Gindalbie Metals Ltd

Padbury Mining Limited (ASX:PDY) is pleased to advise that it has appointed Mr Dan Podger as Project Manager for the Peak Hill Iron Project, a joint venture between Padbury Mining Limited and Aurium Resources (ASX:AGU).

Australian Market Report of February 24, 2011 includes: Viralytics Limited (ASX:VLA) received a patent granting notice from China regarding the use of EVATAK(TM) as ovarian cancer treatment; Peak Resources Limited (ASX:PEK) reported the remaining assay results from the November-December 2010 RC and diamond drilling campaign; Ferrum Crescent Limited (ASX:FCR) has commenced drilling at the Moonlight Iron Ore Project in South Africa; United Uranium Limited (ASX:UUL) announced that No.1 Institute of Geology and Minerals of Shandong Province received investment approval; Gindalbie Metals Limited (ASX:GBG) announced today that the maiden shipment of iron ore from the Karara Iron Ore Project in Western Australia will occur within two months.

Venus Metals Corporation Limited (ASX:VMC) ("Venus") report the results of the Scoping Study on the Yalgoo Iron Ore Project (as completed by Mineral Engineering Technical Services Pty Ltd. Their financial model indicates a potential net present value of A$1.14billion with internal rate of return of 24.4% based on a 30 Mtpa mine.

Iron Road Limited (ASX:IRD) announce a substantial resource upgrade at the Central Eyre Iron Project, with the Mineral Resources again tripling in size, in this instance from 328Mt to 1.2Bt. The resource upgrade comes as part of an ongoing Prefeasibility Study, evaluating an initial 10 million tonnes per annum high grade iron concentrate export operation expanding to 20 million tonnes per annum.

Venus Metals Corporation Limited (ASX:VMC) is pleased to report a JORC Compliant Inferred Magnetite Iron Ore Resource of 443.9 Million Tonnes at Bilberatha Hill, and highly encouraging Metallurgical test results of drill holes YGDD001 and YGDD002.

Murchison Metals Limited (ASX:MMX) (PINK:MUMTF) is pleased to announce that its 50% owned Oakajee Port & Rail (OPR) has entered into Memoranda of Understanding (MOUs) with each of the three selected potential foundation customers for its planned 45mtpa port and rail infrastructure project.

The Australian shares gave up their early gains and ended in a negative territory on Monday. The market weakness was mainly due to tax-related selling ahead of the financial year end of June 30. The benchmark S&P/ASX 200 index fell 28.5 points, or 0.65 per cent, to 4384.5 points, while the broader All Ordinaries index lost 0.67 per cent to settle at 4409.7.

The Australia share market Monday closed firmer on hope of a gradual appreciation of the Chinese yuan. At the close, the benchmark S&P/ASX200 index rose 60.7 points, or 1.33 per cent, to 4612.6 points and the broader All Ordinaries index added 58.6 points, or 1.28 per cent, to 4632.7 points. The market was also inspired by the news that Australian federal government struck a A$11 billion deal with Telstra over the planned national broadband network.

Gindalbie Metals Limited (ASX:GBG) said today its joint venture between China's Ansteel has secured a US1.2 billion loan facility from the banking syndicate led by China Development Bank and Bank of China (SHA:601988) (HKG:3988) for the US$2 billion Karara iron ore project, which is currently under construction in Western Australia.

The Australian shares opened higher on Thursday after the better-than-expected economic data in the euro zone inspired the US and Europe markets. Asian stocks in early trade were broadly up on the good offshore leads. Australia's S&P/ASX200 index climbed over 0.9 per cent at opening.