Asian Activities Report for April 27, 2011: Ferrowest (ASX:FWL) Announce Positive Drilling Results From Yogi Magnetite Tenements In Western Australia

Sydney, April 27, 2011 AEST (ABN Newswire) - Ferrowest Limited (ASX:FWL) has completed 1,250 metres of drilling on the Yogi tenements within the Yalgoo Iron Project in Western Australia. A Significant magnetite formation has been explored, returning iron grades up to 41.9% Fe. The current Inferred Resource at Yogi is 572.5Mt at 27.51% Fe. The company is targeting a magnetite resource inventory of 0.8-1.2Bt at Yogi.

Whinnen Resources Limited (ASX:WWW) today announced the revised proposal for the acquisition of 100% of Mystic Sands Pty Ltd. The revised terms offered to Mystic Sands shareholders 40 million shares in Whinnen and 8 million options with an exercise price of A$0.20 per share. Through the acquisition, Whinnen will obtain highly prospective copper and gold projects in Chile.

Sherwin Iron Limited (ASX:SHD) has successfully undertaken an A$8.5 million share placement at 16 cents per share to institutional and sophisticated investors as part of its strategy to accelerate drilling and development of its Roper River Iron Ore Project in the Northern Territory. Proceeds will fund accelerated exploration and ongoing feasibility studies. The early drilling has commenced on the northern areas of the Project, targeting 300-350Mt at 40-48% Fe.

West Peak Iron Limited (ASX:WPI) has been granted three iron ore licences, covering a total area of 1,255 km2 in Liberia. The Company has sufficient funds to immediately initiate detailed work programs on the licences. Initial drilling programs on the two licences are expected to be completed during the December quarter of 2011.


Related Companies

Whinnen Resources Limited             
West Peak Iron Limited             
Sherwin Iron Limited             
Ferrowest Limited