This gets modest attention around here but quarterly worth a look. Doubled tin production. Cash in the bank. Good gold and copper opportunities. Time to get back in again- for me at least. cheers jwt
MARLBOROUGH RESOURCES NL 2002-07-30 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++ QUARTERLY REPORT FOR PERIOD ENDED 30 JUNE 2002
HIGHLIGHTS
ARDLETHAN TIN PROJECT
MARLBOROUGH RESOURCES NL (MBG) is pleased to advise that the
ARDLETHAN TIN PROJECT:
* More than doubled tin production in the quarter to 176,600kg of contained tin (compared with 85,000kg in the March quarter);
* Increased plant availability to 88% in July, increased percentage tin recovery to 75% and increased recovered grade. All contributed to the higher tin production;
* Expansion of the project to 140% of original design capacity was commenced in April and construction was almost completed by the end of July. Commissioning has commenced;
* As the result of its floor price scheme, Marlborough is selling most of its tin production on the basis of a tin price of US$4,420 per tonne, which is believed to be the highest tin price being received by any tin producer in the world.
DEVELOPMENTS
Work has recommenced or the Lucky Draw-Burraga project which now has gold resources exceeding 100,000 ounces of gold and an inferred copper resource of 1,300,000 tonnes at 0.73% copper. A review of geology, test results and economics is in progress with the aim of developing a feasibility study this year and a project as soon as viability established.
Marlborough has had multi million dollar offers from several groups to farm into Marlborough's large gold and copper properties at Mt Mackenzie in the Connors Arch area of central Queensland. Negotiations are almost concluded and an announcement is expected soon. In addition, Marlborough is actively seeking to acquire existing operations or defined resources in tin, gold or other minerals, with the aim of increasing its spread of operating activities.
CORPORATE
The Company had cash on hand of $1,143,000 at 30 June 2002. In addition, the Company reduced its loan facilities with the Commonwealth Bank by a further $300,000 on 30 June 2002 as was scheduled. Under the Commonwealth Bank financing facilities, there were further facilities totalling about $638,000 which had not been utilised.
