Asian Activities Report for April 27, 2011: Ferrowest (ASX:FWL) Announce Positive Drilling Results From Yogi Magnetite Tenements In Western Australia
Whinnen Resources Limited (ASX:WWW) today announced the revised proposal for the acquisition of 100% of Mystic Sands Pty Ltd. The revised terms offered to Mystic Sands shareholders 40 million shares in Whinnen and 8 million options with an exercise price of A$0.20 per share. Through the acquisition, Whinnen will obtain highly prospective copper and gold projects in Chile.
Sherwin Iron Limited (ASX:SHD) has successfully undertaken an A$8.5 million share placement at 16 cents per share to institutional and sophisticated investors as part of its strategy to accelerate drilling and development of its Roper River Iron Ore Project in the Northern Territory. Proceeds will fund accelerated exploration and ongoing feasibility studies. The early drilling has commenced on the northern areas of the Project, targeting 300-350Mt at 40-48% Fe.
West Peak Iron Limited (ASX:WPI) has been granted three iron ore licences, covering a total area of 1,255 km2 in Liberia. The Company has sufficient funds to immediately initiate detailed work programs on the licences. Initial drilling programs on the two licences are expected to be completed during the December quarter of 2011.
Whinnen Resources Limited
West Peak Iron Limited
Sherwin Iron Limited