Golden Odyssey Announces 2007 Exploration Plans

Golden Odyssey Mining Inc. (”Golden Odyssey” or the “Company”) (CDNX:GOE.V - News) (Other OTC:GODYF.PK - News)is pleased to announce the details of its initial 2007 exploration program. With the closing of the latest financing announced earlier today (PR #6-07 dated March 27, 2007) the Company is adequately funded to carry out its aggressive exploration programs which will include ongoing work on several of its advanced projects. The planned work for 2007 will focus on drilling at five project areas as well as mapping, sampling and geophysical surveys at several others. Additionally, the Company will continue its ongoing exploration and acquisition activities.

The Company plans drill programs at White Rock in extreme northeastern Nevada, Anchor and JDS on the Battle Mountain-Eureka Trend, Mexican Hill on the Carlin Trend and Golden Shirene on the Walker Lane Belt. This work is expected to total approximately 20,000 feet of reverse circulation rotary (”RCR”) drilling and 20,000 feet of core. The Company has made arrangements to have a RCR drill rig available throughout the year and is currently requesting bids for the core drilling. The extensive body of data developed by the company at the Palmetto and Morningstar projects continues to be evaluated and target modeling is in progress. Exploration plans for these projects will be announced when this work is completed.

Mr. David R. Shaddrick, President and CEO states, “this will be a very exciting year for the Company. Each of our projects has the potential for a very large gold deposit and the planned drilling and exploration work is focused on verifying and developing that potential.”

About Golden Odyssey

The Company, through a wholly owned subsidiary, is engaged in the acquisition and exploration of mineral properties in the State of Nevada. Golden Odyssey now has seven active projects, most situated on major gold trends. On the Walker Lane Belt in Esmeralda County the Company has the Golden Shirene, Morningstar and Palmetto projects. The Walker Lane Belt is one of the most prospective areas of Nevada. This highly mineralized trend has hosted some of the most important mining districts in North America including the famous Comstock, Tonopah, Goldfield, Bullfrog and Aurora districts. The region is currently being explored by Kinross Gold/ Barrick Gold at the Round Mountain Mine, Gryphon Gold at the Borealis Mine and Newcrest Mining at the Redlich project. On the Cortez Trend in Eureka County, the Company holds the Anchor and JDS projects, situated on trend with Barrick Gold Corporation’s East Archimedes mine and US Gold Corporation’s Tonkin Springs Mine. On the Carlin Trend in Elko County the Company is exploring the Mexican Hill project which is southeast of Newmont’s Rain and Emigrant Springs mines. Also in northeastern Nevada, the company holds the White Rock project where the company is currently working to verify historic, non 43-101 compliant reports of significant drilling and gold mineralization.

Forward-looking Statements:

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Factors that might cause a difference include, but are not limited to: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. Golden Odyssey Mining Inc. will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect the financial results is included in documents filed from time to time with Canadian securities regulatory authorities by Golden Odyssey Mining Inc.

Shares Outstanding: 31,864,580

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact:

Contacts:
INVESTOR/PRESS CONTACT:
Barry Kaplan Associates
Andrew J. Kaplan
(732) 747-0702
(732) 758-1837 (FAX)
Email: smallkap@aol.com

INVESTOR/PRESS CONTACT:
Golden Odyssey Mining Inc.
Jeffrey R. Wilson
(604) 837-5440 (cellular)
(775) 787-8466 (FAX)
Email: jwilson@GOmininginc.com

CORPORATE CONTACT:
Golden Odyssey Mining Inc.
David R. Shaddrick, President & CEO
(775) 787-8400
(775) 787-8466 (FAX)
Email: dshaddrick@gomininginc.com

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Source: Golden Odyssey Mining Inc.

Silvermet Prepares Major Drill Program for Nickel-Copper-Platinum Group Metals, Muskox, Nunavut

Silvermet Inc., (”Silvermet”) (CDNX:SYI.V - News) announces that it has initiated mobilization of fuel and supplies for a major drilling program on its nickel-copper-platinum group metals (”Ni-Cu-PGM”) Muskox project located in Nunavut. Initial drilling will focus on the Pyrrhotite Lake and Valley Lake areas where coincident Ni-Cu-PGM soil geochemical targets were identified by a large-scale soil geochemical survey completed by Silvermet in 2006. A number of other geochemical targets are currently being interpreted that will likely also be drilled during the 2007 season.

Drilling is scheduled to commence in mid-May 2007 with a planned 8,000 to 10,000-metre program to be completed prior to October 2007.

Silvermet optioned mineral claims cover an area of approximately 200 sq. km. along a 60 km strike length of the south part of the Muskox intrusion, which is one of the world’s largest layered ultramafic complexes. The marginal zones and feeder dyke contain semi-massive and massive sulphide mineralization strikingly similar to that found in the Norilsk mining district in Russia, whereas the Muskox layered sequence contains stratiform PGM mineralization similar to that of the Merensky Reef and UG2 chromitite horizons in the Bushveld complex in South Africa. The Silvermet optioned land claims were assembled by Prize Mining Corporation (”Prize Mining”) between 1994 and 2001. The claims are centered approximately 90 kilometers south of the village of Kugluktuk (Coppermine), Nunavut.

Pyrrhotite Lake Area

Previous drilling in the Pyrrhotite Lake area outlined a small lens of massive sulphides with an average grade of 1.2% Ni and 2.6% Cu along the east side of the marginal zone of the intrusion. Two recent Prize Mining drill holes intersected 4.7% Ni, 10.6% Cu, 2.2 g/t Pt and 11.1 g/t Pd over 5.4 m and 3.22% Ni, 7.52% Cu, 2.2 g/t Pt and 17.5 g/t Pd over 5.5 m. No NI 43-101 compliant resource estimates have been completed.

This sulphide lens is located on the south end of a large Ni-Cu-PGM soil geochemical anomaly that covers an area of 5.7 sq. km. along a 4.8 km. strike length, parallel to the east margin of the Muskox intrusive. Silvermet intends to complete 10 to 15 drill holes to provide an initial evaluation of this trend during the 2007 program.

Valley Lake Area

In the Valley Lake area there is a large Ni-Cu-PGM soil geochemical anomaly that covers an area of 8.5 sq. km. along a 4.5 km. strike length of the intrusion. The highest anomalous values are near the east and west margins of the intrusion, however, the anomalies extend from each margin down-dip towards the centre or keel area of the intrusion, outlining a target trend that is continuous across the full width of the intrusion along a strike length of 4.5 km. Silvermet intends to complete 10 to 15 drill holes to provide an initial evaluation of this trend during the 2007 program.

Silvermet’s agreement with Prize Mining permits it to earn a 70% interest in the claims by incurring not less than $10 million expenditure by December 7, 2010, of which $4 million must be spent by June 30, 2008. To date Silvermet has spent approximately $1.1 million on Muskox and has in hand sufficient flow-through funds to initiate its proposed drill program this April.

Peter T. George, P.Geo, is the Qualified Person for this project.

The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact:

Contacts:
Silvermet Inc.
Clifford H. Frame
Chairman
(416) 203-8336

Silvermet Inc.
Stephen G. Roman
President and CEO
(416) 203-8336
(416) 203-9483 (FAX)
Website: http://www.silvermet.ca

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Source: Silvermet Inc.

Orko Silver Announces Two Major Developments at La Preciosa

Orko Silver Corp. (TSX VENTURE:OK - News) is pleased to announce that it has received further assay results from the current diamond drilling program in the “Mina La Preciosa” and “La Preciosa Norte” sectors on La Preciosa Project in Durango, Mexico.

1) Orko Silver Drills 3.92 m of greater than One Kilogram/tonne Silver Equivalent

Of particular note is a new substantial width and grade intercept of the Abundancia Vein in “La Preciosa Norte” sector in hole BP06-78. It yielded 6.45 metres true width grading 640.6 g/t Ag and 1.101 g/t Au, for a Silver-Equivalent of 706.7 g/t including 3.92 metres true width grading 981.3 g/t Ag and 1.585g/t Au for a Silver-Equivalent of 1,076.4 g/t. This sector was not included in the previously released Inferred Resource Estimate (13 March 2007).

La Preciosa Norte Sector

BP06-78

————————————————————————–
From To True Au Ag Ag-Eq
Vein (metres) (metres) Length Width (g/t) (g/t) (g/t)
————————————————————————–

————————————————————————–
Abundancia 374.40 381.52 7.12 6.45 1.101 640.6 706.7
————————————————————————–
Includes 374.40 378.73 4.33 3.92 1.585 981.3 1,076.4
————————————————————————–
Includes 375.81 378.13 2.32 2.10 1.530 1,242.2 1,334.0
————————————————————————–

Hole BP06-78 was drilled in La Preciosa Norte sector, 200 m east of hole BP05-14, azimuth 070 degrees, dip -45 degrees, on mine-section 15,700 N.

2) Orko Silver Discovers Major New Vein Approaching 10 metres True Width

Mina La Preciosa Sector

The Company is also pleased to report that multiple new veins at depth have been intersected in BP06-77, including one, now named the Martha Vein, with a major thickness of 9.97 metres true width grading gold 0.339 g/t and silver 249.5 g/t for a silver-equivalent of 269.8 g/t. This discovery will alter future drill hole planning for deeper holes.

BP06-77

————————————————————————–
From To True Au Ag Ag-Eq
Vein (metres) (metres) Length Width (g/t) (g/t) (g/t)
————————————————————————–

————————————————————————–
Abundancia 116.44 120.51 4.07 3.69 0.152 146.8 155.9
————————————————————————–
Includes 116.77 119.83 3.06 2.77 0.138 170.6 178.9
————————————————————————–

————————————————————————–
Unnamed 380.66 380.86 0.20 0.19 0.657 1,620.0 1,659.4
————————————————————————–

————————————————————————–
Unnamed 401.74 405.47 3.73 3.51 0.361 130.6 152.3
————————————————————————–
Includes 401.74 404.45 2.71 2.56 0.428 157.1 182.8
————————————————————————–

————————————————————————–
Marthita 426.79 429.58 2.79 2.62 0.360 325.8 347.4
————————————————————————–
Includes 427.04 427.34 0.30 0.28 0.660 1,980.0 2,019.6
————————————————————————–

————————————————————————–
Martha 434.89 445.50 10.61 9.97 0.339 249.5 269.8
————————————————————————–
Includes 438.52 445.50 6.98 6.56 0.390 296.4 319.8
————————————————————————–
Includes 442.65 445.50 2.85 2.68 0.415 490.0 514.9
————————————————————————–

Hole BP06-77 was drilled from the northern side of La Preciosa Ridge, azimuth 090 degrees, dip -45 degrees, on mine-section 15,400 N.

