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MYANMAR METALS LIMITED

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Welcome to Myanmar Metals

Myanmar Metals Limited (ASX: MYL) has recently secured the option for a controlling interest in the world-class Bawdwin lead/zinc/silver/copper polymetallic mine lease currently held by Win Myint Mo Industries Co Ltd. The Bawdwin Mine provides MYL with an outstanding opportunity to develop into a regionally significant producer of lead and zinc in the current tight global market for these commodities.​
MYL Highlights:
  • Unrivalled listed-company exposure to a large underdeveloped multi-commodity deposit
  • Option in place to take a controlling interest (initially 85% with 5% buy-back) for US$20 million payable by 21 May 2018
  • MYL recently released maiden JORC 2012 compliant Inferred Mineral Resource of 4Mt at 7.5% Pb, 3.5% Zn, 0.33% Cu and 178g/t Ag at 2.0% Pb cut-off grade
  • Maiden JORC Resource represents only the extensive mineralised “halo” around the high grade lodes historically mined underground
  • CSA Global currently completing a Scoping Study on the potential for an open pit mine development on the new resource
  • 160km from Chinese border – an importer of ca. US$1.5 billion worth of zinc and US$2.0 billion worth of lead p.a
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Introduction
Bawdwin (from the Shan for Silver Mine) is a lead-zinc-silver deposit that also produced accessory nickel and cobalt. It is hosted in an isolated late Cambrian to early Ordovician volcanic centre in the northern Shan State of Myanmar.

Bawdwin is located about 60 km from Lashio, the capital of the northern Shan State. Lashio is about 150 km from the Chinese border on the highway that links Yunnan to Mandalay.
Mineralisation at Bawdwin is structurally controlled within steeply-dipping, cross-cutting lodes. It has generally considered to be a VHMS (volcanic-hosted massive sulphide) deposit that has been strongly structurally modified, however an alternative structurally-controlled magmatic-hydrothermal genesis is possible.
Before WW2, Bawdwin was one of the richest mines in the British Empire. In 1938, the Bawdwin reserve was quoted at 10.8 Mt at 22.8% Pb, 13.9% Zn, 1.05% Cu and 670 g/t Ag, which is unusually high Pb:Zn ratio for a VHMS deposit.

Historical Exploration and Production
Mining of silver at Bawdwin dates at least to the 15th Century and estimated historical production is estimated at c.10M oz of Ag.
The British mining era commenced c.1906 when Great Eastern Mining Company started exploiting old mine slags. Burma Corporation was established in 1914 (by Herbert Hoover), and developed the Dead Chinaman Tunnel, Marmion Shaft and Tiger Tunnel to access deeper sulphide ore. Peak production occurred from 1919 to 1940 with total production reported as 12.68M tonnes. Grades mined in the 1930’s were typically c.20% Pb, 15% Zn, 0.3% Cu, and 500g/t Ag. Significant Ni and Co was also present in parts of the mine but resource and production figures are not available. A ROM (run-of-mine) sample reported by Dunn (1973) had grades of 21% Pb, 15% Zn, 0.3% Cu, 0.23% Ni, 0.08% Co, 550 g/t Ag, and 1.2% Sb.
The plant and smelter were worked by the Japanese after invasion but were destroyed during the war. The operation was re-opened in 1951 and continued under British ownership until 1965 when the mine was nationalised. Following nationalisation, the mine was run down and starved of capital investment. To illustrate the progressive decline, refined lead metal production fell from 77,700 tonnes in 1938 to 16,518 tonnes in 1960 and 4,843 t in 1974/75.
The first documented exploration programme occurred from 1955-57 when Hunting completed geophysical and geochemical exploration around Bawdwin. They were engaged by Burma Corporation to discover new deposits motivated by declining grades and production from the main lodes.

Historical Resources and Reseves
In 1962-1964, UNSFP completed drilling and estimated ‘ore reserves’ and provided exploration consulting. The UN created polygonal “reserve” boundaries in 1963 (underground) and 1980 (open pit).
In 1973-74, the Canadian International Development Agency (CIDA) completed a significant drilling programme.
In 1973-76, the German Geological Mission completed geochemical and geophysical exploration and geological mapping. A total of 22 drillholes were completed at this time.
In 1976, a polygonal “reserve” (long tons) for the main lodes was reported based on a mining cut-off grade of 5% Pb:
Underground 6.69 Mt at 7.59% Pb, 3.54% Zn, 151 g/t Ag, 0.15% Cu
Open Pit 9.69 Mt at 5.37% Pb, 2.54% Zn, 0.25% Cu (no Ag reported)
In 1987, AMDEL working for the Australian International Development Assistance Bureau (AIDAB) completed assessments of Bawdwin and Namtu slags focused on metallurgy and processing options. The programme also reviewed the Bawdwin mine potential (Hopwood, 1985).
In 1997, RSG (for Mandalay Mining) reported (under JORC guidelines, although the terminology is not presently JORC-compliant) a mineral resource that included the lower grade halo mineralisation outside the main lodes:
Total Resource 104.3 Mt at 5.61% Pb, 2.34% Zn, 0.21% Cu, 71 g/t Ag
(at 2% Pb cut-off)
Indicated Resource 23.81 Mt at 6.49% Pb, 2.84 % Zn, 0.26% Cu, 177 g/t Ag (at 4% Pb cut-off)
“Recoverable resource” 94.5 Mt at 6.49% Pb, 2.84% Zn, 0.26% Cu, 118 g/t Ag
Estimates were based on limited drilling and extensive underground sampling. A total of 65 diamond drill holes were completed from 1956-88, mostly in the period 1973-75 (CIDA). Most holes were shallow (80- 150m) and recoveries were poor.
Mining appears to have been guided by underground visual control and channel sampling for grade control. Resources and reserves were not drilled out in advance of mining. It was reported that 66% of ore mined from 1962-1973 came from outside reserve boundaries.
Underground mining cut-off in the 1990’s was 5% Pb. Mining and processing cost for ore was US$32/t, and for waste US$1.7/t.

