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Sydney, Mar 1, 2010 (ABN Newswire) - AuDAX Resources Ltd (ASX:ADX)(PINK:ADXRF) said that Tunisian Authorities (Comite Consultatif des Hydrocarbures) have approved the work program to drill one exploration well to 3000m in the Kerkouane permit offshore Tunisia and extended the exploration period for the Chorbane permit by one year to the 12th July 2011. AuDAX is the operator and holds a 100% interest. Farm out activities are being finalised. Separately, AuDAX Resources has signed a contract with PGS (Petroleum Geoservices) to acquire 670 km2 of 3D seismic data utilising PGS' leading edge proprietary Geostreamer Technology in the Kerkouane permit offshore Tunisia.

Bauxite Resources Limited (ASX:BAU)(PINK:BXRDF) announced the appointment of Mr Yan Jitai as a Non-Executive Director. Mr Yan is the General Manager of the Electricity and Aluminium Branch Company of the Yankuang Group Ltd (Yankuang). BRL recently signed a Heads of Agreement for a 50/50 alumina joint venture with Yankuang and Yankuang also took a placement of 19.7 million shares in BRL.

Pan Asia Corporation Limited (ASX:PZC) submitted the financial statements of the consolidated entity of which the Company is the ultimate parent for the half-year ended 31 December 2009. No dividends were paid or proposed during the half-year ended 31 December 2009. At the date of this report, the Company was still in the process of conducting due diligence on the acquisition of a 100% interest in Innovation West Pty Ltd. If the acquisition is completed, the effect of this transaction will be taken into account in the 30 June 2010 Annual Report.

Magnetic Resources NL (ASX:MAU) has now completed 60% of a 3,480sq km high resolution aeromagnetic survey of its tenements over multiple target areas in the south west of WA (ASX release 17 February 2010). The aeromagnetic survey comprises about 16,280 line-km of flying on 250m line spacings, in areas where much of the historic aeromagnetic data is based on line spacings of 1,600m. The survey forms part of Magnetic's search for iron ore close to existing infrastructure.

Benitec Limited (ASX:BLT) (PINK:BNIKF) directors submitted their report for the half-year ended 31 December 2009. Benitec's net loss for the half year to 31 December 2009 was A$885,734 compared to a net loss of A$1,132,094 for the previous corresponding period.

Rex Minerals Limited (ASX:RXM) reported a loss after tax of A$270,088 for the half-year ended 31 December 2009 (2008: A$1,337,859). In South Australia, Rex has focussed its attention on the Hillside Project which is situated on the east coast of the Yorke Peninsula. A large regional high-resolution magnetic survey was flown over the entire Pine Point Copper Belt in early October. Multiple large-scale targets were identified from the results of this survey outside of the Hillside project. Rex also said its Mt Carrington project has an existing Inferred Resource comprising 190,000 ounces of gold and 10.5 million ounces of silver.

NewSat Limited (ASX:NWT) (OTC:NWTLY) said its business has turned an EBITDA profit for the 6 months with every key financial metric improving significantly in comparison with the corresponding period. The Group increased its annuity monthly revenue stream by almost A$300k per month during the six months ending 31 December 2009 whilst minimising contract churn. For the period, over 200 new high-grade enterprise contracts were signed with an average value of approximately A$30k per annum.

Contact

Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net


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