re: +++ only 10% of ilu's price ++++ Don't forget the extra...

re: +++ only 10% of ilu's price ++++ Don't forget the extra cashflow from the agreement with Tasmanian Titanium. Looks like a fruitful year or two ahead for Bemax.


bemax.com.au/Announcements.html#jul19

Toll Treatment and Marketing Agreement

Bemax Resources NL ("Bemax") is pleased to announce the execution of a zircon and rutile toll treatment and marketing agreement with Tasmanian Titanium Pty Ltd ("Tasmanian Titanium").

Under the Agreement, delivery of the Non-Magnetic Concentrate, containing the valuable zircon and rutile minerals, is scheduled to commence in the first quarter of 2006 ("Commencement Date"). Bemax will process, market and sell the minerals, remitting the sale proceeds back to Tasmanian Titanium after deducting fees and commissions.

The Agreement will add an estimated 13,400 tonnes of zircon and 9,800 tonnes of rutile to Bemax's sales in the first eighteen months after the Commencement Date, with an estimated market value of US$15 million.

Bemax Managing Director, Mr Antoine Shirfan said "signing Tasmanian Titanium's production of zircon and rutile will both increase our capacity to satisfy our clients' record demand for zircon and contribute to achieving a higher level of operating and capital efficiency in our Western Australian operations".

Tasmanian Titanium holds mining leases on King Island in Tasmania which include a zircon rich heavy tailings stockpile at Naracoopa, where mining is scheduled to commence.