ABN Newswire Stocks to Watch: January 21, 2010

Sydney, Jan 21, 2010 AEST (ABN Newswire) - Galaxy Resources Limited (ASX:GXY) (PINK:GALXF) said additional drilling, modelling and evaluation has increased the Mt Cattlin Lithium-Tantalum project's total contained lithium oxide resource by 11% to 172,000 tonnes since the release of previous resource estimate in May 2009. The resource increase at Mt Cattlin would extend the mine life of the spodumene project to 16 years.

Image Resources NL (ASX:IMA) (PINK:IMREF) said according to results for all samples selected for assay, within the Cyclone Extended area the average thickness of mineralisation has increased from 8m to 10m representing an overall increase in mineralisation thickness of 25%. The company said its sample processing was complete, mineral assemblage studies and resource estimation have commenced.

Havilah Resources NL (ASX:HAV) advises that it has completed the second stage of a detailed gravity survey at the Lilydale iron ore project, targeting the area of highest magnetic intensity of the Braemar Iron Formation. Gravity readings were carried out at 50m spacing along traverses 200m apart, and now cover approximately 8 km of strike of the western limb of the non-outcropping iron formation.

Drillsearch Energy Limited (ASX:DLS) (PINK:DRLLF) said it has executed an agreement to purchase Magellan Petroleum (Southern) Pty Limited which holds interests in 1 Production Licence, PPL212 Kiana (30%), 1 Petroleum Retention Licence over the Udacha discovery (30%) and 1 Petroleum Exploration Licence PEL107 (20%) from US Company Magellan Petroleum Corporation (MGN). The consideration for the assets is A$550,000 which will be financed out of exiting cash reserves.

Beach Energy Limited (ASX:BPT) (PINK:BEPTF) has released drilling report for the week ending 20 January, 2010. Highlights of the week's activities include: The NS 377-5 oil field development well (Beach 20%) is at a depth of 920 metres. 13 3/8 inch casing has been run and cemented and the blowout preventer is being installed.

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Michelle Liang Asia Business News Asia Bureau TEL: +61-2-9247-4344 Email: michelle.liang@abnnewswire.net