Zijin Mining Group Co Ltd

Indophil Resources (ASX:IRN) said Wednesday that the company and its corporate advisor has commenced, in some cases recommenced, dialogue with a number of interested buyers, after termination of the agreement with China's Zijin Mining (SHA:601899) (HKG:2899) relating to a A$545 million takeover offer.

The Australian stocks market ended with a two-week low on Friday due to uncertain domestic and overseas factors, including the weak US housing data and Europe fiscal health, and more importantly, Australia's proposed mining tax. The benchmark S&P/ASX200 index fell 66.7 points, or 1.5 per cent, to 4413, bringing this week's losses to 3.2 per cent. The broader All Ordinaries index plunged 64.7 points, or 1.4 per cent, to 4439.4.

US stocks was slightly higher on Friday, hitting at least 15-month closing highs despite a bigger-than-expected job loss data. US dollar was lowered on the disappointing payroll data. This week the US firms, which are widely expected to show significant improvement compared to the corresponding period last year, will kick off the quarterly earnings reporting season.

US stocks closed higher overnight as Dubai World said it was in discussions with banks to restructure US$26 billion in debt and the talks were proceeding on a constructive basis. Global markets strongly rebounded yesterday as investors realised that Dubai's trouble might be a regional problem.

Midas Resources Limited ("Midas" or "the Company") (ASX: MDS) is pleased to announce that it has signed an Memorandum of Understanding ("MoU") concerning a Joint Venture (JV) agreement with one of China's largest resources companies, Zijin Mining Group Co Ltd ("Zijin") (Hong Kong Stock Code: 2899), to explore the Da Hong Shan porphyry copper project in western China.