Australian Market Report of November 12, 2010: Minotaur Exploration - Reports Maiden Gold Resource of 70,500 Ounces at Golden Mountain
Sydney, Australia (ABN Newswire) - Minotaur Exploration Limited (ASX: MEP) recently entered into an agreement with Mining Projects Group Limited (ASX: MPJ) to explore the Golden Mountain project and the Mt Tarrengower gold prospect in Victoria. A JORC resource estimate of 950,000 tonnes at 2.31g/t totaling 70,500 ounces of gold was reported at the Golden Mountain project. Minotaur has already commenced a diamond drill programme at the Mt Tarrengower gold prospect near Maldon where historically about 68,000 ounces of gold was produced.
Bailey Mineral NL (ASX: BAA) has reached an agreement to acquire the Condoto Platinum Project to explore for platinum in the Condoto region of Colombia. Colombia was a historically major global producer of platinum for nearly 200 years. In the period leading up to World War 2, the Condoto region was the source of a majority of the world's platinum production. This predated the development of the major mines on the South African Bushveld Complex, Zimbabwe and Russia along with the more recent developments by a number of nickel producers where the platinum is produced as a by-product.
Southern Cross Goldfields Limited (ASX: SXG) has received assay results from the remaining three target areas tested as part of initial reconnaissance Reverse Circulation drilling at the Johnston Range Iron Targets, part of its 100%-owned Marda Project in the Central Yilgarn Mineral Province of Western Australia. The drilling has intersected further iron-rich units with best intersections of 3m at 53.2% Fe and 13m at 43.3% Fe. The results have highlighted the tenements' potential for both high-grade hematite and magnetite mineralisation.
Cape Lambert Resources Limited (ASX: CFE) continues to advance its 100% owned Marampa Iron Ore Project in Sierra Leone, West Africa towards a possible late 2012 production start-up. The project has a maiden JORC compliant Inferred Mineral Resource of 197 million tonnes at 28.5% Fe. The company has five rigs drilling at site and will finalise a scoping study looking at a proposed initial development rate of 2-5Mtpa from late 2012.
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