Gindalbie Metals Ltd

Murchison Metals Limited (ASX:MMX) (PINK:MUMTF) is pleased to announce that Oakajee Port & Rail (OPR) is now targeting initial capacity of 45 million tonnes per annum (mtpa) at the new Oakajee Port.

The Australian sharemarket extended last week's losing streak as latest report of China's growing manufacturing activity raised fears on a new round of credit tightening by the Chinese government. The S&P/ASX200 fell 45.5 points, or 1 per cent, to 4524.1, while the broader All Ordinaries index today lost 52.1 points, or 1.1 per cent, at 4544.8.

Wall Street declined modestly overnight as bearish analyst comments hurt bank shares. Analysts with UBS predicted the capital market's seasonal slowing could come earlier this year, cutting its fourth-quarter earnings target for Morgan Stanley, JP Morgan and others.

Overnight US stocks rose for a fourth consecutive session led by industrial stocks. But market sentiment were dented after Federal Reserve report showed that consumer spending was still soft and retail sales were flat. The report also said labour market conditions remained weak across all districts.

US stocks rose overnight as commodities prices jumped. Kraft Foods' US$16.7 billion takeover bid for Cadbury boosted the market confidence on a rebound in merger and acquisition activities, despite Kraft's offer was rejected.

The Australian market closed higher yesterday driven by the news of Xstrata's proposed merger with Anglo-American and NAB's buying Aviva Australia. The benchmark S&P/ASX200 index was up 0.5 per cent, or 18.6 points, at 3918.2, while the broader All Ordinaries index advanced 0.4 per cents, or 16.4 points, at 3910.8.

Murchison Metals Limited (ASX:MMX)(PINK:MUMTF) welcomes the Federal Government's commitment to provide A$339 million in funding for common use infrastructure at the Oakajee deepwater port project.

Yesterday Australian shares fell after Wall Street plummeted on renewed banking fears. The benchmark S&P/ASX200 index plunged 2.4%, or 91.6 points, at 3677.4, while broad-market All Ordinaries index lost 2.4%, or 89.2 points, at 3633.1.

Yesterday Australian shares closed 1% higher as most sectors surged. The benchmark S&P/ASX200 index rose 33.9 points, at 3480.2 while the All Ordinaries index was up 0.9%, or 30.60 points, at 3416.8. The local mining and energy sectors could be buoyed by the rising gold and oil prices today despite the negative lead from the US.

Yesterday the Australian share market ended lower, led by energy and mining stocks and a fall on a dismal earnings season in the US. The benchmark S&P/ASX200 index was down 0.8%, or 28.7 points, at 3654.6, while the broader All Ordinaries index slid 0.8%, or 30.1 points, to 3593.9. After some rise at the start of the year, the market may see more volatility due to the renewed bleak global outlook.