BASS METALS LTD - ASX: BSM

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Description

Bass Metals is focused on Gold and Base metal production and exploration with operations currently in Tasmania, Australia.

Recent milestones

- 65% Increase in Ore Reserves at the high grade polymetallic Que Riveropen cut mining project.

- Que River mining operation consistently delivering higher-than-expected tonnes and grade – generating strong cash flow to give a December 31st 2008 closing cash position of $7.8 million.

- Binding agreement to acquire Hellyer Mill, associated infrastructure, tailings resource and Mining Lease from Intec Ltd for $4.0M plus a Processing Royalty of $2.50/tonne processed (capped at $5.0M). The Hellyer Mill alone has an estimated replacement value well in excess of $100 million.

- Inaugural profit delivered in 2008 Financial Year, with NPAT of $1.8 million and earnings per share of 1.8 cents.

- High grade polymetallic resource at Hellyer Mine Project more than doubled to 1.6 million tonnes with announcement of initial resource estimate for Fossey Zone of 830,000 tonnes grading 9.1% zinc, 4.6% lead, 0.3% Cu, 120g/t silver and 2.5g/t gold

- Gold resources totalling over a million ounces at Mt Charter, Hellyer Tailings and Fossey Zones

Mine For

gold, base metals, zinc, lead, copper, silver

Location of operation(s)

Tasmania

Address

16 Thelma Street
WEST PERTH, WA, AUSTRALIA

Phone

+61 8 9322 8044

Email

Website

http://www.bassmetals.com.au

Last Updated

04/05/2010