Just reading the following previous quartely this company is looking great for a correcton in sp, the more I read & the more I hear this stock is a absoute no brainer.
QUARTERLY ACTIVITIES REVIEW For the period ended 31 March 2005 ► HIGHLIGHTS AIM RESOURCES ADMITTED TO THE ALTERNATIVE INVESTMENT MARKET IN LONDON • Including a placement of 72.5 million fully paid shares, raising £1.45 million. • Commenced trading on the AIM market in London on 21 March 2005. FEASABILITY STUDY ON PERKOA ZINC PROJECT ON SCHEDULE FOR COMPLETION IN JULY • Snowden Mining Consultants engaged to produce a Bankable Feasibility Study, which is now well advanced • DRA engaged for design of process plant and surface infrastructure • Epoch engaged for environmental, geohydrological and mine residue disposal studies which have commenced. • Confirmation and infill drilling of the Resource to enable a status upgrade for the Bankable Feasibility study is underway. • Discussions progressing with potential financiers and potential off take parties. EXCITING RESULTS FROM THE FALCON GRAVITY SURVEY AT MUMBWA PROJECT IN ZAMBIA • A total of 23 copper, gold and associated uranium targets identified by the AIM-BHP Billiton joint venture. • Anomalous Uranium signatures provides confidence in the Olympic Dam style mineral deposits. • Drilling program on the first 12 targets anticipated to commence in the September 05 quarter. ► PROJECT REVIEW PERKOA ZINC PROJECT, BURKINA FASO (AIM 100%) As previously announced, AIM Resources exercised its option to purchase 100% of the Project from BHP Billiton and Metorex, the settlement of which took place at the end of January 2005. The settlement has resulted in BHP Billiton becoming a shareholder in AIM Resources. The project is based on a very high grade deposit of zinc ore which has a large amount of data and knowledge built up about the resource, including some 87 drill holes and sample analysis. ASX Announcement 29 April 2005 “African Focused Resource Company” AIM RESOURCES LIMITED A.C.N. 009 193 980 Level 5 Angel Place 123 Pitt Street Sydney NSW 2000 t 61 2 9222 9444 f 61 2 9222 9477 Website www.aimresources.com.au Email [email protected] AIM Resources Limited is listed on the ASX with the symbol “AIM” and on the Alternative Investment Market with the symbol “AIMR” Continued… 2 As part of the due diligence process, AIM Resources engaged Snowden Group (Snowden) part of the Downer EDI Group, to review the available data and confirm the deposit by reporting a JORC (the Australian Code for Reporting of Mineral Resources and Ore Reserves issued by the Joint Ore Reserves Committee) compliant Inferred Mineral Resource of 7.06 million tones grading 17.7% zinc (at a 10% zinc cutoff), including silver credits the zinc equivalent grade is 18.6%. This would make Perkoa one of the highest grade zinc deposits in the World. The deposit is a Volcanic Massive Sulphide (VMS) type, which have been known to produce clusters of deposits rather than a single occurrence. This, when coupled with existing regional exploration data, show good potential for additional Perkoa type deposits being found within our existing permit areas. Since the settlement, AIM Resources has moved quickly to engage Snowden to undertake a Bankable Feasibility Study on the Project, to demonstrate commercial viability, and to a standard which would be acceptable to Banks for project financing purposes. That Feasibility process is now well advanced with completion anticipated in July/August 2005. Snowden has the relevant experience with Burkina Faso and the elements of a mining feasibility in that country, due to its role as due diligence consultants ABSA Bank who are project financing the High River Gold Project, approved in March. The High River Gold Project is currently the largest and only mining project financing ever undertaken in Burkina Faso. Snowden’s experience gained in Burkina Faso will prove very useful for completing the Perkoa Feasibility Study in the tight timeframe. Snowden, as part of the Feasibility Study will provide optimisation of geological information and the subsequent mine planning. Dowding, Reynard and Associates (DRA) has been engaged as Process Engineers to design and optimise the treatment process including all surface infrastructure for the Project. With plants operating on five continents and being recognized as world leaders in specific areas of zinc processing, we are delighted to have the expertise of DRA applied to our Project. They have worked extensively with Snowden previously and we will be guided by their combined expertise in extracting the optimal returns from the Project. Epoch Resources (Epoch) has been engaged to undertake studies on environmental and geohydrological aspects of the Project, including design of mine residue disposal facilities. Epoch has already had a team in Burkina Faso and undertaken discussions with various Government departments and local communities in relation to the myriad of issues to be addressed for responsible development of the Perkoa Resource. St Lambert Drilling, an arm of Boart Longyear has been engaged to undertake confirmatory and infill drilling on the Perkoa Resource. Drilling commenced mid April and the planned program should be completed by the end of May. The objective of the program is to provide additional confidence in the resource to enable a Proved and Probable reserve classification. The Burkina Government is being extremely positive and helpful in assisting in fast tracking the Feasibility. Our Perkoa Project is important to the Government and especially the local communities. This will be the largest project undertaken in the Country to date, and there is excitement that it is progressing. The Government is keen to emulate the success of their neighbour, Ghana, in rapidly developing an active and successful mining sector. To this end they have upgraded the road to the minesite and are currently constructing a dam that will provides for the projects water needs. AIM has identified and had discussions with a number of banks who have expressed interest in providing project finance. Our intention is to bring our