ABN Newswire Stocks to Watch: February 18, 2010

Sydney, Feb 18, 2010 AEST (ABN Newswire) - As part of its expanded search for iron ore close to existing infrastructure, Magnetic Resources NL (ASX:MAU) has commenced a 3,480sq km high resolution aeromagnetic survey of its tenements over multiple target areas in the SW of WA (ASX release 22 January 2010). Separately, Magnetic Resources also said it has reached agreement with a combination of sophisticated and professional investors to place 3,700,000 fully paid shares at an issue price of A$0.40 per fully paid share.

Galaxy Resources Limited (ASX:GXY) (PINK:GALXF) said construction at its Mt Cattlin project has progressed rapidly with foundations and concrete works underway at the onsite processing facility. The Company's project application for China based Jiangsu Lithium Carbonate Plant in Jiangsu Province has been approved and the Business License was issued by the Zhangjiagang Free Trade Zone authorities allowing further preparatory works to be conducted.

NewSat Limited (ASX:NWT) (OTC:NWTLY), Australia's largest independent satellite communications company, said it is well placed to leverage off its infrastructure, with our teleports having a footprint of 75% of the worlds' surface to continue to grow the business in this robust global market.

AusTex Oil Limited (ASX:AOK) (PINK:ATXDF) advises that drilling of the Mayo Moore #7 Well commenced Tuesday 16 February 2010 (CDT). Surface casing has been set at 315 feet with cement circulated to the surface successfully. TD of 1100 feet is expected to be reached on Wednesday afternoon (CDT).