Gujarat NRE Minerals Limited

Pike River Coal Limited (NZE:PRC) (PINK:PKRRF) today announced; an intention to make an equity issue of ordinary shares to raise approximately NZ$50 million; A binding agreement with its major shareholder - New Zealand Oil & Gas Limited (NZOG); The grant of a two year option to NZOG to purchase Pike River coking coal at market prices negotiated annually.

The Australian sharemarket closed slightly higher on Wednesday. Most of the early gains boosted by BHP Billiton's report of strong half-year production were offset by the losses after news that some Chinese banks have received verbal orders to stop lending for the rest of this month. At the close, the benchmark S&P/ASX200 index added 7 points, or 0.1 per cent, at 4868.2, while the broader All Ordinaries index gained 5.5 points, or 0.1 per cent, to 4895.1.