one of the stars today

  1. 493 Posts.
    BMS has been booming from there results update from the start of this month

    BASIN MINERALS LIMITED 2002-04-30 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    HIGHLIGHTS

    * Stage One Douglas Mineral Sands Project continues to run on
    schedule to commence initial production of 300,000 to 350,000 tonnes
    of mineral sands products late 2003.

    - Excellent results from both wet and dry plant metallurgical
    studies. Of importance was the recognition that the majority of the
    leucoxene is high grade, 91% to 94% TiO2 which will report to rutile
    product in the dry mill circuit. This means high value rutile
    production will more than double to up to 70,000 tonnes per annum.

    - Results of the late December 2001 quarter drilling programme on the
    Stage One Mining Area resources for mine planning has led to an
    upward reclassification of all resources and a first mining reserve
    statement.

    - Public Panel hearings on the Environmental Effects Statement
    ("EES") confirmed that all project environmental and social concerns
    pertaining to the project have been adequately identified and
    addressed. The Company is now confident that in early June 2002 the
    Minister of Planning will recommend to the Minister for Resources and
    Energy that Stage One be approved.

    - Mining Licence application for a 25 year period (MIN 5367) was
    lodged post quarter over the 5,195 hectare Stage One area. Licence
    grant is expected by the end of May 2002.

    - Mine water entitlement of up to 7 gigalitres per annum was secured
    from Wimmera Mallee Water.

    - Mineral Separation Plant ("MSP") site selection for processing mine
    concentrates to final mineral products and for a future synthetic
    rutile plant was concluded after a comprehensive study of a number of
    locations. The location, 6 kilometres south of Hamilton, has
    excellent infrastructure.

    - Marketing continued with fruitful ongoing discussions with North
    American and European based consumers. Long term contracts for the
    sale of the majority of the mineral products should be concluded by
    end of June 2002 quarter.

    - Various project financing avenues are being investigated,
    particularly with SG Australia Ltd the wholly owned subsidiary of
    major European banking group Societe Generale. The optimum project
    financing route will be finalised by the end of June 2002 quarter.

    * Exploration

    - Revised Inferred Resource estimates for Yabbie and Shamrock
    strandlines in the Pooncarie Project of 8.8 million tonnes of mineral
    concentrate.



 
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