Polaris Metals NL (POL) said it considers the value provided under the improved Mineral Resources Limited (MIN) offer of one Mineral Resources share and 50c cash for every 10 Polaris shares to be superior to the proposed Lion-Asia Resources offer. Under the proposed Lion-Asia offer, Polaris shareholders would receive $0.70 cash per share. Polaris said its board recommends that shareholders reject the proposed Lion-Asia offer and accept the Improved Mineral Resources offer, in the absence of a superior proposal.

Sipa Resources Limited (SRI) said it has reached an agreement to sell exploration license E20/546 to Sinosteel Midwest Corporation Limited ("SMC") for $450,000 plus a 0.2% “free on board” royalty for any iron ore production from the tenement. Sipa said the agreement is conditional upon SMC obtaining approval pursuant to the Foreign Acquisitions and Takeovers Act 1975 (Cth) as well as SMC board and shareholder approval. The license is adjacent to several properties currently held by SMC in Western Australia.

Black Fire Minerals Limited (BFE) announced the acquisition of the Karibib Lithium Pegmatite Project from Sunrise Minerals Pty Ltd. Black Fire said full and final consideration for the transaction would be 3.5 million shares in Black Fire, with these shares being subject to a voluntary 6-month escrow period. The company said the acquisition would be facilitated via Black Fire purchasing Sunrise’s private Namibian subsidiary, Starting Right Investments Ninety Four (Pty) Ltd. The agreement is conditional upon regulatory approvals to be satisfied within 30 days.