VRE 0.00% 2.0¢ view resources ltd

re: vre announcement

  1. 8 Posts.

    HOMEX - Perth

    The Directors of View Resources Limited (View) are pleased to
    announce the following significant matters relating to the Carnilya
    Hill project:

    ZONE 29

    Following recent drilling results previously announced on the Zone 29
    nickel prospect, the Company has completed (with the assistance of,
    and confirmation by, an independent geologist) a resource estimate
    for Zone 29 which confirms an indicated and inferred resource 60%
    greater than previous resource estimates indicated by WMC Resources
    Limited (WMC):



    Indicated 43,000 3.7
    Inferred 31,000 4.2
    74,000 3.9 (avg)

    * Resource increased by 60% from WMC previous estimate (45,000 tonnes
    at 4%).

    * Drilling has confirmed that the deposit is open along strike both
    in the East and West directions and at depth.

    * On track to commence mining in the second half of 2003. The shallow
    nature of the Zone 29 resources is expected to translate into early
    production (indicated resources 60m below surface and inferred
    resources 30m below surface.)

    * The recent strong growth in the world nickel price and the increase
    in the Zone 29 resource estimate has significantly increased the
    revenue and profitability potential of Zone 29 to be realised in the
    next 12 to 18 months.


    Following independent confirmation of the above resource estimate, the
    Company and the parties to the heads of agreement relating to the
    acquisition of Carey Mining (2002) Pty Ltd have agreed to complete
    the transaction subject to View obtaining all necessary shareholder
    approvals and complying with the ASX Listing Rules and the
    Corporations Act. Appropriate meeting documentation will be
    despatched to shareholders in approximately two weeks time with the
    meeting scheduled to be held in late July 2003.


    Following agreement by the parties to the heads of agreement referred
    to above, the following Board changes have been made:

    * Mr Derek Lenartowicz, an existing director of View, has been
    appointed Managing Director of the Company;

    * Mr Daniel Tucker has been appointed to the Board of View. Mr Tucker
    is the Managing Director of the Carey Mining Group (Carey Group), a
    successful wholly owned indigenous enterprise under the control of Mr
    Daniel Tucker. Carey Group operates in the mining services area
    throughout Western Australia;

    * Mr Peter Landau has been appointed company secretary; and

    * Mr Gary Steinepreis has resigned as a director and company
    secretary and Mr Hugh Warner has resigned as a Director.


    The Company has reached in principle agreement with Hartleys Limited
    to a placement of 22 million ordinary fully paid shares at a price of
    2.3 cents each to raise $506,000 before costs. The placement is
    subject to approval by shareholders at the proposed meeting to
    approve the acquisition of Carey Mining (2002) Pty Ltd.

    David Steinepreis

    Contact: Derek Lenartowicz (08) 9381 6588

    Note: In accordance with Listing Rule 5.10 of the Australian Stock
    Exchange Limited, the geological information in this announcement has
    been compiled by View Resources Limited Director, Derek Lenartowicz
    (mining engineer) and James Pratt, senior geologist, who is a member
    of the Australian Institute of Mining and Metallurgy.

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