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Australian Market Report of February 2, 2011: Fortis Mining (ASX:FMJ) Secures Strategic Hong Kong Investment And Partnership
Australian Market Report of February 2, 2011: Fortis Mining (ASX:FMJ) Secures Strategic Hong Kong Investment And Partnership
Sydney, Feb 2, 2011 AEST (ABN Newswire) - Fortis Mining Limited (ASX:FMJ) has entered into a strategic partnership alliance with Hong Kong investment company Grand Concord Investments Limited including a share placement of 6,000,000 shares at a premium price of A$0.40 per share. Through the alliance, the Company has been introduced to some substantial mining opportunities inclduing a world-class potash asset. The funds that raised through the placement will contribute towards the exploration and development of the Company's current assets and to further acquisition and other investment opportunities out of China.

Peninsula Energy Limited (ASX:PEN) reported a 31% increase in total JORC-compliant resource estimate at the Lance uranium projects in Wyoming, USA. The resources now total 32.95Mlbs U3O8 comprising Measured and Indicated Resource of 10.5Mlbs U3O8. In addition, the Company also announced an initial vanadium resource in the Ross Permit Area of 1.7Mlbs V2O5.

Molopo Energy Limited (ASX:MPO) has accepted an offer from Legacy Oil + Gas Inc (TSE:LEG) to purchase Molopo Energy's Spearfish oil asset in Canada. The consideration for the asset sale is approximately C$188 million, comprising C$93 million in cash and 6,180,000 Legacy common shares (representing approximately 4.9% of Legacy's current issued capital). The sale is expected to be completed by mid March, 2011.

Avita Medical Limited (ASX:AVH) has received ISO Re-Certification following a January 2010 Quality Audit by an independent, external auditor of the European Notified Body. The Company is now free to CE Mark all regenerative and respiratory products for sale in the European Union. Successful ISO recertification is also a reference for the Company to register in other countries, for instance, within the Middle East.

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Related Companies

Peninsula Energy Limited             
Molopo Energy Limited          
Legacy Oil + Gas Inc          
Fortis Mining Limited          

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