Equity Research Coverage Reports

Excelsior Gold Limited (ASX: EXG) - Gold - Kalgoorlie, WA - Resource Base Continues to Expand
Sunday, May 19, 2013
EXG has increased its Zoroastrian deposit JORC Resource Estimate to 6.58Mt at an average grade of 2.48g/t of gold, taking the total Resource Estimate at the Kalgoorlie North Gold Project to 21.4Mt at 1.73g/t gold. 67% of the total resource is classified as Measured and Indicated.
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Highlands Pacific Ltd (ASX: HIG) - Copper/ Gold - Continuing Talks with Xstrata and PNG Government for Frieda Project -
Tuesday, May 7, 2013
Highlands Pacific Limited (HIG) is an ASX-listed mineral exploration company with interests in two projects (Ramu and Frieda River projects) that have recognised JORC resources and exploration licences at a third site (Star Mountains). The company is incorporated in PNG and is also listed on the POMSoX and all assets are located in Papua New Guinea (PNG). We maintain our valuation as per our last update note.
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Potash West NL (ASX: PWN) - Update Note - Capital Raising, More Needed -Potash/ Phosphate - Western Australia - www.potashwest.com.au
Sunday, May 5, 2013
Much needed capital raised, much more needed. PWN raised $1.79M in a recent Renouncable Entitlement Issue. The offer to shareholders was for one share for every six shares held at $0.22 per share plus one free attaching option excersiable at $0.30 per option on or before 15 March 2015
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US Masters Residential Property Fund (ASX: URF) - Update Note - US Residential Property - www.usmastersresidential.com.au
Tuesday, March 5, 2013
Capital raising to support buying spree. During the March 2013 quarter, the Fund purchased 51 freestanding properties for a total of US$32.5M and received conditional acceptances on 59 properties for an expected cost of US$58.6M. This takes the total freestanding properties purchased since inception to 383 for a cost of US$140.3M with a further 92 conditional acceptances received for an expected cost of US$64.4M.
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Minbos Resources Limited (ASX: MNB) - Update Note - Resource Upgrade at Kanzi - Phosphate - West Africa - www.minbos.com
Saturday, January 5, 2013
The southern section of the Maiden Inferred JORC Resource of 46Mt @ 17.2% P2O5 at the Kanzi Project has been upgraded to an Indicated Resource Estimate of 58.5Mt @ 14.2% P2O5. This equates to a 27% increase in tonnage and a 5% increase in equivalent P2O5.
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