Australian Market Report of March 3, 2011: Australia Minerals and Mining Group (ASX:AKA) Announce 30.9Mt Maiden Gypsum Resource In Western Australia
Sydney, Mar 3, 2011 AEST (ABN Newswire) - Australia Minerals and Mining Group Limited (ASX:AKA) announced an inferred mineral resource of 30.9Mt of gypsum at a grade of 89.5% at the Lake Macleod North Project in Western Australia. Near surface gypsum deposit has been confirmed. The resource is conveniently located in the vicinity of major highways and coastal ship loading facilities. The Company will now explore potential market interest and approach large international customers in China and other Asian countries.
Legend Mining Limited (ASX:LEG) announced that its 90% subsidiary Camina SA has acquired the Tapare Gold Project in Cameroon. The project comprises a single granted exploration permit covering an area of approximately 1,000km2 within a known goldfield. Legend plans to undertake systematic exploration over the Tapare Gold Project to evaluate the gold potential. In addition, the Company is progressing the iron ore project at Ngovayang in Cameroon with the current drill programme in full swing.
Strategic Energy Resources Limited (ASX:SER) is currently progressing due diligence after the signing of a non-binding, non-exclusive term sheet with a North American minerals group for the development of the Uley graphite project in South Australia. It is anticipated that the signing of the definitive joint venture agreement will occur post the results of the JORC upgrade for the Uley Main Road Project, and the successful completion of the due diligence process and engineering studies and tests. Expanded graphite tests have showed promising results and JORC update for Main Road is expected in late March.
AdEffective Limited (ASX:ABN) and one of Australia's largest and leading online marketing services companies, Excite Digital Media have signed a formal agreement, under which Excite is to provide online marketing services for AdEffective's growing suite of websites. Both parties expect the services being provided by Excite to be cash-flow positive during the initial 12 months term and anticipate daily revenues from the agreement to grow steadily over the coming weeks, aiming to reach A$100K in net revenue per month over the next quarter.