METALS AUSTRALIA LTD - ASX: MLS

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Description

Metals Australia Ltd (“Metals” or “the Company”) is an Australian based company listed on the Australian Securities Exchange under the symbol “MLS.” Metals was formerly known as Australian United Gold Limited, which was listed on the ASX under the symbol “AUL.” The Company has an issued share capital of 669,608,765 fully paid ordinary shares and 103,150,000 options exercisable at 5 cents each on or before 30 September 2009.

Metals operates in the mineral resource sector with its focus on zinc and nickel in Western Australia and uranium in Namibia. In line with its short term vision to establish itself as a zinc producer, the Company’s immediate strategy is to develop its Manindi zinc project in the Murchison District of Western Australia. Manindi is currently estimated as having a global resource of 1.05 million tonnes averaging 7.64% zinc and containing 80,200 tonnes of zinc metal.

Manindi Zinc Project, Western Australia

The Manindi Zinc project was historically known as Freddie Well and is a volcanogenic massive sulphide (VMS) zinc deposit in the Central Murchison of Western Australia, some 500 km northeast of Perth. The project comprises a series of volcanogenic massive sulphide zinc deposits. The geological environment shows similarities to those of other base metal sulphide deposits in the Yilgarn Craton of Western Australia such as the Golden Grove deposits located to the southwest of Manindi, at Yalgoo, and the Teutonic Bore / Jaguar deposits in the Eastern Goldfields.

The Manindi Zinc project has reached an intermediate phase of exploration and has a resource base that shows potential for significant upgrades. The current resource is: 1,052,640t @ 7.64% Zinc At >1% Zn Cut-Off. In addition to these resources, the project is easy to access, logistically resupply, and is also in close proximity (20 km to the southwest) of the ‘mothballed’ Youanmi gold mine. These factors all assist in making Manindi an attractive exploration & mining project.

Sherlock Bay Exended Project, Western Australia

The Sherlock Bay Extended project is located in the Pilbara region of Western Australia. The tenement area surrounds Australian Resources (ARH) Sherlock Bay Nickel deposit, which has a resource in excess of 100,000 tonnes of contained nickel metal, with an in-ground value of more than $4 billion, at current nickel prices (May 2007). The Sherlock Bay Extended project is prospective for both precious and base metal mineralisation.

Mile 72 Uranium Project, Namibia

The Mile 72 project is located on the central coast of Namibia, within the Erongo province, approximately 115 kilometres to the northwest of RTZ’s Rossing Uranium Project and is prospective for uranium mineralisation. The project has the potential to host both near surface, pedogenic uranium deposits and primary ‘alaskite’ style mineralisation.

Engo Valley Uranium Project, Namibia

The Engo Valley project in the northwest of Namibia in South West Africa, and lies along strike from the known Engo Valley uranium deposits. Exploration within the project is at an early stage of development, and is highly prospective for uranium mineralisation.

Mine For

zinc, coper, nickel, uranium

Location of operation(s)

Western Australia, Namibia

Address

1st Floor , 8 Parliament Place
WEST PERTH, WA, AUSTRALIA

Phone

08 9481 7833

Email

Website

http://www.metalsaustralia.com.au/

Last Updated

18/03/2011