Australian Market Report of March 9, 2011: Hunnu Coal (ASX:HUN) Form Strategic Partnership With Banpu PCL (BAK:BANPU)
Sydney, Mar 9, 2011 AEST (ABN Newswire) - Hunnu Coal Limited (ASX:HUN) has signed a Strategic Shareholder Agreement and Memorandum of Understanding to form a strategic partnership with Banpu Public Company Limited (BAK:BANPU) whereby 30 million Hunnu Coal shares will be placed to Banpu at A$1.50 per share for A$45 million. On completion of the placement Banpu will own 12.39% of Hunnu Coal's issued shares and will be the largest shareholder. Banpu is a major Asian Energy Company with operations in Thailand, Indonesia, China and Australia and currently produces over 40Mt of coal annually. Funding will be used to further fast track the development of Hunnu Coal's Tsant Uul and Unst Khudag Coal deposits in Mongolia.
Dragon Mining Limited (ASX:DRA) announced that the gold resource inventory for its Nordic gold projects now exceeds 1 million ounces. The increase is primarily a result of a significant upgrade of the Mineral Resource inventory for the Kuusamo Gold Project in Finland. In addition, the results from the drilling program at the Svartliden Gold Mine in Sweden continue to be very optimistic, providing encouragement for further resource upgrades.
Eagle Eye Metals Limited (ASX:EYE) has entered into a Memorandum of Understanding with Birimian Gold Limited to acquire 100% of Birimian's shares. Birimian Gold holds substantial interests in several highly prospective gold projects in Western Africa including the Dankassa Gold Project and the Korindji Gold Project in Mali. The Korindji Gold Project is adjacent to AngloGold Ashanti's (JNB:ANG) (NYSE:AU) 13Moz Sadiola Gold Mine and the 4.5Moz Yatela Gold Deposit.
Thor Mining PLC (ASX:THR) has commenced a maiden drilling program at the Dundas Gold Project in Western Australia. The project tenements lie on the most prolific gold-bearing belt of the Yilgarn Province. The 65 hole drilling program will test a 6km2 anomaly identified from the 2010 surface sampling. Assay results are expected in late March or early April.