PNM 3.23% 6.0¢ pacific nickel mines limited

Malachite update, hot off the wire.

  1. 2,839 Posts.
    Afternoon fellow travellers,
    Looks like it's all come together as planned, albeit not quite as quickly as we'd hoped. However, suffice to say that every cloud has a SILVER lining.
    To my fellow adventurers......good luck
    Cheers all,
    Carl.
    PS From what I've been able to ascertain, the largest share holder is rumoured to be none other than The Lone Ranger who, coincidentally, is big on MMN as well!



    MALACHITE INITIAL PUBLIC OFFER SUCCESSFUL

    The Directors of Malachite Resources NL wish to advise that the company’s initial public offer has closed after successfully raising more than the minimum funds required under the terms of the offer and substantially exceeding the minimum number of shareholders needed for listing on the ASX.

    Final figures are currently being assessed but it appears that new subscriptions will total approximately $3.1 million and the number of shareholders will be of the order of 450.

    This is a particularly pleasing result in what has been a very difficult market for capital raising. The company is now proceeding with its application for listing on the Australian Stock Exchange and the Directors expect this to take place on or about 26 November 2002.

    A key component of the Company’s successful IPO has been the alliance set up with Macmin Silver Limited and Malachite looks forward to working with Macmin to the mutual benefit of both companies.

    Malachite will continue to focus on exploring and developing silver and gold vein deposits in eastern Australia, mainly in the New England region of NSW, with the emphasis being on high grades of mineralisation.

    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 by-product 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 starting early in 2003, with a view to re-opening the mine as soon as possible.

    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 by-product gold and base metals. Malachite plans to commence drilling of the most attractive lode systems very early in the new year 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. A strong analogy with Gympie is recognised.

    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, as well as smaller projects for Malachite to pursue in its own right. A program to utilise this resource will commence immediately after listing.

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


    Garry Lowder
    Managing Director
    18 November 2002
 
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