white ranges revisited

Just why is White Ranges so significant to QMN?


The Agreement with final settlement anticipated by the end of April 2010, is for a purchase price of $5 million.

The assets being acquired comprise of the following JORC-compliant resources categories of measured, indicated and inferred
1. Greenmount - 7.97 million tonnes @ 1.0 Cu - 0.3% cut off
2. Kuridala - 3.50 million tonnes @ 1.38% Cu - 0.5% cut off
3. Mt McCabe - 1.69 million tonnes @ 1.24% Cu - 0.5% cut off
4. Vulcan - 0.46 million tonnes @ 1.1% Cu - 0.5% cut off
5. Stuart - 1.22 million tonnes @ 1.1% Cu - 0.5% cut off
Total: 14.842 million tonnes of oxide and transitional zone ore

The total areas of the mining leases are 2,493 hectares and, in addition, are supported by two mineral development licenses, namely Copper Canyon and Greenmount for a total area of 5,955 hectares.
Significant Exploration Permit for Minerals surround and support these MLs and QMC�s MLs at Gilded Rose Gold Mine, the Mt Norma Copper Mine and the Mt Freda Gold Mine.

Mr Howard Renshaw MD of Queensland Mining said �This White Range acquisition represents a major milestone in the transition of QMC into a major producing entity enabling QMC to become a strategic player in the fast-growing Cloncurry mineral belt. Matrix had already completed a bankable feasibility study on the White Range Copper Project and concluded in 2005 that the project was economically based on the then prevailing copper price of USD 3,160 per tonne, which is significantly below the current market price today which is USD 6,875 per tonne.�

Mr Renshaw added that �While Matrix did not develop the project due to its focus on its Leichhardt Copper Project, the White Range leases are contiguous with many of QMC�s projects that are now the subject of advanced drilling programs.�

He said �Feasibility work at White Range has continued, with an increase in resources and completion of various technical and economic assessments. In particular, the Vulcan resource has the capacity, in the immediate future, to supply oxide ore to QMC�s Mt Norma copper processing plant.�

Mr Renshaw also said �While White Range has the potential to be a highly valuable copper project in its own right, QMC is also aware of the considerable opportunities and economies of scale presented to it by combining this asset with non-QMC projects nearby.�



From Interview with HR

They've got 162 000 tonnes of copper at various grades here on four mining leases that formulate the core of the White Range Project which is very significant. It's a bankable economic study completed. It was done on $3150 per tonne US copper price and the copper price this morning is $7200. I mean we brought this deposit for 1cent per pound, copper in Australia this morning in Australian dollars is $3.70 a pound.