ech & caz

Echelon Resources (ECH.AU) rises 13% to 59 cents on lively 1.0 million
shares, almost doubling from early November. ECH's main claim to fame at moment link
with Cazaly (CAZ.AU), which filed application for exploration license covering part of
Shovelanna iron ore project, after previous tenement holders including Rio Tinto (RIO.AU)
allowed previous license to lapse. ECH has agreement with CAZ to provide A$2.5 million
for exploration of Shovelanna in return for 14% equity, plus stake in CAZ. Resolution of
tenement application key to ECH, CAZ future. CAZ last up 41% at A$1.49 on massive 8.3
million shares - about one-fifth of issued stock. (RCB)