mcr acquires bhp

GOT YOUR ATTENTION HEH!
MINCOR TO ACQUIRE MAJOR KAMBALDA LAND PACKAGE
Acquisition of the Bluebush Line Secures 40km of Prospective Basal Contact
Australian nickel producer Mincor Resources NL (ASX: MCR) has further expanded its strategic
growth footprint in the Kambalda Nickel District of Western Australia after reaching agreement with
BHP Billiton Limited, its off-take partner, to acquire a major package of highly prospective nickel
sulphide exploration tenements in the District.
The agreement covers the “Bluebush Line�, which contains numerous high-grade nickel
occurrences extending over a strike length of more than 40km. These include drill intersections of
up to 7.15 metres @ 6.14% nickel in the advanced stage Stockwell Prospect.
The Bluebush Line is believed to be the only remaining surface exposure of the basal contact in the
Kambalda Nickel District not yet controlled by long-term holders. The basal contact is the
stratigraphic position that hosts all known Kambalda nickel deposits.
The Bluebush Line contains numerous known nickel occurrences, including those at Cameron,
Lawry, Grimsby and Stockwell. WMC Resources Ltd completed 34,000 metres of drilling at
Stockwell/Grimsby in the late 1990s, outlining a substantial zone of nickel sulphide mineralisation.
A selection of better drill intersections* from these occurrences include:
Prospect
Depth to Top of Intersection
(metres)
Width of Intersection
(metres)
Nickel Grade
Stockwell 62.3 7.15 6.14%
Stockwell 86.7 5.10 6.76%
Grimsby 133 4.85 4.89%
Lawry 80.0 2.48 4.26%
Cameron 260.5 3.84 3.44%
Riddler 48.0 1.00 1.89%
Douglas 72.0 2.00 1.18%
(All reported as down-hole widths in vertical holes, in which the dip of the basal contact varies from 60 to 80 degrees.)
No exploration has been conducted anywhere on the Bluebush Line since 2001, leaving the area
wide open to the recent advances in geological thinking, geophysical techniques and deep drilling
capabilities that have proved so successful for Mincor since it first entered the District nearly 7
years ago.
“We are thrilled at the opportunity to acquire this outstanding package of ground,� said Mincor’s
Managing Director, David Moore. “These may be the last of the tenements in the Kambalda Nickel
District with genuine near-surface prospectivity.
“We intend to commence an aggressive exploration program as soon as possible, with our focus
initially on the Stockwell/Grimsby area, where we believe there is clear potential for the early
delineation of a substantial nickel resource,� he continued.
MEDIA RELEASE
Tuesday, 20 November 2007
Page 2
“However, we will also aggressively pursue the entire 40 kilometre strike length of the basal contact
along the Bluebush Line – surely one of the best exploration positions in the entire Kambalda
District. Outside of three prospect areas, there is not a single drill-hole extending to more than 200
metres in depth.
“This acquisition is further evidence of Mincor’s ability to continue to grow its successful Kambalda
nickel business. Opportunities of this quality are rare at any time, and especially so in the current
bull market for resource assets,� Mr Moore said.
Under the agreement, Mincor will sub-lease the Bluebush tenements (with rights to explore for and
mine nickel) from BHP Billiton until the formal termination of the Nickel Refinery Act, after which it
will acquire the tenements outright.
The sub-lease and acquisition terms are confidential but are not considered material to Mincor. The
deal includes an off-take agreement for the nickel produced from the tenements.