This is the Deal between MRX/DYL Joint venture Historical Uranium Producing Region- Mary Kathleen and Summit Project DYL selected as partner from competitive process DYL have been granted access to explore for Uranium on MRX 5000 sq/km tenements in the Uranium rich Mt Isa- Cloncurry Region
DYL have identified new zones of U308 mineralisation and anomolism
2000m of drilling testing to depths of 120 mtrs have been carried out and completed in December and i assume results out some time in febuary....perhpas that is why the shareprice has moved on large voluume, someone must know something as some of the buy orders were in the millions
The deal as follows: DYL HAVE THE RIGHT to earn 51% interest by spending $3 million over 3 years The expenditure committments require DYL to $500,000 in the first 9 months and to issue Matrix ordinary shares in DEEP YELLOW equivalent to 2.2% of the issued capital approx 18 million shares to MRX) I will figure out the rest of the deal tomorrow....but i also understand that MRX will still hold the 20% of the inground Uranium found based on JORC and scoping studies and BFS
On the copper front ...here is the deal "Copper production to commence" PROJECTS -MT cuthbert and MT Watson projects (located 100km north of Mt Isa -10.5 million tonne oxide copper resource and growing -Existing production facility and infastructure -Several New discoveries in 2005/06 -Title agreement in place
White range Project Locatd 40km south of Cloncurry -14.8 million tonne oxide copper resource and growing -final stage feasibility complete -Target 15000 tpa (tonne per annum) for 6 to 8 years minimum -Major exploration success in 2005/06
"Capital structure" shares on issue 661.6 million market cap $58 million Cash on hand $9 million
"Shareholders" Independance group 18.9% Institutions 18% Glencore 6.75% Top 20 holding >50%
-Copper production commmences at Mt Cuthbert by q3 2007 (january-march 2007) -Project funding in place, predominately from Glencore International AG -Development work has commenced -Matrix 100% unhedged and exposed to record copper prices
- something else thats interesting............ This article taken from the smart investor magazine (publication)
its under a heading TANTALISING 10 C TEMPTERS
"In the past 5 years mincors chairman david humann has watched the company move from explorer to producer. its profit has increased from 2M to 29M and the companys share price from 10 scents to 230 hummann is also chairman of MRX a diversified mining company that is in the process of bringing a major copper reserve into production the company has completed a feasibility study in relation to its white range copper resource management is looking at the possibility of complementing the 45 M of bank funding with about 3.5 M in take off agreements whereby the third parties can invest in what is potentially long life project if such a deal can be struck hummann may be able to do fo Matrix what he did for Mincor"
Makes interesting reading
MRX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
