INVESTMENT - SeAH funds for Avanti

Avanti Mining has entered into a letter of intent with respect to a potential acquisition by Korean-based SeAH Holdings Corp of up to a 30% interest in the Kitsault Project in British Columbia, Canada.

The amount of investment needed to earn the interest will be negotiated between the parties based upon the valuation reflected in the Kitsault feasibility study announced on December 16, 2010.

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INVESTMENT – Bungalow progress payment

Centrex Metals has received payment of a further Aus$8 million from Baotou Iron & Steel to begin the stage 2 pre-feasibility study (PFS) of the Bungalow Magnetite Joint Venture on South Australia’s Eyre Peninsula.

The payment was received ahead of schedule and is the second progress payment by Baotou, which has now invested Aus$16 million into the joint venture.

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IRON ORE - Nameless exploration target

Dragon Energy has established an exploration target of 140 to 190 million tonnes at a grade of 48 to 52% iron at the Nameless tenement in central Pilbara, Western Australia.

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JAPAN DISASTER: Mixed impact for resources

The tragic earthquake and tsunami in north-east Japan will have mixed impacts on mining in the Asia Pacific region. The uranium industry faces an uncertain future and a tough road following the Fukushima emergency while the coal and oil sectors will benefit with increased reliance on these more traditional energy sources.

The uncertainty created by the natural disaster has meant a bumpy ride for resources shares with an initial slump, followed by a number of good days, mixed with some more nervousness. A number of other mineral resources may also benefit during the reconstruction period.1

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