India Resources Limited

Published : August 15th, 2007

ACQUIRES DIAMOND LEASES

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MEDIA RELEASE                                                                   

 

15 AUGUST 2007

 

INDIA RESOURCES ACQUIRES DIAMOND LEASES

 

Diversified minerals developer India Resources (ASX:IRL) has extended its footprint in India, with the acquisition of prospective diamond leases.

 

The company has exercised its option over the AMIL Mining India Private Limited leases and is moving to acquire 100% of the controlling company.  The leases were previously controlled by Dwyka Resources Ltd with an agreement by BHP Billiton.

 

This agreement was terminated earlier than its formal November 2007 finish date, which has allowed India Resources to exercise its option ahead of schedule.  Under the terms of the option agreement, a 2.5% royalty will be due to Dwyka on production with no up-front acquisition cost is payable.

 

India Resources Chairman Michael Kiernan said acquisition of the leases expanded and diversified the company’s presence in one of the world’s most pivotal growth markets. 

 

“India Resources has taken the opportunity to acquire several prospective leases in the vicinity where kimberlite occurrences are known to occur,” Mr Kiernan said.

 

“Clearly India is a key growth market; it is one of the world’s largest economies, with a growth rate of 6% expected over the coming years - It is also the home of diamonds and remains the world’s largest diamond processor,” Mr Kiernan said.

 

Mr Kiernan said work would now begin in earnest over the diamond properties, initially at the Bhandara Project where India Resources controls more than 8,000 km2 in Orissa along the margin of the Bhandara Craton. Kimberlite occurrences have been recorded here over 300km of strike, including that at Nuapada (see figure) where De Beers Exploration have an active lease holding. 

 

A reconnaissance stream sampling program will be carried out and samples analysed for microdiamonds and indicator minerals in the first and second quarters 2007-2008. 

 

 

India Resources is also continuing the development of its primary Surda Copper mine project in India. The company is one track to commence copper production in the first quarter of 2008, with promising geological analysis of historical mine data at Surda, and refurbishment of the plant continuing ahead of schedule.

 

 

 

 

For further information, please contact:

 

Michael Kiernan                                 Eoin Rothery                                  Warrick Hazeldine

Chairman                                           Managing Director                         Purple Communications

Tel: +61 (0) 8 9324 7002                     Tel: +61 (0) 8 9324 7009                 Tel: +61 (0) 8 9485 1254

Mob: 0418 904 165                             Mob: 0420 904 332                         Mob: 0417 944 616

 

Figure 1.  Bhandara Project - IRL leases and kimberlite occurrences

 

 

 

Background

 

India Resources Limited (ASX:IRL)  is headquartered in Perth, Western Australia with the primary objective to maximize shareholder wealth by capital growth and dividend through the discovery of economic mineral deposits and the development of profitable mining operations.  IRL has assembled a diverse range of projects to take advantage of the prospectivity and potential growth of the Indian economy which is opening up to foreign investment.  The Company’s portfolio of assets comprises:

 

Hindustan Copper Limited - Surda Mine

 

The Company has the benefit of an alliance with Hindustan Copper Limited (HCL - a Government of India enterprise), the sole integrated producer of primary copper in India, listed on the Mumbai, Delhi, Kolkata and Madras exchanges.  IRL are focussed on re-opening and operating HCL’s Surda Mine and Mosaboni Concentrator in Jharkhand State, with target of delivering annual production of 4,500 tonnes of copper concentrate.  Trial mining is scheduled for late 2007, with first production early 2008. 

 

Hindustan Copper Limited – Exploration MOU

 

IRL has the benefit of a Memorandum of Understanding (MOU) for general exploration on HCL’s various leases including tenure around the Surda Mine, and around HCL’s current operations at Malanjkhand and Khetri. IRL will undertake detailed evaluation of exploration areas to be determined in consultation.

 

Aravalli Project

 

Through IRL’s in-country consultants, the Company has acquired two Reconnaissance Permits in Rajasthan (north western India). The first permit is 50 kms northeast of Udaipur (1,900 square km) and the second permit is 20 km southeast of Ajmer (670 square km).  Compilation of Geological Survey of India (GSI) summary reports has identified several highly prospective areas for copper, zinc, lead as well as gold lying within the Relmagra Reconnaissance Permit (RP).  While no definitive data is available, the prospectivity is such that an early drill program was considered essential, and has been contracted.  The drilling program is due to commence in early August and will seek confirm mineralisation from some of the most prospective areas. 

