Sydney, Australia, Oct 12, 2011 - (ABN Newswire) - Fortescue Metals Group Limited (ASX:FMG.AX) says that the total iron ore resource at the Nyidinghu ore body has exceeded 2 billion tonnes and the Company's total resource inventory has increased to 11.42 billion tonnes. The Company will continue drilling to increase the resource size and may ultimately add a further 400-500 million tonnes. It is expected that the Company may be in a position to announce Indicated Resources late in the first quarter of calendar year 2012.
Credo Resources Limited (ASX:CRQ.AX) has entered into an agreement to acquire a 100% interest in Riverglide Investments Pty Ltd, which holds extensive interests in gold permits in Burkina Faso. These permits are all located in a proven world class gold province. The Company plans to rapidly evaluate a number of permits and targets whilst drill test the known gold workings.
Carnarvon Petroleum Limited (ASX:CVN.AX), together with its joint venture partner Pan Orient Energy (TSXV:POE.V), says that NSE-F6 Development Well located onshore Thailand has been successfully drilled and is currently on production at a rate of approximately 1,000 bopd gross. This is the first high rate well drilled at the NSE-F1 field and the joint venture will pursue three follow-up appraisal wells prior to year end.
Unity Mining Limited (ASX:UML.AX) has signed an agreement to farm into the Firetower exploration project held by Greatland Gold plc (LSE:GGP.L). The farm-in agreement will enable Unity Mining to leverage experience in Tasmanian gold exploration on a substantially increased ground position, and reinforces its strong commitment to gold exploration and production in Tasmania. Unity Mining may earn up to a 75% interest by spending A$7 million over 5.5 years.
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