bankers of choice along in parallel with the Feasibility process, so that all issues are satisfactorily addressed. Our expectation is that an offer of debt financing should be finalised shortly following completion of the Feasibility. Discussions are underway with several of the world’s most prominent participants in metals and concentrates trading and processing. We anticipate being in a position to enter an arrangement for product off take shortly after completion of the Feasibility. In summary, your Board and Management at AIM have been extremely busy over the last few months, as preparation of the Feasibility Study gathers momentum. The next few months should prove to be even busier as the Project moves toward development. Your directors believe that progress is on track and expect the Bankable Feasibility Study to be completed early in the third quarter. MUMBWA COPPER-GOLD PROJECT (AIM / BHP Billiton Joint Venture) Results from the Falcon airborne gravity survey completed by the AIM-BHP Billiton Joint Venture over The Mumbwa Prospecting License (PL LS39) in Zambia provided a total of 23 targets that warrant priority follow up. AIM RESOURCES STOCK EXCHANGE A.C.N. 009 193 980 ANNOUNCEMENT 3 A total of 8,752 linear kilometres on a survey area measuring 60.7 by 61.4 km was initially surveyed on a line spacing of 400 meters. An area within this block measuring 25 by 28 km was then resurveyed to a 200 meter line spacing. The data collected included gravity gradiometer, magnetic, radiometric and DTM laser Scanner Data. This data was interpreted and ranked in priority on the basis of amplitude, relationship between magnetic and gravity signatures, aerial extent shape, location with respect to favourable drill results and mineral occurrences, whilst being mindful of other factors including structure and Uranium anomalies. Of the 23 target areas identified, a further priority ranking has been assigned to begin to focus the exploration program as follows: 4 areas assigned a priority 1 ranking; 8 areas assigned a priority 2 ranking; 6 areas assigned a priority 3 ranking; and 5 areas assigned a priority 4 ranking. It is very encouraging to note that of the 12 priority one and two targets five have strong Uranium anomalies, providing confidence in an exploration program looking for large Olympic Dam style ore bodies. AIM and its joint venture partner BHP Billiton are discussed a proposed drilling program to investigate all the priority one and two anomalies. It is envisioned that the drilling campaign will be undertaken over the September 2005 quarter. MOKOPANE PROJECT (AIM 100%) AIM has successfully extended the Prospecting Agreement with The Mogalakwena Municipality for an additional five year period from 1 December 2004 to 30 November 2009. This is commonly referred to as an old order mineral right. An application to convert the permit to a new prospecting right has been lodged with the Department of Mineral and Energy in South Africa. AIM is assured that the holders of ‘old order rights’ have priority over the project areas in the new mineral rights application process. AIM continues to formulate a focused drilling program to test areas of the project that have the potential to extend the existing resource. In addition to the four anomalies identified and outlined in the previous quarterly report, there are areas of the Basal contact of the Platreef that remain unexplored. MOOIPLATS PLATINUM PROJECT (subject to ministerial approval) AIM continues to wait for Ministerial approval of the new order mining right as a condition precedent to the settlement of the acquisition of all the issued capital of Mooiplats Mineral Holdings (Pty) Ltd, and Severin Development Corporation (Pty) Ltd. Together these companies hold a 76.84% interest in Southern Sphere Mining and Development (Pty) Ltd, the holder of the multi million ounce Mooiplats Platinum Project in the Eastern Limb of the Bushveld Igneous Complex in South Africa. As previously announced, to facilitate Ministerial approval AIM wasv granted an extension of the settlement date to 30 April 2005. The South African authorities extended the approvals period for all mineral rights approvals to 30 April 2005, in order to facilitate the transition to the South African Mineral and Petroleum Resource Development Act 2002 that came into effect in May 2004. To the best of your directors’ knowledge, no approvals have been issued by the authorities regarding mining applications as at the date of this report. The Industry as a whole is waiting on direction from the South African authorities as the extension period moves toward the expiration date. ► CORPORATE AIM LISTS ON THE LONDON ALTERNATIVE INVESTMENT MARKET On Monday 21 March 2005, AIM was admitted to trade on the Alternative Investment Market in London (code AIMR). In April 2005 the company completed the placement of 72.5 million shares* to clients of one of the United Kingdoms oldest broking houses, Hichens, Harrison & Co plc. This placement saw the company raise an additional £1.45 million (approximately A$ 3.5 million). * 7 million shares to be issued shortly following final administrative procedures. The proceeds from this placement are being utilised to fund the Bankable Feasibility study on the high grade Perkoa Zinc Project in Burkina Faso. AIM RESOURCES STOCK EXCHANGE A.C.N. 009 193 980 ANNOUNCEMENT 4 Your directors believe that the listing in London will lift the profile of the Company in one of the largest and historically most important capital markets in the world. SHAREHOLDERS MEETING ON 21 APRIL 2005 The two resolutions put to shareholders at the General Meeting on 21April 2005 were passed. CASH & INVESTMENTS As at 31 March 2005, AIM had A$8 million in cash, at call deposits and share market investments. This includes a 10.2% interest in ASX listed company Discovery Nickel Ltd (ASX code DNL). ISSUED CAPITAL As at 31 March 2005 the company had: • 503,818,831 ordinary shares on issue • 44,525,000 unlisted options at various strike prices and dates.
AIM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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