Australian Market Report of October 18, 2010: Marengo Mining (ASX:MGO) Signs Memorandum Of Understanding With China NFC (SHE:000758) For Copper-Molybdenum-Gold Project In Papua New Guinea
Tap Oil Limited (ASX:TAP) reported that its Manora-4 appraisal well in Thailand was spudded on 14 October 2010. The well is located in the northern Gulf of Thailand in 45 metres of water, approximately 75 kilometres from shore and 230 kilometres south of Bangkok. Drilling at Manora-4 Well was commenced on 14 October 2010 and would last for 25 days in total. Upon completion of evaluation, the well will be plugged and abandoned in the normal course of offshore operations.
Encounter Resources Limited (ASX:ENR) has encountered additional high grade copper intersections from the BM1 prospect at the Yeneena project in Western Australia. Assay results recorded the highest grade copper intersection to date from the project including 2 metres of Cu at 7.6%. In addition, there were a number of thick, near surface intersections of over 1% copper. The planned RC/diamond drill program is to commence next week.
Petratherm Limited (ASX:PTR) is working with the Spanish and Madrid regional governments to advance its 8 MW Madrid Geothermal District Heating project. The Spanish government has provided AUD$140,000 to assist the feasibility stage of the project, which is now near completion. This renewable energy project is expected to be the first application of geothermal district heating in the Madrid region.
Tap Oil Limited
Marengo Mining Limited
Encounter Resources Limited
China Nonferrous Metal Ind. FE & Const.