Company News

BUZZ-Australia's Polarx hits over 1-wk high on stake buy by Canada's Lundin Mining

** Shares of copper-gold explorer Polarx Ltd rise as much as 12.4% to A$0.10, their highest since May 27

** Co to sell 53.4 mln shares at A$0.08 apiece to Canadian base metals mining co Lundin Mining to raise A$4.3 mln ($3.0 mln)

** Lundin Mining to become Polarx’s largest shareholder owning 14.3% of co

** Co and Lundin Mining agreed strategic earn-in joint venture over selected copper-gold targets in Polarx’s Stellar project in Alaska

** Stock posts biggest intraday percentage gain in two weeks

** More than 604,000 shares change hands, compared with 30-day average of 355,190 shares

** Stock up 61.8% this year as of last close

$1 = 1.4349 Australian dollars