Gary Cope, President of Orko, adds, “The increasing grade and thickness of the intercept in the Abundancia Vein and the discovery of a major new vein with a true width approaching 10 meters coupled with substantial grade represent major steps forward at La Preciosa for Orko Silver. These new results were not included in our recently released 43-101 compliant Inferred Resource Estimate which only included results up to hole 76. Given that we are currently drilling holes 105 and 106, we anticipate adding the results of at least 30 additional holes in our next resource estimate. These new developments only serve to increase our confidence level that our minimum goal at La Preciosa will be achieved.”

Current Inferred Resource Estimate (March 13, 2007)

————————————————————————-
Contained Contained
Cut-off Ag Au Ag-Eq Ag-Eq Ag-Eq
Grade Tonnes (g/t) (g/t) (g/t) grams ounces
————————————————————————-

————————————————————————-
100 g/t 5.72 million 192.9 0.345 213.3 1,223 million 39.3 million
————————————————————————-
150 g/t 4.39 million 229.9 0.396 253.7 1,114 million 35.8 million
————————————————————————-

BP06-76

The Company also wishes to report on further results from a previously released hole. The top half of BP06-76 was previously announced on March 5th, 2007 and the lower Luz Elena Vein intercept is announced below.

————————————————————————–
From To True Au Ag Ag-Eq
Vein (metres) (metres) Length Width (g/t) (g/t) (g/t)
————————————————————————–

————————————————————————–
Unnamed(i) 129.44 129.65 0.21 0.21 0.654 450.0 489.2
————————————————————————–

————————————————————————–
Abundancia(i) 155.25 161.34 6.09 6.00 0.455 217.5 244.8
————————————————————————–
Includes(i) 155.25 159.61 4.36 4.29 0.526 258.8 290.4
————————————————————————–
Includes(i) 155.25 156.21 0.96 0.94 1.665 386.3 486.2
————————————————————————–

————————————————————————–
Luz Elena 315.77 317.43 1.66 1.58 0.706 236.2 278.5
————————————————————————–

(i) Previously released

Hole BP06-76 was drilled from the west side of La Preciosa Ridge, azimuth 090 degrees, dip -45 degrees, on mine-section 15,000 N.

A detailed drill plan map is available at the link below:

http://www.orkosilver.com/i/pdf/drillplanmap.pdf

A complete table of drill results is available at the link below:

http://www.orkosilver.com/i/pdf/drillresults.pdf

Ben Whiting, P.Geo., is the Qualified Person and takes responsibility for the technical disclosure in this news release. Full details of the Company’s sampling protocols and QA/QC program can be located at our website at www.orkosilver.com. Silver-equivalent for the purposes of this drilling program is defined as silver grade plus 60 times gold grade. Metallurgical recoveries and net smelter returns are assumed to be 100%.

About Orko Silver Corp.

Orko Silver Corp. is an aggressive exploration company with an increasing silver resource. Orko Silver’s principal project, La Preciosa, located near the city of Durango, Mexico, is an advanced silver and gold project. The Company is currently drilling at La Preciosa using 2 rigs working 24 hours a day, 7 days a week. The deposit remains open in all directions and to depth. Two additional projects include the Santa Monica east of La Preciosa and the San Juan west of La Preciosa. All are undergoing exploration.

ON BEHALF OF THE BOARD OF DIRECTORS

Gary Cope, President

This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Orko relies upon litigation protection for forward-looking statements.

- Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits U.S. Mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as “measured”, “indicated”, and “inferred” resources, which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 000-51923, which may be secured from us, or from the SEC’s website at http://www.sec.gov/edgar.shtml.

The TSX Venture Exchange has not reviewed and does not accept responsibility for this News Release.

Contact:

(604) 684-4691
Orko Silver Corp.
(604) 684-4601 (FAX)
Email: info@orkosilver.com
Website: www.orkosilver.com

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Source: Orko Silver Corp.

Dia Bras Drills 43 Metres of 2.2% Cu and 13.1% Zn at Bolivar Mine

Dia Bras Exploration Inc. (CDNX:DIB.V - News) is pleased to announce more high-grade drill intercepts from its underground drilling program at the Bolivar Mine in the State of Chihuahua, Mexico.

Drilling of both the Fernandez and the Rosario trends returned high-grade intercepts. Moreover, along the recently discovered Selena breccia zone, part of the Fernandez trend, an intersection yielded 21.0 m grading 3.3% Cu and 22.3% Zn. Several holes in this lens returned high grades of copper and zinc. Furthermore, four (4) holes intersected massive sulfide in the Rosario trend, where the best section returned 8 metres grading 33.8% Zn and 0.7% Cu. The Fernandez and Rosario lenses are part of the Upper Skarn Unit at Bolivar.

“These drill results support our interpretation that massive, high-grade mineralization in both the Fernandez and the Rosario trends continues along strike and to depth below our present workings,” said Dr. Thomas L. Robyn, Executive Chairman, “These new drill intercepts open a large exploration area for the discovery of more high-grade sulfide mineralization at the Bolivar Mine. The Bolivar mineralizing system was a powerful system and we have only begun to probe the fringes of it.”

UNDERGROUND DRILLING

The underground holes were drilled from the mine’s level 6. Holes DB06BM066 through 71 tested the downward extension of the Selena breccia in the Fernandez zone, which trends ESE.

Drilling of the Selena Breccia produced the following results:

Selena Breccia

———————————————————————
Drill Hole From To Length Cu Zn Au Ag
m m m % % ppm ppm
———————————————————————
DB07BM066 0.0 21.0 21.0 2.2 18.8 0.10 18.5
———————————————————————
Incl. 0.0 10.0 10.0 3.6 33.4 0.08 21.8
———————————————————————
DB07BM067 0.0 14.5 14.5 2.9 23.8 0.69 41.3
———————————————————————
DB07BM068 0.0 13.0 13.0 2.5 24.9 0.09 20.1
———————————————————————
DB07BM069 0.0 15.6 15.6 1.3 11.3 0.08 19.6
———————————————————————
Incl. 2.5 4.5 2.0 4.4 35.0 0.08 24.9
———————————————————————
and 12.3 13.6 1.3 5.2 40.5 0.32 61.9
———————————————————————
DB07BM070 0.0 43.0 43.0 2.2 13.1 0.07 22.1
———————————————————————
and 0.0 21.0 21.0 3.3 22.3 0.12 30.9
———————————————————————
DB07BM071 15.0 34.5 19.5 0.9 8.8 0.04 7.3
———————————————————————
Incl. 28.0 33.0 5.0 2.8 27.4 0.05 12.4
———————————————————————

The Selena breccia plunges to the ESE and is contained within an extensive zone of skarn-hosted disseminated to semi-massive sulfide mineralization related to the Fernandez trend. The limits of the high-grade breccia have not been drilled off, and the massive mineralization remains open down-plunge and may be part of a major feeder pipe.

Drilling from level 6 of the Rosario zone also encountered skarn-hosted mineralization and produced the following results:

Rosario Zone
———————————————————————
Drill Hole From To Length Cu Zn Au Ag
m m m % % ppm ppm
———————————————————————
DB07BM061 0.0 16.5 16.5 0.4 14.7 0.02 6.03
———————————————————————
Incl. 0.0 6.0 6.0 0.8 31.8 0.08 26.3
———————————————————————
DB07BM062 0.0 18.0 18.0 0.4 17.5 nr 9.4
———————————————————————
Incl. 0.0 8.0 8 0.7 33.8 nr 9.8
———————————————————————
DB07BM063 0.0 8.0 8.0 0.66 18.7 nr 10.8
———————————————————————
Incl. 0.0 4.0 4.0 1.08 30.6 nr 16.9
———————————————————————
DB07BM064 0.0 9.0 9.0 0.5 15.5 0.05 9.8
———————————————————————
Incl. 26.0 28.5 2.5 0.5 14.0 0.10 64.4
———————————————————————
nr equals not reported

These results, combined with results from previously reported (see press release, February 27, 2007) surface drilling, show that massive sulfide mineralization continues to depth along the Rosario-Rodolfo trend. The exploration team is successfully testing the potential of what appears to be a rhomboidal structural pattern (see attached figure http://www.ccnmatthews.com/docs/DIBA0327.pdf) to access the map containing the high-grade massive sulfide mineralization of the Rosario/Fernandez/Brecha Linda trends. Repetition of this pattern is expected to occur along the entire extent of the Upper Skarn Horizon, a very fertile trend stretching over 3.0 km. This concept is supported by the high grades of copper and zinc mineralization that occur at El Val, La Pequena and La Narizona (see press release, December 14, 2006).

Conference call

———————————————————————

Dia Bras will hold a conference call for analysts and investors to
discuss the progress of its Bolivar Project on March 27, 2007 at 4:00
p.m. Eastern.

Dr. Thomas L. Robyn, Executive Chairman, will be available to answer
question following its statement.

TIME: 4:00 PM Eastern on Tuesday, March 27, 2007 (TODAY)

To participate in the call, please call one of these numbers at least
15 minutes prior to the start of the event.

Teleconference Information

Toll Free (North America): 1-866-334-3876

Toronto/International (Europe and Mexico): 1-416-849-4292

Replay

Toll Free (North America): 1-866-245-6755

Toronto/International (Europe and Mexico): 1-416-915-1035

Conference ID: 861108

Teleconference Replay Available Until: April 27, 2007

Webcast
A live audio webcast of the conference will be available at:
http://www.diabras.com/en/presentation.php

———————————————————————

Method of analysis

The samples were analyzed by ICP and AA methods by Chemex at their facilities in Vancouver, Canada.

The technical content of this news release has been approved by Francois Auclair, P. Geo., and Vice-President, Exploration of Dia Bras, a Qualified Person as defined in NI43-101.

About Dia Bras

Dia Bras is a Canadian exploration mining company focused on precious and base metals in the State of Chihuahua, in northern Mexico. The Company is committed to developing and adding value to its assets - the Bolivar copper-zinc project and the Cusi silver mining camp. The Company trades on the TSX Venture Exchange, under the symbol “DIB”.

