Asian Activities Report for May 25, 2011: Northern Iron Limited (ASX:NFE) Announce Significant Reserves Upgrade At Sydvaranger Project
Sydney, May 25, 2011 AEST (ABN Newswire) - Most major Asian markets dropped in early trade. The Australian shares were dragged down again by the big banks' losses. The S&P/ASX200 index was down 0.8% at 4590.4, while the All Ordinaries index was 0.8% lower at 4670.5. Nikkei 225 lost 0.36% to 9,443.13, while Hang Seng Index fell 0.61% to 22592.09. Only the Shanghai sharemarket opened in green, up 0.09% to 2769.44 in early morning session.
Northern Iron Limited (ASX:NFE) announced a 42% increase in probable ore reserves to 176.6 Mt at 32% Fe at its 100% owned Sydvaranger project in Northern Norway. This increase extends the project life to 25 years at a 7 million tonne per annum production rate, or if the expansion project to double production is completed in 2015 represents a 15 year project life at 14 million tonnes per annum.
CGA Mining Limited (TSE:CGA) (ASX:CGX) said today that its Masbate Gold Project in the Philippines achieved another significant milestone, having poured 10 tonnes of gold. The Project is the largest gold project in the Philippines and the Company is currently upgrading the process plant to lock in a throughput rate of 6.5Mtpa.
St Barbara Limited (ASX:SBM) has commenced gold production from King of the Hills underground mine in Western Australia, with mining of the first production stope completed ahead of schedule and the ore processed at the Gwalia mill. The King of the Hills mine is expected to produce 55,000 to 60,000 ounces of gold per annum for the next five to six years, with potential for mine life extension.
C @ Limited (ASX:CEO) is making significant headway on the identification of project opportunities in Indonesia. The Company's local Indonesian partner has identified five prospective coking and high energy thermal coal project opportunities, which are currently under review by the Company.