Accent Resources
Share price (at May 23): 15c
Market cap (at May 23): $2.95 million
1. Where is your project located?
Mt Gibson
2. Where is the closest port and what does the company expect to do to get its product there?
Geraldton/Oakajee. Transport of material will be investigated including rail, road and slurry pipeline or a combination of these initiatives. Consideration will also be given to gaining limited access to third party infrastructure on a toll basis where applicable.
3. Does the project have a resource? If not, what is the potential size of a resource?
No identified resource at present. We have identified an extension of the structure that hosts Mt Gibson Iron’s Extension Hill at Mt Gibson over a strike of approx 14km with additional parallel lenses of BIF to the east of the main structure. Accent has set an exploration target of 200Mt of magnetite and 20Mt hematite.
4. What work has been completed at the project to date?
Detailed mapping , rock chip sampling and aeromagnetic interpretation.
5. What are the broad parameters of a possible development?
Timeframe to a development decision – 18 months.
Size – exploration target 200Mt magnetite and 20Mt hematite.
Cost – too early to predict.
6. When do you expect to be producing?
Earliest 18 months if sufficient hematite is identified.
7. What is the work program for the next 12 months?
Extensive drilling and resource definition.
8. What contractors and consultants has your company used/plans to use?
The board will make the appropriate appointments as and when they are appropriate. It has targeted some consultants who will be approached to take on large development.
9. Management/board experience in the iron ore sector?
Limited iron ore experience, however Board has already appointed an iron ore specialist consultant and as and when it is appropriate other appointments will be made.
10. What is your company’s current cash position?
41.7 million cash plus $230,000 in prepaid drilling costs.
Admiralty Resources
Share price (at May 23): 9.2c
Market cap (at May 23): $51.1 million
1. Where is your project located?
Vallenar in Region 3, Chile.
2. Where is the closest port and what does the company expect to do to get its product there?
We have three ports, Caldera which is about 200km where we will ship from in July 2006, Punte Alcalde which is 50km from the mine where we intend building a new port in 2008/9,and Huasco which is 60km from the mine where we are exploring options to ship with two operators.
3. Does the project have a resource? If not, what is the potential size of a resource?
Yes, JORC reserve calculation of measured and probable is 32.75 million tonnes for iron in one tenement, Japonesa, and 7,400 hectares of prospective tenements, plus 3,200 hectares nearby in Corfo.
4. What work has been completed at the project to date?
R-C drilling completed, geology mapped, mine extraction plan completed for two ore bodies, all environmental permits have been granted, all contracts for plant, equipment, labour, electricity negotiated and signed, 50% of plant and equipment has been delivered and installed, funding has been finalised.
5. What are the broad parameters of a possible development:
Timeframe to a development decision – completed in February 2005
Size – 1.5Mtpa, then 3-4Mtpa in 2008/9
Cost – $US20 million
6. When do you expect to be producing?
May 2006 – 3mm fines and sinter feed product.
7. What is the work program for the next 12 months?
The junior plant will be installed and completed and operational in May 2006 and the main plant operational in August 2006. We will continue proving up our resources over the next 12 months. We may subject to drilling and mine engineering bring another mine into production. We will have completed banking and engineering feasibility on contraction of the Punte Alcalde port. We will have spent approximately US$150,000 on drilling our Corfo properties proving them up. We will complete another stockpile area near the town of Caldera to further stockpile fines.
8. What contractors and consultants has your company used/plans to use?
SRK, Metalica, and many others based in Santiago Chile where we have signed confidentiality agreements and are not able to disclose their names. In Chile we also have 15 engineering staff and the engineering staff of Besalco our plant processing supplier.
9. Management/board experience in the iron ore sector?
Phillip Thomas is a qualified Geologist and member of the Australian Institute of Geoscientists. He has experience in ore extraction, computer simulation of mining techniques and drilling analysis. His previous geological experience has not been in magnetite, iron ore but in ultramafic’s. John Anderson is a BCom MBA and has had two years experience managing a public company in the clay sector. Prior to this he has had significant investment banking experience in the iron ore business. Leonardo Farkas, President of Cia Minera Santa Barbara worked with his father prior to undertaking a different career direction in the original iron ore mining companies, Santa Fe and Santa Barbara. Assisting the Board of CMSB is a number of staff and consultants who previously worked for Chile’s only iron ore company, Compania Minerale Pacifica.
10. What is your company’s current cash position?
Our cash position is US$3 million and US$7m if cash receivables are included.
