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Welcome To The Australian Investor

ASX Afternoon Market Wrap – 2nd September 2010 – Investors Feeling Positive

Local investors were back in play today and the Australian market finished ahead, buoyed by strong economic news.

The benchmark S&P/ASX200 index gained 37 points, or 0.8 per cent, at 4532.7, while the broader All Ordinaries index added 36.2 points, or 0.8 per cent, to 4563.

In the major sectors, financials advanced 1.1 per cent and materials climbed 0.7 per cent.

The S&P/ASX200 is up about 4 per cent so far this week - a three-week high after news yesterday that the economy had been lifted 1.2 per cent in the past quarter, the best performance in three years.



In company news, Fission Energy Limited and 50% Joint Venture partner Barra Resources Limited have announced that assays from hole MTRC022 which intersected significant nickel sulphides has returned 2m @ 3.5% Nickel from 118 to 120m down hole, including 1m @ 4.7% Nickel.

This intersection is very encouraging as the mineralisation is interpreted to have been affected by a pegmatite intrusion which has disrupted the footwall contact and has probably removed some of the nickel sulphides, as often occurs at Kambalda.

Hole MTRC022 is now the third hole drilled at Mt Thirsty which has returned high nickel grades. The other significant down hole intercepts include holes MTRC015 and MTRC020 with 6m @ 3.4% and 2m @ 5.9% Ni respectively.

Further RC drilling is planned later this month to follow up these extremely encouraging first pass results and further evaluate the potential of this new nickel sulphide discovery to host a significant nickel deposit.



Pacrim Energy Limited has announced further five metre composite sample results for RC and AC drilling from the ongoing programmes at the Kelly, Golden Terrace North (GTN) and GTS Next prospect areas. The highly encouraging results add to the many excellent intercepts recently released.

RC drilling at Kelly is ongoing and continues to substantiate the existence of a large mineralised system which remains open in several directions. Further results are expected in coming weeks and the collection of single metre samples or assay has commenced.

Results of gold assays from 5 metre composite samples include; 85m @ 0.87g/t inc. 50m @ 1.34g/t; 120m @0.68g/t inc. 35m @ 1.21g/t & 25m @ 1.14g/t; 63m @ 0.72g/t EOH inc. 10m @ 3.36g/t; 139m @ 0.45g/t EOH inc. 15m @ 2.20g/t; 125m @ 0.47g/t inc. 25m @ 1.00g/t; 95m @ 0.45g/t inc. 10m @ 1.50g/t; 110m @ 0.39g/t inc. 10m @ 1.10g/t; 95m @ 0.57g/t inc. 20m @ 1.03g/t; and 20m @ 1.04g/t.

At Golden Terrace North Prospect a programme of drilling was completed following re-interpretation of the controls to gold mineralisation. This programme has provided sufficient drilling density to enable Pacrim to now undertake re-estimation of the resource.

Results of gold assays from 5 metre composite samples include; 20m @ 1.81g/t inc. 5m @ 5.89g/t; and 20m @ 1.19g/t inc. 5m @ 4.10g/t.



Drilling has returned additional gold intersections over the 200m of strike to the north of the Golden Terrace South deposit, and is considered an extension to this mineralised zone. Results of gold assays from 5 metre composite samples include; 10m @ 1.38g/t; 10m @ 1.36g/t; 10m @ 1.23g/t; 5m @ 2.18g/t; 25m @ 0.89g/t inc. 5m @ 3.19g/t; 5m @ 2.58g/t; 5m @ 2.74g/t; 5m @ 1.59g/t; 5m @ 1.25g/t; and 20m @ 0.84g/t.

The drilling completed is in line with the Company’s strategy of aggressively exploring its 100% owned Redcliffe Gold Project with the aim of increasing the current resource estimate base of 175,000oz.

Further drilling is planned over the coming months and will include; deeper drilling targeting high grade plunging shoots at GTS; resource drilling at Kelly and GTS Next; and regional Aircore drilling testing for further mineralised zones at Kelly, Mesa and other regional targets.



Stanmore Coal Limited has announced that an initial JORC Inferred Resource of 99Mt has been established at the company¡¯s 100% owned Mackenzie River Coking Coal Project (EPC¡¯s 1060, 1062, 1547, 1688, 1671). The 99Mt JORC Inferred Resource has been established down to a 100m depth cut off within the Aquarius seam of the Burngrove Formation. 66Mt of this Inferred Resource occurs at depths shallower than 75m.

In addition an exploration target1 of 70Mt ¨C 80Mt has been established within the Leo seam and Aquarius seams covering: North of the existing Aquarius seam resource area (predominantly north of the Nogoa River); and; The Leo seam which lies above the Aquarius seam but has not been cored and sampled at this stage. The Leo seam is typically 1.0m ©\ 1.5m thick and lies approximately 35 metres above the Aquarius seam.

