Panax Geothermal Limited

Australian Market Report of March 21, 2011 includes: Shaw River Resources Limited (ASX:SRR) announced a maiden Inferred Resource of 6.8Mt at its 75.5% owned Otjozondu Manganese Project in Namibia; West African Resources Limited (ASX:WAF) reported a significant gold mineralised zone in Burkina Faso; Avanco Resources Limited (ASX:AVB) has acquired additional tenements and further expanded the Rio Verde Copper Project in Brazil; Panax Geothermal Limited (ASX:PAX) announced a new agreement to commence exploration in Indonesia.

The Australian shares Wednesday continued to decline in early trade, led by financial stocks. Overnight Wall Street closed lower in a choppy trade as investors wobbled on Europe's debt issues despite the upbeat US economic data. Meanwhile, declines energy sector weighed on US stocks, after the US government said it was starting civil and criminal investigations on the Gulf of Mexico oil spill.

In the face of the current economic downturn, the Australian geothermal industry has experienced significant growth in the number of companies that have joined the search for "Hot-Rock Energy", fuelled by the rapidly increasing demand for renewable energy. In the nine months since the Australian geothermal industry launched the world's first Geothermal Reporting Code, six companies have reported massive geothermal energy reserves.

In the face of the current economic downturn, the Australian geothermal industry has experienced significant growth in the number of companies that have joined the search for "Hot-Rock Energy", fuelled by the rapidly increasing demand for renewable energy. In the nine months since the Australian geothermal industry launched the world's first Geothermal Reporting Code, six companies have reported massive geothermal energy reserves.

In the face of the current economic downturn, the Australian geothermal industry has experienced significant growth in the number of companies that have joined the search for "Hot-Rock Energy", fuelled by the rapidly increasing demand for renewable energy. In the nine months since the Australian geothermal industry launched the world's first Geothermal Reporting Code, six companies have reported massive geothermal energy reserves.