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the ferret

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    (FE) Around the Traps ... with THE FERRET
    675 words
    19 February 2008
    Ralph Wragg Australian Business News
    Copyright 2008 RWE AUSTRALIAN BUSINESS NEWS PTY LTD. All Rights Reserved.

    Sydney - Tuesday - February 19: (RWE Australian Business News) -


    MINEMAKERS (ASX:MAK) has been a rare winner in these troubled times and has had a good run since appearing in the column.

    A month ago the company announced that re-assaying by different techniques had confirmed that the previously reported tungsten grades from drilling at Storey's Creek, Tasmania, were "erroneously low".

    The shares rose 13c to 70c at first and fell to close at 58.5c.

    Yesterday it rose 31.5c to a record $1.16 and closed at $1.115.

    This followed news not on tungsten in Tasmania, but phosphate in the Northern Territory.

    Minemakers recently announced that it had secured a diamond drilling rig to provide core for metallurgical testwork at its Wonarah rock phosphate project in the NT and that independent study managers had been appointed.

    "The company is pleased to advise that the Northern Territory Department of Industry, Fisheries and Mines has kindly agreed to provide drill core stored in Darwin and it has been freighted to Perth," the company said.

    "In turn, Minemakers will replace it with new drill core when it becomes available in April-May.

    "This decision by the Department is contrary to usual practice concerning materials stored in its core library and is gratefully acknowledged by Minemakers.

    "It is viewed as tangible evidence of strong enthusiasm and support for Wonarah by the Department.

    "It will enable a three-month time-saving for the planned feasibility study; metallurgical appraisal has now begun this week."

    Who'da thought that a three-month time-saving in phosphate was worth a 32 per cent jump in share price ... in a seedy market?
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