Development Strategy
The recent, sustained increase in the international price for zinc metal and strong underlying demand for zinc supply reinforces the Board’s positive outlook for zinc production. The Company therefore seeks to establish itself as a significant regional metals producer based in Myanmarwith a focus on base metals and accompanying silver, copper, cobalt, nickel, gold and other by-products.
Upon exercise of the “Bawdwin Option”, Myanmar Metals Limited could ultimately be established as a producer of zinc metal in Myanmar.
This can be achieved in the short-medium-term by producing metals concentrates (principally lead/zinc/silver) from a potential open pit at Bawdwin and in the longer term by producing metals concentrates from the Great Bawdwin Mine if successful modern exploration shows that Bawdwin can be reopened as a safe, modern, high-productivity underground mine.
Accordingly, the Board remains focused on progressing both the “Bawdwin Option” – for a controlling interest in the Bawdwin zinc/lead/silver/copper polymetallic mine lease held by Win Myint Mo Industries Co Ltd.​
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BENCHMARKING BAWDWIN MARK CREASY
BECOMES LARGEST SHAREHOLDER


20171031 Map.PNG
  • Unlocking value from one of Asia's largest underdeveloped multi-commodity assets
  • Rare opportunity to build and develop world class tier 1 base metals mine
  • Mark Creasy's Yandal investments key financier - #1 Shareholder
Myanmar Metals Limited (ASX: MYL) has secured the option for up to an 85% participating interest in the world-class Bawdwin lead/zinc/silver/copper polymetallic mine lease held by Win Myint Mo Industries Co. This gives the company the right to acquire a base metals mining opportunity in Myanmar, possibly the last Tier-1 Lead/Zinc/Silver mine available globally.

Highlights
  • Board replaced in June 2017 with new professional board.
  • Option to take a controlling interest in the Bawdwin mine in Myanmar was secured with the financial assistance of Mark Creasys’ Yandal Investments.
  • Recent Maiden Mineral Resource estimate reported under JORC Code 2012 edition: Total Inferred Mineral Resource of 41.4 Mt at 7.5% Pb, 3.5% Zn, 0.33% Cu and 178g/t Ag at a cut-off of 2.0% Pb.
  • The Mineral Resource estimate provides key input to the ongoing Scoping Study to assess an open-pit mine development strategy at Bawdwin and provide a basis for Myanmar Government permitting.
  • Whilst initial resource is tier 1 and already alongside world’s best, it represents only the beginning of the new Bawdwin story.
“Probably the best investment opportunity in the world right now is Myanmar… It’s like when China opened up in 1978. There were unbelievable opportunities going forward. The same is true in Myanmar now in my view”
- Legendary commodities guru Jim Rogers

Read the full announcement here​
Non-Executive Chairman – John Lamb
B. Surv(IT) | Grad.Dip.Man | MBA | M.AusIMM(CP) | GAICD
Mr Lamb is an experienced business leader in the mining, construction, forestry and transport sectors. His career of over 25 years includes Chief Executive roles for Shaw Contracting (civil construction) and Lloyds North (transport and forest services); general management roles at the Rosebery (underground polymetallic) and Century (open cut zinc/lead) mines and many years of business and technical management, principally in the minerals sector.
John Lamb has built and managed mining operations throughout Australia and has served as a director on the boards of industry bodies, regional land management councils, a large pastoral company and several small businesses. He has consulted widely in the fields of business improvement, risk management and strategic planning.
A qualified surveyor, he also holds degrees in management and business; is a Chartered Professional Member of the Australasian Institute of Mining and Metallurgy and an Order of Merit Graduate of the AICD Company Directors course.
Mr Lamb was a director of the Tasmanian Minerals and Energy Council for six years, operates a private business consultancy and is chairman of business broking firm Tasmania Invest.

Non-Executive Director – Jeffrey Moore
B.SC, | MAusIMM, | MGSA
Mr Moore is a geologist with extensive technical, managerial and project finance experience in exploration and mining for publicly listed companies.
During his career, he has generated, managed and developed projects for commodities including precious metals, base metals, diamonds, nickel and industrial minerals throughout Australia, Central and South America, Africa and Asia.
Mr Moore shas held previous directorships and Chief Executive roles with significant companies including Allied Gold Limited from 2004 to 2008, Abra Mining Limited from 2006 to 2011 and is currently Executive Chairman of Riedel Resources Limited (ASX: RIE). Mr Moore is also a corporate member of the
Australasian Institute of Mining and Metallurgy and a member of the Geological Society of Australia.

Non-Executive Director and Company Secretary – Rowan Caren
B Com, | CA
Mr Caren has 25 years of commercial experience as a Chartered Accountant, having qualified with PricewaterhouseCoopers in 1992. He has been involved in the minerals exploration industry for over twenty years and in 2004 created a specialist company secretarial and advisory consultancy, Dabinett Corporate Pty Ltd.
Mr Caren has provided financial and corporate services to several listed and unlisted companies involved in the resources sector. Mr Caren graduated with a Bachelor of Commerce (Accounting) from the University of Western Australia and is a Member of the Institute of Chartered Accountants in Australia.
This is a paid advertisement. HotCopper does not endorse, approve or take responsibility for the statements made.
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