Asian Activities Report for October 5, 2011: Stonehenge Metals (ASX:SHE) Updates on Uranium Activities in South Korea
Sydney, Oct 5, 2011 AEST (ABN Newswire) - Stonehenge Metals Limited (ASX:SHE), an Australian-based company with a pipeline of uranium prospects in South Korea, has commenced a preliminary pit optimisation to help identify key areas for resource upgrade. The Company has also commenced a metallurgical test program, focusing on extracting the full potential value of the ores from the Daejon Project. Latest metallurgical test work has delivered 90% Uranium and 68% Vanadium extraction.
Robust Resources Limited (ASX:ROL) has completed the acquisition of JAMM Investment Consolidations Pty Ltd, a company that holds a highly prospective portfolio of copper-gold exploration assets in the Philippines. The Board of Robust Resources has approved a A$2.67 million exploration budget to commence drilling at the Ganymede prospect during this quarter.
New Hope Corporation Limited (ASX:NHC) says today that the Company has received a number of preliminary and incomplete takeover proposals from third parties and will commence a formal process to invite selected parties to submit proposals to the Board for its consideration. The process is expected to take several months and may or may not result in a proposal being made or recommended by the Board.
Avenue Resources Limited (ASX:AVY) has entered into a conditional agreement to acquire 100% of the issued shares in Triumph Tin Mining Limited. Triumph has signed a binding Letter of Intent with Lara Exploration Ltd (CVE:LRA) to explore and develop Lara's tin projects in northwest Brazil.
Plentex Limited (ASX:PRM) has signed a conditional agreement for the acquisition of all the shares in Organic Fuels Algae Technologies LLC, a US-based leading algae technology company. The acquisition will provide Plentex with a critical competitive advantage as it pursues its objective of becoming a leading global producer of sustainable, algae-based raw materials for the renewable fuel and energy, livestock feed and nutraceutical industries.