Forward-looking statements:

Except for statements of historical fact, all statements in this news release, without limitation, regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

Contact:

Contacts:
Dia Bras Exploration
Thomas L. Robyn
Executive Chairman
514-393-8875

Dia Bras Exploration
Rejean Gosselin
President & CEO
514-393-8875
http://www.diabras.com

Sun International Communications
Nicole Blanchard
Managing Partner
450-627-6600

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Source: Exploration Dia Bras Inc.

Golden Oasis Exploration Corp.: Empress Project Near Goldfield, Nevada Optioned

Golden Oasis Exploration Corp. (TSX VENTURE:GOT - News; the “Company” or “Golden Oasis”) is pleased to announce that it has optioned the Empress Project located in Esmeralda County, Nevada approximately 26 miles south of Goldfield in the Tokop mining district.

Under its Option Agreement with Minquest Inc. of Reno, Nevada, the Company must reimburse Minquest acquisition costs of US$6,000 in option payments made by Minquest to the owner of the property and US$2,000 in mapping and sampling costs. Minquest will retain a 3% net smelter royalty. The Company can earn a 100% interest in the Property (subject to the 3% NSR) by making property payments in the aggregate amount of US$546,000 to the underlying owner of the property over a period of four years. The Company has the right to purchase up to one half of the royalty in the property on the basis of $2 million per each 1% of royalty.

The Empress Property lies within the southern portion of the Walker Lane mineral belt. Significant mines within this portion of the Walker Lane include Tonopah, Goldfield and Silver Peak. Goldfield, the closest to the Empress Property, produced over 4 million ounces of high-grade gold (+0.3 oz/ton).

Covered by 54 unpatented mining claims totaling approximately 1,080 acres or 1.7 square miles, the project contains two historic mines, the Empress and the Wonder. Discovered in the 1860’s, below the seven adits that make up the Empress Mine, are the remnants of a mill and several stone foundations. Little recorded production is reported for the district, although the Gold Point district, immediately to the north, produced approximately $1,000,000 in gold and silver (the dollar value at the time of sale in the 1900’s). The Wonder Mine, located 2,000 feet southwest of Empress, was worked in the 1930’s as judged by artifacts.

Mineralization in the project area occurs in quartz veins hosted by granitic rocks of the Sylvania pluton. At least three separate east-west trending, steeply dipping quartz veins are exposed on the property. Golden Oasis has completed an initial mapping and sampling program of the workings. With a few exceptions, the adits of the Empress Mine are caved allowing only partial inspection. The Wonder Mine, however, has excellent access and was extensively mapped and sampled. In the Wonder adit, the vein is a typical pinch and swell quartz vein with widths from under 6 inches to 10 feet within a steeply south dipping fault zone. Although difficult to sample because the wider portions of the vein were mined out above the level, several samples were taken along the 500 feet of exposed vein. The results are encouraging in that most assayed above 0.3 oz/ton gold. Two of 11 samples taken assayed +1 oz/ton with the high being 1.848 oz/ton over 2.0 feet. The highest silver value in the Wonder sampling is 3.18 oz/ton. Additional results are pending.

Enough sampling has been done to indicate at least two high-grade gold/silver vein targets at the Empress project. Follow-up mapping and sampling of the Wonder and Empress workings will be completed shortly and drill targets selected. Initial core drilling of the Wonder vein is planned within three months. Drilling of the various ore shoots is planned throughout the year to establish the grade and size potential of the veins.

Richard Kern, the President of the Company, also holds a 50% interest in Minquest, and accordingly the transaction is deemed to be a related party transaction under OSC Policy 61-501 (the “OSC Policy”). Mr. Kern’s shareholdings in the Company will not change as a result of this transaction. The option agreement was reviewed and approved by the board of directors, with Mr. Kern abstaining from voting on the resolution. The Company did not obtain a formal valuation. The board of directors of the Company determined that the fair market value of the option agreement and the fair market value of the consideration to be received by Mr. Kern for the option agreement is less than $2.5 million, and is relying on the exemption from the requirements to obtain a formal valuation and to obtain minority shareholder approval set out in sections 5.5(2) and 5.7(2), respectively, of the OSC Policy. The option agreement is subject only to the approval of the TSX Venture Exchange, which is expected to be received within 21 days. The board of directors is of the view that the terms of the option agreement are favorable to the Company, present limited risk to the Company, and it is reasonable to proceed with the option agreement upon receipt of TSX Venture Exchange approval.

Richard Kern (P.Geo), President of Golden Oasis, is the Company’s qualified person on the project as required under NI 43-101, and has prepared the technical information contained in this press release.

Golden Oasis is dedicated to the principles of environmentally sound mining practices and believes that environmental stewardship and mining can co-exist. For details on the Company and its properties, see the prospectus of the Company dated February 9, 2006, available on SEDAR at www.sedar.com.

ON BEHALF OF THE BOARD

Robert Eadie, Chief Executive Officer and Director

The TSX Venture Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.

Contact:

Robert Eadie
Golden Oasis Exploration Corp.
Chief Executive Officer and Director
(604) 602-4935 or Toll Free: 1-866-602-4935
(604) 602-4936 (FAX)
Email: talk@goldenoasis.ca
Website: www.goldenoasis.ca

————————————–
Source: Golden Oasis Exploration Corp.

Strength in Global Commodity Markets Builds Momentum for Online Conference

nvestorIdeas.com Updates List of Presenters in Upcoming Online Conference with Mining and Resources Investing Theme.

InvestorIdeas.com, and mining portals Gold-MiningStocks.com, MiningSectorStocks.com, updates the list of speakers and presenters in the upcoming April 18th online investor conference providing insight and information on investing trends and opportunities in Mining and Resources. The conference theme “Mining and Resources: Perspectives on gold, silver, copper, diamond, uranium, metals and other key mining segments” will be discussed by well-known industry experts, as well as presenting public companies including keynote Kinross Gold Corporation.

Current conference participants include:

Longview Capital Partners (LV: TSX.V), a global resource group with a current portfolio of companies the Company has founded, developed and invested in, with a combined market capitalization of over $900 million. longviewcp.com

Rimfire Minerals Corporation (RFM: TSX.V); an early-stage gold and silver focused exploration company with 11 active exploration projects in Alaska, BC, Yukon, Nevada and Australia. At least four projects will see drilling in 2007. rimfireminerals.com

Sabina Silver Corporation (SBB:TSX.V), a Canadian public mineral exploration and development company with assets at the Hackett River silver-zinc project in the Canadian Arctic, the Del Norte project in the Stewart-Eskay Creek Mining District, and several projects in the Red Lake Mining District of Ontario. sabinasilver.com

Geodex Minerals Ltd. (GXM:TSX.V), a Canadian based resource company with a focus on the exploration and development of base metal deposits in New Brunswick. The company’s flagship property is Sisson Brook which contains a large open-pittable tungsten/molybdenum deposit. geodexminerals.com

Additional Participating Companies:
Keynote: Kinross Gold Corporation; Target Exploration & Mining; Macarthur Minerals Ltd.; Buffalo Gold Ltd.; Oriental Minerals Inc.; Bayswater Uranium Corp, and Mining Interactive Corp mininginteractive.com

Investors following resource stocks can learn more about the upcoming Mining and Resource Conference at:
investorideas.com/forums/Portals/resources.aspx and can register for free online at: investorideas.com/forums/Register.aspx

Current List of Industry Speakers Include:
Peter Grandich, Founder, Grandich Publications, LLC Grandich.com; Jon Nadler, Investment Products Analyst, Kitco Inc. Kitco.com; Eric Coffin, HRA (Hard Rock Analyst) Advisories hraadvisory.com; Adrian Day, President, Adrian Day Asset Management adriandayassetmanagement.com; John Kaiser, Kaiser Bottom-Fish Online kaiserbottomfish.com; and Lawrence Roulston with Resource Opportunities resourceopportunities.com.

Conference Sponsor: Resource World Magazine - Resource World Magazine reports on the business of Mining, Oil & Gas and Alternative Energy. resourceworld.com

Media Sponsors: U3O8.biz - U3O8.biz is a leading provider of business news, financial information and analytical tools on the uranium market u3o8.biz and Small Cap Conference smallcapconference.ca/ .

About thei rMining Portals:

Gold-MiningStocks.com (GMS) and MiningSectorStocks.com (MSS), portals within the InvestorIdeas.com® content umbrella, do not make recommendations, but feature industry and stock news, exclusive articles and financial columnists, audio interviews and Podcasts, investor conferences, Blogs, and a directory of stocks in the sector. Industry participants are invited to submit news, articles and research:
gold-miningstocks.com/NewsUploader/Submission.aspx

Disclaimer: Our sites do not make recommendations, but offer information portals to research news, articles, stock lists and recent research. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. Investorideas.com is compensated by featured companies, news submissions and online advertising
InvestorIdeas.com/About/Disclaimer.asp

For Additional Information on Participating in this Upcoming Online Conference Please Contact:

Dawn Van Zant: 800-665-0411 - dvanzant@investorideas.com

Ann Marie Fleming: 866-725-2554 - afleming@investorideas.com

Website: InvestorIdeas.com

Source: InvestorIdeas.com; Sabina Silver Corporation; Oriental Minerals Inc.; Longview Capital Partners; Geodex Minerals Ltd.

Bleak US Housing Outlook, Lower Commodities Prices Weighing On Canadian Market In Early Dealing - Canadian Commentary

With a black cloud looming over the US economy in the form of a bleak housing market picture, the Canadian market has seen significant weakness at the start of trading Tuesday. The S&P/TSX Composite Index had rallied to gains over the last two sessions, but a dip in commodities prices could limit recovery efforts by the Toronto exchange over the course of the day.

The main index is down 51.94 at 13251.03, with resources shares proving to be the biggest drag in the early going.

The price of bullion is nearly flat at $644.40 per ounce in New York’s early dealing, but the Gold Index is reflecting notable weakness in the gold sector. Centerra Gold (CG.TO) is adding to losses from the previous session, falling nearly 6 percent to challenge a 6-month low.

The Diversified Mining and Metals Index is down 0.5 percent after jumping to an all-time closing high in the previous session. The price of copper is down $0.04 at $3.09, hampered by disappointing US new home sales data. Blue Pearl Mining (BLE.TO) is one of the sector’s biggest losers, down 1.6 percent.

