Asian Activities Report for May 27, 2011: Dragon Mining (ASX:DRA) Secures 100% Of The Svartliden Gold Mine In Sweden
Sydney, May 27, 2011 AEST (ABN Newswire) - Australian shares edged higher after a weak start. In mid-morning trade, the S&P/ASX200 index was up 0.2% to 4671.4 and the All Ordinaries index gained 0.3% to 4748.
In early trade Nikkei 225 fell 0.29% to 9,534.62, while Shanghai Composite lost 0.25% to 2729.61. Hang Seng Index opened flat, slightly down 0.17 points 22900.62.
Dragon Mining (ASX:DRA) has acquired the remaining 20% of the Svartliden Gold Mine in Sweden, adding its interests to 100%. Svartliden was brought into production in 2005 and as at 31 March 2011 has produced over 255,000 ounces of gold. The success of an aggressive drilling campaign which commenced in March 2010 has resulted in production plans being extended into 2014.
Brumby Resources Limited (ASX:BMY) has confirmed that the manganese mineralisation at the Company's flagship Oakover Project in Western Australia can produce a marketable, commercial-grade product containing up to 36.9% Mn. Follow-up drilling program is underway and an aggressive exploration program is scheduled for late 2011.
Tangiers Petroleum Limited (ASX:TPT) said today that independent evaluation of the prospective oil resources for the four oil prospects in the Tarfaya Block, offshore Morocco estimated a total oil potential of 867 to 4,959 million barrels of oil. Tangiers expects to drill at least one well in 2012.
Golden Rim Resources Limited (ASX:GMR) has received positive preliminary soil sample assays from its Galgouli South Project in Burkina Faso. High gold-in-soil values, such as 1.12 g/t and 1.07 g/t gold, were returned. A program of geological mapping and sampling is underway to follow-up these significant gold-in-soil results.