Australian Market Report of October 15, 2010: Dragon Energy Limited (ASX:DLE) Announces Manganese And Iron Discoveries At Lee Steere Project

Sydney, Oct 15, 2010 AEST (ABN Newswire) - Dragon Energy Limited (ASX:DLE) has received significant assay results from 100% owned E69/2377-I, which forms part of the Lee Steere Project in the Eastern Nabberu Basin, Western Australia. Selective and representative rock chip sampling returned grades of up to 65.6% Fe and 33.6% Mn. This initial exploration results have demonstrated a very good manganese and iron exploration potential in this region and the company is planning to advance the project as a priority.

Korab Resources Limited (ASX:KOR) has discovered rare earth oxide mineralisation at its wholly owned Geolsec project located at Rum Jungle in the Northern Territory. The rare earths mineralisation has been encountered within the Geolsec formation and within surrounding rocks of Coomalie Dolostone and Whites Formation. Korab will shortly undertake additional work program to assess further the potential of this exciting discovery.

Icon Resources Limited (ASX:III) reported that a maiden JORC compliant Inferred Resource of 113.6Mt at 0.06% WO3, containing 68,800 tonnes of tungsten trioxide has been estimated for the primary mineralisation at the Mt Carbine tungsten project in north Queensland. Drilling confirms continuity of mineralisation which remains open at depth and to the north and also confirms the potential for significant long-term tungsten production at Mt Carbine. The company will continue testwork to fast-track production to meet a resurgent global demand for tungsten concentrates.

Guildford Coal Limited (ASX:GUF) has commenced drilling on Maryborough Hard Coking Coal Project in Queensland. The project is located north west of the Northern Energy Corporation's (ASX:NEC) Colton Project which has declared 83Mt JORC Inferred and Indicated Resource of hard coking coal. The company aims to drill a series of diamond holes to define the location of the outcropping coal seams and to confirm the coal quality.

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