The Energy Index is moving in the red along with the price of crude for May. After rising for the previous 5 sessions, the price of crude is down $0.40 at $62.52. Shares of UTS Energy Corporation (UTS.TO) are down 2.5 percent after the company announced that early analysis of its Athabasca Oil Sands Area 2007 drilling program is “extremely encouraging” and sufficient to support a stand-alone mining project.

The industrials sector has gotten off to a poor start, burdened by a dismal performance from ATS Automation (ATA.TO). ATS stock has fallen over 12 percent to a new multi-year intraday low.

Overall, weakness has been widespread, with every sector now moving in negative territory.

In corporate news, Gilden Activewear (GIL.TO) is cutting over 1,800 jobs in Canada and Mexico to transfer work to Central America and the Carribean Basin. Gilden shares are up marginally in early dealing.

Rimfire Minerals Corporation: Drilling Resumes at Poncho Property, Nevada

David Caulfield, President and CEO of Rimfire Minerals Corporation (TSX VENTURE:RFM - News) reports that drilling has resumed at the Poncho Property, located in the Walker Lane Mineral Belt 56 kilometres (35 miles) northwest of Tonopah, Nevada. Eklund Drilling has been contracted to finish the program announced on January 18, 2007 and subsequently suspended by management on February 28, 2007. Exploration at Poncho is targeting high grade gold-silver epithermal mineralization.

The focus of the current program is to test, at depth, at least three strong vein structures that underlie a series of silica caps up to 600 metres in diameter. The silica caps reflect the uppermost portions of the epithermal system at Poncho, indicating that the most favourable targets for high grade gold and silver mineralization may be preserved at depth.

The Poncho Property is one of 35 target areas identified in a data mining study conducted with Newmont Mining Company covering a 7,920 square kilometre (3,060 square mile) “Area of Interest” (AOI). Under the terms of a Strategic Alliance with Newmont (announced December 15, 2004), Rimfire has access to Newmont technical personnel, technical databases and targeting maps generated from the data mining study for the entire AOI. The Poncho program is operated under the supervision of Mark Baknes, P.Geo., a Qualified Person as outlined by National Instrument 43-101.

The Poncho Property is comprised of the Poncho and Gila24 claims. Rimfire acquired the Poncho through staking, and the Gila under a lease agreement with Silverthorn Exploration Inc. Silverthorn granted Rimfire the option to purchase the Gila claims by making staged cash payments amounting to US$390,000 over a nine year period and US$100,000 per year thereafter. Under the terms of Rimfire’s agreement with Newmont, after expenditures by Rimfire totalling US$300,000 on the Poncho Property, Newmont will have a one-time right to form a 50%/50% joint venture by funding the next US$1 million in exploration expenditures. Should the right to participate be waived, Newmont will retain a sliding-scale net smelter royalty.

About Rimfire

Rimfire Minerals Corporation is an aggressive, well-financed mineral exploration company with a portfolio of highly prospective gold and silver properties in western North America. Rimfire is partnered with Newmont Mining Company, Northgate Minerals Corporation, Fronteer Development Group, Cangold Limited, American Creek Resources Ltd., McEwen Capital Corporation, Arcus Development Group Inc. and BWG Mining.

On behalf of Rimfire Minerals Corporation

David A. Caulfield, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact:

David Caulfield
Rimfire Minerals Corporation
(604)669-6660

Jason Weber
Rimfire Minerals Corporation
(604)669-6660
(604)669-0898 (FAX)

Suite 700 - 700 West Pender St.
Rimfire Minerals Corporation
Vancouver, B.C. Canada V6C 1G8
Email: info@rimfire.bc.ca
Website: www.rimfireminerals.com

———————————–
Source: Rimfire Minerals Corporation

Wal-Mart's Asda weighs Sainsbury's bid

Asda, the UK supermarket owned by Wal-Mart, of the US, is considering entering the £10 billion race to buy its rival J Sainsbury and potentially disrupting an offer from a CVC-led private equity consortium that is scheduled to materialise within days.

It is understood that Asda is consulting with the Competition Commission over the potential antitrust issues that a combination of the two supermarkets would create, Reuters reports, citing two sources.

A tie-up between the two companies would pool together 1,104 stores and create a serious UK competitor to Tesco, which has 1,252 outlets in Britain.

Shares in Sainsbury's rose to 551p from 548.5p in early trading.

Asda was taken over by Wal-Mart in July 2000 for £6.7 billion, when the US company exceeded a bid from Kingfisher.

A consortium of private equity firms is believed to be close to making a 585p-a-share offer for Sainsbury's over the next week.

The Times revealed last month that CVC, Blackstone, KKR and Texas Pacific Group were examining a bid for Sainsbury's.

The group has until the end of next month to make a concrete offer after the Takeover Panel set a "put up or shut up" deadline for an offer.

A spokeswoman for Asda in the UK declined to comment to The Times on what she described as "market speculation".

The prospect of a trade buyer for Sainsbury's came as the highly regarded pensions expert John Ralfe dismissed recent claims by the grocer's pensions trustees as "sabre-rattling".

The Sainsbury's trustees argued at the end of last week that a prospective bidder for the supermarket could face a £3 billion funding shortfall in the scheme, which serves existing and former staff.

However, last week Sainsbury's was forced by the Takeover Panel to admit that the size of the pension deficit was closer to £1 billion.

Under IAS 19, the deficit is £410 million, but a private equity bid could increase the funding gap to £1 billion if Sainsbury's were forced to implement more conservative investment policies.

The move raised the prospect of bidders being asked to sweeten the price of an offer or commit to topping up the fund after a successful takeover.

Crucially, Sainsbury's fund trustees do not have the power to set the retailer's pension contributions — or demand that a private equity bidder accelerate payments into the fund.

This is unlike the case nearly three years ago when Permira, the private equity firm, dropped its bid for the retailer WH Smith after the fund trustees demanded extra payments as a condition of backing a deal.

This became known as the pension fund "poison pill".

But Mr Ralfe, the former head of corporate finance at Boots, who spearheaded the retailer's move into bond investments, said that the trustees were most likely trying to scare off private equity.

"The trustees must be seen to take a robustly consistent line to protect the interests of their 86,000 members if any bid becomes recommended, or if the company decides to increase its gearing," Mr Ralfe said in a note for RBC Capital Markets.

Mr Ralfe also runs his own independent pensions consultancy.

After last week's disclosure by the fund Trustees that the new terms for funding the pensions scheme would be "satisfactory", Mr Ralfe suggested that more clarity was needed.

"To maintain their moral high ground the Trustees should explain if the new funding agreement, now being finalised with Sainsbury's, is weaker than the current agreement," Mr Ralfe said.

He noted that the £3 billion deficit figure cited by the Sainsbury's trustees would arise only if the fund was passed to a third party insurer, if the supermarket group went bankrupt or if it put the scheme into wind-up.

The actual deficit for the fund is £477 million, as disclosed in the most recent annual report, he said.

Federal Judge Rules Mountaintop Removal Coal Mining Illegal

Today, a federal judge in West Virginia ruled that the U.S. Army Corps of Engineers violated the law by issuing mountaintop removal mining permits that allowed headwater streams to be permanently buried. The ruling will affect dozens of pending mining permits across Appalachia.

The decision by Judge Robert Chambers was a victory for environmentalists who brought the case challenging the U.S. Army Corps of Engineers’ decision to allow stream and headwater destruction by mountaintop removal coal mining.

Although the Corps has no direct regulatory authority with respect to mountaintop removal coal mining, under the Clean Water Act the Corps must issue permits if fill material is to be dumped into the waters of the United States.

Earthjustice and the Appalachian Center for the Economy and the Environment represented the Ohio Valley Environmental Coalition, Coal River Mountain Watch, and the West Virginia Highlands Conservancy in the lawsuit in U.S. District Court for the Southern District of West Virginia.

They sued the Corps for issuing permits to five West Virginia coal companies between July 2005 and August 2006.

Judge Chambers ruled that in issuing these permits the Corps violated the Clean Water Act and the National Environmental Policy Act. He rescinded the permits and enjoined the coal companies from the mountaintop removal coal mining that the permits would have allowed.

Earthjustice attorney Steve Roady said, “The federal government has been illegally issuing such permits. Doing so has led to widespread and irreversible devastation to the streams, mountains and lands across Appalachia. The judge has made it clear that the Corps must now comply with the Clean Water Act and stop issuing illegal permits.”

“This decision does give the Corps another chance to try and show that they can issue permits for valley fills in streams without violating the law. But the evidence to date shows that the Corps has no scientific basis - no real evidence of any kind - upon which it bases its decisions to permit this permanent destruction to streams and headwaters.

In his ruling, Judge Chambers determined that stream destruction caused by mountaintop removal coal mining cannot be fixed through mitigation.

“The Corp’s witnesses … conceded that the Corps does not know of any successful stream creation projects in the Appalachian region,” the judge wrote.

Mountaintop removal mining is a form of strip mining in which coal companies use explosives to blast as much as 800 to 1000 feet off the tops of mountains order to reach the coal seams that lie underneath. The resulting millions of tons of waste rock, dirt, and vegetation are then dumped into surrounding valleys, burying miles of streams under piles of rubble hundreds of feet deep, the Ohio Valley Environmental Coalition explains on its website.

Mountaintop removal mining harms aquatic ecosystems and water quality, and destroys hundreds of acres of healthy forests and fish and wildlife habitat, including habitat of threatened and endangered species.

Residents of the surrounding communities are threatened by rock slides, catastrophic floods, poisoned water supplies, constant blasting, destroyed property, and lost culture. Many have been fighting the practice for years.

Mountaintop removal mining takes place West Virginia, Kentucky, southern Virginia, and eastern Tennessee.

“Mountaintop removal mining valley fills cannot comply with the Clean Water Act without strict environmental limits,” said Roady. “We hope the Corps recognizes this fact and realizes that approving illegal mountaintop removal mining permits does nothing to protect the environment, violates the law and is destroying the lives and culture of the people of West Virginia and the region.”

Malaysia to host Islamic finance forum

Central bank governors from Islamic countries will attend Malaysia’s first international Islamic finance forum in Kuala Lumpur later this week.

The four-day Global Islamic Finance Forum is expected to attract about 800 regulatory authorities and industry players.

