India Resources Limited

Published : December 20th, 2007

ACQUIRES STAKE IN INDIAN EXPLORER

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MEDIA RELEASE

 

20 December 2007

IRL ACQUIRES STAKE IN INDIAN EXPLORER

 

Diversified minerals developer and producer India Resources (ASX:IRL) has expanded its footprint in the growing Indian resources sector, with the acquisition of a 17% stake in fellow Indian minerals developer Pebble Creek Mining Ltd.

 

Pebble Creek Mining is a Canadian-based minerals exploration company listed on the TSX Venture Exchange (TSX-V: PEB) with a focus on India. Its primary project is the Askot base metal project in the Uttaranchal state in northern India.

 

Askot is a massive sulphide copper-zinc-lead-gold-silver deposit that was previously drilled and tunnelled by Indian government agencies and the UN Development Program (UNDP). The full extent of the mineralised system has not been defined and there is further anomalism over a wide area.

 

IRL has acquired a 17% stake in Pebble Creek Mining via a private placement involving five million units of Pebble Creek Mining at C$0.40 per unit, for a total consideration of C$2 million.

 

IRL Chairman Michael Kiernan said Pebble Creek Mining shared a complementary direction and focus, and offered an opportunity for IRL to fast track further development in India.

 

“IRL is focussed on pursuing strategic partnerships within India, to capitalise on the huge resource potential in one of the world’s largest and fastest growing markets,” Mr Kiernan said.

 

“Pebble Creek’s Askot project is located in the foothills of the Himalayas in a region where IRL currently has no presence. The project represents a high grade base metal deposit which will be leveraged with efficient and low cost mining techniques.”

 

“This deal is a natural extension of IRL’s investment in projects in India, and increases the Company’s exposure to India’s great potential,” Mr Kiernan said.

 

The deposit was the subject of previous drilling and mining activity until the late 1980s. Pebble Creek recommenced drilling in July this year with the aim of establishing a JORC standard mineral resource and a Canadian National Instrument 43-101 compliant resource.

 

Pebble Creek Mining has also refurbished the previously created underground levels within the project area and is extending a crosscut into the hanging wall and installing underground drill stations.

 

IRL last month entered producer status with commencement of trial mining at its primary Surda Copper mine in eastern India, and has since mined more than 2000 tonnes of ore. It is expected to reach full scale mining this month, and the Company is on track to achieve an initial annual target of 4500 tonnes of copper concentrate per year.

 

More information on Pebble Creek Mining can be found at www.pebcreek.com/about.asp

 

For further information or a copy of an early warning report filed with securities commissions in Canada (available at www.sedar.com), please contact:

 

Eoin Rothery                            Warrick Hazeldine

Managing Director                   Purple Communications

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

Mob: 0420 904 332                    Mob: 0417 944 616

 

Recent Drilling at Askot

 

Pebble Creek Mining (TSX-V: PEB) recently completed a diamond drilling program at Askot where holes were twinned with previous drilling. Comparable results were achieved. Full results are available from PEB’s news release dated December 11, 2007. The results for the Pebble Creek Mining holes are summarised in the table below:

 

 

 

Details of the Acquisition of Pebble Creek Mining Ltd. interest:

 

IRL has acquired a 17% stake in Pebble Creek Mining via a private placement involving five million units of Pebble Creek Mining at C$0.40 per unit, for a total consideration of C$2 million. Each unit was comprised of one common share of Pebble Creek Mining, one-half of one series A common share purchase warrant (“A Warrant”) and one-half of one series B common share purchase warrant (“B Warrant”). Assuming the exercise of all A Warrants and B Warrants, IRL would own in the aggregate 10 million common shares of Pebble Creek Mining, representing approximately 29% of the issued and outstanding shares of Pebble Creek Mining. IRL has agreed not to exercise any of the warrants without first obtaining the approval of Pebble Creek Mining’s shareholders if such exercise would result in IRL holding, in the aggregate, greater than 20% of the issued and outstanding common shares of Pebble Creek Mining, representing a deemed change of control of Pebble Creek Mining. Pebble Creek Mining will call a shareholders’ meeting by June 2008 to obtain such approval.

 

IRL’s acquisition of the units of Pebble Creek Mining was made for investment purposes. IRL may increase or reduce its investment in Pebble Creek Mining according to market conditions or other relevant factors. The acquisition of the five million units of Pebble Creek Mining by IRL is subject to final approval of the TSX Venture Exchange.

 

About India Resources

 

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’s head office is located at Level 2, 23 Ventnor Avenue, West Perth WA 6005, Australia.

 

IRL is applying Australian exploration expertise and cost effective mining techniques to project in India, to capitalise on country huge growth and market opportunities. 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) with the initial focus on identifying existing operations and areas where large-scale mineralisation has been proven. HCL is the sole integrated producer of primary copper in India and is listed on the Mumbai, Delhi, Kolkata and Madras exchanges.

 

IRL, in alliance with HCL, plans to re-open and operate the Surda Mine with an initial objective of delivering annual production of 4,500 tonnes of copper concentrate. The HCL Surda Mine closed in January 2003 and for the 6 years prior produced a total of 1,473,000 tonnes at a grade of 0.9% Cu.

 

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 with HCL.

 

Aravalli Project

 

Through IRL’s in-country consultants, the Company has acquired two Reconnaissance Permits in Rajasthan (north western India). The permits cover a combined total of more than square kilometers. The Aravalli Proterozoic metamorphic belt is prospective for copper, lead, zinc as well as gold. IRL has recently completed a reconnaissance drilling program with positive results.

 

Coal

 

As has happened in China, India’s rapidly growing economy is driving a surge in demand for power. IRL is currently seeking suitable projects for rights to explore and develop coal projects in India.

 

Diamonds

 

The Company’s diamond initiative will focus on the Bhandara Diamond Project which consists of seven granted Reconnaissance Permits in Orissa, as well as three Reconnaissance Permit applications in Chhattisgarh, located in the region of several kimberlite ore bodies.

 

 

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
12/22/2015Results of Annual General Meeting
12/22/2015Successful appeal to Indian Tax Assessment
12/22/2015AGM Presentation
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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