Indophil has agreed to make a US$40m share placement at A$86 per share to Philippines-based San Miguel Corporation.

Indophil has entered into a binding exclusivity period with San Miguel until 10 January 2011, during which San Miguel will complete its due diligence on Indophil.

South American Iron & Steel Corporation has entered into a conditional farm-in agreement with Henan Province Yukuang Xinyuan Mining giving Henan the right to earn up to a 30% interest in its Quince iron ore project in Chile.

The Chinese state-owned entity Henan can farm into Quince in three stages, enabling it to earn 30% equity by drilling and progressing to the production of a bankable feasibility study.

Steele Resources has entered into letter of intent with Gold Exploration to acquire rights to the Filipinni and Plumas gold exploration projects.

Diadem Resources has executed a definitive acquisition agreement to acquire a private company that holds the working interest in a development stage mine in central Africa.

The area under mine licence covers 25,058.55km2, where gold and diamonds have been produced in the past.

Diadem will issue seven million common shares and one million performance warrants with each warrant exercisable at a price of $0.20 a common share for two years after the transaction is closed.