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