Australian shares closed down for the sixth straight session with the All Ords down 0.8% to 5,069.2 points. The Shanghai Stock Exchange Composite Index was up 0.36% to 2,212.12 points while in pre-open markets the Dow-mini is down 17 points to 15,819.
Thundelarra is set to ramp-up exploration adjacent to Sandfire Resources' DeGrussa deposit in Western Australia, following a placement. The placement was made to Philip Crabb, a director of the company, which shows a major vote of confidence in its operations.
With testing confirming that the Coal Plus technology is suitable for converting Mongolian brown coal into higher value products, Jatenergy is set to immediately commence its investment strategy with Monrospromugoli, which could result in a US$2 million upfront technology payment and ongoing annual royalties of US$1.76 million.
Evidence from the first drill hole targeting the Jerambah Prospect of Arc Exploration’s Trenggalek Project in East Java indicates that the extensive hydrothermal alteration and pyrite mineralisation it intersected is on the margins of the anticipated copper-gold system.
The mobile processing plant will allow Condor Blanco Mines to process an initial 5,000 tonnes of ore per month from its Marianas Iron Tailings Project. The high grade concentrate of up to 65-75% iron will be stockpiled for sale to generate short-term cash flow. Marianas is favourably located to key infrastructure.
The Devil’s Elbow prospect at the West Arnhem has high grade surface uranium assays of up to 5.8% U3O8 along with gold and palladium potential. This is also located close to the worked out Nabarlek Uranium Mine that produced 12,000 tonnes of uranium oxide.
The acquisition of the established manufacturing site in Western Australia from Genzyme Australasia gives Admedus the infrastructure to scale up production of its lead regenerative tissue product CardioCel® to meet future demand growth. It also includes facilities to support the development and commercial manufacture of additional regenerative tissue products.
Wall Street is in the red as a congressional budget accord added to the speculation that the Fed could trim stimulus next week. The S&P 500 has had its biggest two-day drop in eight weeks, but is still up 27.5% year-to-date. Gold and oil both eased from recent multi-week highs. The ASX SPI 200 is off 26 points to 5089.
Terrace Mining has 12 months to complete studies required to establish viability of a copper-cobalt-silver extraction process over the MG14 and Windabout Copper-Cobalt-Silver deposits. It will then have the right to earn a 51% interest by completing a Bankable Feasibility Study and/or incurring project expenditure of $2.5 million.
Red Dam is an important part of Phoenix's future gold production strategy, with the deposit forming part of the DFS to provide complementary higher grade feed to support the base load stock work at the Castle Hill project. The increase in Red Dam's resource included an upgrade to the Indicated category, allowing for Reserve estimation.
The Kyrgyz Republic’s Energy and Minerals Parliamentary Committee has recommended the full development of the Shambesai Gold Project. This is expected to assist with securing finance. Manas Resources is also preparing to submit the environmental impact assessment. The project's total LOM (C3) after capital and tax estimated to be US$676/ounce.
The placement of more than 66 million shares at $0.03 each allows Cellmid to commence investigational new drug enabling studies. It will also advance its therapeutic antibody program, which studies have already demonstrated efficacy in reducing cancer tumour growth and spread.