Asian Activities Report for October 28, 2011: Victory West Metals (ASX:VWM) to Acquire South East Asia Energy Resources
Sydney, Oct 28, 2011 AEST (ABN Newswire) - Victory West Metals Limited (ASX:VWM) has signed a Heads of Agreement to acquire 100% of South East Asia Energy Resources Pte Ltd. South East Asia Energy Resources Pte Ltd is currently negotiating an agreement to supply Indonesian thermal coal to several state owned coal fired power plants in Vietnam. An initial supply order of 50,000 tonnes per month has been agreed with the supply demand expected to reach 250,000 tonnes per month. The first coal supply is expected to start in the second quarter of 2012.
Centrex Metals Limited (ASX:CXM) has received payment of A$8 millions to commence Stage 3A of the Bungalow Magnetite Joint Venture with Baotou Iron & Steel Group Company Limited ("Baogang"). This is the third progress payment by Baogang which has now invested a total of A$24M into the Joint Venture. The results of the recently completed Stage 1 scoping study and Stage 2 resource definition drilling have resulted in Baogang electing for an early payment of the Stage 3A funds. The Stage 3A payment will enable the project to steadily continue rather than wait for the completion of Stage 2 in 2012.
Gryphon Minerals Limited (ASX:GRY) announces more outstanding drilling results from ongoing drilling at the Nogbele Deposit at the Company's flagship Banfora Gold Project in Burkina Faso. Results include 68 metres at 3.86 grams/tonne gold and 32 metres at 1.14 grams/tonne gold. Gryphon has already identified a JORC-compliant inferred resource estimate at Banfora of 29 million tonnes at 2.1 grams/tonne for 2 million ounces of gold.
Ivanhoe Australia Limited (ASX:IVA) announces the completion of the Osborne Copper-Gold Study and the results of the Preliminary Economic Assessment of the Osborne Project in north-western Queensland. The Company is firmly on track to begin production from the Osborne Project in March 2012, targeting a over 10 year mine life.
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Inova Resources Limited
Gryphon Minerals Limited