 

Coal

 

India produces 8% of the world’s coal and is hungry for more energy.  Recently, the Government of India announced that captive coal blocks would be allocated to the private sector to supply power, cement and steel plants.  IRL is currently holding discussions with Cook’s Construction Pty Ltd, Australia’s largest privately owned earth moving and mining contracting company with extensive coal mining experience, with a view to establishing a joint venture. It is intended that any resulting joint venture entity would apply for rights to explore and develop coal projects in India.

 

Diamonds

 

India was the major supplier of world diamonds in historic times and India is still the largest processor of diamonds – 11 out of every 12 diamonds are cut there.  To date only one primary source has been mined and most of the major global diamond mining companies such as De Beers, Rio Tinto and BHP Billiton, have been searching in recent years for further primary kimberlite sources.  IRL has taken the opportunity to acquire several prospective leases where kimberlite occurrences are known from the vicinity. 

 

The geological and assay statements and commentary in the above update are based on information compiled by Eoin Rothery who is a member of the Australian Institute of Geoscientists.  Mr Rothery has reviewed the information and has satisfied himself that the values quoted and the parameters used in the study are reasonable and accurately reflect the operations involved. Mr. Rothery is a full-time employee of India Resources Ltd and holds the position of Managing Director.  Mr. Rothery has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration to quality as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Rothery consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

 

Visit: www.indiaresources.com.au

 

 

 

***

The new Spam Act commenced on 10 April 2004. This Act is aimed at reducing the amount of unauthorised emails you receive.  You have been receiving e-mails containing information and news releases from us on behalf of our clients because you are an important contact of Purple Communications, a boutique stakeholder communications consultancy.   If you do not wish to receive such emails from Purple, please click mailto: purple@purplecom.com.au subject=UNSUBSCRIBE or reply to this email and put UNSUBSCRIBE in the subject line and we will not email you again.

 If you do not reply, we will continue sending you relevant news and information via email. However, all future emails will allow you to unsubscribe.

 

Issued by

Purple Communications

Level 3, 28 Kings Park Road, WEST PERTH WA 6005

Ph: 08 9485 1254     Fax: 08 6263 0455

purple@purplecom.com.au    

 

 

 

India Resources Limited

PRODUCER
CODE : IRL.AX
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India Res. is a zinc and lead producing company based in Australia.

India Res. produces zinc, lead, copper in India.

Its main asset in production is SURDA in India and its main exploration properties are DHAWAR PROJECT, BUNDELKHAND PROJECT, BIHARINATH, ARAVALLI PROJECT, BHANDARA DIAMOND PROJECT and ASKOT MINE in India.

India Res. is listed in Australia. Its market capitalisation is AU$ 2.0 millions as of today (US$ 1.3 millions, € 1.2 millions).

Its stock quote reached its highest recent level on November 05, 2010 at AU$ 0.03, and its lowest recent point on June 10, 2016 at AU$ 0.00.

India Res. has 1 000 590 016 shares outstanding.

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Annual reports of India Resources Limited
Annual Report 2007
Project news of India Resources Limited
12/2/2014Surda mine update
6/10/2008(Surda)Surda Delivers Record Daily Copper Production
Corporate news of India Resources Limited
5/17/2016Quarterly Activities and Cash Flow Report
12/22/2015AGM Presentation
12/22/2015Results of Annual General Meeting
12/22/2015Successful appeal to Indian Tax Assessment
11/2/2015Notice of Annual General Meeting
11/2/2015Appendix 4G Corporate Governance Disclosure
4/11/2015Surda expension project
3/21/2015Half Year Accounts
3/9/2015Shareholder Update
12/26/2014Aravalli Decision
12/2/2014Results of annual general meeting 2014
10/30/2014Quarterly activities report 30 September 2014
10/30/2014Notice of annual general meeting
4/21/2010Quarterly report
11/26/2008Surda Copper Operation - Update
10/1/2008Announces 2008 Results
9/5/2008Working Capital Facility and Project Update
6/25/2008Director Resignation
4/15/2008Secures Future Copper Production Base
2/11/2008boosts Board
1/15/2008DISCOVERS NEW DIAMOND INDICATORS
1/8/2008First copper sales as Surda steams ahead
12/20/2007ACQUIRES STAKE IN INDIAN EXPLORER
12/4/2007BOOSTS DIAMOND PROSPECTS
11/2/2007 INTO COPPER PRODUCTION AHEAD OF SCHEDULE
10/9/2007RAISING $20 MILLION TO DOUBLE COPPER PRODUCTION
8/21/2007COMMENCES DRILLING NEW TARGETS
8/15/2007ACQUIRES DIAMOND LEASES
7/17/2007 To commence Production early 2008
6/6/2007Surda Operations Update
5/20/2007has closed its Initial Public Offer heavily oversubscribed
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