:CAG) has entered into a Memorandum Of Understanding (MOU) to acquire up to 75% equity in the Domboshawa Hill Lithium Project with Willaway Enterprises (Private) Limited (Willaway), a Zimbabwean company. The project area is located just north of a well known lithium mining province in Zimbabwe, covering 19,995 hectares. The area has economic potential for pegmatite related minerals, especially lithium.

Argus Solutions Limited (ASX:ASV) today announced the launch of its American Depositary Receipt (ADR) program and quotation on the Over-The-Counter market in the U.S.. The primary benefit of establishing the program is to create a broader secondary market for Argus, particularly in North America, thereby providing better access for American investors to deal in Argus securities and assist liquidity in Argus stock. The ADR's will be tradeable via licensed U.S. brokers in the ordinary course of trading.

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