daytrading march 14 pre-market, page-7

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    Morning HLL / All

    13 March Feeds :

    Core Exploration (ASX:CXO) has restarted drilling at its Fitton project in northern South Australia
    The new 2,500 metres reverse ciruclation drilling program is part of follow up drilling ad is targeting down dip and strike extensions of the high grade mineralisation previously foud, including 5 metres at 0.25% U3O8.

    White Cliff Minerals (ASX: WCN) expects to start drilling at its Lake Johnston nickel project in Western Australia in early April 2013, after finalising the drilling contract

    Victory Mines (ASX: VIC) is getting ready to conduct new geophysical surveys at the company's Clara Hills project to follow-up its nickel sulphide Discovery.
    Recent reverse circulation drilling at the project tested two EM targets as well as the area immediately below the Jacks Hill gossan, with highlights including:
    - 47 metres at 0.15% nickel from 36 metres, including 11 metres at 0.30% nickel from 52 metres;
    - 42 metres at 0.22% nickel from 14 metres, including 5 metres at 0.39% nickel from 38 metres; and
    - 24 metres at 0.25% nickel from 63 metres, including 6 metres at 0.42% nickel from 63 metres.

    Cott Oil and Gas (ASX: CMT) has established a study group consortium to evaluate an area of interest in southeast Papua, Indonesia.
    The company will have a 25% interest in the consortium and contribute 25% of the costs of the study.
    On completion of the study, which is expected by the end of the third quarter of 2013, the company have an option to acquire a 25% interest in the rights of a Joint Study Agreement in the area

    Paynes Find Gold (ASX:PNE) has started producing alluvial gold from small scale open cast workings at its project in Western Australia.
    Recently, it got approval from the WA Department of Mining and Petroleum to start mining and processing of alluvial gold utilising alluvial gravity circuit with mill and Knudsen concentrator.

    Stellar Resources (ASX: SRZ) chairman Phillip Harman increased his direct shareholding in the company with the purchase of 600,000 shares on market for a consideration of $34,850.10, or an average of about $0.058 per share.

    OceanaGold (ASX:OGC) has resumed transportation of copper-gold concentrate from the Didipio mine to the port in Philippines.
    The trucking capacity is also being increased to reduce the site stockpiles of concentrates in advance of the first shipment from the port in April.

    Avalon Minerals (ASX:AVI) has intersected high grade iron and copper mineralisation at all six drill holes in the D Zone at the Viscaria project in Sweden.
    Best intersections include 10.7 metres at 2.1% CuEq and 3.8 metres at 1.9% CuEq, within a larger mineralisation zone of 44 metre at 0.9 CuEq; 10 metres at 1.9% CuEq within a mineralisation zone of 42.3 metres at 1.2% CuEq; and 14 metres at 1.6% CuEq within a mineralisation of 23 metres at 1.2% CuEq, among others.

    Peak Resources (ASX: PEK; OTCQX: PKRLY) looks to be able to produce high purity rare earth products from its Ngualla project as a result of results from latest testwork.

    Fox Resources (ASX: FXR) substantial shareholder Shay Nee Chong and associated interests have increase their interest in the company to 19.97% from 12.21%.

    Otis Energy (ASX:OTE) is poised to spud the third test well at its Comanche project in Texas.
    The test well, Lott Unit-1, is likely to be spudded in the first week of April, and will be completed over a 350 foot vertical section of the Marble Falls Limestone.
    The well will undergo a six-stage fracture stimulation procedure for the entire MFL section, likely in the third week of April, and will be flow tested.
    The completed well is likely to cost about US$769,145, and Otis has a 12.5% working interest.
    The Comanche Project is a liquids rich limestone play, conducive to modern drilling technologies within a proven oil field containing substantial vertical completions and production.

    Rox Resources’ (ASX: RXL) reverse circulation drilling has extended to at least 700 metres, the strike length of mineralisation at the Camelwood nickel sulphide prospect at the Fisher East Project in Western Australia.
    “We still have a 100% success rate in hitting nickel sulphide mineralisation in all holes drilled so far,” managing director Ian Mulholland noted about the company’s ongoing drilling campaign.
    The increased strike length follows the ninth hole intersecting 1 metre of semi-massive and 9 metres of disseminated sulphide mineralisation from 153 metres.
    An assay of 22 metres at 1.42% nickel from 118 metres including 9 metres at 2.04% nickel from 119 metres has also being received from a hole MFEC010 about 100 metres to the south.
    Further reverse circulation drilling to the north is ongoing.
    Rox also noted that three diamond holes have intersected sulphides:
    - MFED006 intersected 0.55 metres of massive sulphide followed by 2 metres of disseminated sulphide before being truncated by the same fault as in hole MFED005;
    - MFED007 intersected 0.7 metres of massive and 0.3 metres of semi-massive sulphides from 388.6 metres; and
    - MFED008 intersected 1.7 metres of massive sulphides followed by 1 metres of disseminated sulphides from 350.5 metres

    Echo Resources (ASX: EAR) has raised $800,000 through a placement of 4.1 million shares at $0.195, with the new funds to advance exploration at the Julius Gold Discovery in central Western Australia.
    Exploration at the project will include reverse circulation and diamond core drilling programs, which will follow-up on recent intercepts such as; 8 metres at 8.4g/t gold, including 4 metres at 11.6g/t gold.

