Australian Market Report of April 1, 2011: Renaissance Uranium Commence Uranium Drilling At Pirie Basin Project
01.04.2011 | ABN Newswire
12:00 AEST Apr 1, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Renaissance Uranium Limited (ASX: RNU) has commenced drilling on its Pirie Basin Project in South Australia. The 3,500 metre program includes a series of 30 rotary mud holes to test uranium deposits and extensions. The Company will also conduct additional drilling in the project area to test iron oxide, copper, gold and uranium targets identified in a gravity survey in December 2010.
Exoma Energy Limited (ASX: EXE) said today that CNOOC Gas & Power Group has received approval from the Chinese Government to farm-in for a 50% interest in Exoma's five Galilee Basin coal seam gas and shale gas permits. CNOOC will initially spend A$50 million to fund the exploration expenditure and will provide opportunities for future gas sales to the Chinese market. The farm-in is CNOOC Gas & Power Group's first overseas unconventional gas exploration project. An aggressive gas drilling program is now being planned.
NewSat Limited (ASX: NWT) has won a new contract to provide satellite communications services to US Military troops in Afghanistan, commencing in June 2011. The A$4.4 million contract will see NewSat providing welfare communications for military personnel in over 15 locations throughout Afghanistan. This latest contract takes NewSat's year-to-date contract wins to over A$10 million in new revenue in addition to its current contract base and high retention rate.
Orocobre Limited (ASX: ORE) (TSE: ORL) reported a substantially upgraded resource estimate at its flagship Salar de Olaroz Lithium-Potash project in north-west Argentina. Following a comprehensive resource definition drilling programme, the measured and indicated resource is now estimated at 6.4 million tonnes of lithium carbonate and 19.3 million tonnes of potash. The company is at the final stage of the Definitive Feasibility Study, which is to be completed and released in a few weeks.
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