The major points of interest for potential investors in AIM are:
Ø Zinc Mining in Burkina Faso – West Africa
Ø Politically stable country with attractive tax regime
Ø Awaiting grant of Exploitation License (required for production) – company expects receipt by end of November 2006
Ø Plant commissioning and first Concentrate March Q. 2008
Ø 11 year mine life on current 6.27mt of proven and probable reserves @14.5% zinc with exploration upside
Ø Base valuation (fully diluted) $0.25 cps with LR zinc price $US0.68
Ø Current zinc price is approximately $US1.90lb – 3x the LR forecast used in the base valuation of $0.25
Ø Upper valuation (fully diluted) $0.62 cps with LR zinc price $US1.40lb
Ø Little to no value attributed to exploration nor to other assets in Zambia and South Africa
Ø Capital costs (October 2006 est.) is $US145 million including overruns, working capital and contingencies to be provided through:
o Debt and project finance via Standard Bank PLC $US90m
o Convertible Note issue $US35m
o Equity Issue $US20m
Ø Experienced zinc mining contractor engaged
Ø Earthworks have commenced
Ø Land locked country – project heavily reliant on a rail line through Cote d’Ivoire to the port. A road alternative is available if necessary but costs are significantly greater.
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