Asian Activities Report for August 18, 2011: Latrobe Magnesium (ASX:LMG) to Acquire Errida Creek Rare Earths Project in Western Australia
Sydney, Aug 18, 2011 AEST (ABN Newswire) - Latrobe Magnesium Limited (ASX:LMG) has finalised an option agreement to acquire a 100% interest in a very large highly prospective Rare Earth Project at Errida Creek in Western Australia. Previous Exploration has detected extraordinarily high Thorium anomalies over vast areas. Monazite sampling exceeded 48%-50%, and valuable heavy minerals included zircon, leucoxene and ilmenite. The project is also prospective for gold, nickel and the platinum group metals.
Australian rare earths company Arafura Resources Limited (ASX:ARU) has executed a Letter of Intent with German company ThyssenKrupp Metallurgical Products to develop an exclusive, long-term commercial agreement for the sale of Arafura's Rare Earth Oxide products into Germany. It is envisaged that this agreement will account for approximately 15% of Arafura's planned 20,000 tonnes annual Rare Earth Oxide production from its Nolans Rare Earth Project. In addition, ThyssenKrupp Metallurgical Products has agreed to work with Arafura to pursue potential funding for the Arafura's 100% owned Nolans Project.
Metals explorer Investigator Resources Limited (ASX:IVR) today announced a high-grade silver and lead discovery at the Paris prospect within its Peterlumbo project area in South Australia. Numerous shallow intersections indicate a primary target zone 150m in width and at least 400m long. The Company is waiting for drill assay results and plans to follow up the new intersections.
Attila Resources Limited (ASX:AYA) has increased its tenement holding in the Talisker North region in Western Australia to 1922km2 through the application for an additional 6 exploration licences totalling 1,345km2. This establishes Attila as the majority landholder of the under-explored Talisker North Coal Basin. The company has discovered a 4 metre coal seam in the region. Samples from its Talisker North coal project indicated favourable thermal coal quality.
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