Malaysia’s Central Bank Negara, the event organizer, said it aims to highlight business opportunities as the country ramps up efforts to draw in foreign money with Muslim and Middle Eastern funds targeted in particular, AFP reported.

“The forum will provide an avenue for global investors, issuers and financial industry players to discuss investment and business opportunities in Asia,” Bank Negara said in a statement.

Islamic finance fuses principles of sharia or Islamic law in a modern banking system. This means funds are banned from being invested in companies associated with tobacco, alcohol or gambling, considered taboo by Muslims.

Malaysia has been promoting itself as a center for Islamic finance but faces rivalry from neighbors Singapore and Brunei.

As a predominantly Muslim nation, Malaysia has 10 fully-fledged Islamic banks, after establishing its first in 1983, while a series of conventional banks also offer Islamic financial services.

Malaysia also opened up the industry to foreign investors. Licenses have been awarded to Kuwait Finance House, Saudi Arabia’s Al Rajhi Bank, and the Asian Finance Bank, owned by a consortium led by Qatar Islamic Bank.

Meor Amri Meor Ayob, who rates Islamic financial instruments at Rating Agency Malaysia, said the conference will promote Malaysia to foreign bankers amid regional competition. “This will showcase Malaysia as a country with the capability, capacity and human resources to provide Islamic financial services,” he said.

Bank Negara has said the forum will also tackle contemporary issues relating to Islamic finance including regulatory standards which analysts say are crucial for development of the sector in Malaysia.

Senior economist at Malaysia’s Bank Islam, Azrul Azwar, said a major topic likely to be discussed would be differences between the interpretation of compliance with sharia law, which bans the earning of interest.

Countries in the Middle East have a more strict interpretation of sharia rules, compared to Southeast Asian nations.

Governors expected to attend include those from Bangladesh, Egypt, Iran, Pakistan, Qatar, Saudi Arabia, Singapore and the United Arab Emirates.

Malaysia chasing funds as Islamic bankers meet

Central bank governors from Iran to Saudi Arabia are to attend Malaysia’s first international Islamic finance forum this week as the nation works to cement its future as an Islamic financial hub.

The four-day Global Islamic Finance Forum starting Monday is expected to attract about 800 regulatory authorities and industry players.

Malaysia’s central Bank Negara, the event organiser, said it aims to highlight business opportunities as the nation ramps up efforts to draw foreign money — Muslim and Middle Eastern funds in particular.

“The forum will provide an avenue for global investors, issuers and financial industry players to discuss investment and business opportunities in Asia,” Bank Negara said in a statement.

Islamic finance fuses principles of sharia or Islamic law and modern banking. Funds are banned from investing in companies associated with tobacco, alcohol or gambling considered taboo by Muslims.

Malaysia has been promoting itself as a centre for Islamic finance but faces rivalry from neighbours Singapore and Brunei. The mainly Muslim nation has 10 fully-fledged Islamic banks, after establishing its first in 1983, while a series of conventional banks also offer Islamic financial services.

Malaysia fast-tracked the liberalisation of its Islamic banking sector three years ahead of schedule in 2004, encouraging domestic financial institutions to set up Islamic banking units.

It also opened up the industry to foreign players. Licences have been awarded to Kuwait Finance House, Saudi Arabia’s Al Rajhi Bank, and the Asian Finance Bank, owned by a consortium led by Qatar Islamic Bank.

FTSE opens lower, British Airways leads decliners

London equities traded to the downside in opening deals on Friday following on from a quiet session on Wall Street overnight.

The FTSE 100 fell 18.7 points, 0.3 per cent, to 6,298.6 while the mid-cap FTSE 250 lost 24.3 points, or 0.2 per cent, to 11,684.5.

Overnight on Wall Street, the S&P 500 Index closed flat at 1,4334.56, the tech-led Nasdaq Composite fell 0.2 per cent to 2,451.74 and the Dow Jones Industrial Average rose 0.1 per cent to 12,461.30.

Back in London, J Sainsbury fell 1.2 per cent to 543½p following reports in the Financial Times that the supermarket chain's pension trustees have told a consortium of private equity suitors it would have to address a pension hole of up to £3bn to succeed in its bid.

On the upside, oil prices rose sending shares in BP 0.4 per cent higher to 531p and Royal Dutch Shell up 0.5 per cent to £16.49.

The higher oil price hit British Airways shares, down 2.1 per cent at 516p. The airline was also reported to be one of four major groups interested in consolidating with Spanish airline Iberia.

Shares in Hikma Pharmaceuticals gained 3.3 per cent to 402p after Citigroup raised its recommendation on the stock from "sell" to "buy".

Kensington Group slid 18.8 per cent to 647½p after it said profits in coming years were likely to be below current market estimates. The specialist mortgage lender also announced the departure of its CEO John Maltby

Japanese stocks climb; dollar down

Japanese stocks rose Friday for a fourth straight session, climbing to their highest in nearly a month, led by autos, banking and oil issues.

The benchmark Nikkei 225 index added 61.41 points, or 0.35 percent, to finish at 17,480.61 points on the Tokyo Stock Exchange — its highest since Feb. 28. The index now has risen 4.4 percent over the past four trading sessions, including a 1.5 percent gain Thursday.

Traders said exporters like autos moved higher amid relative stability in dollar-yen trading, while commodity-related stocks like oils advanced after a rise in oil prices.

Gainers included Toyota Motor Corp., which rose 0.51 percent to 7,840 yen ($66.44) and Nippon Oil Corp., which posted a 1.17 percent to 948 yen ($8.03). Banks also advanced, with Mizuho Financial Group Inc. rising 1.30 percent to 782,000 yen ($6,627.12).

Oil prices continued to rise Friday as Asian traders reacted to signs that U.S. refineries have begun to increase production and other positive market signs.

The broader Topix index, which includes all shares on the exchange's first section, rose 10.14 points, or 0.59 percent, to 1,741.94. The Topix rose 1.38 percent, the previous day.

In currency dealings, the U.S. dollar was trading at 118.14 yen at 2:50 p.m. Friday, down from 118.15 yen late Thursday in New York. The euro fell to $1.3330 from $1.33834.

European stocks sag, but London lifted by oil prices

European stock markets mostly fell after a mixed overnight showing in New York, but London was boosted by gains by oil majors, dealers said Friday.

The British capital's FTSE 100 index of leading shares added 0.12 percent to 6,325.50 points in late morning deals, reversing earlier losses.

Frankfurt's DAX 30 index slipped 0.11 percent to 6,849.52 points in early afternoon trade and in Paris, the CAC 40 slid 0.08 percent to 5,593.98.

The DJ Euro Stoxx 50 index of eurozone blue chip shares decreased 0.17 percent to 4,163.14 points.

The euro stood at 1.3316 dollars.

New York markets had ended mixed on Thursday as the market digested a powerful rally on Wednesday as investors focused on prospects for a cut in US interest rates later this year.

Japanese share prices closed higher on Friday, extending their winning streak to a fourth trading day as a weaker yen gave a lift to exporters, dealers said.

The oil sector in London was given a shot in the arm by firm crude prices, which serve to boost oil company profits. Mining companies were also lifted by strong base metals prices.

British energy giant BP's share price rose 1.42 percent to 536 pence, while Anglo-Dutch peer Royal Dutch Shell saw its 'B' shares leap 1.22 percent to 1,662 pence.

Crude oil prices held above 62 dollars per barrel in London on concerns that gasoline or petrol stocks in the United States could tighten in the run-up to the country's peak-demand summer driving season.

Elsewhere in Europe, takeover pressure on Spanish energy giant Endesa rose sharply with a joint approach from Spanish and Italian companies Acciona and Enel.

The two companies revealed their cross-border ambitions for the electricity group in a challenge to a contentious offer from German energy group E.ON.

In Frankfurt, shares in E.ON sank 2.48 percent to 98.82 euros, but the group said it would maintain its bid.

E.ON has offered 41 billion euros (55 billion dollar) in a public offer to Endesa shareholders which runs until March 29. Its approach has been resisted by the Spanish government.

Enel stock slid 0.59 percent to 7.93 euros in Milan, while shares in Endesa were suspended in Madrid.

Meanwhile, Iberia's share price rose 2.98 percent higher to 3.80 euros after Spanish newspaper El Pais reported that the airline was the target of takeover interest from two airlines and two private equity groups.

In New York on Thursday, the Dow Jones Industrial Average gained 0.11 percent to close at 12,461.14 after a big 1.3 percent gain on Wednesday.

However, the Nasdaq composite dropped 0.17 percent to 2,451.74 while the broad-market Standard and Poor's 500 lost a fractional 0.03 percent to 1,434.54.

In Asia on Friday, Tokyo's benchmark Nikkei-225 index of leading shares gained 0.35 percent to end the week at 17,480.61 points.

Hong Kong's key Hang Seng Index closed flat at 19,692.64 points.

Blue chips rise; S&P logs best week since '03

U.S. blue chips inched up on Friday, capping a rally in which the S&P 500 logged its biggest weekly gain since 2003 on speculation that the
Federal Reserve's next move will be an interest rate cut.

The Dow and the S&P were buoyed by a jump in General Motors Corp. shares on speculation that the automaker will not bid for Chrysler and by a gain in energy shares after crude oil futures climbed on a new diplomatic crisis involving
Iran.

Stocks had their best day on Wednesday when the Fed left interest rates unchanged and dropped language about possible rate increases, fanning speculation about a cut.

"At this point, everyone assumes the rate cut is coming, so anything that suggests inflation will do some damage," said Joe Saluzzi co-manager of trading at Themis Trading in Chatham, New Jersey. "We're in a fine balancing act between economic growth and inflation."

The Dow Jones industrial average closed up 19.87 points, or 0.16 percent, at 12,481.01. The Standard & Poor's 500 Index finished up 1.57 points, or 0.11 percent, at 1,436.11. The Nasdaq Composite Index finished down 2.81 points, or 0.11 percent, at 2,448.93.

The Nasdaq Stock Market Inc. corrected the closing value for its Composite Index to fix erroneous trades, making the index lower on the day, not higher as originally indicated, a spokesman said.

The Dow finished the week up 3.1 percent and the Nasdaq gained 3.2 percent. The S&P added 3.5 percent, its biggest rise since March 2003.

Despite the strong performance on the week, trading was light, suggesting investors may lack conviction about the market's strength.

