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Australian Market Report of November 24, 2010: Endocoal (ASX:EOC) Orion Downs Coal Project Increased JORC Resource to 41.2Mt
Australian Market Report of November 24, 2010: Endocoal (ASX:EOC) Orion Downs Coal Project Increased JORC Resource to 41.2Mt
Sydney, Nov 24, 2010 AEST (ABN Newswire) - Endocoal Limited (ASX:EOC) reported today that the total JORC resource at the company's 100%-owned Orion Downs coal project in the Bowen Basin, Queensland, has increased by 54% to 41.2 million tonnes. The increase is due to the incorporation of a maiden JORC resource of 14.4 million tonnes at the Meteor Downs South project. Most of the Meteor Downs South project area has minimum basalt cover and shallow, thick coal seams and is ideal for an open cut mining operation. Progress is now underway for mine planning. Coring is also underway with a view to moving these resources to a JORC indicated status.

Austin Exploration Limited (ASX:AKK) announced a further expansion of its United States oil and gas interests with the acquisition of a 34% working interest in the Bombing Range Prospect, the third major oil project since the company restructured its management 12 months ago. The company will spend approximately US$320,000 on drilling the well and drilling operations are expected to commence in the second week of December 2010.

Brumby Resources Limited (ASX:BMY) has recently completed a reverse circulation drilling programme at its Brilliant Well Project in Western Australia. Drilling has continued to further test encouraging gold and base metals results returned from the April-May 2010 drilling programme. The best intersection was within hole BWRC055 which returned 11m at 1356 ppm copper, including 1m at 1750 ppm copper from 51m down hole depth. This anomalous copper zone is open at depth and to the east. Further drilling will better define the extent of copper anomalism.

Malagasy Minerals Limited (ASX:MGY) announced a A$3.2 million capital raising to accelerate drilling and exploration programs at the Company's key nickel-copper-PGE and VMS-style copper-silver-gold projects in Madagascar. Extensive drilling and regional exploration are planned next year to test the massive sulphide system and the Bisha-style copper-silver-gold mineralisation.


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