Consolidated Minerals (CSM) - announcement - Woodi

I don't talk much about many individual stocks but CSM has to be one of the best and is worth a look. Check the stats and announcement below!

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CSM - CONS MIN FPO
OTHER METALS > Mining (Producer)

Shares and Earnings
Total Shares on Issue 144,107,624
Market Capitalisation - Current $85,023,498
Asset Backing
(Net Tangible Assets) .00
Earning Rate Per Share 0.1299
PE Ratio - Current 4.5420
Can be short sold No


Dividend
Dividend Rate Per Share 0.0475
Current Dividend Amount $0.025
Dividend Type Interim
Dividend Payable Date 22/04/2002
Ex Dividend Date 08/04/2002
Franked Percent .00 %

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CSM - Press Release: Early E 1/1 (P)
CSM - ASX Company Announcement
$mtl6 THIS IS A PRIORITY ITEM
21 June 2002
Part 1/1
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CONSOLIDATED MINERALS LIMITED
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HOMEX - Perth
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Press Release: Early Exploration Success

Consolidated Minerals Limited (ASX:CSM) is set to achieve a
significant increase in the resource base of its Woodie Woodie
manganese project in Western Australia this year after receiving
outstanding early returns from its expanded 2002 exploration push.

Consolidated's Managing Director, Michael Kiernan, said new
discoveries tested during just two months of drilling to date
indicated the potential to add 1 million tonnes to the resource
inventoy.

"This compares very favourably with previous field seasons, where
exploration has typically added around 1 million tonnes of resources
a year," Kiernan said, "and we have achieved this milestone in just
over two months."

"This represents the first tangible fruits of our expanded
exploration effort at Woodie Woodie, where we have allocated a $5
million exploration budget for 2002/3," he added. "Our exploration
success rate in the 2001 field season yielded 1 tonne of resource for
every $1.65 spent on exploration and we expect that success rate to
continue in the current year."

The Company announced a significant expansion in its exploration
activities earlier this year as part of a strategy to further
increase the mine ife at both its manganese and chromite operations.
A $10 million convertible note issue was announced in April to fund
this exploration push.

Kiernan said work completed to date at Woodie Woodie included an
airborne electromagnetic (EM) survey over 2,000 line kilometres,
gravity surveys, geological mapping and some 180 RC drill holes for
10,200 metres.

"The EM survey has proved to be a very effective exploration tool
which we expect will continue to give us an important strategic
advantage in accelerating our exploration activities to target
anomalies," he said.

The EM survey was conducted at a line spacing of 80 metres and
identified conductive targets, of which two have already been
successfully drilled. The gravity suveys were completed over 4,000
stations and included coverage of some older (pre-1996), less
well-controlled surveys.

Combined techniques involving electromagnetics, refined gravity,
detailed mapping and aeromagnetics plus a revised geological model
have resulted in significant resource discoveries and additions in
five out of the six areas drill tested to date.

Released by: On behalf of:
Jan Hope/Nicholas Read Michael Kiernan
JAN HOPE & PARTNERS MANAGING DIRECTOR
Telephone: (+61-8) 9388-1474 Consolidated Minerals Limited
Telephone: (+61-8) 9321-3633

ends - AAP