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MIL RESOURCES LTD - ASX: MGK
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Description
MIL Resources Limited (“MIL”) is an Australian public company listed on the Australian Securities Exchange (“ASX”) – ASX Code: MGK. MIL is a resources investment and development company with a number of activities:
* 25% interest (and earning up to 90%) of the Amazon Bay ironsands project in Papua New Guinea;
* global exclusive license to the MIL-Dow electrolytic magnesium process technology;
* 100% ownership of magnesite resources near Leigh Creek, South Australia.
Amazon Bay Ironsands Project
During the quarter the company agreed to acquire up to a 90% interest in the Amazon Bay ironsands project in Papua New Guinea. The transactions terms were approved by shareholders on 24th October, 2007.
The key aspects of the Amazon Bay ironsands project include:
* ironsands are a steelmaking feedstock showing strong growth in demand especially from Chinese steel mills;
* previous exploration work reported that the project may contain (non JORC measurements) up to 445 million tonnes of ironsands to approximately 9 metres deep of +10% magnetics;
* MIL expects to add significant value through a work program aimed at better defining the likely resource target; metallurgical work to establish the most effective process flowsheet and completing initial feasibility studies.
Under the Amazon Bay agreements MIL has established an Operating Committee and the work program is underway. An aeromagnetic survey to define detailed drilling targets is being negotiated and is planned to be completed early in 2008. A bulk sample has been prepared and a metallurgical testing program is expected to commence in the current quarter. A presentation of the Amazon Bay ironsands was given at the Annual General Meeting on 24th October, 2007.
MIL-DOW Magnesium Process Technology
Features of Magnesium Smelter Technology
* Dow process knowledge
* MIL engineered for magnesite and productivity improvements
* Principal’s Project Requirements (PPR)
* Feasibility studies by MIL
* Marketing studies
Leigh Creek Magnesite, Mt Hutton
MIL Resources ltd is considering options for development of the Mt Hutton magnesite resource to sell magnesite and caustic calcined magnesia to the regional industrial and agricultural markets and to export caustic calcined magnesia to international markets.
Mt Hutton Resource
In 2001, MIL acquired the mining tenements in the Leigh Creek-Willouran area which cover the magnesite resources at Myrtle Springs, Camel Flat, Mt Hutton and Mt Playfair. With a resource of 579 million tonnes at 42% MgO a decision was made to define a reserve at Mount Hutton that offered high–grade, low-calcium magnesite close to transport and with low environmental impact.
Mine For
gold, iron ore, titanium, vanadium, copper
Location of operation(s)
Papua New Guinea, South Australia
Address
Suite 2, Level 3 9-13 Young Street
SYDNEY, NSW, AUSTRALIA
Phone
(02) 9252 1505
Website
Last Updated
7/3/2011
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.
