Malachite Resources NL.

  1. 7,397 Posts.
    Malachite Resources

    This one happened to catch my eye this morning because BHP are a shareholder and silver it a popular topic ,
    the number of shares they hold I am not sure



    www.malachite.com.au

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    This prospectus (Prospectus) contains details of an offer for the issue of 20,000,000 shares and approximately 25,000,000 options in Malachite Resources NL.




    News clip **********************

    Seem to be having trouble attracting the punters, if not the capital.
    Eastern Australian minerals explorer Malachite Resources, which recently appeared in Ferret's Floats, has lodged a one-page supplementary prospectus and extended its offer closing date to October
    Managing director Garry Lowder says: "To be able to list on the ASX we need to raise a minimum of $3 million and have at least 400shareholders.
    "At this stage, the targeted raising appears achievable in dollar terms but we are still looking for the required spread of 400 shareholders."
    He adds that the "silver story continues to attract attention (notwithstanding short-term volatility) and the signs are there for a significant re-rating of the metal in the near to medium term."
    As well as silver, Malachite is looking for gold and copper,
    which has seen BHP Billiton become a substantial shareholder and strategic alliance partner.

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    Looking to raise


    This prospectus (Prospectus) contains details of an offer for the issue of 20,000,000 shares and approximately 25,000,000 options in Malachite Resources NL.


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    From web site

    The company's key projects are:

    Conrad - located 20 km south of Inverell and historically the largest silver producer in New England, with over 3.5 million ounces of silver produced at an average grade of around 600 g/t silver (20 oz/t Ag), with accessory base metals. Conrad was last mined in 1957 and has been worked underground over a 1.4 km strike length and to a depth of up to 267 m. The company plans a drilling-intensive program at Conrad with a view to re-opening the mine.

    Rivertree - located 50 km northeast of Tenterfield, this project encompasses numerous small old silver mines, with historical production grades averaging 1,200 g/t silver (40 oz/t Ag), with accessory gold and base metals. Malachite plans to commence drilling of the most attractive lode systems immediately after listing and Rivertree could become an important satellite producer for a possible larger facility at Conrad.

    Tooloom - located immediately to the east of Rivertree, the Tooloom gold field once had over 5,000 miners actively working the widespread alluvial deposits that characterise the area. Malachite has been exploring at Tooloom since 1997, focussing on the hard rock sources of the alluvials. Several very attractive gold prospects, related to copper/gold porphyry systems, are ready for drilling. Gold at Tooloom is notably coarse grained, with outcropping visible gold in stockwork and sheeted quartz vein systems.

    BHP Billiton - is a substantial shareholder and alliance partner and has given Malachite the opportunity to access, largely on an exclusive basis, its huge, proprietary geochemical database for eastern Australia, with a view to generation of large copper projects for joint venture pursuant to the alliance.


    Offers of shares in Malachite will only be made in the prospectus. Anyone wishing to acquire shares in Malachite will need to complete the application form in the prospectus. Malachite's prospectus may be viewed online at www.malachite.com.au.

    For further information please contact Garry Lowder at (02) 9416 0642 or at [email protected]

 
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