Equity Research Coverage Reports

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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Highlands Pacific Ltd (HIG) - Feasibility Study Completed by Xstrata - Copper/Gold - PNG - www.highlandspacific.com
Friday, January 4, 2013
In December 2012, Xstrata Copper (Xstrata) delivered a FS and an extended study for the Frieda River Project. The studies are currently being reviewed by HIG to ensure they comply with the obligations under the JV agreement. The Project has an estimated capital expenditure of US$5-5.6 billion.
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Excelsior Gold Limited (EXG) - Initiation of Coverage - Gold Explorer - Kalgoorlie - www.excelsiorgold.com.au
Thursday, January 3, 2013
Excelsior Gold Limited (EXG) is an ASX-listed gold exploration company seeking to develop its flagship Kalgoorlie North Gold Project, located approximately 45 kms north of Kalgoorliein Western Australia
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US Masters Residential Property Fund (ASX: URF) - Update Note - US Residential Property - www.usmastersresidential.com.au
Thursday, January 3, 2013
As at 31 December 2012, the Fund had purchased 332 properties since inception for a total of $143.6M and received conditional acceptances on 110 properties. Since our Initiating Coverage report released in October 2012, the Fund has purchased an additional 100 properties at a cost of $49.2M.
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Thundelarra Exploration Limited (ASX: THX) - Update Note - Base Metals/ Uranium - www.thundelarra.com
Thursday, January 3, 2013
The company has decided to focus its attention on the gold and copper prospects, with uranium interests being maintained in preparation for an expected sector recovery. The company has announced that its focus for 2013 will be on the Curara Well and Allamber Projects.
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