Yesterday the Australian stock market slumped more than 3% with the negative lead from UK. The benchmark S&P/ASX200 index ended 112.7 points, or 3.1%, lower at 3,476.6, the lowest level in two months, while the broader All Ordinaries lost 106 points, or 3%, to 3,425.
Oz Minerals Limited (ASX:OZL) has advised Legend Mining Limited (ASX:LEG) of it's decision to not proceed further with the Mt Gibson JV. Oz Minerals met the first phase, minimum expenditure requirement of A$1.2M through geological/geochemical activities and a diamond drilling programme of approximately 3,000m.
Yesterday, the Australian share market closed in the red for a second consecutive day with the broader All Ordinaries index ending 38.2 points lower, or 1%, at 3,883.6. The benchmark S&P/ASX200 share index yesterday lost 33.6 points, or 0.9%, to close at 3927.3. The industrial, materials, energy and consumer discretionary sectors sent the market lower.
Overnight US stocks slumped more than 5% as investors worried about the global financial crisis and a US recession, wiping out the gains from the Election Day rally as the problems facing US President-elect Barack Obama dimmed optimism on Wall Street.
The Australian share market had its best day in two weeks yesterday, with the market closing firmly in the black after ovecoming a negative lead from Wall Street.
Legend Mining Limited ("Legend") (ASX:LEG))(PINK: LGDMF) is pleased to advise that it has signed a letter agreement for the lease of its accommodation facilities and airstrip at the Mt Gibson Project in Western Australia to Extension Hill Pty Ltd for a period of 3 years. The lease period commences on 1 July 2008 and Legend will receive rental income of A$500,000 per annum.
Minotaur Exploration Limited (ASX: MEP) is pleased to announce that drilling at the Cormorant Prospect, on EPM 8608 Bendigo Park 50 km north of Cloncurry has intersected broad intervals of copper-cobalt mineralization.
