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Matilda Minerals Ltd
AUSTRALIA MAL.AX 0,05 AU$ -90,38%
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Builds Cape York potential

Publié le 13 novembre 2007

 

 

MEDIA RELEASE

 

12 November 2007

 

Matilda builds Cape York potential

 

Matilda Minerals Limited (“Matilda”) (ASX:MAL), Australia’s only mid tier mineral sands producer, is set to ramp up its Cape York exploration program, following the granting of permits to explore for mineral sands deposits at the high potential Mapoon area near Weipa.

 

The permits will extend the Company’s exploration activity in the Cape York region in Northern Queensland, following the granting of a permit at the Urquhart Point region in early November.

 

The Mapoon area is 86km from Weipa and boasts considerable minerals sands potential.  The permits, granted by the Queensland Department of Mines and Energy, are EPM 15525 and EPM 15526, covering 262.4 square kilometers of ground, including 40km of coastal plains.

 

Matilda’s Managing Director, Bruce Maluish said “the Mapoon area had not yet been systematically explored, but historical sampling had indicated an impressive heavy mineral suite.”

 

“The Mapoon region offers high grade zircon-rutile potential and Matilda will now immediately commence preliminary surveys before the onset of the wet season,” Mr Maluish said.

 

“Historical sampling to date suggests that this region has the potential to host deposits considerably larger than those at our flagship Tiwi Island project and we will extensively test the region as soon as possible,” Mr Maluish said.

 

“The granting of these permits further cements our position in northern Queensland, where we have built an expanded tenement holding which will provide long term value for our shareholders.”

 

“Matilda’s strategy remains to increase our high potential ground holding, while continuing at full production at our primary project on the Tiwi Islands.”

 

“We will continue to target projects with high grade zircon and rutile potential, which we can leverage with simple, low cost mining methods and strong community support,” Mr Maluish said.

 

Production on the Tiwi Islands commenced late last year, with Matilda sailing its first shipment to China in June 2007. Matilda has recently boosted throughput at its Tiwi Island project, with an upgraded feeder system for the processing plant delivering a 30% increase in production capacity.

 

For further information contact:     Bruce Maluish – Managing Director

                                                                        Matilda Minerals Limited

                                                                        Tel: (08) 9481 1444 or 0418 940 417

 

                                                                        Warrick Hazeldine

                                                                        Purple Communications

                                                                        Tel: (08) 9485 1254 or 0417 944 616

 

Matilda Minerals – Cape York application and granted tenement areas

 

 

 

 

 

 

 

 

 

 

Background 

 

ASX Code                  MAL

Issued Capital                        67.5m

Unlisted Options       12.4m

Closing price             0.545

Market cap                 $37m

 

Matilda is focused on developing high-value zircon and rutile-rich mineral sands deposits on its flagship Tiwi Islands project.  Low capital and operating costs distinguish Matilda from traditional mineral sands companies where lower‑priced ilmenite is the primary product.  Increased worldwide demand for zircon has led to the price exceeding US$800 per tonne.

 

Matilda’s Tiwi Islands mineral sands project is situated on Bathurst and Melville Islands (Tiwi Islands) north of Darwin, Northern Territory, and Matilda will be in full production for the next 4 years on Melville Island.

 

Matilda has compiled an impressive portfolio of exploration tenements that covers the highly prospective far north Queensland region on the west of Cape York north of Urquhart Point.  Matilda also has other projects in Western Australia at Pender Bay (north of Broome), Anson Bay (north Western Australia) and Carnarvon.

 

 

 

 

 

***

 

Issued by

Purple Communications

Level 3, 28 Kings Park Road, WEST PERTH WA 6005

Ph: 08 9485 1254     Fax: 08 6263 0455

purple@purplecom.com.au    

 

 

 

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