Dragging down the Nasdaq were shares of Amgen Inc., which fell after the world's largest biotechnology company canceled a clinical trial involving a colon cancer drug.

Amgen shares dropped 4.1 percent, or $2.45, to $58.02 on the Nasdaq. Shares of ImClone, which makes a competing drug, rose 13.6 percent, or $4.62, to $38.50 on the
New York Stock Exchange.

Oil prices rose after Iranian forces seized 15 British Royal Navy sailors and marines on Friday, sparking a diplomatic crisis. Crude futures gained 59 cents to settle at $62.28 a barrel while gasoline futures jumped to a seven-month high, hitting $2.

Higher energy prices increase companies' cost of doing business, while higher gasoline prices squeeze consumers' discretionary income, threatening a drag on corporate profits.

But the rise in oil prices lifted oil company stocks. Shares of Exxon Mobil Corp., another Dow constituent, rose 0.8 percent, or 62 cents, to $74.98 on the New York Stock Exchange. Shares of Chevron Corp. climbed 1.1 percent, or 77 cents, to $73.70 on the NYSE.

GM shares jumped 5.5 percent, or $1.67, to $31.99 as investors speculated that the automaker would be less likely to buy Chrysler. Two private equity firms and Canadian auto parts supplier Magna International Inc. have emerged as the leading candidates for buyers.

Stocks briefly jumped on a report showing an unexpected rise in existing-home sales last month but pared those gains after investors noted that prices have stagnated and the inventory of unsold homes has increased.

The National Association of Realtors reported that existing-home sales increased by a stronger-than-expected 3.9 percent to a 6.69 million-unit annual rate as mild weather spurred home buying. Inventories of unsold homes on the market rose 5.9 percent to 3.748 million units.

Investors are eager for signs of stability in housing following recent turmoil in the subprime mortgage sector, which makes loans to people with weak credit or low income.

Friday's volume was the weakest of the week, with about 1.4 billion shares changing hands on the NYSE -- well below last year's estimated daily average of 1.84 billion. On Nasdaq, about 1.7 billion shares traded, also below last year's daily average of 2.02 billion.

Advancing stocks outnumbered decliners by a ratio of about 4 to 3 on the NYSE and by about 9 to 8 on Nasdaq.

Dow secures best week in 4 years

Stocks closed mostly higher Friday, sending the Dow Jones industrials' to their best week in four years after a surprise jump in home sales eased concern that frailty in the housing market will hurt economic growth. Existing home sales rose by the biggest amount in nearly three years in February amid a sharp increase in sales in the Northeast, the National Association of Realtors said. The 3.9 percent increase was the largest since a similar jump in March 2004; analysts had been expecting a decrease.

Still, the report did have some downbeat aspects — the median price of a home fell year-over-year for the seventh straight month and inventories rose.

The
Federal Reserve this week said an "adjustment" in the housing sector was continuing, offering some relief for investors left unnerved by the woes among so-called subprime mortgage lenders. Wall Street had grown concerned that an implosion among subprime lenders, which make loans to people with poor credit, could spill over into other parts of the economy and derail already slowing economic growth.

"People are realizing the housing market is bottoming and is not going to cause a recession in 2007," said Noman Ali, U.S. equities portfolio manager at MFC Global Investment Management. "The consumer is really the main driving force of the economy and the consumer remains strong."

The Dow rose 19.87, or 0.16 percent, to 12,481.01. The blue chip index rose for five straight sessions, picking up 370.60 for its biggest weekly point gain since March 2003; that translated to a 3.06 percent rise for the week.

Broader stock indicators ended mixed. The Standard & Poor's 500 index advanced 1.57, or 0.11 percent, to 1,436.11, and the Nasdaq composite index fell 2.81, or 0.11 percent, to 2,448.93.

For the week, the S&P 500 rose 3.54 percent and the Nasdaq gained 4.52 percent.

Bonds fell following release of the housing data. The yield on the benchmark 10-year Treasury note rose to 4.61 percent from 4.58 percent late Thursday. The dollar was mixed against other major currencies, while gold prices fell.

Light, sweet crude settled up 59 cents at $62.28 per barrel on the New York Mercantile Exchange. Oil prices rose following word that Iranian naval vessels had detained 15 British sailors and marines in Iraqi waters. Concerns arose that an escalation of tension could hurt exports from the Persian Gulf.

The week's gains seemed to take Wall Street by surprise. Investors had expected the Fed would leave short-term interest rates at 5.25 percent but changes in the wording of the central bank's policy statement seemed to offer something for everyone. Stocks rallied after the central bank didn't refer to the possibility of "additional firming" of rates as it had in January. Instead, policy makers said "future policy adjustments" would depend on inflation and growth. Despite the more neutral language about the possibility of a rate cut, the Fed said it remains vigilant about the threat of inflation.

With Wednesday's decision, the Fed has left short-term interest rates, the rate banks charge each other for overnight loans, unchanged for six straight meetings after a string of 17 straight increases that began in 2004.

Examining the week's trading, Ed Hyland, global investment specialist for JPMorgan Private Bank, said it is a "good sign" that the market hasn't given back its gains.

"I think it's just that the market is continuing to digest the rally that it had," he said, though he noted Wednesday's advance, which included a 159 point jump in the Dow industrials, was perhaps overwrought.

Ali contends that if concerns about the housing sector moderate somewhat, Wall Street will likely turn its attention in the coming weeks to forecasts about quarterly results. "It's going to be confession season going into first-quarter earnings."

In corporate news, Germany's DaimlerChrysler AG jumped to a fresh 52-week high amid speculation that a Canadian auto supplier, along with a private equity company, planned to make a bid for the company's struggling U.S. Chrysler division. DaimlerChrysler jumped $4.76, or 6.1 percent, to $82.36. The stock traded as high as $82.93, eclipsing an earlier 52-week high of $77.99.

General Motors Corp., one of the 30 stocks that make up the Dow industrials, gave a sizable boost to the blue chips amid enthusiasm over the possible Chrysler bid and after the world's largest automaker announced stock option grants to executives that are tied to the company's performance. GM rose $1.67, or 5.5 percent, to $31.99.

Verizon, also a Dow component, rose 11 cents to $38.12 after a federal judge issued a permanent injunction against Internet phone company Vonage Holdings Corp. for use of Verizon's patents. Vonage fell 26 cents, or 6.4 percent, to $3.79.

Amgen Inc. fell $2.45, or 4.1 percent, to $58.02 after the company halted a trial of colon cancer drug Vectibix. In the trial, the product hastened the development of colon cancer when used in combination with Avastin.

Label maker Avery Dennison Corp. agreed to acquire Paxar Corp., a maker of tags, labels and apparel identification products, for about $1.34 billion. Avery Dennison rose 88 cents to $66.43, while Paxar surged $4.52, or 18.8 percent, to $28.55.

Advancing issues outnumbered decliners by about 3 to 2 on the
New York Stock Exchange, where consolidated volume came to 2.56 billion shares, down from 3.02 billion Thursday.

The Russell 2000 index of smaller companies rose 1.46, or 0.18 percent, to 809.51.

Overseas, Japan's Nikkei stock average closed up 0.35 percent, Hong Kong's Hang Seng index edged up 0.01 percent and the sometimes volatile Shanghai Composite Index advanced 0.10 percent, which closed at a record high for the third straight day. A nearly 9 percent drop in the Shanghai Composite Index on Feb. 27 helped kick off the global selloff.

Britain's FTSE 100 ended up 0.34 percent, Germany's DAX index gained 0.61 percent, and France's CAC-40 added 0.65 percent.

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The Dow Jones industrial average ended the week up 370.60, or 3.06 percent, at 12,481.01. The Standard & Poor's 500 index was up 49.16, or 3.54 percent, at 1,436.11. The Nasdaq composite index rose 76.27, or 3.21 percent, at 2,448.93.

The Russell 2000 index closed the week up 30.74, or 3.95 percent, to end at 809.51.

The Dow Jones Wilshire 5000 Composite Index — a free-float weighted index that measures 5,000 U.S. based companies_ ended the week at 14,556.46, up 501.68 points from last week. A year ago the index was at 13,166.77.

Jobless claims fall, leading indicator slips

A surprise drop in the number of new claims filed for jobless aid pointed to a healthy U.S. labor market, but a forward-looking measure of the economy showed momentum has slowed, data released on Thursday showed.

Initial filings for state unemployment insurance aid fell for the third straight week and to the lowest in six weeks, dropping to 316,000 in the week ended March 17 from an upwardly revised 320,000 for the prior week, the Labor Department said.

Jobless claims are at a level economists see as consistent with steady employment growth.

"The data hints that March's payroll numbers will be stronger than a weather-depressed February," said David Sloan, an economist for 4CAST Ltd.

In February, the U.S. economy added 97,000 jobs, the smallest gain in two years, with weather taking its toll. Construction employment fell 62,000, probably prompted in part by cold and stormy weather in much of the country.

Thursday's data had no impact on the U.S. Treasury market as investors focused instead on taking profits following Wednesday's hefty rally after the
Federal Reserve in a statement on its policy meeting dropped an explicit reference to the possibility of future interest rate increases.

The Fed kept its benchmark federal funds rate unchanged at 5.25 percent at its meeting on Wednesday, as expected.

In a separate report, the private
Conference Board said its Composite Index of Leading Economic Indicators fell 0.5 percent in February following a 0.3 percent drop in January and 0.7 percent rise in December.

"Despite declines in both January and February, the cumulative change over the past six months remains positive," Ken Goldstein, labor economist at the Conference Board, said in a statement.

"The housing and manufacturing sectors are clearing going through a correction, but the consumer sector appears to be holding up. That mix should generate moderate but choppy growth ahead," Goldstein said.

In the weekly jobless report, there were no special factors behind the decline in new claims, which fell to their lowest level since the week ended February 3, a Labor Department analyst said.

"Claims will likely be volatile over the next few weeks as Easter approaches. The holiday falls eight days earlier this year than last, causing potentially significant problems for the seasonals," said Ian Shepherdson, chief U.S. economist for High Frequency Economics.

"Claims could easily drop sharply over the next couple of weeks before rebounding in early April," he said.

For a more conclusive picture of the job market, economists will have to wait until next month when the government releases its monthly payrolls report for March.

