Here's the market update- not even considered as market sensitive, I would of imagined that its pretty massive news!
29 March 2011 MARKET UPDATE Australian iron ore company Australasian Resources Ltd (Australasian or ASX: ARH) is pleased to announce that Hunan Non-Ferrous Geology Exploration Bureau (Hunan) has sent a high level delegation to Australia to conduct further Due Diligence on the Balmoral South Iron Ore Project. This visit, which included a trip to the Balmoral site, is hoped to result in a subsequent agreement between parties to provide a basis for project funding and development. Based on initial discussions Hunan is looking for product on behalf of the Hunan Provincial Government of up to 50 million tonnes per annum. Hunan was founded in 1953 and has 3,200 geologists with strong and vertically integrated geological exploration capability and facilities. In the past 50 years, it has discovered over A$130 billion worth of metals and resources in China and enjoys a strong track record and reputation as a leader of geology exploration and resource development in China. Australasian looks forward to progressing discussions and advancing towards a potential commercial outcome with Hunan in the near future. Australasian is currently working on updating the 2008 Feasibility Study to reflect current market costs.
ARH Price at posting:
31.0¢ Sentiment: Buy Disclosure: Held
