Australian Market Report of March 14, 2011: Brazilian Metals (ASX:BMG) Update On Rio Pardo Iron Project Drilling Program In Brazil
Lodestone Energy Limited (ASX:LOD) has secured the right to acquire Coalbank Pty Ltd, holder of three coal exploration projects in central and south east Queensland. The combined Coalbank and Lodestone permits will cover 24,000 square kilometres in Queensland and represent one of Australia's largest coal exploration footprints. Lodestone will seek shareholder approval for the acquisition and to rename the Company "Coalbank Limited" to reflect its intensified focus on coal exploration.
Zamia Metals Limited (ASX:ZGM) said today that diamond and reverse circulation drilling is continuing to determine lateral extent and depth of Anthony molybdenum resource in central Queensland. This is targeting an increase in the Inferred Resource of 173 million tonnes at 430 ppm Mo. Review of assays and geology has indicated potential for further resource increase.
Coalworks Limited (ASX:CWK) said that its wholly owned subsidiary Orpheus Energy Group Pty Ltd has signed a further joint venture agreement with PT Mega Coal International in relation to five exploration tenements at Kintap Coal Project in Indonesia, which are prospective for export quality thermal coal. The Joint Venture deed provides for Orpheus to spend US$750,000 on exploration and a mine feasibility study with a view to early coal production. Upon a JORC measured resource being established Orpheus is to pay US$0.50 per tonne of coal to Mega in consideration of Orpheus receiving 50% of the Joint Venture.
Zamia Metals Limited
Lodestone Energy Limited
BMG Resources Limited