bargain of the year

5c
$2.5 million cap
$1.2 million cash

Silver, copper, nickel, tungsten, diamonds, iron ore, platinum, palladium, gold, all in WA.

Was a $2+ stock as recently as 2011.

Raised $4 million at $2 per share to Shandong in 2010 and
another $4 million at $2 in 2011 from UK and US institutional investors.

Now 5c.

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Management? Check.

Same guys from UMC - United Minerals Corporation.. acquired the Pilbara Railway Iron Ore project in 2006, identified the resource in 2007 and in 2010 got taken out by BHP for $204 million.

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You will struggle to believe how much you get for the $1.3 million enterprise value!

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You may have heard of CXO's impressive recent silver rock chip results of 4 kg per tonne.

But have you ever heard of rock chips of 3.6kg per tonne gold?

That equates to over 220 KILOGRAMS per tonne SILVER.

These are from outcrops at VMC's Copper Hills project in the Paterson Orogen, on the Anketell gravity ridge, 150km from the giant Telfer Dome gold mine.

That equates to over 220 KILOGRAMS per tonne SILVER.

They also found rock chips with 3.7kg/tonne platinum... that equates to over 240 KILOGRAMS/tonne silver!

Not to mention the 48% copper, 5kg/tonne palladium and 8.2kg/tonne silver from the same prospect.

Strong conductors identified at Gaza and PM prospects, drilling to test these fault controlled discrete high
EM conductive bodies located in underexplored areas.

WA govt granted $150k co-funding for drilling, and during the quarter geophysical plate modelling to refine drill targets and heritage clearance surveys were successfully completed.

Preparation for drilling at Gazza underway, drilling to commence "as soon as possible".

Historic drilling by the previous tenement owner were shallow at 48-120m and electromagnetic data was unavailable at the time.

Newly defined targets estimated at 250m.

The copper values were found over 2 kilometres, with the precious metals over a smaller area.

Petrographic studies indicate the mineralisation is hydrothermal, with secondary enrichments, indicating potential depth extension.

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They also have 698 million tonne JORC magnetite resource at Yalgoo, 311 million tonnes of that is indicated with recoveries up to 97.6%.

PFS confirmed as technical viable and financially robust, with big exploration upside.

And these guys are actually doing stuff!

During the quarter:

- VMC signed an MOU with Geraldton Port Authority, providing VMC with 7.5 million tonnes of iron ore export capacity per annum.

- Soil sampling at 73 locations, assay results due any day.

- 3D geological modelling to estimate infill drilling required for DFS.

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They also have a JORC diamond resource of 21 million tonnes for 6 million carats.

The Smoke Creek Alluvial Diamond project is down-drainage of the world’s largest single diamond deposit at Argyle, and covers 11km of unmined diamond bearing gravels draining from Rio Tinto’s Argyle AK1 diamond pipe.

Diamond production is now underway, processing plant constructed, paid for and operational.

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But all that is not even what I'm most excited about!

You may remember a few weeks back when Apollo Minerals (AON) price jumped after announcing a major IOCG target 7km x 5km, approximately 35km2.

Well VMC have a 120sqkm target!

That's around 20 times bigger than Prominent Hill and Carrapateena!

A 15km x 8km domal super-structure with coincident magnetic high and gravity low.

nThe mineralised Proterozoic Yeneena group formations are expected at 150m-200m depth.

Located at VMC's Coolyu Well Project 50km from Telfer in the Canning Basin, prospective for IOCG/tungsten/molybdenum.

Again, VMC are doing stuff!

VMC have been awarded $150,000 grant for exploration and delineation of drilling targets is currently in progress.

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Oh, and VMC have a lazy 564 sqkm in the Albany Fraser region... The Tropicana East Super Project on the continental scale Mundrabilla fault.

Another $150k grant awarded for drilling on that one.
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They also have big IOCG targets at their Telfer North Super Project:

- Radi Hills IOCG target “bullseye” 5 mGal gravity high;
- Mt Morris IOCG target, a large coincident magnetic and 2mGal gravity high;
- Citadel doubly-plunging anticline gold target, Telfer Dome look-alike; and
- Yarrie East copper nickel platinum massive sulphide target.

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INVESTMENT HIGHLIGHTS:

- 628 million tonne JORC magnetite resource, Shandong JV
- Massive 120 sqkm tungsten/moly/IOCG domal TARGET
- Rock chips assays 3.6kg/tonne gold, 8.2kg/tonne silver, 3.7kg/tonne platinum, 48% copper, 5kg/tonne palladium.
21 million tonne diamond JORC for 6 million carats
- Tropicana East Super Project, 594sqkm in Albany Fraser orogen.
- Telfer North Super Project with a 5mGal, 6sqkm bullseye IOCG target
- Enterprise value of $1.3 million.
- Bargain of the year.