CSM consolidated minerals limited

Consolidated Minerals (CSM) - announcement - Woodi

  1. 1,654 Posts.
    lightbulb Created with Sketch. 27
    I don't talk much about many individual stocks but CSM has to be one of the best and is worth a look. Check the stats and announcement below!

    *****************************
    CSM - CONS MIN FPO
    OTHER METALS > Mining (Producer)

    Shares and Earnings
    Total Shares on Issue 144,107,624
    Market Capitalisation - Current $85,023,498
    Asset Backing
    (Net Tangible Assets) .00
    Earning Rate Per Share 0.1299
    PE Ratio - Current 4.5420
    Can be short sold No


    Dividend
    Dividend Rate Per Share 0.0475
    Current Dividend Amount $0.025
    Dividend Type Interim
    Dividend Payable Date 22/04/2002
    Ex Dividend Date 08/04/2002
    Franked Percent .00 %

    ************************************8

    CSM - Press Release: Early E 1/1 (P)
    CSM - ASX Company Announcement
    $mtl6 THIS IS A PRIORITY ITEM
    21 June 2002
    Part 1/1
    --------
    CONSOLIDATED MINERALS LIMITED
    -----------------------------

    HOMEX - Perth
    -------------------------
    Press Release: Early Exploration Success

    Consolidated Minerals Limited (ASX:CSM) is set to achieve a
    significant increase in the resource base of its Woodie Woodie
    manganese project in Western Australia this year after receiving
    outstanding early returns from its expanded 2002 exploration push.

    Consolidated's Managing Director, Michael Kiernan, said new
    discoveries tested during just two months of drilling to date
    indicated the potential to add 1 million tonnes to the resource
    inventoy.

    "This compares very favourably with previous field seasons, where
    exploration has typically added around 1 million tonnes of resources
    a year," Kiernan said, "and we have achieved this milestone in just
    over two months."

    "This represents the first tangible fruits of our expanded
    exploration effort at Woodie Woodie, where we have allocated a $5
    million exploration budget for 2002/3," he added. "Our exploration
    success rate in the 2001 field season yielded 1 tonne of resource for
    every $1.65 spent on exploration and we expect that success rate to
    continue in the current year."

    The Company announced a significant expansion in its exploration
    activities earlier this year as part of a strategy to further
    increase the mine ife at both its manganese and chromite operations.
    A $10 million convertible note issue was announced in April to fund
    this exploration push.

    Kiernan said work completed to date at Woodie Woodie included an
    airborne electromagnetic (EM) survey over 2,000 line kilometres,
    gravity surveys, geological mapping and some 180 RC drill holes for
    10,200 metres.

    "The EM survey has proved to be a very effective exploration tool
    which we expect will continue to give us an important strategic
    advantage in accelerating our exploration activities to target
    anomalies," he said.

    The EM survey was conducted at a line spacing of 80 metres and
    identified conductive targets, of which two have already been
    successfully drilled. The gravity suveys were completed over 4,000
    stations and included coverage of some older (pre-1996), less
    well-controlled surveys.

    Combined techniques involving electromagnetics, refined gravity,
    detailed mapping and aeromagnetics plus a revised geological model
    have resulted in significant resource discoveries and additions in
    five out of the six areas drill tested to date.

    Released by: On behalf of:
    Jan Hope/Nicholas Read Michael Kiernan
    JAN HOPE & PARTNERS MANAGING DIRECTOR
    Telephone: (+61-8) 9388-1474 Consolidated Minerals Limited
    Telephone: (+61-8) 9321-3633

    ends - AAP


 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.