Australian Market Report of February 3, 2011: Crusader Resources (ASX:CAS) To Significantly Expand Gold Exploration in Brazil
WPG Resources Limited (ASX:WPG) has signed a memorandum of understanding agreement with Evergreen Energy Inc. (NYSE:EEE) to jointly develop and commercialise Evergreen's K-Fuel technology throughout Australia. K-Fuel technology can significantly reduce air emissions and other pollutants from coal-burning power plants. Under the agreement, the two parties will establish a 50/50 joint venture, whereby WPG will contribute its coal assets and Evergreen will contribute its technology.
Xanadu Mines Limited (ASX:XAM) announced a strategic alliance with Noble Group (SIN:N21) to explore and develop coking coal, iron ore and ferro alloys opportunities in Mongolia. Xanadu and Noble will form joint venture companies with each party holding 50% in the joint ventures. The alliance will allow Xanadu to continue to advance its existing thermal coal projects and its copper gold assets in the south east Gobi, Mongolia.
Octanex N.L. (ASX:OXX) said that a two well drilling programme will commence soon at Exmouth Plateau, offshore Western Australia. A drillship is currently being mobilised to site. Gawain-1, the first well in the two well programme is anticipated to spud shortly after the drillship arrives.
Wpg Resources Ltd
Noble Group Limited
Evergreen Energy Inc.
Crusader Resources Limited