code acceptance- yesss, page-11

worth watching...closely just having a quick look at (auz)..

commencement of mining in march 04...

at the blair nickel project...

this might just be a fairly good period for them...

well worth doing some research....

presently the share price at 25 cents...my guess that it needs too break 27 cents before the next leg...
once this happens then there might be plenty of blue sky...

keep an eye on this over the next month or so..this could be a big winner...

see below..

Level 1, 681 Murray Street, West Perth, Western Australia 6005
Tel: 08-9481 5811 Fax: 08-9481 5611 Email: [email protected]
16 December 2003
AUSTRALIAN STOCK EXCHANGE LIMITED
Via Electronic Lodgement
Number of Pages: 1
Dear Sirs
SPECIAL RELEASE
UNDERGROUND DEVELOPMENT COMMENCES AT BLAIR MINE
• Underground development commences on schedule.
• Nickel ore production from Area 57 on schedule for March 2004.
• LME Nickel price reaches US$13,485 per tonne (AUD$18,150) per tonne, well above the
nickel price used in Blair mine cashflow model.
Australian Mines Limited (ASX: AUZ) is pleased to announce that underground development at
its 100%-owned Blair nickel mine near Kambalda has commenced. Mining contractor Barminco
has fully mobilised to site and development from the existing decline to access Area 57 ore has
commenced on schedule. First ore production from the Area 57 massive sulphide shoot is
scheduled to commence within three months, with the ore to be trucked to WMC’s nearby
Kambalda plant for processing. The recently signed agreement with WMC also provides for
WMC to purchase the nickel concentrate from Australian Mines.
The nickel price continues to strengthen to new 14-year highs, with the closing London Metal
Exchange (LME) nickel price reaching US$13,485 per tonne (or US$6.12/pound) yesterday. At a
US$:AUD$ exchange rate of 0.743 this is equivalent to AUD$18,150 per tonne, well above the
AUD15,500 nickel price assumed in the Company’s budgeted cashflow. Significantly, the
quoted 3 month LME nickel price – coinciding with the Company’s scheduled first ore
production in March 2004 - is US$13,500 per tonne (AUD$18,170 per tonne).
Yours faithfully
DD Boyer
Managing Director