Australian Market Report of March 17, 2011: Marmota Energy (ASX:MEU) Announce Significant Iron And Manganese Results At Western Spur Project
ElDore Mining Corporation Limited (ASX:EDM) has acquired a 100% interest in the Baita Copper mine in West Romania. The Baita Copper mine had a throughput capacity of 120,000 tonnes per annum and has been on maintenance since 2010. Prior to the mine's closure, throughput over the previous 7 years had exceeded 560,000 tonnes of ore mined. The Company plans to re-establish mining operations and to target a production rate of 200,000 tonnes per annum.
Kangaroo Resources Limited (ASX:KRL) has finalised a significant new coal sales contract with Indonesian coal conglomerate PT Bayan Resources (JAK:BYAN) (PINK:BYRSF) for coal sales of up to 300,000 tonnes from Kangaroo's 100%-owned Mamahak Coking Coal Project in Indonesia throughout 2011. Operations are continuing to ramp-up at Mamahak with total sales of 9,882 tonnes and 20,950 tonnes reported for the months of December 2010 and January 2011 respectively.
Matsa Resources Limited (ASX:MAT) has received very encouraging results from its Dundas Magnetite Project. Concentrate grades of up to 70.7% Fe were achieved and drilling has provided a clear focus for further work at the Project. The Company plans to commence a follow up drilling programme to determine an Inferred Resource at the Project.
PT Bayan Resources Tbk
Matsa Resources Limited
Marmota Energy Limited
Kangaroo Resources Limited
Eldore Mining Corporation Limited