Analysts on Wall Street had expected claims, which provide a rough guide to the pace of layoffs, to rise to 324,000 from the 318,000 initially reported for the March 10 week.

A four-week moving average of claims, which smooths weekly volatility to provide a better sense of underlying job-market trends, also fell for the second straight week, dropping to 326,000 from 329,750 in the prior week.

The total number of unemployed still on the benefit rolls after drawing an initial week of aid fell 69,000 to 2.50 million in the week ended March 10, the latest period for which figures are available.

Investors beware as China charts consumer boom

China is on course to become the world's second-largest consumer market by 2015, but foreign firms looking to tap the retail boom must brace for a bumpy ride and possible price wars, Credit Suisse said on Friday.

Overseas firms now produce far more in China than they sell there, but that is likely to change as the economy comes to rely more on consumption than exports and investment to stoke its sizzling growth, the Zurich-based bank said in a new report.

Credit Suisse projects that the value of Chinese consumption will hit $8.8 trillion by 2020, fueled partly by a 5 percent yearly appreciation in the yuan between now and then.

That would take the Chinese currency to 3.9 to the dollar from 7.73 now.

By 2015, only the United States will be a bigger consumer market.

But devising winning strategies could prove tough amid shifting spending patterns, falling prices for some products and the fact that personal incomes are lagging economic growth.

"The potential of the market is huge," said Vincent Chan, the bank's head of China research. "However, the execution in the process could be tricky," Chen, who penned the report, told a news conference.

Foreign companies such as Coca-Cola Co. (NYSE:KO - news), Nestle (NESN.VX), Procter & Gamble (NYSE:PG - news) and, Swatch (UHR.VX) (UHRN.VX) appeared well-placed to ride the unfolding consumer boom, the report said.

Luxury retailers like LVMH (LVMH.PA), whose handbags are coveted by a small but growing group of super-rich, should benefit given their relatively low advertising overheads.

But companies seeking inroads into the mass market needed to adapt their products to local tastes and be prepared to slash prices to cope with fierce competition, Chan said.

Outsiders would probably find it harder to break into the services sector, where Chinese companies have the upper hand because of their cultural know-how, he said.

Credit Suisse's third China Consumer Survey, based on a 2006 survey of 2,700 respondents in 8 cities, sheds light on spending and saving trends in the world's most populous nation.

As in previous years, the survey concludes that households generally save or invest a quarter of their total income and spend almost the same proportion on food.

Consumers between the ages of 20 and 29, who enjoy the most buoyant income growth, tend to splash out more on clothes and entertainment, making them the prime target group for China-bound retailers.

Some of the country's consumer dynamics are shifting, the report finds: the appetite for electronic goods such as digital cameras and mobile phones is waning, while confidence in the quality of local cosmetics is growing.

As many as 75 percent of those surveyed indicated a reluctance to pay more for foreign cosmetics, up from 62 percent in 2005 and 50 percent in 2004.

More Chinese are traveling, with 52 percent of respondents saying they took a flight in 2006 compared with 48 percent in 2005. The survey found that Southeast Asia is losing popularity to Europe and East Asia as a holiday destination.

IMF: Global economy on track for growth

The global economy is still on track for healthy growth despite the adverse impact on U.S. business prospects of a housing slump and skittishness about risky mortgages, the head of the
International Monetary Fund said Friday.

IMF chief Rodrigo de Rato said the international lending institution expects worldwide economic growth for all of this year to clock in at close to 5 percent.

"This would be the strongest five-year span for the global economy since the late 1960s," he said in prepared remarks to the University of Pennsylvania's Wharton School in Philadelphia.

Even though economic growth in the United States_ the world's largest economy_ is slowing, business growth in other parts of the world is moving ahead, he said.

"In the Euro area growth momentum looks solid," de Rato said. "Japan's economy seems to have regained its footing. China and India continue to be engines of growth."

The recent turbulence in financial markets in the United States and abroad reflected a "reappraisal of risk" as investors contemplated, among other things, the odds of an economic slowdown in the United States, problems in the U.S. mortgage market and the risks in currency trading, involving the Japanese yen, de Rato said.

Those were some of the factors behind the Feb. 27 swoon in stock markets around the world. The Dow Jones industrials that day alone suffered a gut-wrenching 416-point plunge.

De Rato said investor concern is not in itself a bad thing.

"The most dangerous time in financial markets is when no one believes that they can lose," he said. "Recent movements in markets, despite their costs, will at least help to reduce any such complacency."

Still, he said, troubles in the United States involving lenders who made mortgages to people with blemished credit histories bears close watching and could have implicatons for the global economy.

Delinquencies and foreclosures for such risky mortgages are spiking in the United States. That has battered lenders of these so-called subprime mortgages, rattled investors and ignited criticism of regulators from lawmakers on Capitol Hill.

Existing home sales rise unexpectedly in Feb

The pace of U.S. existing-home sales rose unexpectedly in February, but inventories of unsold homes also gained, according to a report on Friday that offered mixed news on the downtrodden housing sector.
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The National Association of Realtors said existing-home sales increased 3.9 percent to a 6.69 million-unit annual rate, the biggest gain since March 2004, as mild weather earlier in the winter spurred home buying.

Wall Street economists were expecting existing-home sales to slide to a 6.31 million-unit pace.

Wall Street economists were expecting existing-home sales to slide to a 6.31 million-unit pace.

In a sign that a wave of foreclosures in mortgages to borrowers with weak credit will impair the recovery of the housing market, the Realtors forecast sales declines of as much as 250,000 units annually among subprime borrowers over the next two years. This would be roughly 3 percent of overall home sales.

"Does that postpone the recovery in housing? Probably not. Does it slow the recovery in housing? Yes," NAR Chief Economist David Lereah told reporters. "Our numbers will not be as high as we thought they would be without the subprime mess."

Prices for U.S. government bonds slipped and the dollar rose on the better-than-expected sales performance, which was seen as diminishing the chances the
Federal Reserve would lower interest rates by mid-year.

February marked the third straight month existing homes sales had increased. It was the first time sales had risen three months in a row since the period ended in June 2004.

However, the February gain reflected a 14.2 percent rise in existing home sales in the Northeast, which Lereah said was likely the result of unseasonably warm temperatures in December and January. Existing home sales are recorded on closings of sales that typically lag the signing of a contract by four to six weeks.

Economists said a return to more seasonable weather would be needed before the underlying healthy of the slumping U.S. housing sector would become apparent.

"You will have to roll into March and April to get a good feel for the strength of the housing market," said Scott Brown, chief economist at Raymond James & Associates in St. Petersburg, Florida.

Further clouding the picture, inventories of unsold homes on the market rose 5.9 percent to 3.748 million units. That represented a 6.7 months' supply at the current sales pace, up from 6.6 months' worth in January.

"We think the housing market will be a drag on the economy for most of this year," said Gary Thayer, chief economist, A.G. Edwards and Sons in St. Louis.

Falling prices have helped support sales. In February, the median existing home sales price was $212,800, up 0.9 percent from January but off 1.3 percent from a year ago. It was the seventh straight month in which prices were down on a year-over-year basis.

Existing home sales rise 3.9 percent

Sales of existing homes rose in February by the largest amount in nearly three years, but worsening troubles in subprime mortgages were viewed as a roadblock to a full-fledged rebound. The National Association of Realtors reported Friday that existing home sales climbed 3.9 percent last month, pushed up by a milder-than-normal winter that boosted sales in areas of the country such as the Northeast.

It was the biggest one-month gain since March 2004 and left sales at an annual rate of 6.69 million units, a pace that was still 3.6 percent below a year ago.

On Wall Street, the Dow Jones industrial average rose by 19.87 points to close at 12,481.01 as investors were encouraged by the better-than-expected showing on home sales.

Even with the improvement in sales, the median price of a home kept falling, dropping to $212,800 in February, down 1.3 percent from a year earlier. It marked a record seventh straight decline in prices compared with the same month a year earlier.

The price weakness was a far cry from the double-digit price increases recorded during housing's boom years.

After five years in which sales set new records, sales of existing homes dropped by 8.5 percent last year, the biggest annual decline in 17 years.

Many economists believe housing sales will fall again this year as the housing industry continues to work through an adjustment following a boom fueled by the lowest mortgage rates in four decades and speculative frenzy as investors rushed to cash in on soaring real estate prices.

Economists are now concerned that rising defaults in subprime mortgages, those offered to borrowers with weak credit, will trigger tighter lending standards that will make it harder for new buyers to qualify for loans. As borrowers default on their mortgages, more properties will be dumped onto an already glutted market.

"The subprime mortgage market has taken a beating because of an unexpected surge in defaults," said Patrick Newport, an economist at Global Insight. He predicted home prices will fall in 2007, which would be the first decline on an annual basis on record.

By region of the country, existing home sales were up 14.2 percent in the Northeast, a gain attributed in large part to warmer-than-normal weather.

Sales also were up in the Midwest, a gain of 3.9 percent, and 1.6 percent in the South. Sales were unchanged in the West, which analysts blamed in part on a reluctance by sellers there to cut prices to attract buyers.

KB Home, one of the nation's largest home builders, reported Thursday that its profits for the first quarter had plunged and it warned of continuing pressure on profits for the rest of the year because of such factors as near-record levels of unsold homes and lenders tightening standards.

The Realtors' report said the inventory of unsold homes rose to 3.75 million units, up by 5.9 percent from the January level.

Senate Banking Committee members at a hearing on Thursday criticized the
Federal Reserve for not doing more to regulate risky lending practices during the housing boom. Roger Cole, the Fed's director of banking supervision, testified that "given what we know now, yes, we could have done more sooner."

The troubles with subprime lending companies helped to trigger a 416-point drop in the Dow Jones industrial average on Feb. 27 as financial markets worried that housing problems could become severe enough to push the country into a recession.

This week, the Federal Reserve triggered an upturn on Wall Street by signaling that it would consider cutting interest rates if necessary to rescue a faltering economy.

Newport said he believed housing would trim about 1.1 percentage points from overall economic growth this year, a slightly bigger impact than Global Insight had been forecasting a month ago.

David Lereah, the Realtors chief economist, said demand for homes could be cut by 150,000 to 200,000 annually over this year and 2008 because of the lending troubles.

"Our view is that the tightening in the subprime market will have a negative impact on home sales," Lereah said. "It probably won't postpone the recovery (in housing) but it will slow it."

