MAR 0.00% 0.1¢ malachite resources limited

SILVER: MALACHITE's Exciting New Float backed by B

  1. 2,839 Posts.
    Good afternoon,
    Here's an announcement sure to warm the hearts of silver buffs evrywhere .
    Cheers all.

    Malachite Resources has launched its prospectus to raise $4m to further explore their tenements in the New England Folt Belt of NSW. From the press release, Post issue the company will have a paltry 41m shares on issue, and in comparison to MMN will be very tightly held. The silver grades at their projects should attract significant interest.

    ANNOUNCEMENT:
    THE FIRST SILVER FOCUSSED FLOAT IN YEARS IS LAUNCHED
    The Directors of Malachite Resources NL wish to advise that they have lodged a prospectus with the Australian Securities and Investments Commission for a $4 million public offer and proposed listing on the Australian Stock
    Exchange in October 2002.

    Malachite is focussed on exploring and developing high grade silver and gold vein deposits in eastern Australia, with emphasis on the New England region of NSW. The company holds a 100% interest, or the right to acquire a 100% interest, in all its projects and most of its prospects are on freehold land or valid current mining leases.

    Malachite offers investors a unique investment opportunity for significant exposure to silver, a metal that has experienced an ongoing supply deficit for more than ten years and which some commentators believe is set for a sustainable rally over the medium to longer term. Investment in the
    Australian silver sector has been limited to a handful of ASX listed companies and Malachite aims to fill this void through aggressive exploration post ASX listing, with an emphasis on deriving near-term cash flow from its advanced projects.

    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.
 
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