BAUXITE - Promising drill results at Tasmanian tenements

Australian Bauxite’s (ABx) newly consolidated exploration tenements in Tasmania have returned promising drill and surface sample results. The 11 tenements cover 1897sqkm in central northern Tasmania, and have been the focus of 334 drill holes and 1521 surface samples during the last 18 months. The aim of the exploration was to define areas that may be suitable for a project based on bauxite extraction and export.

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CHINA - Eldorado quarterly production down

Canadian gold producer Eldorado Gold says reduced production at its Chinese operations during the second quarter of 2012 has contributed to a 38% decline in net income. Profit for the quarter to June 30 was $46.6 million compared to $74.9 million for the corresponding 2011 quarter. The company says the decrease was due to lower earnings before taxes from gold mining operations, as well as higher general, exploration, tax and administrative expenses.  1

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CHINA - Galaxy improves Jiangsu lithium carbonate quality

A month after achieving battery grade quality across all specifications at its Jiangsu lithium carbonate plant, Galaxy Resources has demonstrated major reductions in the sodium and sulphate levels of its product. These reductions mean the battery grade lithium carbonate produced is of higher purity than previous batches.  1

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CHINA - Majestic secures $35 million placement

Canadian-based producer Majestic Gold has successfully negotiated a $35.5 million share sale to one of China’s leading venture capital management companies. NewMargin Ventures has purchased the majority of the 197.5 million shares with several other Asian-based investors sharing the remaining portion. 1

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