Australian Market Report of February 9: SomnoMed - To Benefit From New Medicare Policy In US
09.02.2011 | ABN Newswire
13:30 AEST Feb 9, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - SomnoMed Limited (ASX: SOM), the world's leading oral appliance medical company announced today that US government health insurance programs have now recognized an oral appliance treatment as a valid medical treatment option for obstructive sleep apnea and medicare patients in the US will be covered for the oral appliance treatment. SomnoMed, with its No. 1 sleep apnea appliance SomnoDent(R) MAS, will benefit from this new regulation, as patients can now have a SomnoDent(R) MAS as a first line treatment, without the requirement to 'fail' a CPAP treatment.
Padbury Mining Limited (ASX: PDY) and its joint venture partner Aurium Resources Limited (ASX: AGU) announced the results from a geological mapping program conducted on the Peak Hill project in Western Australia. A number of new iron ore targets have been identified. Significant haematite-goethite mineralisation was discovered with grades up to 63.2% Fe. The Company has an exploration target of 20-28 million tonnes at 55-60% Fe.
Highlands Pacific Limited (ASX: HIG) today reported a 79% increase in estimated mineral resource tonnage to 1.9 billion tonnes at its Frieda Horse Ivaal Trukai open pit copper gold project in Papua New Guinea, which reaffirms Frieda as one of the world's premier copper gold porphyry assets available for development in this decade. Project inventory rises to 8.6 Mt of contained copper and 14.3 Moz of gold and total Frieda district resources are now approaching 11 Mt Cu and 18 Moz Au.
Zenith Minerals Limited (ASX: ZNC) has completed 9 of the planned 12 drilling holes in the first resource drilling program at the company's 100% owned Mount Alexander magnetite iron ore project. Assays returned 158 metres at 26.8% Fe and results confirmed that the project can produce a concentrate of 70% iron. Drilling is scheduled for completion in mid February and resource estimation will begin immediately. The Company has an exploration target of 0.6-1.2 billion tonne at 25% to 35% Fe.
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