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January 2012 Presentation


 

Herberton Tin Project

  • Over 534km2 of tin exploration ground in the Herberton Tin Field of Northern Queensland.
  • Herberton Tin Field has historically produced over 109,000t of tin concentrates (concentrate comprising approximately 70% tin – 76,300t of tin metal) and is currently the pre-eminent area for hard rock tin exploration in Australia.
  • Several walk-up high grade drill targets already established; previous breccia pipe-hosted Vulcan mine mined to a depth of 425m with a grade of over 6% Sn for almost 14,000 tonnes of concentrate.
  • The Arbouin Tin Mine was also a significant high-grade producer which ceased operations in 1987, with underground drilling in unmined areas returning intercepts of 26.4m @ 2.78% Sn.
  • Targeting tin oxide cassiterite mineralisation (not skarn mineralisation), advantageous due to its relatively simple metallurgy.
  • Extensive digitized database including air and ground-based magnetics, IP surveys, extensive soil sampling, rock chip sampling and drilling. Over 14 tin targets identified to date.
  • Component of the exploration ground is located adjacent to Consolidated Tin's Mt Garnet Project.
  • Numerous Pb, Zn, Ag and Au targets over the extent of the exploration tenements defined through previous drilling and historical high-grade mining.
  • The tin price continues at historically high levels.

Baal Gammon Polymetallic Project

  • Baal Gammon is a highly advanced project incorporated in the Herberton tenements and comprises the following JORC Code-compliant resources:

JORC Category

Tonnes (000t)

Cu
(%)

Sn
(%)

Ag
(g/t)

In
(g/t)

CuEQ*
(%)

Cu Metal (000t)

Inferred Resources

109

0.4

0.2

10

30

1.25

0.4

Indicated Resources

5,373

0.8

0.2

29

29

1.8

41.2

Total Resources

5,482

0.8

0.2

29

29

1.8

41.6


Note - 0.2% copper cut-off grade.

  • Based on mine optimisations and open pit designs, a Probable Ore Reserve for Baal Gammon has been generated - 3.1Mt @ 0.95% Cu, 0.2% Sn, 34.3 g/t Ag and 29.6 g/t In.
  • The copper price continues at historically high levels.
  • Assessment of development options for Baal Gammon are underway.

* Copper Equivalent Calculation Explanation:

The copper equivalent calculation represents the total metal value for each metal, multiplied by the conversion factor, summed and expressed in equivalent copper percentage. These results are exploration results only and no allowance is made for recovery losses that may occur should mining eventually result nor metallurgical flowsheet considerations. The copper equivalent calculation is intended as an indicative value only. Copper equivalent conversion factors and long‐term price assumptions used follow:
Copper Equivalent Formula= Cu % + Sn(ppm) x 0.0002 + Ag(ppm)x0.0103 + In(ppm) x 0.0059
Price Assumptions‐ Cu (US$9,041/t), Sn (US$25,775/t), Ag (US$28/oz), In (US$540/kg)