Ann: Aberfoyle Tin Project Final Drilling Results, page-16

re: Ann: Aberfoyle Tin Project Final Drilling... Tin troubles, tin triumphs
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THE DIRT: Robin Bromby | June 10, 2009

Article from: The Australian
TIN was the top performing base metal overnight, emerging from its recent shadows to gain 5.9 per cent with the three-month price closing in London at $US15,775 a tonne.

We’ve also had some mixed news from one of the liveliest tin fronts in the country, Tasmania.

These moves coincide with the latest quarterly report on tin and tungsten from Sydney-based Resource Capital Research. At the time the report was compiled - just a matter of a week or so ago - tin was sitting at $US13,830/tonne, so that shows you the size of the recent spurt. And that price was a 38 per cent gain on the March low (although a long way down from the May 2008 high of $US25,495/tonne).

RCR notes that the global demand for tin has fallen rapidly to an estimated 350,000 tonnes in 2008. But the 15 tin companies listed on the ASX have done well, according to RCR.

At the time the report was completed, Macquarie Harbour Mining shares were up 200 per cent above their low and up 114 per cent in three months.

There have been three announcements out of Tasmania. On the bullish side, Venture Minerals says that new surface sampling results confirm that it has a new high-grade tin zone, the Reward prospect. Rock chip assays from historic trenches gave grades around 1 per cent tin. VMS is well advanced on the scoping study at Mt Lindsay in Tasmania after what it called excellent metallurgical results from both tin and tungsten trials.

Minemakers has now final results from the 2009 drilling program at the Aberfoyle project which has shown that the main mineralised system is 900m long, not 400m as previously stated. The company says latest drilling shows that the system may be repeated under another layer of cover.

But Stonehenge Metals has folded its tent, selling the Heemskirk tin mining and processing operation. The company put the mine on care and maintenance last November due to falling tin prices.

Finally, RCR flags that several tin companies could be gearing up to raise more money, Wolf Minerals for re-opening the Hemerdon Ball mine in Cornwall, as well as for Australian projects owned by Consolidated Tin Mines, Malachite Resources and Metals X.

The writer implies no investment recommendation and this report contains material that is speculative in nature. Investors should seek professional investment advice.