MAR 7.89% 7.0¢ malachite resources limited

tin

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    Malachite Resources NL
    ABN 86 075 613 268
    Suite 1502, Tower B, 799 Pacific Highway, Chatswood NSW 2067
    P O Box 5218, West Chatswood NSW 1515
    Tel. (02) 9411 6033 Fax (02) 9411 6066
    ASX Announcement Code: MAR 5 November 2008
    1
    ELSMORE TIN PROJECT TO UNDERPIN
    MALACHITE’S FUTURE GROWTH
    SUMMARY
    • In response to the crisis in financial markets and the rapidly changing
    investment environment, Malachite is accelerating its plans to generate
    a sustaining cash flow within a short timeframe by developing a tin
    mining operation in northern NSW.
    • The Company is targeting a semi‐consolidated alluvial tin deposit,
    known as the Karaula Lead, located at the Newstead Prospect, part of
    Malachite’s wholly owned Elsmore Tin Project.
    • Drilling by Malachite has shown that the Karaula Lead contains a large
    volume of mineralised paleo‐alluvium with widely variable grades, in
    the range 0.2 to 17kg of Sn/m3.
    • A bulk sampling program is set to commence next week with a view to
    confirming that, overall, tin is present in economic amounts.
    • The size and type of operation envisaged would be within Malachite’s
    financial and technical capacity and the Company plans to draw on
    production plant and operating expertise from the local sapphire mining
    industry.
    • The outlook for tin prices continues to be better than for most other
    metals, with tin currently at approximately $A24,000/t.
 
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