APG 0.00% 0.2¢ austpac resources nl

1/4ly report - update

  1. 410 Posts.
    AUSTPAC RESOURCES NL 2003-04-30 ASX-SIGNAL-G

    HOMEX - Melbourne

    +++++++++++++++++++++++++
    * Two new projects were initiated and progressed during this quarter
    through negotiations with two substantial international corporations.
    One project envisages the establishment of a 30,000 tonnes per annum
    ERMS SR plant, and the other project will use Austpac's "LTR" low
    temperature roasting technology. Both projects are in commercial
    confidence until agreements are finalised.

    * Contacts with Indian groups continued with the objective of
    ultimately creating a synthetic rutile complex to upgrade Indian
    ilmenite.

    * BeMaX has appointed Ausenco as prime contractor for the
    construction of Austpac's LTR system for the separation of ilmenite
    at their Pooncarie Project in the Murray Basin.

    * Gold mining major Newcrest conducted a follow-up drilling program
    on Austpac's EL 4521 nearHorsham in the Murray Basin region of
    Victoria seeking copper and gold mineralisation.

    * Austpac received a $300,000 Government tax concession cash refund
    for R&D studies conducted at the Kooragang pilot plant.

    * Austpac completed a placement of 10,000,000 shares with an
    Australian institution and international investors to raise $330,000
    for working capital.

    NEW PROJECT DEVELOPMENTS

    During the last quarter new opportunities for the application of our
    technologies were identified and negotiations were initiated with the
    objective of developing an ERMS SR plant. We are focussing on a
    commercially viable plant with 30,000 tonnes per annum production
    capacity. Arrangements for the supply of ilmenite to this plant, and
    for the sale of the high grade ERMS synthetic rutile product, have
    progressed during the quarter.

    A second project, which will use Austpac's low temperature roasting
    technology, is also well advanced. Austpac has successfully completed
    initial testwork and our engineers are continuing to work on the
    design and costing of this project.

    Both projects involve substantial international corporations at
    geographically attractive locations, but they are confidential
    pending the finalisation of commercial arrangements. Details of both
    projects will be released as soon as agreements are finalised, which
    is expected during the next quarter.

    INDIA

    Contact was maintained during the quarter with a number of groups
    regarding the establishment of a large-scale synthetic rutile complex
    to value-add to India's high-grade heavy mineral resources, which are
    ideal for the ERMS SR process. However in the absence of a major
    international partner for an Indian project at this time, Austpac is
    focussing on developing the first ERMS SR plant elsewhere. India
    remains a long term opportunity for Austpac.

    BEMAX RESOURCES' POONCARIE PROJECT, MURRAY BASIN

    In common with most ilmenite concentrates from the Murray Basin, the
    chrome levels in the ilmenite from BeMaX's Pooncarie Mineral Sands
    Project must be reduced to produce a readily saleable concentrate.
    During 2002 Austpac undertook extensive pilot plant testwork for
    BeMaX and developed low temperature roasting and magnetic separation
    techniques, which allow the production of ilmenite concentrates
    suitable for both sulfate and chloride TiO(2) pigment, manufacture.
    Austpac then collaborated with Ausenco Limited who used the testwork
    data to provide engineering design and costing for the ilmenite
    roasting and magnetic separation plant proposed for the Pooncarie
    Project.

    In December 2002, BeMaX called for tenders for the key elements of
    their project. BeMaX recently nominated Ausenco as the preferred
    tenderer to build the mineral separation plant and the ilmenite
    roaster, which will use the low temperature roasting scheme developed
    by Austpac. BeMaX has announced that a final developmentdecision on
    the Pooncarie Project is subject only to the completion of financing,
    which they anticipate will be achieved in August 2003.

    GOLD-COPPER EXPLORATION - EL 4521, HORSHAM, VICTORIA

    Newcrest Operations Limited drilled 76 air core drill holes totalling
    3,225m within the western half of Austpac's EL 4521 near Horsham in
    the Murray Basin region of Victoria, targeting substantial new copper
    and gold deposits within the basement volcanic rocks. While some of
    the air core holes did not penetrate to basement, other holes
    intersected weathered volcanic material with a wide range of
    composition. Several holes intersected interesting brecciation,
    sulphide mineralisation and hydrothermal alteration. Newcrest
    completed a follow-up drilling program of 11 holes totalling 411m
    during February 2003. Weakly anomalous base metal values were
    recorded in several holes. Newcrest has advised that petrology
    studies on selected samples from both drilling programs will now be
    undertaken. In addition quantitative modelling of the magnetic and
    gravity data is planned for the following quarter.

    WIM 150 FINE GRAINED MINERALS PROGRAM - EL 4521, HORSHAM, VICTORIA

    Synthetic rutile produced from WIM 150 ilmenite concentrate, contains
    only 0.03% Cr(2)O(3). Testwork at the Newcastle pilot plant is
    focussing on the agglomeration of this fine synthetic rutile. Initial
    testwork on the leaching of a WIM 150 zircon concentrate showed
    encouraging reduction in radioactive elements.

    TAX CONCESSION RECEIVED FOR R&D ACTIVITIES

    In March 2003, Austpac received a $300,000 Government tax concession
    cash refund for research and development in recognition of the
    ongoing R&D activities at the Company's Newcastle pilot plant.
    Austpac's ERMS SR (synthetic rutile) and EARS (acid regeneration)
    processes are ready for commercialisation. The refund recognises the
    Company's continuing commitment to R&D as it develops new techniques
    for processing fine grained heavy minerals, low temperature roasting,
    solids cooling, leaching and pyrohydrolysis. These programs are
    ongoing.

    SHARE PLACEMENT

    Austpac completed a placement of 10,000,000 shares with an Australian
    institution and international investors to raise $330,000 for working
    capital.

    NOTE:

    This report is based on and accurately reflects information compiled
    by M J Turbott who is a member of the Australasian Institute of
    Mining and Metallurgy and amember of the Australian Institute of
    Geoscientists and is a competent person as defined in the Australian
    Code for Reporting of Identified Mineral Resources and Ore Reserves.



 
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