Cortona Resources Limited (ASX:CRC) said today that the NSW Planning Assessment Commission has approved the Company's application to develop its flagship Dargues Reef Gold Mine in NSW. Construction is set to commence in Q1 of 2012 with first production targeted by year-end 2012. Initial average 50,000oz per annum gold production is expected to generate free cash flow of about A$160M.
Canyon Resources Limited (ASX:CAY) has received further shallow high grade gold results from its Tonbody Project in Burkina Faso. Wide gold intercepts were returned from the southern end of the drilling program, confirming the continuity of mineralisation over 2.5km of strike length that remains open to both the north and south, and at depth. Follow up drilling to test strike extent and potential at depth is now being planned to commence in coming months.
Hastings Rare Metals Limited (ASX:HAS) announced a major increase in the JORC compliant resources at its Hastings rare metal-rare earth deposit in Western Australia. New JORC-compliant resource estimate now stands at 36.2 million, representing a 307% increase in Indicated Resources to 27.1 million tonnes. Significant grades for dysprosium and yttrium were returned, confirming Hastings as a major new source of heavy rare earths.
NTPC Limited (BOM:532555) has signed a Joint Venture Agreement with Ceylon Electricity Board for setting up a 500 megawatt coal based power station in the Eastern Province of Sri Lanka. A Joint Venture Company would be incorporated in Sri Lanka, with equal equity (50:50) contributions by both companies, for implementation of the power project.
NTPC Limited (National Thermal Power Corporation Limited)
Hastings Technology Metals Ltd
Encounter Resources Limited
Cortona Resources Limited
Canyon Resources Limited