Australian Market Report of October 1, 2010: Australian-American Mining (ASX:AIW) Potentially Large Rare Earth/Specialist Metal Discovery In US

Sydney, Oct 1, 2010 AEST (ABN Newswire) - Australian-American Mining Corporation (ASX:AIW) has recently launched a preliminary evaluation of the lithium-enriched pegmatites in Arizona, USA. Assayed samples show elevated values of lithium, niobium, cesium and tantalum specialist metals in pegmatite mineralisation as well as cerium and lanthanum rare earth elements. Potential for grade and size is significant. The company has staked seven lode claims comprising over 140 acres and applied for an additional 539 acres on area of interest.

Alloy Resources Limited (ASX:AYR) has completed a first round of geological mapping and rock chip sampling for the manganese and iron mineralisation at the Cootamundra Project, NSW. High grade manganese (>50%) and iron ore (>40%) were found. 23 rock samples assayed greater than 15% Mn, with 12 of these above 30% Mn and 7 of these above 40% Mn. 22 rock samples assayed greater than 30% Fe, with 11 of these above 40% Fe. This assessment indicates that the region has potential for high grade Mn deposits and is underexplored.

Thundelarra Exploration Limited (ASX:THX) received additional assay results from the Hayes Creek Uranium project. At the Thunderball prospect, six diamond core holes and nine reverse circulation holes produced a number of robust intersections including 6 metres at 1,415 ppm U3O8 and 15 metres at 8,633 ppm U3O8. Best drill intercept so far at the Bella Rose prospect were also reported including 6 metres at 1,415 ppm U3O8. Works approval has now been received to commence drilling of priority targets by mid October.

Blina Diamonds NL (ASX:BDI) has entered into an agreement to acquire 100% of BML LLC, a Mongolian entity ("BML"), enabling Blina to confidently pursue business activities in Mongolia with a specific focus on the exploration and development of coking and thermal coal for export. BML is in discussions to acquire a number of coking and thermal coal projects located in a coal basin with established infrastructure and in close proximity to high demand markets.

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