    Resource and Investment (ASX:RNI) has expanded its drilling programme at the Grosvenor project in Western Australia with a view to boost its existing gold resource and reserve inventory.
    It has started the new 3,000 metre reverse circulation drilling program at the Callies and Toms pits near the 1 million tonnes per annum nameplate Grosvenor gold plant.

    MRG Metals (ASX: MRQ) is currently finalising terms of a binding offer to acquire all the shares in an unlisted company, with the ASX granting MRG Metals a trading halt this morning - with its shares placed in pre-open.

    Ceramic Fuel Cells (ASX:CFU) has signed a letter of intent with Alliander AG to deploy its BlueGEN fuel cell systems in Germany.
    As a first step, up to 600 BlueGEN systems that convert natural gas into electricity and heat for residential and commercial buildings, will be installed across Alliander’s regional grids in Germany by 2015.

    Cellmid Limited (ASX: CDY) has boosted its cash position with an oversubscribed $2 million placement to strengthen marketing of its Évolis hair growth products in Australia and overseas.
    The company had cash and cash equivalents of over $1.7 million at the end of 2012.

    Voyager Resources (ASX: VOR) is preparing a capital raising announcement, with the ASX granting the company a trading halt this morning.
    Recently Voyager has had some potentially interesting results from the Khul Morit Project in the Erdene Island Arc Terrain.

    Rex Minerals (ASX:RXM) has identified significant project enhancements that would increase the production profile and lower capital costs at its Hillside copper project in South Australia.
    The optimisation review was part of its Bankable Feasibility Study, which is due later this year

    Firestone Energy (ASX: FSE) has been granted a trading halt by the ASX this morning, with its shares placed in pre-open.
    The company had previously announced that the second stage of completion under the Investment Agreement with Ariona did not occur on 28 February 2013 and that the parties were in negotiation concerning setting a revised date for second stage of completion.

    Gold Anomaly (ASX: GOA) is now funded to continue the ongoing exploration and potential trial mining of the Crater Mountain gold project High Grade Zone, which is located in Papua New Guinea.
    Gold Anomaly's major shareholder FreeFire Technology Ltd (23%) has committed to underwriting a $6.9 million renounceable rights issue, and as part of its commitment it will also immediately lend the Company $1.5 million.

    Great Western Exploration (ASX:GTE) has received informal confirmation of a sub-soil licence grant to its joint venture partner Tauken Samruk for the Spasskaya copper project in Kazakhstan

    Tasman Resources (ASX: TAS) is set to resume an anticipated drilling program at its Vulcan iron oxide copper gold uranium project in South Australia.
    The drilling is part of the Tasman-Rio Tinto Exploration (RTX) FarmIn, which started in late 2012. A further 6,700 metres (about 5 drill holes) is likely to be drilled, which is expected to take about four months

    Syrah Resources (ASX: SYR) is set to expand its institutional shareholder base, which follows a period of significant share price growth for the company, and the inclusion into the S&P/ASX 300 Index.

    Hughes Drilling (ASX: HDX) has gone into a trading halt to allow time for its majority held subsidiary to finalise a share sale and purchase agreement.
    The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Thursday 14th March 2013.

    Kupang Resources (ASX: KPR) has secured firm commitments for the placement of more than 22.2 million shares at A$0.09 each to raise about $2 million to advance its Kupang manganese project in West Timor.
    Proceeds will be used to advance the project to production, which executive director Tony Sage, would begin in the coming months, and for general working capital purposes.

    Energy Metals (ASX: EME) has defined a resource of 9.75 million tonnes at 165ppm U3O8, or 3.56 million pounds of U3O8 at the Peninsula Prospect within its Mopoke Well uranium project in Western Australia.

    VDM Group (ASX:VMG) has inked a binding share sale agreement to sell its Como Engineers business to CE Acquisitions for $5.45 million.
    The transaction si likely to be completed before end of next month.
    A deposit of $500.000 bas been placed into an escrow pending completion of the deal.
    The deal is subject to conditions precedent including no material adverese change having occurred in relation to Como.
    VDM is an engineering and construction company that services the mining and resources, transport and civil infrastructure and urban development sectors.
    It had a cash position of $15.58 million at the end of December 2012.

    Karoon Gas (ASX: KAR) expects its Zephyros-1 well in the Browse Basin offshore Western Australia would be capable of flowing gas at similar rates as the Kronos-1 gas discovery.
    However, the ConocoPhilips-led joint venture has opted not to production test Zephyros-1 due to its many similarities with Kronos-1.
    MDT sampling tools have indicated the reservoir sands at Zephyros-1 have some of the highest mobility values, which measure potential to flow gas, in any of the Poseidon area wells.
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    GOLD



    Gold closed close to a two-week high overnight although in the spot market the yellow metal couldn't break the US$1600 technical barrier, and instead touched a high of US$1599.70.
    Gold futures for April delivery gained close to 1% to settle at $1,591.70 an ounce in New York, which is the fourth straight gain, and the longest rally since Aug. 21.
    The signs continue to point to a further slowdown in Europe, and along with increased speculation that central banks will continue with their printing presses and other stimulus measures, then the demand for gold is expected to remain strong.
    It is worth reflecting on where the price of gold has historically traded, with the current ounce value down 5% from a month ago, and nearly 8% lower than a year ago.
    Gold though is still very strong over the long-term, and is well up from the US$1000 mark five years ago and nearly four-times the US$400 an ounce a decade ago.

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    Source: Proactive Investors Australia

 
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