TZN 10.6% 4.2¢ terramin australia limited.

tala hamza to get even bigger

  1. 5,233 Posts.
    http://www.terramin.com.au/reports/7feb56712a65c99fd3a5eaaab1509e4a/Patersons%20Securities%20Report.pdf

    Significant drill results pending
    • TZN now has 4 Rigs working 24hrs/day at Tala Hamza. We expect constant
    newsflow over next +6months. Assays for 2 important holes due next
    week could vastly increase the size of the deposit by extending it to
    the south. With a lack of large, quality zinc projects around the world Tala
    Hamza (55Mt at 5% Zinc and 1.2% Lead) is already one of the largest
    undeveloped deposits in the world. We remain positive on TZN’s prospects
    as is moves through construction and into producer status at the Angas
    project in South Australia while continuing to advance the huge resource in
    Algeria. With its enormous zinc and lead leverage we remain bullish on
    TZN’s prospects and retain a BUY and a $3.74/sh price target.
    • Despite being in Algeria Tala Hamza is well serviced by infrastructure. It is
    located just 15km from a deep water port used by multinationals to export oil
    and gas, an international airport and is and the doorstep of Europe’s
    smelters. Scoping studies are already underway for a 1.5Mtpa increasing to
    3Mtpa operation which would see production rates of +200ktpa zinc and
    +60ktpa lead in concentrates. The prefeasibility is due by August ’08 with a
    decision-to-mine in early ‘09.
    • The Angas Zinc project will ramp up production from August ’08 to
    30,000tpa zinc and 12,000tpa lead with gold, silver and copper credits.
    Decline development is well underway, most plant is on site and civil works
    have commenced. At current prices the lead concentrate and contained
    credits would almost cover site cash costs with the zinc production for free!
    • Menninnie Dam JV (TZN 24%, ZFX 76%): Zinc/lead resource estimate for
    Menninnie Central commences this Q.
    • Our TZN price target is $3.74/sh and we remain positive and see little
    downside due to the Angas operation coming online at an opportune time.
 
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