copperco the next coppergiant, page-30

copperco going the way

COPPERCO LIMITED

ASX Code CUO www.copperco.com.au

Company Facts

Mineral Securities ownership interest: 22.47 million shares


Market Value (as at 30 June 2006): A$8.65 million

Click to view detailed map


Project Facts

The Company’s objective is to become a significant and independent copper producer
The Company has consolidated approximately 2,500km² of Mining Leases and Exploration Permits in the Mount Isa Block, making it a major tenement holder in the region
The development of the Lady Annie oxide copper resource will provide the Company the opportunity to rapidly become a copper producer
More Information

CopperCo’s strategy is to create a substantial independent copper producer focused on the Mount Isa block. An extensive tenement package has been assembled exceeding 2,500km² that hosts several known oxide and sulphide copper resources and prospects.

The acquisition from Buka Minerals Limited and ultimate development of the Lady Annie Project will provide CopperCo the opportunity to rapidly become a copper producer.

Three ore bodies will be initially mined at the project by conventional open pit mining with expectation to commence mining in March 2007, for initial copper production in June 2007. The ore will be treated by a heap leaching, solvent extraction and electrowinning process. In respect of these three, additional pit optimisations are currently underway at Mount Kelly Workings and the Swagman Prospect.



Mineral Resources have further increased by 20% at the Lady Annie Project which is now given at 18Mt at 0.9% Cu with proven and probable Ore Reserve increased by 12% to 11Mt at 1.1% Cu. The mine plan is currently set for 10.1Mt at 1.27% Cu average grade.



CopperCo is currently in discussions with a number of financial institutions and off-take parties in respect of the project’s capital development requirements. The company believes a project finance facility and subordinated financial support related to off-take of between $50 million and $60 million can be arranged.

CopperCo is led by Mr Brian Rear, former Chief Executive of Straits Resources Limited, as an Executive Director to oversee the implementation of the CopperCo strategy. Mr Rear has been responsible for two successful greenfields copper developments, including the Girilambone mine, and led a turnaround of the Nifty mine, initially developed by WMC.

Minsec holds an 6.64% investment in CopperCo with 22.47 million ordinary shares.

For more information on CopperCo, click here copperco.com.au or phone +61 (08) 9421 1999.