Molybdenum - Spinifex Ridge, WA • Continuing record molybdenum prices • Pre-feasibility Study on track for completion in December with Definitive Feasibility Study in mid-2006 • Resource drilling complete - confirms integrity of historical data - identifies high grade extensions • WorleyParsons appointed as lead engineers • Sites for major project facilities identified - sterilisation drilling completed • Metallurgical test work indicates 90% recovery with coarse primary grind • Baseline environmental study complete - no major impediments
Gold - Dargues Reef, NSW • Emerging gold province • Continued drilling success indicates million ounce potential at Dargues Reef..."
"World molybdenum prices, having peaked at about US$40 earlier in the year, continue to show resilience with Molybdenum Oxide still trading above US$30 per lb of contained Mo.
Analysts including those from UBS and Macquarie have recently revised their price forecasts for Mo upwards and outwards suggesting Mo staying above US$15 during 2006 with Macquarie predicting US$7.50 as a long term Mo price.
This is more than double the historical average and is very favourable for the development and profitable operation of the Spinifex ridge Project".
MOL has 30.425 mill shares on issue.
COMMENT: I think that the Dargues Reef GOLD Project will be listed as a separate Co. at some stage.
Did you know that 35% of a big Sea Drilling Rig's cost is because of the use of ss?
MOL Price at posting:
0.0¢ Sentiment: None Disclosure: Held
