Asian Activities Report for May 24, 2011: Mincor Resources NL (ASX:MCR) Announce A$30 Million Gold And Copper Transaction In Papua New Guinea

Sydney, May 24, 2011 AEST (ABN Newswire) - Major Asian markets extended yesterday's losses in opening trade. The S&P/ASX200 index fell 0.4% to 4626.4, while the All Ordinaries index dropped 0.4% to 4705.3. The Hang Seng Index was down 0.07% to 22695.57 and the Shanghai Composite lost 0.58% to 2758.46. Nikkei 225 tumbled this morning with shares down 0.09% to 9,452.53.

Companies

Australian nickel miner Mincor Resources NL (ASX:MCR) has taken a major step in its growth and diversification strategy after today announcing a A$30 million joint venture deal covering a suite of high potential gold and copper exploration projects in Papua New Guinea. The transaction provides Mincor with a pipeline of growth assets including advanced-stage projects, projects with identified targets and spectacular historical drill intersections, and early stage prospects with untested potential.

Tanami Gold NL (ASX:TAM) reported further outstanding results from ongoing diamond drilling at its 100%-owned Central Tanami Project in the Northern Territory. Average gold grades of up to 341.6g/t Au were returned and the mineralisation remains open at depth along a 1.5 kilometre strike. The Company plans to drill test these targets.

Otis Energy Limited (ASX:FUT) has acquired a 10% working interest in the potential 126 million barrels of oil and 379 billion cubic feet of gas reserve Avalanche oil and gas project located in South Central Louisiana, USA. The first well is set to be drilled late in the US summer/early fall to test four potential zones for a reserve potential of between 3.3-41 million barrels of oil and 9.9-123 billion cubic feet of gas.

Midwinter Resources (ASX:MWN) has received encouraging results from ore sample tests from its Northern Lights Project in South Africa. High grade concentrates of 69.9% Fe were reported and recoveries were estimated to exceed 90%. A more comprehensive metallurgical program is planning to optimise the grind size, concentrate grade and recoveries.

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