Ann: 2009 Diggers and Dealers Presentation , page-2

ANGLO AMERICAN A MAJOR SHAREHOLDER
Oz platinum explorer with high grade pgm/copper/nickel drill results to list in Canada.

Magma Metals, the Australian company that has made a high grade platinum group metals discovery in Canada, is now looking to list on the Toronto Stock Exchange.

Author: Ross Louthean
Posted: Tuesday , 04 Aug 2009

KALGOORLIE -

Keith Watkins, managing director of Magma Metals (ASX: MMB), told delegates at the Diggers & Dealers Forum in Kalgoorlie today that the plan to also list in Toronto should take place by the end of this year, and currently the company has an undiluted market capitalisation of $A98 million.

The company has been reporting high grade intersections of platinum group metals (PGM) with significant copper and nickel which Watkins said could represent 40% of production revenue.

Drill intersections from the Thunder Bay North project on the northern edge of Lake Superior in Canada have included hits of 63 m @ 5.66 grams/tonne PGM, 0.7% copper and 0.3% nickel.

A total of 50,000 metres of drilling has been carried out and some of the other good hits were 7.35m @ 11.29 g/t PGM, 61m @ 5.71 g/t PGM and 5.5m @ 17.3 g/t PGM, 2.88% Cu and 1.29% Ni.

The structure was known for a strike length of 3.7 kilometres and is open along strike.

Watson said the first JORC Code and NI 43-101 resource estimates were "imminent."

The system has been drilled out into Lake Superior and Watson said the concept for eventual mining would not be dissimilar to that used on diamond mines in northern Canada.

Watson said only 15% of the target area has been explored and Thunder Bay North was already emerging as a comparable size to other magma conduit systems around the world containing PGM, nickel and copper mines and deposits.

A scoping study should begin in the fourth quarter of this year.

A positive point for development was that the project was close to infrastructure, just north of the city of Thunder Bay and close to arterial roads and a major railway system.

The company has mining giant Anglo American plc as major shareholder with a 12% stake.

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