BC Iron Limited (BCI) said the finals results from the test pit bulk-sampling program undertaken at its Nullagine Iron Ore Project in Western Australia have exceeded expectations and confirmed the findings of the Feasibility Study. The company said as a result its partner in the Nullagine Joint Venture, Fortescue Metals Group Limited (FMG), has formally endorsed the decision to obtain final approvals and commence construction at Nullagine and contribute its previously agreed equity share to the project. BC Iron said the ore mined, crushed and screened, produced a higher tonnage and iron grade than predicted by the Ore Reserve model, representing a positive reconciliation of 13% over the pre-trial mining estimate in terms of contained metal.

Mineral Resources Limited (MIN) said it now has control of Polaris Metals NL (POL) after its off-market take-over bid for the company’s shares had been successful, resulting in a relevant interest in 51.29% of Polaris shares. Mineral Resources said its offer, which is conditional, is open until 16 December 2009, unless extended. Under the offer, Polaris shareholders would receive one Mineral Resources share for every 10 Polaris shares they own, plus 10c in cash for each Polaris share they hold. Meanwhile, Polaris said it also received notice from Heron Resources Limited (HRR) for the exercise of 14 million Polaris options. Heron said it intends to accept the Mineral Resources offer immediately upon the issue of the Polaris shares.

Kentor Gold Limited (KGL) said it successfully raised $28 million through the placement of 215 million new shares at 13c each as it looks to acquire the Andash Gold-Copper project in the Kyrgyz Republic and commence its development. The company said the funds would allow it to acquire 80% of the Andash project, acquire a mining and construction fleet of equipment that is already assembled for the project, update the projects Bankable Feasibility Study and commence the early stage of development of the project. Kentor said once the placement is completed, it would have no need to draw down on the Macquarie Bank debt facility which was announced on 27 November 2009.