The coal seams strike in a general North South direction over an approximate 25km strike length within the western part of the Mackenzie River project area, and dip towards the west at approximately 2¡ã. The limit of weathering (or top of sub cropping coal) ranges in depth from 19m to 49m across the resource area. A total of 27 holes are now included in the western area geological model, 14 partially cored drill holes and 13 holes rotary open holes.

Drilling and laboratory work is continuing with the aim of expanding the initial JORC Resource within the Aquarius seam and extending it to the Leo seam over the coming months.



At 1600 AEST the 12 GICS indices were:-

Discretion 1,527.6 up 17.0

Consumer Staples 8,117.4 up 67.3

Energy 14,970.9 up 59.2

Financials 4,385.0 up 47.3

Fin-x-property 5,031.6 up 53.0

Gold 7,046.9 up 7.3

Health 8,288.0 up 45.9

Industrials 3,556.8 up 6.0

Info Technology 592.9 up 6.8

Materials 12,080.0 up 83.6

Metals and Mining 4,315.9 up 38.4

Resources 5,108.5 up 39.3

Telecommunications 967.3 up 6.5

Utilities 4,313.0 up 27.7

Individual stock performances

BHP Billiton was at $38.82 up 41 cents. Rio Tinto was at $73.12 up 88 cents.

Banks

Westpac was at $22.65 up 30 cents. NAB was at $24.11 up 26 cents. ANZ was at $24.43 up 29 cents. Commonwealth Bank was at $51.92 up 61 cents.

Media

News Corp was at $16.14 up 14 cents. John Fairfax was at $1.50 up 2 cents.

Retail

Woolworths was at $28.47 up 24 cents. Harvey Norman was at $3.48 down 1 cent. David Jones was at $5.15 up 17 cents.

Toll Holdings was at $6.18 up1 cents. Qantas was at $2.53 down 3 cents.

Gold

Gold was down at the close of the day, finishing behind $US1.60 at $US1233.80 an ounce.

Oil

Oil was also slightly down, falling $US0.13 to trade at $US74.30 a barrel.

Dollar

At 1600 AEST the Australia dollar was:

AUD/USD 0.90750

AUD/EUR 0.70803

AUD/GBP 0.58853

AUD/JPY 76.3961

AUD/NZD 1.27172

ASX Midday Market Wrap – 2nd September 2010 – Investors Rush In

Investors flooded back into the market today, sending the ASX upwards, but shares have already lost some early rises on profit-taking in early afternoon trade.

Around 12pm AEST, the benchmark S&P/ASX200 index was ahead 34.2 points, or 0.8 per cent, at 4529.9, while the broader All Ordinaries index gained 33.7 points, or 0.7 per cent, to 4560.5.
In the major sectors financials added 1.2 per cent and materials rose 0.9 per cent.

Data released yesterday demonstrating that the economy has grown 1.2 per cent in the last quarter has caused the S&P/ASX200 to be ahead by around 4 per cent this week – the highest point in three-weeks.

Investors rushed back into the mix early this morning in anticipation of a local surge, but later lost some of the momentum as profit-taking set in.

In company news, Dragon Mining Limited has announced the receipt of the final results from the 25 hole, 3,500 metre campaign of diamond core drilling of the extensions of the Sarvisuo lode system at the Orivesi Gold Mine in southern Finland.

These results have yielded a number of intercept highlights (1.65m @ 63.89 g/t gold, 4.00m @ 7.01 g/t gold and 1.25m @ 76.4 g/t gold), providing further encouragement for the area west of the Sarvisuo lode system and indicating that mineralisation associated with the Sarvisuo lode system could extend down to at least the 620m level.

A 10 hole, 2,300 metre drilling program has now commenced to better determine the merits and extent of mineralisation identified during this campaign, with the first results scheduled to be available during September.

Tissue Therapies Limited has today released outstanding results from an additional cohort of 5 chronic venous ulcer patients in the Australian human trial of VitroGro®, bringing the Australian study total to 27 patients.

These excellent results with only 24 days treatment with complete healing of 5 out of 27 patients; VitroGro® twice per week included: average area of ulcer healing: 41%; and statistical significance: p < 0.0001.

The venous ulcer patients who took part in this clinical trial were medically challenging with: average age of 70 years; average venous ulcer duration of 12 months; average time during which the venous ulcers were unresponsive to compression dressings (the current state of the art treatment) prior to joining the VitroGro® trial: 10 months.

Altura Mining Limited today announced a maiden Ore Reserve estimate of 19.1 million tonnes @ 57.6% Fe at the Mt Webber DSO project in Western Australia’s Pilbara region.

The Ore Reserve estimate represents a very high conversion of over 97% of the Indicated Mineral Resource at the Ibanez deposit located within the Mt Webber project area.

