Australian Market Report of October 21, 2010: Moly Mines Limited (ASX:MOL) Signed Iron Ore Sales Agreement With China

Sydney, Oct 21, 2010 AEST (ABN Newswire) - Moly Mines Limited (ASX:MOL) has signed an iron ore sales agreement for 100% of its production from the Spinifex Ridge Iron Ore Project with Hanlong Metals Limited, an entity associated with Hanlong Group in Sichuan, China, which owns 55% of Moly Mines Limited. The first shipment of iron ore is planned in December 2010. The mining and processing operations at Spinifex Ridge have been designed to produce 1 million tonnes per annum of direct ship hematite iron ore.

Uranium Equities Limited (ASX:UEQ) announced that the follow-up diamond drilling at the Nabarlek Joint Venture in the Northern Territory has confirmed the widths and outstanding high uranium grades at the U40 Prospect. Assay results include 6.65m at 2.6% eU3O8 and 6.35m at 1.39% eU3O8. The U40 Prospect is located in the Alligator Rivers Uranium Field, a world-class uranium province which hosts some major uranium deposits. The field's total mineral endowment, including mined resources, exceeds 950Mlbs of U3O8.

Marmota Energy Limited (ASX:MEU) has commenced maiden drill testing of the Da Vinci vein exposure at the Angel Wing gold project in north-eastern Nevada, USA. The project represents a largely unexplored low sulphidation epithermal gold vein field where previous rock chip samples have returned excellent grades of up to 57.7g/t Au.

Metaliko Resources Limited (ASX:MKO) has commenced a 21 hole reverse circulation drilling program on its Anthill Gold Project in the Eastern Goldfields of Western Australia. The program is expected to take approximately 2 weeks to complete and will focus on previously intersected zones to test continuity of gold mineralisation.

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