Asian Activities Report for June 17, 2011: Centaurus Metals (ASX:CTM) Acquires New Iron Ore Project In Brazil For Export Business
Centaurus Metals Limited (ASX:CTM) has acquired a portfolio of iron ore tenements in south-eastern Brazil, known as the Serra do Lontra Project, to underpin its strategy to export 1-2Mtpa of high-grade hematite to international markets by mid-2014. The company has set up an Exploration Target of 30-50 million tonnes of itabirite ore and will apply for environmental and mining approvals shortly.
L&M Energy Limited (ASX:LME) will commence drilling on Taranaki (New Zealand) drilling programme with the first well Talon-1 to be drilled on 1st July. The Talon-1 well is targeting oil reserves of 2mmbbl and will be followed by other drilling targets.
U3O8 Limited (ASX:UTO) has received a number of high grade gold and silver assays from the Saltwater Pool Joint Venture project in Western Australia. Rock chip sampling has returned up to 8.8 g/t gold and 150 g/t silver. Additional sampling is planned before the commencement of a detailed follow-up sampling and geological mapping programme.
Saracen Mineral Holdings Limited (ASX:SAR) is on track to meet its maiden full financial year production guidance of 110,000 to 120,000 ounces of gold from the Carosue Dam operations. Its gold production is expected to be 24,000-27,000oz in the June quarter and 30,000-32,000oz in the September quarter. The Company's Red October underground mining project is also developing ahead of schedule with the first ore production expected in the June quarter 2012.
Saracen Mineral Holdings Limited
L And M Energy Limited (L&M Energy Limited)
Centaurus Metals Limited