Shougang Group

Shougang Group (SHE:000959) has signed a contract in Beijing with China Academy of Railway Sciences relating to the "Bridge Bearing and Remote Monitoring System Manufacturing Technology" project. Shougang is now actively promoting the application of new technology following the restructuring of its iron and steel division. It will now focus more on the development of high-end metallic materials, advanced equipments and vehicle parts, production services and innovation.

Yesterday the Australian share market closed about 5% higher on its first trading day of November with good lead from Wall Street on last Friday and the expectation of another RBA interest rate cut. It was the share markets' fourth consecutive stronger day adding A$51 billion to the value of stocks.

Australasian Resources Ltd (Australasian)(ASX: ARH) is pleased to advise that the completion of the Feasibility Study report for its flagship Balmoral South Iron Ore Project is imminent and that Shougang has been actively supporting the Company's efforts to achieve this objective over the past month.