POST 1.MCR or MINCOR:...

POST 1.
MCR or MINCOR: http://www.mincor.com.au

Bigchart:
http://bigcharts.marketwatch.com/javachart/javachart.asp?symb=AU%3AMCR&time=&freq=

Shares: 191.2 mill and 2 mill. unlisted options. It has also 12.5 mill. options in TYC; to convert at 15 cents before 30 April 2008.
Dec 31, 2003: Cash: 20.3 mill.

Febr. 19, 2004: Half Yearly Report & Half Year Accounts:
http://stocknessmonster.com/news-item?S=MCR&E=ASX&N=255779

EXTRACTS:
"Mincor Resources NL (ASX:MCR) has delivered its sixth half-year profit in a row and re-confirmed its position as Australia’s most cost-efficient mid-cap nickel miner. The Company today reported steady net after tax profits of $4.2 million, on operating cashflows of $14.0 million and gross revenues of $38.8 million.

LOCATION OF MINES, map:
http://stocknessmonster.com/news-item?S=MCR&E=ASX&N=246069

July 30, 2003: Fourth Quarter Activities Report - Map Attachments:
http://stocknessmonster.com/news-item?S=MCR&E=ASX&N=241224

"Mincor produced 154,000 tonnes of ore at an average grade of 3.05% nickel for the half year period. Cash costs per pound nickel rose due to generally lower nickel grades but mining costs remained the most competitive in the sector – an indication of the Company’s cash-generating capacity following the recent termination of its hedging contracts.

During the half-year Mincor delivered more than 71% of production into hedge contracts at a price of A$10,898 / tonne nickel – a massive discount to spot prices. These hedges were established 3 years ago as part of the project financing requirements for the Miitel acquisition.

+ + + All the hedging contracts terminated at the end of January 2004, leaving the Company fully exposed to the spot nickel price for the rest of the Financial Year.

Mincor is currently developing two new mines and extending a third, and has a total Reserve base (January ’04) of nearly 2 million tonnes at 2.81% nickel, containing 55,760 tonnes of nickel metal. The Company is believed to have one of the largest nickel sulphide reserve bases in Australia.

Effective 30 September 2003, the Company acquired the remaining 24% interest in the Miitel Joint Venture held by Clough Mining Pty Ltd and Donegal Resources Pty Ltd for consideration comprising $11.4 million of cash and 9,000,000 fully paid ordinary shares.

Of the cash component, $5.4 million was paid at settlement in January 2004 with the remaining $6.0 million payable in two tranches over the next two years".

Dec 31: Mining Operations-Summary:

1. MIITELMINE : During the period, the Company’s Miitel Nickel Mine produced 118,115 dry metric tonnes at an average nickel grade of 3.23%, to produce 3,393 tonnes of nickel-in-concentrate (2,953 tonnes attributable to the Company).

2. WANNAWAY MINE: The Company’s Wannaway Nickel Sulphide Mine produced 58,174 dry metric tonnes of ore at an average grade of 2.70% for 1,364 tonnes of nickel-in-concentrate (1,215 tonnes attributable to the Company). During the period the Company announced an upgrade in reserves at Wannaway.

The Wannaway reserve at 1 January 2004 is 214,400 tonnes grading 2.2% nickel. As at the end of the reporting period the Company had achieved 20 months of operation without a Lost-Time Injury (“LTI”).

TO PREPARE FOR MINING:

1. REDROSS: On 15 October 2003 the Company approved the development of the Redross Nickel Mine. The Redross Nickel Mine has a probable ore reserve of 526,000 tonnes with a nickel grade of 2.95%.

2. MARINERS: In January 2004 the Company approved the development of the Mariners Nickel Mine. The Mariners Nickel Mine has an ore reserve of 422,670 tonnes grading 2.88% nickel. Exploration drilling continued throughout the period, with considerable success.

3. NORT MIITEL: On 28 October 2003 the Company announced its decision to develop and mine the North Miitel ore body. North Miitel has an ore reserve of 466,000 tonnes grading 2.65% nickel.

March 16, 2004: Millionth Tonne Milestone:
http://stocknessmonster.com/news-item?S=MCR&E=ASX&N=257663
March 23: $7m exploration budget underpins new growth strategy:
http://stocknessmonster.com/news-item?S=MCR&E=ASX&N=258110

Extract: "Unhedged nickel producer Mincor Resources NL (ASX: MCR) has announced a landmark $7 million exploration budget over the next 15 months – more than triple previous levels – as part of an aggressive new growth strategy outlined today: To double existing
Ore Reserves (currently 1.99 million tonnes at 2.86% nickel for 56,977 tonnes of contained nickel metal) through "extensional’ exploration of existing ore bodies – with drilling to start immediately; to discover a new million tonne, high-grade nickel ore body through an expanded regional exploration program around the Widgiemooltha Dome..."

March 16: Millionth Tonne Milestone:
http://stocknessmonster.com/news-item?S=MCR&E=ASX&N=257663

Details of Mining and Exploration to follow in next post.

Gerry
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