PLANET METALS LTD - ASX: PMQ

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Description

Planet Metals Limited ASX Code: PMQ is a tungsten and molybdenum producer and a copper and gold explorer with projects on the east coast of Australia. Metallica Minerals Limited (ASX Code: MLM) holds approximately 76% of the Company following a Scrip for Scrip takeover bid for the Company. The Company has funds on hand of approximately $2.0 million.

Planet Metals Limited owns two projects, including the Wolfram Camp tungsten-molybdenum project. This project, located about 90 km inland of the north Queensland population centre of Cairns, is owned 85% by Planet Metals with the remainder held by its joint venture partner, Tropical Metals Pty Limited. Concentrates of wolframite and molybdenite were being produced in 2008, but the project is currently in care and maintenance with further evaluation drilling underway together with a revised resource report.

Planet Metals second project is based on copper, gold and silver deposits located at Mount Cannindah, approximately 100 km south of the major Central Queensland port and industrial centre of Gladstone.

The Mount Cannindah project is 100% owned by Planet Metals. The project has a JORC compliant copper-gold resource.

Bamford Hill is a large exploration area located around 30 km south of Wolfram Camp which has previously produced significant quantities of tin as well as tungsten, molybdenum, and bismuth. Planet Metals is earning an 85% interest in the project by undertaking exploration within the tenement with the untested potential for gold being a major thrust of this work.

Mine For

molybdenum, gold, silver, copper, tungsten

Location of operation(s)

Queensland

Address

71 Lytton Road
EAST BRISBANE, QLD, Australia

Phone

+ 61 (07) 3230 2000

Email

Website

http://www.planetmetals.com.au/

Last Updated

04/03/2010