BSM 0.00% 0.6¢ bass metals ltd

bsm in todays age

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    From today's The Age:

    Barry Fitzgerald
    July 2, 2007

    Bass Metals
    BASS Metals has popped back on to investor radars thanks to a treatment deal with Zinifex covering its Que River polymetallic project in Tasmania.
    To the group's credit, the treatment deal was struck with Zinifex's Rosebery plant rather than the much closer Hellyer plant, owned by 23 per cent Bass shareholder Intec.

    Treatment through Hellyer in its current configuration would have meant no recovery of copper and gold values.

    Shares in Bass put on 3¢ to 38¢ on Friday in recognition of the deal, which means it is on its way to pull in $8-$12 million in net revenue over 18 months from its first-stage redevelopment at Que River, last mined by Aberfoyle in 1991.

    A 34 per cent increase in Que River's resource base to 735,000 tonnes grading 5.7 per cent zinc plus other base and precious metals also suggests the operation will be around a lot longer than first thought.

    Compare that resource base with projects held by others around the place and it's a wonder how long the group's relatively modest market capitalisation ($32 million) will last.

    That will be particularly so if the group's main game in Tassie — the hunt for new discoveries in what is one heavily mineralised part of the world — comes up with the goods.

    Que River is never going to be the type of "elephant" discovery that Bass managing director Mike Rosenstreich has in mind with the group's exploration effort.

    But it will take the pressure off in terms of funding the hunt for the elephants he wants.

    No fewer than four rigs are on Bass ground chasing up targets. Success in any of them would be a game-changer for Bass.
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