Even with subprime market problems, Lereah said he believed the upturn in sales will be sustainable and the data will show that housing hit bottom in September last year and is now in a period of rebounding.

Path Solutions voted as the Best Islamic Finance Technology Provider

Path Solutions has beaten off stiff competition to scoop the award of the 2006 Best Islamic Banks Poll and the 2006 Deals of the Year as designated by readers of the industry’s leading Islamic capital markets focused publication Islamic Finance News (IFN).

Path Solutions and MRL Financial co-sponsored the inaugural annual awards ceremony and dinner organized by RedMoney, and held on the 12th March 2007 at the Shangri-La Hotel in Dubai.

“We’re thrilled that Path Solutions is making its mark at the top of this highly competitive segment”, said Naji Moukadam, President of Path Solutions.

The win comes after a great year for Path, which included the signing with more than 8 Islamic financial institutions and the launch of several new Sharia compliant products to its customers.

“2006 has been a fantastic year for Path Solutions and the award really is the icing on the cake”, added Mr. Moukadam. “The Best Islamic Banks Poll and the 2006 Deals of the Year prize is hugely pleasing because it was achieved through customers’ survey enjoying our services enough to cast their vote. I would like to thank everyone who voted, and our staff for giving our clients such award-winning technologies.”

Some two hundred guests attended the ceremony in Dubai, which will take place again in Malaysia later this month for partners from the Far East and South East Asia.

Standard Chartered wins four islamic banking awards at Islamic Finance News Awards 2007

Standard Chartered, a leading international bank in the UAE, received four distinguished awards for Islamic Banking excellence during an award ceremony held by Islamic Finance News at Shangri-La Hotel in Dubai Monday 12th March.

Standard Chartered’s strong expertise in structuring customised Islamic financial solutions catering to customer needs and complying with Shariah principles was recognised by the organisers and ensured Standard Chartered’s recognition at the awards ceremony.

Standard Chartered was presented with awards for:-

Musharakah Deal of the Year - Qatar Real Estate Investment Company Sukuk; Qatar Deal of the Year - Qatar Real Estate Investment Company Sukuk; Pakistan Deal of the Year - Sitara Chemicals Industry Ltd. Sukuk; and the Corporate Finance Deal of the Year - Kuwait Finance House Syndicated Facility.

“Standard Chartered has a reputation for innovation in Islamic Banking, and it’s our ambition to become known as the best Islamic International Bank in the world,” said Afaq Khan, CEO Islamic Banking Standard Chartered. “We currently lead the marketplace by being the first bank to devise product solutions that transcend industry segments as well as geographies, and that comply with Shariah principles.”

These principles were demonstrated in the Bank’s execution of numerous notable deals throughout the last 12 months, several of which were industry firsts. The Qatar Real Estate Investment Company (QREIC) Sukuk transaction, for example, is the longest tenor sukuk issue (ten years) to be issued in the international market and is the first corporate Sukuk to be issued out of the State of Qatar.

Another landmark deal for Standard Chartered was the Sitara Chemicals Industries Limited (SCIL) Sukuk in Pakistan, which saw the Bank appointed as the Lead Manager and Sole Bookrunner for the first local currency sukuk to be issued by a local corporate in the country. This was also Standard Chartered’s first sukuk issue in this market.

“A diminishing Musharaka structure was used as the basic structure for this transaction,” explains Ahsan Ali, Head of Islamic Origination. “The success of this transaction has significantly raised Standard Chartered’s profile as a provider of innovative Islamic capital markets solutions, exemplified by other corporates in Pakistan now using this as a model for similar sukuk issuances.”

Other notable deals in the Islamic banking field from Standard Chartered include the first Islamic profit swap deal in South East Asia with Bank Muamalat; the first commodity Murabaha facility in Singapore with BAITAK Asia Real Estate Fund and the first syndication facility for Kuwait Finance House, the world’s second largest Islamic bank.

“The Islamic banking industry is going from strength-to-strength,” added Afaq Khan. “We have identified this industry as a key emerging market. Robust Islamic products have exactly the same risk and reward dynamics that are required by Standard Chartered, global banking and international regulatory standards. Standard Chartered Islamic Banking has significantly grown in the last 12 months and we’re on track to continue to grow the business, it’s our aim to assist our customers to tap into this potential.”

With over 150 years of international experience in the banking and financial sector, Standard Chartered has developed a comprehensive portfolio of Islamic products including basic transactional banking, FX and ALM, sukuks, syndications, structured finance, structured trade finance as well as Islamic TrAin and Derivatives (profit rate swap, cross currency swap, forward rate agreement).

The Bank’s strong network across the Middle East, Asia and Africa uniquely place it to arrange seamless global transactions for customers.

Notes and contacts

About Standard Chartered - leading the way in Asia, Africa and the Middle East

Standard Chartered PLC is listed on both the London Stock Exchange and the Hong Kong Stock Exchange and is consistently ranked in the top 25 among FTSE-100 companies by market capitalisation.

Standard Chartered has a history of over 150 years in banking and operates in many of the world’s fastest-growing markets with an extensive global network of over 1,400 branches (including subsidiaries, associates and joint ventures) in over 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas.

As one of the world’s most international banks, Standard Chartered employs almost 60,000 people, representing over 100 nationalities, worldwide. This diversity lies at the heart of the Bank’s values and supports the Bank’s growth as the world increasingly becomes one market.

With strong organic growth supported by strategic alliances and acquisitions and driven by its strengths in the balance and diversity of its business, products, geography and people, Standard Chartered is well positioned in the emerging trade corridors of Asia, Africa and the Middle East.

Standard Chartered derives over 90 per cent of profits from Asia, Africa and the Middle East. Serving both Consumer and Wholesale Banking customers worldwide, the Bank combines deep local knowledge with global capability to offer a wide range of innovative products and services as well as award-winning solutions.

Trusted across its network for its standard of governance and corporate responsibility, Standard Chartered takes a long term view of the consequences of its actions to ensure that the Bank builds a sustainable business through social inclusion, environmental protection and good governance.

Standard Chartered is also committed to all its stakeholders by living its values in its approach towards managing its people, exceeding expectations of its customers, making a difference in communities and working with regulators.
Contact Details

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Kelly Smith

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Company
Actionprgroup

Telephone
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Banks get religion to lure Muslims

Banks used to offer free coffee mugs to attract customers. In the Middle East, Malaysia and Europe, a new crop of Islamic banks is luring customers by offering “divine rewards” that include trips to the Muslim holy city of Mecca.

“Reward points, bonus points or mileage points simply don’t compare with the divine rewards that come with the Al Islami credit cards,” Dubai Islamic Bank said in recent newspaper advertisements.

Even for those hardened to advertisers’ gimmicks, the link between God and credit cards would be enough to raise the eyebrow of any potential bank customer. But on closer investigation “divine rewards” turns out to be a misnomer for the bank’s loyalty program: You get a partial refund on the card’s fees — if you pay the bills on time.

Islamic banking was once viewed as a phenomenon of a few conservative Arab countries, but now the practice is bursting out of its traditional market and luring customers by offering the mundane banking products with a Muslim twist.

Abu Dhabi’s First Gulf Bank has upped the ante with its “Makkah” credit card. Named after Mecca, the holiest city in Islam, big spenders will eventually earn enough reward points to earn a flight to the Saudi Arabian city. Unfortunately, it can’t be used for the Hajj, the period of the year when millions of Muslims cram into the holy city to complete the journey they must do at least once in their lives.

The chief difference between Islamic and traditional banking is that Islamic banks work to avoid the Muslim ban on charging or paying interest, usually by substituting a fee. Islamic versions of credit cards, personal finance, savings and checking accounts, mortgages and bonds are now available which comply with Islamic law, or Sharia.

“It’s very important for me to open an account in this bank because they don’t take interest. As a Muslim, it’s the most important thing,” said Atta Hassan el-Atta, a Dubai-based customer of Dubai Islamic Bank.

Another goal at the top of the Islamic bankers’ agenda is ethical investment. Banks want to ensure their money won’t be funding activities that don’t sit well with Islamic theology, such as businesses involved with alcohol, gambling, pork, weapons or usury.

An International Monetary Fund study found the number of purely Islamic institutions has soared from 75 in 1975 to over 300 in 2005, and that figure doesn’t even include the wealth of western financial companies that are now dealing in Islamic products.

There’s even Islamic insurance. The principles are different, based on a system of mutual assistance the customer joins a collective pool of funds can be used by those who need it.

Islamic scholars feel that conventional insurance schemes involve an element of uncertainty, which is like gambling. Conventional insurance companies also like to put their money in interest gathering investments, which means it’s out of bounds for a strict Muslim.

Globally the Islamic insurance market is estimated to be worth $2 billion, but premiums are expected to reach nearly four times that figure by 2015, according to Zawya.com, a Middle East business information site.

Islamic banking is most dominant in the seven countries of the Arabian Peninsula, led by Saudi Arabia. More than 30 percent of Saudi bank assets are classified as Shariah compliant and the figures for other Gulf states range from 10 to 20 percent according to British-based Islamic Banking and Finance magazine.

Saudi’s Al Rajhi Bank is currently the world’s largest, followed by Kuwait Finance House. Dubai Islamic Bank is No. 3, according to Zawya’s rankings.

The Dubai International Financial Center, a bank enclave governed by western-style financial laws, predicts Islamic banking will quickly carve out a huge share of the global market. The Dubai center estimates that as much as 50 percent or more of the savings of the world’s 1.2 billion Muslims could be held as religiously compliant products within the next decade.

Traditional banks are also getting in on the Islamic banking trend. American and European banks are offering Islamic products to hang onto their clients and capture a share of the booming market.

Lloyds TSB kicked off its Islamic banking services two years ago in five branches in Britain. Now, those services are available in 1,900 branches, said bank spokesman Emile abu-Shakra.

Even Wall Street stalwarts like Morgan Stanley are jumping in, developing sophisticated Islamic instruments that involve securitization, or borrowing against a company’s future revenue. This normally involves interest bearing investments. That’s quite a step forward considering they were recently struggling to come up with financial products as simple as savings accounts.

Dow Jones has compiled 60 indexes that track sharia-compliant investments.

“As more Western institutions get involved in Islamic finance, it’s going to raise the profile, to the point of a parallel system,” said Rushdi Siddiqui, New York-based global director of the Dow Jones Islamic Market Index.