Asian Activities Report for July 15, 2011: Malachite Resources (ASX:MAR) Announce Exciting New Copper-Gold Discovery in Queensland
Sydney, July 15, 2011 AEST (ABN Newswire) - The Asian markets had a mixed opening performance. The S&P/ASX 200 slipped 0.39% to 4473.1 in early trade. Nikkei 225 opened lower but soon rose 0.25% to 9,961.43. Hang Seng Index lost 0.30% to 21875.46, while Shanghai Composite was down 0.45% to 2797.79.
Malachite Resources Limited (ASX:MAR) has identified a new copper-gold prospect named "Copperhead" prospect following recent exploration at the Lorena Gold Project in northwest Queensland. Assay results up to 42% Cu and nearly 13g/t Au were returned. As the Company is planning the next phase of drilling at Lorena to progress the project towards development as a gold mine, the newly discovered Copperhead prospect will be an exciting addition to the current 78,000 ounces of gold mineral resource at Lorena.
C @ Limited (ASX:CEO) has successfully completed its technical due diligence exploration program on the coal licences in southern Mongolia. Exploration work has discovered two significant coal intersections on the Ovorhangay licences, and the company will continue to focus its exploration efforts on the licences. Further updates will be provided when coal quality results come to hand.
Gloucester Coal Limited (ASX:GCL) has completed the acquisition of Donaldson Coal Holdings Limited and the Monash coal prospects, achieving a significant step in its strategy to transform the company into a leading Australian coal producer. The acquisitions increase the company's coal resource base from 340 million tonnes to 1,512 million tonnes.
Minemakers Limited (ASX:MAK) has received the Notice of Preparedness to Grant the Mining Licence from the Namibian Ministry of Mines and Energy regarding Minemakers' Sandpiper Phosphate Project in Namibia. With secure title the company can now proceed to the planned bulk sampling and trial mining programme, and advance the project towards the Definitive Feasibility Study.