New company looks at manganese 25th September 2009 ( the morning bulletin )
A NEW exploration company yet to be listed on the stock exchange already has its sights set on Gladstone.
A spokesman for Genesis Resources Ltd, which holds a 55% share of the Gladstone Manganese Project alongside Western Desert Resources, yesterday said although there was a long way to go, the project had the potential to generate jobs in the region.
“Once Genesis Resources Limited completes its current capital raising of $4 million, they will then be able to list on the ASX (Australian Securities Exchange). Listing is expected to occur in early October,” he said.
However, he said the first step would be a $135,000 scoping study of the area in the first year. The study will focus on the economic viability of the 200,000 tonnes of manganese ore left from previous mining operations, with further exploration focus on newly discovered outcrops.
“(If successful, Genesis) will be looking at taking the next stage... with the ultimate goal of creating a (manganese) mine,” the spokesman said.
“That would undoubtedly create significant job prospects in the area.”
He said the mine, to be situated at Mt Millar, would be ideally located 15km for the Gladstone port, enhancing export capabilities. The area was mined in the early 20th century and late 1960s.
WDR Price at posting:
37.7¢ Sentiment: Buy Disclosure: Held
