Australian Market Report of February 28: TNG Limited - Signed Memorandum of Understanding With China For Mount Peake Iron-Vanadium Project

12:02 AEST Feb 28, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.

Sydney, Australia (ABN Newswire) - TNG Limited (ASX: TNG) has signed a Memorandum of Understanding with a leading Chinese state-owned engineering, development and construction enterprise to establish a strategic partnership for financing and development of its Mount Peake Iron-Vanadium Project in the Northern Territory. The Chinese company is currently reviewing the Scoping Study and other project information. Subject to a satisfactory review, the two parties will sign potential future agreements regarding the off-take of the iron and vanadium products, project construction and funding.

Territory Uranium Company Limited (ASX: TUC) today announced successful intersection of the target zone at the Quantum rare earth prospect in the Northern Territory. In hole TDD10, approximately 12m of strong mineral alteration, quartz veining and sulphide mineralisation have been intersected. Drilling continues at Quantum and six holes are planned for this phase of drilling.

Firestone Energy Limited (ASX: FSE) has signed a Shareholders Joint Venture Agreement with Sekoko Coal (Proprietary) Limited for the Waterberg Coal Project in South Africa. The Agreement specifies the operational, financing and cashflow aspects of the joint venture in accordance with the ownership interests of the participants, Firestone 60% and Sekoko 40%. Firestone will now seek funding to develop the Waterberg Coal Project.

Raisama Limited (ASX: RAI) said today that the company will acquire a 32.2% equity interest in the Bonita block, located adjacent to the Cadlao Block in the prolific Palawan Basin, the Republic of Philippines. The Bonita block has the potential to add up to 4 million barrels gross, incremental oil reserves to the 6 million barrels reserves already certified at the Cadlao Block. The Bonita block surrounds the Cadlao oil field, which is Raisama's top priority and will become the company's first production asset.



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