Asian Activities Report for July 5, 2011: Platina Resources (ASX:PGM) Found More Platinum and Scandium at Owendale Platinum Project

Sydney, July 5, 2011 AEST (ABN Newswire) - Major Asian markets all opened in red today. The S&P/ASX 200 lost 0.29% to 4597.5 in early trade. Nikkei 225 slipped 0.15% to 9,949.88. Hang Seng Index was down 0.09% to 22749.62, while Shanghai Composite lost 0.14% to 2808.78.

Company News

Platina Resources Limited (ASX:PGM) has identified further near-surface platinum and scandium mineralisation at its 100% owned Owendale Platinum Project. Assay results from the recently completed drilling program include 15m at 1.5g/t platinum, 13m at 2.4g/t platinum and 4m at 6.4g/t platinum. Mineralisation encountered appears to be open in all directions, and further drilling programs will be carried out to ascertain its full extent.

Cerro Resources NL (ASX:CJO) announced initial diamond drill results for its 100% owned Mt Philp Haematite Iron Prospect in Queensland. Best results included 52.3m at 50.6% Fe, 95.5m at 52.2% Fe and 67.7m at 50.2% Fe. The Company commenced diamond drilling at Mt Philp in late March 2011 to gain a better knowledge of the Mt Philp ironstone body and to define a resource.

Alligator Energy Limited (ASX:AGE) has signed an exploration agreement with Cameco Corporation (TSE:CCO) to earn up to 90% of tenement EL 24992 in the Northern Territory. Exploration by Cameco on the licence area has reported the discovery of uranium mineralisation and returned values of greater than 1000ppm U3O8 in eight rock chip samples with a maximum of 9388ppm U3O8 within this target area.

Stanmore Coal Limited (ASX:SMR) said today that drilling has increased confidence in achieving the upper end of the coal exploration target of 220Mt to 290Mt in the Aries seam at Tennyson Project. The company will continue drilling with the aim of defining an initial JORC Inferred Resource in this seam by September and to further explore the other seams.

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