Asian Activities Report for July 8, 2011: Kidman Resources (ASX:KDR) Discovered Significant New High Grade Copper Lode at Blind Calf
Sydney, July 8, 2011 AEST (ABN Newswire) - Major Asian markets all had a positive start. The S&P/ASX 200 opened 0.96% higher at 4649.9. Nikkei 225 jumped 1.04% to 10,175.81. Hang Seng Index gained 1.17% to 22794.10, while Shanghai Composite rose 0.32% to 2803.32.
Kidman Resources Limited (ASX:KDR) has discovered a new high grade copper lode approximately 110 meters north of the previously discovered Dunbar lodes at Blind Calf Prospect in central NSW. Assay results include 12m at 2.02% Cu and 13m at 2.18% Cu. Copper mineralisation has now been extended down dip for approximately 60 meters and remains open at depth. The Company is to start preliminary planning for a more extensive follow up diamond drilling campaign.
Transit Holdings Limited (ASX:TRH) announced that the total JORC Exploration Target estimate for its 90%-owned Paradox Basin Potash Project in USA has increased to 3.4-5.2 billion tonnes of sylvinite ore at an average grade of 23%-34% KCl. Transit has completed a Scoping Study on the Project based on 2 million tonnes per annum production of KCI and is proceeding to a Pre-Feasibility Study which will include drilling of exploratory wells to augment a database of historical drilling.
Amex Resources Limited (ASX:AXZ) has exercised its option at Lautoka Port for a 45 year lease, after receiving positive results from the Pre-Feasibility Study over the Mba Delta Ironsand Project in Fiji. Commencing the long-term lease agreement allows Amex to continue an aggressive development plan, with production scheduled to start in the fourth quarter of 2012. The Project is expected to produce 750,000tpa of 58% Fe product over a 20-year mine life.
Cockatoo Coal Limited (ASX:COK) has reached an agreement with Mitsui & Co., Ltd. (TYO:8031) whereby Mitsui will acquire a 49% participating interest in the Woori coal project from Cockatoo for A$37.25 million. Mitsui currently owns 49% of the Collingwood and Taroom coal projects, and this Woori transaction will consolidate Collingwood, Taroom and Woori coal projects into one joint venture activity to be managed by Cockatoo to facilitate the orderly development of these projects.
Asia Business News
Transit Holdings Limited
Mitsui and Co., Ltd
Kidman Resources Limited
Cockatoo Coal Limited
Amex Resources Limited