MBG - starting to look attractive - imhoe

  1. jwt
    2,684 Posts.
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    This gets modest attention around here but quarterly worth a look. Doubled tin production. Cash in the bank. Good gold and copper opportunities. Time to get back in again- for me at least.
    cheers
    jwt

    MARLBOROUGH RESOURCES NL 2002-07-30 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    QUARTERLY REPORT FOR PERIOD ENDED 30 JUNE 2002

    HIGHLIGHTS

    ARDLETHAN TIN PROJECT

    MARLBOROUGH RESOURCES NL (MBG) is pleased to advise that the

    ARDLETHAN TIN PROJECT:

    * More than doubled tin production in the quarter to 176,600kg of
    contained tin (compared with 85,000kg in the March quarter);

    * Increased plant availability to 88% in July, increased percentage
    tin recovery to 75% and increased recovered grade. All contributed to
    the higher tin production;

    * Expansion of the project to 140% of original design capacity was
    commenced in April and construction was almost completed by the end
    of July. Commissioning has commenced;

    * As the result of its floor price scheme, Marlborough is selling
    most of its tin production on the basis of a tin price of US$4,420
    per tonne, which is believed to be the highest tin price being
    received by any tin producer in the world.

    DEVELOPMENTS

    Work has recommenced or the Lucky Draw-Burraga project which now has
    gold resources exceeding 100,000 ounces of gold and an inferred
    copper resource of 1,300,000 tonnes at 0.73% copper. A review of
    geology, test results and economics is in progress with the aim of
    developing a feasibility study this year and a project as soon as
    viability established.

    Marlborough has had multi million dollar offers from several groups
    to farm into Marlborough's large gold and copper properties at Mt
    Mackenzie in the Connors Arch area of central Queensland.
    Negotiations are almost concluded and an announcement is expected
    soon. In addition, Marlborough is actively seeking to acquire
    existing operations or defined resources in tin, gold or other
    minerals, with the aim of increasing its spread of operating
    activities.

    CORPORATE

    The Company had cash on hand of $1,143,000 at 30 June 2002. In
    addition, the Company reduced its loan facilities with the
    Commonwealth Bank by a further $300,000 on 30 June 2002 as was
    scheduled. Under the Commonwealth Bank financing facilities, there
    were further facilities totalling about $638,000 which had not been
    utilised.



 
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