Very interesting little copper number with $3.5m in cash.
Undiluted cap of $7.7m with 42m shares on offer (none in escrow).
The Top shareholder is Asia Image Ltd (23.38%) & GDE Exploration (7.54%)
Listed at 20c in mid 2008.
An Exploration License Application ELA155/09 was lodged over the highly prospective ground, contiguous with EL4031 and adjacent to Rex Minerals Ltd, Hillside Project.
Potential exists for 3mt at 1.5% Cu if PNX receives the mineral rights for Burra.
6 months of drilling has begunincluding RAB, (Rotary Air Blast), RC, (Reverse Circulation) and diamond drilling. Burra looks interesting regarding a potential JORC. IMO, based on my DD, they'll hit some fine grades.
Previous explorers have drilled 244 holes on the Princess Royal – Utica prospect, however only 16 of these holes were greater than 50m deep. We're drilling 2 200m holes. 588 tonnes @ 27% Cu were historically mined at princess Royal.
Managment consists of the the ex MD of Newmont & ex MD of Mistsibushi Australia.
Copper results within the next two monmths see an enormous re-rating (they hav stated that they have a "Potential 1 million [email protected]% copper" based on resource estimates obtained in the 1970's.
