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Asian Activities Report for July 4, 2011: Northern Iron Limited (ASX:NFE) Signed Five-Year Offtake Contract with Tata Steel (BOM:500470)
Asian Activities Report for July 4, 2011: Northern Iron Limited (ASX:NFE) Signed Five-Year Offtake Contract with Tata Steel (BOM:500470)
Sydney, July 4, 2011 AEST (ABN Newswire) - Major Asian markets all had a positive start this week. The S&P/ASX 200 was up 0.68% to 4622.6 in early trade. Nikkei 225 gained 1.05% to 9,971.59. Hang Seng Index jumped 1.64% to 22766.28, while Shanghai Composite rose 1.10% to 2789.76.

Company News

Northern Iron Limited (ASX:NFE) has signed a five-year contract with Tata Steel UK Limited, a division of Tata Steel (BOM:500470) for the supply of iron ore concentrate from Northern Iron's mining operation in northern Norway. Northern Iron will supply a minimum of 2.5 million tonnes in the contract period, with a potential to extend this to approximately 5.5 million tonnes.

Raisama Limited (ASX:RAI) and its joint venture partner Monitor Energy Limited (ASX:MHL) have doubled the extent of the known mineralisation at Kashkasu II in the Kyrgyz Republic. High grade uranium intersections from the current phase 4 exploration drilling program returned grades up to 10m at 0.213% U3O8 and individual samples up to 0.25m at 1.5% U3O8. The fourth phase diamond drilling will continue this year to further test the mineralisation that is still open along strike and down dip.

Enterprise Metals Limited (ASX:ENT) has identified significant uranium anomalism on the margin of Lake Wooleen, and is planning reconnaissance mapping and geochemical sampling over the area. The company will also assess the gold and base metal potential over the central greenstone domain.

Zenith Minerals Limited (ASX:ZNC) has located two new zones of high grade manganese with assays up to 47.4% Mn at its 100% owned Earaheedy Project tenements. Haematite mineralisation, with rock chip values up to 64.2% Fe, was also discovered. Permitting is in progress for drilling of manganese and iron targets at Red Lake and of manganese targets at the Black and Blue Prospect.

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