Australian Market Report of February 25, 2011: Base Resources (ASX:BSE) Announce 7.17 Million Tonne Resource Increase At Kwale Mineral Sands Project In Kenya
Liquefied Natural Gas Limited (ASX:LNG) has received environmental approval from the Queensland Department of Environment and Resource Management for the Company's wholly owned subsidiary, Gladstone LNG Pty Ltd, to build a 21 km gas pipeline from the Callide Infrastructure Corridor to the Company's wholly owned liquefied natural gas (LNG) project in the Port of Gladstone. The pipeline will initially be capable of supplying 180 PJ/year for the 3 million tonne per annum LNG Project.
Sun Resources NL (ASX:SUR) is completing a Definitive Farm-In Agreement to participate in the drilling of a 720 billion cubic feet conventional gas well onshore North-West Europe. Progress has been made on both the Agreement and the well approval process, and Sun Resources is hopeful of signing the Agreement in the coming weeks. Under the terms of the Agreement, Sun Resources will fund A$2.3m of past and future drilling costs to earn a 15% working interest in the farm-in concession. It is anticipated that the well could be drilled in Q3 2011.
Venturex Resources Limited (ASX:VXR) has now completed the A$26.2m acquisition of all the issued capital of CBH Sulphur Springs Pty Ltd, owner of the Panorama Cu-Zn Deposit located in the Pilbara Region of Western Australia. Venturex now controls the largest known Volcanogenic Massive Sulphide deposits in the Pilbara Region, with total Mineral Resources of 27 million tonnes at 2.2% Copper Equivalent. The Company plans to produce approximately 16,000t Cu and 40,000t Zn per year.
Venturex Resources Ltd
Sun Resources NL
Liquefied Natural Gas Ltd
Base Resources Limited