The latest Mineral Resource estimate of 41.9 million tonnes at 57.1% Fe prepared by Atlas was completed in June 2010. The subsequent Ore Reserve estimate of 19.1 million tonnes @ 57.6% Fe (prepared by Atlas) was completed in August 2010. The current maiden Ore

Reserve estimate of 19.1 million tonnes at Ibanez is contained within the Indicated mineral resource component of 21.9 million tonnes. Further DSO resources of approximately 22 million tonnes remain and are predominantly located in the Inferred category.

At 1200 AEST the 12 GICS indices were:-

Discretion 1,527.1 up 16.5

Consumer Staples 8,094.6 up 44.5

Energy 14,968.5 up 56.8

Financials 4,381.8 up 44.1

Fin-x-property 5,029.1 up 50.5

Gold 7,035.7 down 3.9

Health 8,265.5 up 23.4

Industrials 3,553.0 up 2.2

Info Technology 591.3 up 5.2

Materials 12,090.6 up 94.2

Metals and Mining 4,317.9 up 40.4

Resources 5,110.4 up 41.2

Telecommunications 963.8 up 3.0

Utilities 4,293.6 up 8.3

Individual stock performances

BHP Billiton was at $38.29 up 38 cents. Rio Tinto was at $73.31 up $1.07.

Banks

Westpac was at $22.59 up 24 cents. NAB was at $24.22 up 37 cents. ANZ was at $23.33 up 19 cents. Commonwealth Bank was at $51.82 up 51 cents.

Media

News Corp was at $16.08 up 8 cents. John Fairfax was at $1.505 up 2.5 cents.

Retail

Woolworths was at $28.33 up 10 cents. Harvey Norman was at $3.51 up 2 cents. David Jones was at $5.10 up 12 cents.

Toll Holdings was at $6.18 up 1 cent. Qantas was at $2.56 flat.

Gold

Gold was up in early afternoon trade, rising $US0.30 an ounce to sit at $US1248.40.

Oil

Oil, meanwhile fell to $US73.80, a loss of $US0.11 a barrel.

Dollar

At 1200 AEST the Australia dollar was:

AUD/USD 0.90695

AUD/EUR 0.70897

AUD/GBP 0.58734

AUD/JPY 76.3606

AUD/NZD 1.27092


US Stock Market Report – 2nd September 2010 – Strong Start To September

After a sluggish August, stocks bounced back on the first day of September and experienced a big surge on Wall Street overnight with improvements in the manufacturing sector.

The Dow Jones industrial average (INDU) rallied 256 points, or 2.2%.The S&P 500 (SPX) gained 31 points, or 2.9% and the Nasdaq (COMP) composite advanced 63 points, or 3%.

Offshore positives such as growth in Chinese manufacturing and strong economic growth here in Australia spurred stocks on right from the start of the session. The rally was boosted even more by a better than expected report on U.S. manufacturing activity.

The manufacturing news lifted industrial names and companies in the materials sector. Caterpillar (CAT, Fortune 500), United Technologies (UTX, Fortune 500), Boeing (BA, Fortune 500) all advanced between 2% and 4%. Energy companies Exxon (XOM, Fortune 500) and Chevron (CVX, Fortune 500) also made gains as oil prices were up 3%.

August ended with little changes to the major gauges after an overall weak performance for the month.

Investor attention could move to jobs tomorrow when the government releases its weekly report on initial claims for jobless benefits. The latest readings on factory orders and pending home sales will also be reported shortly after the U.S. session opens tonight.

In overnight economic news. the Institute for Supply Management's (ISM) announced its index of manufacturing activity was up to 56.3 for August. Economists had predicted the index to be down. Any number over 50 demonstrates improvement in the sector.

And, payroll processing firm ADP reported that employers cut 10,000 jobs in August. Economists were actually forecasting private sector employers to add 13,000 jobs during the month, after adding 37,000 in July.

Investors were not bothered by this weaker than expected report.

A separate report showed that planned job reductions sunk to a 10-year record low in August, as employers took away 34,768, 17% less than the previous month, according to outplacement company Challenger, Gray & Christmas.

These jobs reports are announced in the lead up to the government's monthly report on jobs and unemployment. Economists predict the government to announce that 120,000 jobs were lost in August, after employers reduced payrolls by 131,000 in July. The unemployment rate is expected to climb slightly to 9.6% from 9.5%.

In company news, General Motors, Ford Motor (F, Fortune 500) and Toyota (TM) all released weaker than expected sales figures overnight. August is predicted to be the worst month for industrywide auto sales in 27 years.

Shares of Burger King Holdings (BKC) surged 14%, after news that the fast food chain is considering a possible sell out. The Wall Street Journal claimed that private equity firms including Britain's 3G Capital Group have shown interest in buying Burger King.

