Australian Market Report of March 18, 2011: Cleveland Mining (ASX:CDG) Acquire New Chilean Gold Project

Cleveland Mining Company Limited (ASX:CDG) has signed a binding Letter of Intent to develop the El Chapo de Canela gold project in central Chile, re-affirming the Company's commitment to expanding its presence in Chile. El Chapo presents potential for large tonnage, near surface, low-grade to mid-grade gold deposits. Cleveland's target for the project is 5Mt to 20Mt at 1.5g/t to 3g/t, which equates to approximately 200k oz Au to 1.2m oz Au.

RMG Limited (ASX:RMG) has agreed to purchase the entire share capital of Sunlander Nominees Pty Limited, which has an exclusive right to earn up to 100% of the Kamarga Zinc project from Teck Australia Pty Ltd pursuant to a Farmin Agreement. Kamarga hosts wide intersections of low grade zinc and lead within which are higher grade zones of 5% to 20% zinc. The Company is targeting a geological target of 5-15Mt at 5-10%Zn.

Gold Road Resources Limited (ASX:GOR) announced a maiden high-grade JORC-compliant gold resource for the Central Bore Deposit at its 100%-owned Yamarna Gold Project in Western Australia. The combined measured, indicated and inferred resource for the Central Bore Deposit totals 595,000 tonnes at 7.9 g/t Au for a total of 150,300 ounces of contained gold. The current resource inventory for the Yamarna Project now exceeds 1 million ounces. The Company is preparing to fast track a development schedule.

Coalworks Limited (ASX:CWK) has completed Phase 1 drilling at Ferndale Coal Project. All 7 holes planned for Phase 1 have been drilled, targeting open pit and underground coking and thermal coal. The Company has an exploration target of 350 to 530 Mt of export quality thermal coal and coking coal at the Project. Phase 2 drilling comprising 9 cored holes has now commenced.


Asia Business News
Tel: +61-2-9247-4344


Copyright (C) 2011 ABN Newswire. All rights reserved.

Data & News supplied by
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.