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Sydney, May 17, 2011 AEST (ABN Newswire) - The Australian shares opened higher today, bouncing off an eight-week low. In early trade, the benchmark S&P/ASX200 index was 12 points higher at 4662, while the broader All Ordinaries index was up 8.9 points at 4,733.

However, other major Asian markets continued to lose ground. Nikkei 225 fell for the fourth straight day, down by 0.27% to 9,532.33. The Hang Seng Index fell 0.21% to 22913.51, while the Shanghai Composite slipped 0.07% to 2405.81.


Adamus Resources Limited (ASX:ADU) announced that further diamond drilling has extended the current mineralised zone 100 meters down dip at the Nzema Gold project in Ghana. Drilling has also confirmed that gold mineralisation is continuing at depth with increasing grades and wide intersections. The Company will generate an additional inferred resource estimate for the new gold discovery.

Ark Mines Limited (ASX:AHK) has applied for 99 exploration units to expand its total land holding around the Babinda project in New South Wales. If granted, the project will be expanded to 337km2 with the area prospective for gold, zinc, copper, silver and lead.

Atlantic Limited (ASX:ATI) has increased the JORC compliant Ore Reserve estimate at the Windimurra Vanadium Project by 30% to 128 million tonnes and revised the vanadium output forecast to around 6,300 tonnes per annum, up 10%. The potential mine life of the project has also been extended to 28 years.

Spitfire Resources Limited (ASX:SPI) reported a third manganese discovery, named Contact North, located just 700 meters north of the recent Contact discovery within the South Woodie Woodie Project in Western Australia. Initial assay results returned up to 30% manganese from the Contact discovery. Spitfire has established an Exploration Target of 5-10Mt grading 15-25% Mn for the Contact-Contact North discoveries.


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Related Companies

Spitfire Resources             
Endeavour Mining Corporation          
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Ark Mines Limited       

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