Thursday, 31 March 2011 12:38

* Gold continues to defy expectations of better jobless numbers on Friday and moving $6 higher overnight. The HUI (modified equal dollar weighted index of companies involved in gold mining) was also up 2% overnight confirming the physical move. There is a view that a better jobs number won't immediately mean higher rate expectations but will add fuel to the inflation fire that is already set globally and spreading to the developed world. Beadell (BDR) is worth a look having u/performed the sector and due to release more results from Tropicana in the next few days.

* EQUINOX (EQN) takeover target, Lundin Mining, have said they are looking at breaking up their company rather than actively seeking a white knight to fend off a hostile bid. Very spiteful move looks like they have run out of options.

* ASX/SGX merger will be reviewed by FIRB with a decision due within 2 weeks.

* EQUATORIAL (EQX) commence drilling at their Mayoko-Moussondji iron ore project

* GRYPHON MINERALS (GRY) announce a big jump in their Burkina Faso gold resource taking it from a maiden 520koz to 2moz. The resources are all very shallow, within 100m of surface and the mineralisation remains open at depth and along strike. They plan to spend another $30m drilling this deposit over the next 12 mths to establish a multi-million ouncce deposit.

* LYNAS (LYC) return to trade well above the placement price of $2.07. The issue was 8x covered with $200m to Sojitz and $55m to instos.

* GUILDFORD COAL (GUF) reveal their quite well flagged Mongolian acquisition taking a 20% interst in Terra Energy, who have tenements in South Gobi and Middle Gobi coal bearing basins in Mongolia. GUF have secured 3 rigs to start drilling in Arp11 and have teh option to take their ownership to 70%.

* ELEMENTAL (ELM) enter trading halt

* SOUTHERN GOLD (SAU) update on their Bulong Sth gold project announcing some very nice hits of 22m at 10g/t and 11m at 9.7g/t.