Asian Activities Report for June 1, 2011: Phoenix Gold (ASX:PXG) Doubled Mineral Resource To 526,000oz At Castle Hill Gold Project

Sydney, June 1, 2011 AEST (ABN Newswire) - Major Asian markets opened another day mostly in red. S&P/ASX 200 fluctuated in the early morning trade, down 0.10% to 4703.7. Nikkei 225 lost 0.01% to 9,692.64. Hang Seng Index fell 0.20% to 23636.96, while Shanghai Composite was down 0.37% to 2733.24.

Companies

Phoenix Gold Limited (ASX:PXG) has doubled the Mineral Resource estimate for its Castle Hill gold project from 253,000 oz to 526,000 oz following a successful drilling program. The mineralisation now extends over 2km, open in all directions and at depth. The Company is planning further drilling in the second half of 2011 to target extensions and to further increase the resource base at Castle Hill.

Zamia Metals Limited (ASX:ZGM) announced more high grade molybdenum from the southern zone of the Anthony molybdenum deposit in central Queensland, after it discovered the western and northern high grade zones of the deposit in late 2010 and early 2011. Further drilling is planned to determine extent of the deposit and a resource upgrade is anticipated during this month.

Centaurus Metals Limited (ASX:CTM) said that recent test work at its 100%-owned Jambreiro Iron Ore Project in Brazil shows that a high-grade hematite product grading 65.8% Fe with low impurities can be produced at a strong mass recovery of 50% and metal recovery above 90%. The Jambreiro Iron Ore Project currently has a JORC compliant Inferred Mineral Resource of 77Mt grading 29.5% Fe.

Hazelwood Resources Limited (ASX:HAZ) has commenced the final design criteria test work for its 100%-owned Big Hill Tungsten Deposit in Western Australia. The Pre-feasibility Study for the Big Hill Tungsten Deposit confirmed Big Hill as a source of feedstock for the Company's majority-owned ATC Ferrotungsten Project in Vietnam, which is expecting its first production over the coming months.

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