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ABN Newswire Stocks to Watch: May 18, 2010
(ABN Newswire) - Pluton Resources Limited (ASX:PLV) has announced that a diamond rig is on-site, and drilling will commence this Thursday at Cethana in northern Tasmania, Australia. The large Cethana Magnetic Anomaly is being targeted for concealed porphyry copper-gold mineralisation. Pluton is a mineral exploration company focusing on iron ore in the Kimberley region of Western Australia, with additional copper, gold and silver projects located in north western Tasmania. Ownership of the Cethana Joint Venture is: 60 % Pluton Resources, 30% Gujarat NRE Coking Coal Limited and 10% Metalstocks Australia Atlas Iron Limited (ASX:AGO) announced that following final Government approval for its Wodgina DSO Iron Ore Project , mining at Wodgina is due to start early next month. Atlas remains on target to commence shipping ore through Utah Point in October 2010 and achieve iron ore exports at a combined rate of 6 million tonnes per annum from its Wodgina and Pardoo DSO mines in Western Australia by December 2010, growing to a rate of 9 million tonnes by the end of 2011 following the planned commissioning of the Abydos project. Atlas is currently drilling at its Wodgina North iron ore prospect. Wodgina North has a previously announced exploration target of 20 to 40Mt at 57% Fe to 60% Fe. In the event that drilling is successful, Atlas will move to fast track feasibility studies, targeting a production expansion at Wodgina during late CY 2011. Pan Asia Corporation Limited (ASX:PZC) has signed a Memorandum of Understanding with PT Kopex Mining Contractors and has also received commitments for its A$5,000,000 placement. The MOU with KMC covers the Mantewe/TransCoal Minergy project in South Kalimantan, Indonesia. The Kopex group, of which KMC forms part, has considerable experience in underground coal mining in Indonesia and abroad and is one of the largest producers of mining technology and equipment in the world. AuDAX Resources Limited (ASX:ADX) (PINK:ADXRF) has entered into a farm out agreement between Alpine Oil & Gas Pty Ltd and Gulfsands Petroleum Plc in relation to its Sicily Channel Exploration Permits This Agreement concludes the formal farmin documentation required by AuDAX for the funding of the Lambouka -1 exploration well. The company's strategy is two pronged; grow the European and North African oil and gas business in order to expose shareholders to the lucrative European energy market and to promote it's existing Australian energy, gold and base metal portfolio to capitalise on the current high commodity price environment.
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