The U.S. dollar was down versus the euro and the British pound, but up against the Japanese yen.

Oil futures for October delivery gained $2.08 to sit at $74.03 a barrel.

Gold for December delivery slipped $2.20 to trade at $1,248.10 an ounce.

One Australian dollar currently buys:

AUD/USD 0.91053

AUD/EUR 0.71127

AUD /GBP 0.58935

AUD/JPY 76.8883

AUD/NZD 1.27848

In overseas trade, the FTSE 100 in Britain advanced 2.7%, the CAC 40 in France climbed 3.8% and the DAX in Germany was up 2.7%.
Latest International Stockmarket Indices
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Market News

[MCL] Major milestone on methodology for forest carbon credits
02-Sep-2010

[SMR] Initial JORC Inferred Resource of 99Mt at Mackenzie River
02-Sep-2010

[FIS] High grade nickel in third hole at Mt Thirsty
02-Sep-2010

[PRE] Continued exploration success at Redcliffe Gold Project
02-Sep-2010

[SYP] Style signs Cooperative Manufacturing Agreement with QiChen
02-Sep-2010

[ATJ] Major breakthrough in Supercharger manufacturing process
02-Sep-2010

[TRH] Haemetite targets defined at Johnston Range Project
02-Sep-2010

[AJM] Maiden Ore Reserve at Mt Webber
02-Sep-2010

[SRR] Baramine delivers further manganese discoveries
02-Sep-2010

[TIS] Exceptional VitroGro clinical results continue
02-Sep-2010

[DRA] Promising drill results
02-Sep-2010

[GRY] Gryphon Minerals announces 1.5 Million oz gold resource
01-Sep-2010

[AMX] Best gold intercepts to date
01-Sep-2010

[BDR] Further high grade drill results - Tucano Gold Project
01-Sep-2010

[AQD] Further encouragement in Burkina Faso
01-Sep-2010

[CAY] RC drilling at the Cue Project returns positive gold intercepts
01-Sep-2010

[BUR] Activity update - three discoveries.
01-Sep-2010

[QRX] Interim analysis of final pivotal phase 3 study MoxDuoIR
01-Sep-2010

[HTX] South Korea OvPlex study commences for KFDA approvals
01-Sep-2010

[APN] NZ Magazines expands portfolio
01-Sep-2010

[DVN] New residential land project at Bacchus Marsh in Victoria
01-Sep-2010

[LWB] LWB explores alternatives to meet growth needs
01-Sep-2010

[MBA] Mobile applications global sales surpass 750,000 downloads
01-Sep-2010

[MGK] Sampling confirms gold and copper anomalies
01-Sep-2010

[AZM] More gold discovered between key deposits
01-Sep-2010

[AGO] 50% increase in Reserves
01-Sep-2010

[NIP] Lead sample assaying 11.1% Pb found
01-Sep-2010

[ABU] Reconnaissance extends zone of high grade veins
31-Aug-2010

[SBR] Site preparation and water bore drilling already underway
31-Aug-2010

[SRL] Improved performance from ongoing operations
31-Aug-2010

[ALY] Drilling identifies Cu-Ni base metal mineralisation at edge of Hermes
31-Aug-2010

[GDO] Gross profit of A$17.1 million for six months to 30 June 2010
31-Aug-2010

[GMR] Significant gold results over 9km at Sebba in Burkina Faso
31-Aug-2010

[DRM] Diamond drilling increases Wilber Lode depth by over 50%
31-Aug-2010

[BDR] Exceptional test results
31-Aug-2010

[EXS] High grade intersections demonstrate potential
31-Aug-2010

[CTM] Centaurus delivers 39MT iron ore resource at Passabem
31-Aug-2010

[PNX] Copper production commenced
31-Aug-2010

[SLR] Strong results support Murchison strategy
31-Aug-2010

[PAX] Substantial progress on Sokoria Project
31-Aug-2010

[AQR] Hole 129D reveals higher grade copper intercepts
31-Aug-2010

[SHC] First minimally invasive thoracotomy procedures performed
31-Aug-2010

[PNN] Drilling commences for high grade Au and Cu targets QLD
31-Aug-2010

[RSG] More high grade at Welcome Breccia
31-Aug-2010

[AFR] Drilling extends uranium mineralisation at Chisebuka, Zambia
31-Aug-2010

[CDU] High grade results for Wilgar Prospect
30-Aug-2010

[MYG] Mutiny Gold Ltd progressing Gullewa Gold Project acquisition
30-Aug-2010

[GRY] Further significant results incl 20m @ 3.30g/t at Banfora
30-Aug-2010

[ZNC] Positive drilling results Mt Alexander West magnetite
30-Aug-2010

[HOG] Ukraine well test exceeds expectations
30-Aug-2010

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