Asian Activities Report for May 19, 2011: Papillon Resources Limited (ASX:PIR) Confirm Major Gold Discovery In Mali

Sydney, May 19, 2011 AEST (ABN Newswire) - The Australian market opened higher today, with the S&P/ASX200 up 0.57 per cent, to 4720.4 and the All Ordinaries index up 0.53% to 4790.7. Hang Seng Index rose 0.32% to 23085.04, while the Shanghai Composite inched up 0.15% to 2877.20. The Japanese shares bounced higher right after the opening bell but quickly fell 0.16% to 9,646.58 in the first two hours of today's session.

Companies

Papillon Resources Limited (ASX:PIR) said that results of the current drilling program at Fekola Discovery within the Medinandi Gold Project in Mali confirmed a significant gold discovery. Numerous wide strongly-mineralised intercepts returned grades of up to 8.97g/t Au. Aggressive drilling program is continuing to test the mineralisation that is open at depth and along strike.

Fe Limited (ASX:FEL) announced encouraging results from initial exploration at Mt Ida Iron Ore Project in Western Australia. Rockchip sampling confirmed banded iron formation with grades from 35% to 64% Fe at surface. The Company is to target 1.1-1.4 billion tonnes of iron at 30%-37% Fe and will commence drilling in the September quarter of 2011.

Focus Minerals Limited (ASX:FML) has started ore production at its new gold operations at the Tindals Mining Centre in Western Australia, adding 30,000oz per annum to its two other operating mines. The Company is on track to deliver 100,000oz of gold in calendar 2011.

Planet Metals Limited (ASX:PMQ) said today that the Company is currently in a strong financial position following last week's sale of its interest in the Wolfram Camp project. Cash at hand is in excess of A$4 million with a further A$3.5 million worth of equity investments. This will allow the Company to accelerate its copper-gold exploration and development projects in Queensland.

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