Asian Activities Report for July 1, 2011: Cougar Energy (ASX:CXY) Announce Project Progress in China and Mongolia
Sydney, July 1, 2011 AEST (ABN Newswire) - Asian markets had a mixed opening this morning. The Australian share market opened stronger but soon lost ground, with S&P/ASX 200 down 0.63% to 4578.8 in the first three hours of trading. Nikkei 225 gained 0.48% to 9,862.85 in early trade, while Hang Seng Index rose 1.53% to 22398.10. Shanghai Composite opened lower, down 0.12% to 2758.81.
Cougar Energy Limited (ASX:CXY) said today that the Company will continue to focus on new developments in the Asian region. It has submitted the application for its first project in Inner Mongolia with its Chinese partner, and has commenced to prepare agreements establishing a underground coal gasification project development venture in Mongolia.
Advanced Explorations Inc. (CVE:AXI) has obtained a 99% shareholders' approval vote for the proposed joint venture with Xinxing Ductile Iron Pipes Co., Ltd (SHE:000778). The two parties signed an agreement in September 2010 to form a partnership for the development of Advanced Exploration's Roche Bay iron ore project, which has an indicated resource of 323 million tonnes. The proposed joint venture is still waiting for other regulatory approvals.
Silver Mines Limited (ASX:SVL) announced the first drilling results from the recently started reverse circulation drilling program at the 100% owned Webbs Silver Project. Further high grade silver rich mineralisation over considerable widths was intersected, returning grades of up to 3m at 1530g/t Ag. The results will support extensions to the current Webbs resource and provide basis for future tonnage increase.
Bow Energy Limited (ASX:BOW) said today that the Cuisinier oil field in Queensland has produced more than 63,000 barrels of oil. The well's daily productive capability continues to be in excess of 350 barrels of oil per day. Results have exceeded expectations and first oil production from the well is expected during the September quarter.
Asia Business News
Xinxing Ductile Iron Pipes Co., Ltd.
Silver Mines Limited
Cougar Energy Limited
Bow Energy Limited
Advanced Explorations Inc.