This release from MBG is over a month old but has gone barely noticed by the market (or on here) it would appear.
Tin prices are at a near 20 year low so in the best traditions of buying straw hats in winter have a close look and do some research. This is a most extraordinary company with one of the most benificial hedging arrangements i have seen!
ps - the chart looks like sh!te, I know, so I'm not saying buy now for a short term trade - merely that it warrants watching closely.
MARLBOROUGH RESOURCES NL 2002-09-19 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++ Marlborough Resources NL (MBG) is pleased to announce:
- Increased reserves and resources of tin at its Ardlethan Tin Project
- Increased grade of ore in the area it is currently working. This is due to the specific gravity of current ore being about 19% higher than was estimated in the Feasibility Study.
- A sharper cut-off between overburden and ore than was anticipated in the Feasibility Study. This allows more accurate mining of the ore body and reduced mining dilution.
INCREASED RESERVES AND RESOURCES
The attached review by Mr Phillip Kimber, Senior Geological Consultant to Marlborough Resources, shows:
- An increase in Proved and Probable Reserves from 4353 tonnes of tin as at July 2000 to 12,829 tonnes at September 2002.
- An increase in Measured, Indicated and Inferred Resources from 5236 tonnes of tin as at July 2000 to 11,876 tonnes at September 2002.
Mr Kimber's review has been performed after extensive drilling of approximately 300 additional holes and a thorough review of past drilling and other information prepared by Aberfoyle and others on the tailings remaining at Ardlethan after more than 25 years of operations. In general the oldest tailings are richest in tin because of less efficient recovery methods and equipment. With the latest technology a substantial recovery of this remaining tin is possible. A detailed Feasibility Study is planned during 2003 to determine the cash flow generation and profits from treating these tailings using modern recovery equipment and techniques.
It is expected that part of the present alluvial plant could be used for processing tailings. The relative economics of processing alluvials and tailings concurrently or sequentially will also be studied. As an order of magnitude, there is approximately $130 million of tin remaining in the tailings at Ardlethan.
