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INTERMET RESOURCES LIMITED

ASX: ITT

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

InterMet Resources Limited (ASX:ITT) is a base metals exploration and development company, with assets in the world class mineral deposits area of the Gawler Craton in South Australia and an exploration portfolio in northern Queensland, owned 84.5% by Hillgrove Resources Limited.

Since September 2008, when Hillgrove aquired a majority interest, considerable time has been spent reviewing the extensive InterMet portfolio with a view to reducing it to a manageable size and defining any key projects on which to focus exploration efforts. This work saw a large reduction in tenement holdings and two key focus areas identified in the Mt. Garnet area in Queensland and Lake Gilles area in South Australia.

With the review largely completed the focus has shifted to field exploration once more with on ground exploration having commenced at Munderra in Queensland in late 2009.

In June 2010 InterMet announced that it plans to refocus its activities around bulk commodities bauxite, coal and iron ore both in Australia and Indonesia. Subject to shareholder approval InterMet has secured options, via Hillgrove, to acquire a 70% shareholding in five companies that own nine exploration licenses (IUPs) over the Landak and Tayan South Bauxite Projects, covering 1,400 square kilometres in West Kalimantan, Indonesia. The region is a recognised bauxite province with the Indonesian major, PT Antam, owning the Tayan bauxite deposit, located between the Landak and South Tayan Projects.

Hillgrove's work on the Landak bauxite deposit shows that high grade, alumina production quality, bauxite can be produced with favourable recoveries from the deposits so far identified. InterMet believes the projects in Kalimantan offer the potential to host bauxite mineralisation capable of supporting long-life mining operations. The projects will provide an ideal nucleus for InterMet to participate in the buoyant bulk commodities space.

A rigorous exploration programme over the IUPs is being undertaken, with the aim of defining a bauxite resource base capable of justifying the establishment of an alumina refinery. Hillgrove has already completed several months of due diligence involving recognised mineral industry consultants Snowden Group, Independent Metallurgical Operations, METS and Aluminpro Aluminium Industry Professionals, and has conducted site surveys, test pitting and detailed metallurgical evaluations.

Mine For

bauxite, coal, iron ore, copper, gold, silver, uranium, phosphate, diamonds

Location of operation(s)

South Australia, Queensland

Address

Level 41, Australia Square, 264-278 George Street
SYDNEY, NSW, AUSTRALIA

Phone

(02) 8221 0404

Email

Website


Last Updated

1/04/2011

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.

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