OneSteel Limited

Venus Metals Corporation Limited (ASX:VMC) are pleased to advise that the Pre-Feasibility study for the Yalgoo Iron Ore Project has commenced and the contract has been awarded to ProMet Engineers.

Preliminary interpretation of a ground gravity survey completed by Archer Exploration Limited (ASX:AXE) at Wildhorse Plains located on Eyre Peninsula in South Australia, has identified a substantial gravity anomaly that may indicate the presence of hematite at both Campoona Syncline and Mt Desperate.

Australian Market Report of November 15, 2010 includes: OneSteel Limited (ASX:OST) is to acquire the Moly-Cop and AltaSteel businesses to focus on the mining consumables sector; Citigold Corporation Limited (ASX:CTO) is to develop the Charters Towers mining area in Queensland with Anhui Geology and Mining Investment Co. Ltd.; Australian Mines Limited (ASX:AUZ) announced the acquisition of Nigerian gold project; Kentor Gold Limited (ASX:KGL) successful raised A$65.2 Million to fund Andash Gold-Copper Project in Kyrgyz.

The Australian sharemarket closed higher Tuesday. Financial stocks were boosted as Westpac's strong earnings result provided a positive sign for the banking sector and Australia's economy. The benchmark S&P/ASX200 index was up 22.3 points, or 0.5 per cent, at 4567.8, while the broader All Ordinaries index gained 20.4 points, or 0.4 per cent, to 4590.8.

US shares rebounded on Monday after a losing week hit by a series of disappointing economic reports. The market gained as Goldman Sachs recommended large banks and a report showed service industries returned to growth after 11 months of contraction.

US stocks plunged significantly overnight despite a better-than-expected US manufacturing survey data. Falls in Asia and Europe markets put heavy pressure on the US stocks. Shanghai stocks dropped 5.8% Monday.

Yesterday the Australian shares fell in a day of light trading as the market had a breather after a few weeks of rally. The benchmark S&P/ASX200 index were 1.2%, or 48.8 points, lower at 3877.2, while the broader All Ordinaries index was down 1.2%, or 46.9 points, at 3863.6.

The Australian shares ended with little changes on Friday. The S&P/ASX200 index just added 1 point to 3776.7 points, while the broader All Ordinaries gained 2.5 points to 3728.1. The local market is likely to be lifted on the back of the stronger metals prices. Today Rio Tinto's Australian annual meeting will also be the market focus.

Yesterday the Australian shares closed slightly lower as falls in financial stocks overshadowed the gains in big miners. The benchmark S&P/ASX200 index was down 0.1%, or 5.4 points, at 3747.5, while the broad-market All Ordinaries index fell 0.1%, or 4 points, at 3693.9.

Yesterday the Australian shares fell 1.2 per cent after the weak lead from Wall Street last week. The benchmark S&P/ASX200 dropped 42.2 points, or 1.2%, at 3,516.9, while the broader All Ordinaries index was down 35.4 points, or 1%, to 3461.3. Lacking lead from the US, the market attention will be on recent Chinese and Japanese takeover bids for the Australian companies and a string of corporate results.