Australian Market Report of March 15, 2011: Kangaroo Resources (ASX:KRL) On Track To Complete The Acquisition Of Indonesian Pakar Thermal Coal Project
General Mining Corporation Limited (ASX:GMM) has placed 6,947,234 shares to institutional and sophisticated investors at A$0.175 per share to raise A$1,21 Million. Funds will be used to assist the Company's forthcoming Mongolian potash and lithium brine exploratory drilling program and the drilling program at the Shoemaker Iron Ore/Manganese Project in Western Australia.
Hot Rock Limited (ASX:HRL) has successfully completed the first geophysical survey at its Longavi Geothermal Project in Chile. Data gathered from the survey will be used to evaluate the suitability of the Longavi prospect for exploration drilling. Longavi is one of 6 geothermal prospect areas the Company holds in Chile. Further geophysical surveys are planned at the prospects throughout 2011.
Rex Minerals Limited (ASX:RXM) has received further shallow drilling results from its 100% owned Hillside Copper Project in South Australia. The recent results continue to demonstrate the broad extent of the shallow and higher grade mineralisation. Drilling will continue to focus on the shallow copper mineralisation for a proposed stage one open pit. The current Mineral Resource estimate at Hillside consists of 170Mt at 0.7% copper and 0.2g/t gold for 1.2 million tonnes of contained copper and 1.1 million ounces of gold.
Rex Minerals Limited
PT Bayan Resources Tbk
Kangaroo Resources Limited
Hot Rock Limited
General Mining Corporation Limited