Bass Metals Ltd

Published : September 28th, 2009

Bass poised for strong growth after sharp increase in profit

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Bass Metals Ltd (ASX: BSM)

 

ASX RELEASE                                                                                                                      28 August 2009

 

 

Bass poised for strong growth after sharp increase in profit

 

Bass logoMEDIA RELEASE

 

 

 

  • Polymetallic miner emerges from the GFC to post $7.4m annual underlying operating profit from its Que River mine in Tasmania, up from $2.2m the previous year.
  • Profit after income tax soars to $19.1m, up from $1.8m previously, after booking a $16.7m gain on the acquisition of the Hellyer operating infrastructure and mining lease.
  • Strong result comes despite Bass investing $4.2m in exploration and the feasibility study for the Fossey deposit and paying $4m in cash towards the Hellyer acquisition.
  • Feasibility study on Fossey deposit at Hellyer almost complete, with a decision to mine imminent.
  • Working capital position of $7.4m.
  • Bass? robust financial position and strong growth outlook vindicates the strategy to generate cashflow at Que River to fund Hellyer acquisition and development.

 

Bass Metals Ltd (ASX: BSM) has defied the global financial crisis to post an outstanding annual underlying operating profit of $7.4 million up from $2.2 million previously, and set itself up to continue on its current growth trajectory towards becoming a diversified mid-tier mining company.

Sales of zinc, copper, lead, silver and gold from Que River generated sales revenue of $23.8m, up from $9.4m a year earlier, highlighting the benefit of Bass? ore sales agreement with MMG Australia?s Rosebery operations.

Bass Managing Director Mike Rosenstreich said the results were consistent with the strategy outlined in Bass? 2005 IPO prospectus to use cashflow from Que River to fund its plan for substantial growth.

?This has enabled the Company to be self-funding, rather than accumulating debt or appealing to shareholders for fresh equity, and perform strongly amid the fallout from the GFC,? Mr Rosenstreich said.

This self-funding strategy enabled Bass to pay $4m in cash during the year towards the acquisition of the Hellyer project in Tasmania. It also invested $4.2m in exploration including the feasibility study for the Fossey deposit at Hellyer.

Since June 30, Bass has agreed a new ore sales agreement with MMG Australia Limited that will see it supply up to 100,000t of ore. This will ensure the Company remains in production and continues to generate cashflow while it prepares to bring Hellyer into production.

Hellyer is expected to have a project life of at least four to five years, though recent exploration results suggest there is plenty of potential to extend this significantly.

The Hellyer mill is expected to treat about 400,000 tonnes of ore a year from the Fossey, Hellyer and Que river resources. The feasibility study on Fossey is nearing completion and financing discussions and appointment of key personnel is well advanced.

 

The Hellyer mill has an annual capacity of 1.5 million tonnes, providing substantial scope for increased production on the back of exploration success and possible future acquisitions.

 

- ENDS -

 

Released by:

Paul Armstrong

Read Corporate

Telephone: (08) 9388-1474

On behalf of:

Mr Mike Rosenstreich

Managing Director

Bass Metals Ltd

Telephone: (+61-8) 9322 8044

Website: www.bassmetals.com

 

 

 

Competent Person

The information within this report that relates to exploration results is based on information compiled by Mr. Mike Rosenstreich who is a full time employee of the Company and is a Member of The Australasian Institute of Mining and Metallurgy. He has sufficient experience relevant to the styles of mineralisation and types of deposits under consideration and to the activities currently being undertaken to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and consents to the inclusion of this information in the form and context in which it appears in this report.

 

Technical Detail

This Report aims to provide a high level summary of various technical aspects of the Company?s projects.  For more details on the underlying technical parameters the reader is referred to the ASX Reports on the Bass Metals? website, www.bassmetals.com.au .. 

 

 

 

READ CORPORATE
Public Relations Corporate Communications
T: (+61-8) 9388-1474 | F: (+61-8) 9388-1472 | E: info@readcorporate.com.au | Web: www.readcorporate.com.au

 

 

< 

Bass Metals Ltd

PRODUCER
CODE : BSM.AX
ISIN : AU000000BSM8
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Bass Metals is a lead and zinc producing company based in Australia.

Bass Metals produces lead, zinc, copper, gold and silver in Australia, develops copper, gold, lead, silver and zinc in Australia.

Its main asset in production is QUE RIVER MINE in Australia, its main asset in development is HELLYER MINE in Australia and its main exploration properties are WHYTE RIVER, HEAZLEWOOD, STERLING VALLEY, MAGNET JV, LYNCHFORD JV, LEVEN RIVER JV, OONAH JV, MT CHARTER and FARRELL in Australia.

Bass Metals is listed in Australia. Its market capitalisation is AU$ 417.3 millions as of today (US$ 299.4 millions, € 257.9 millions).

Its stock quote reached its highest recent level on February 18, 2011 at AU$ 0.47, and its lowest recent point on June 27, 2014 at AU$ 0.00.

Bass Metals has 1 368 150 016 shares outstanding.

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Nominations of Bass Metals Ltd
8/28/2008Appointment of new Exploration Manager
Project news of Bass Metals Ltd
12/9/2011Commercial Robustness of Hellyer Gold Project
10/20/2011McKay High-Grade Hit
7/28/2010(Hellyer Mine)Positive Gold Processing Scoping Study Outcomes
1/27/2010(Hellyer Mine)to Develop its Second Base Metals Mine in Tasmania
8/18/2009(Hellyer Mine)Updated Fossey Zone Resource
6/23/2009(Hellyer Mine)Hellyer Mine Lease Transfer & Tails Resource Update
2/17/2009(Que River Mine)Que River Drilling Update
2/10/2009(Que River Mine)Que River Ore Reserve Upgrade
2/4/2009(Hellyer Mine)Fossey Zone Drilling Update
12/11/2008(Hellyer Mine)Expands Growth Horizons With Landmark $4m Hellyer Mill Acqui...
11/14/2008(Hellyer Mine)High grade drill intercepts at Fossey Zone
9/30/2008(Hellyer Mine)Fossey Zone Resource - Doubles Hellyer Resources
9/26/2008(Que River Mine)Delivers Maiden $1.8M Net Profit Underpinned by Strong Produ...
9/8/2008(Que River Mine)Hellyer & Que River Mine Update
8/19/2008Further Progress on High-Grade Polymetallic Mineralisation a...
7/1/2008(Hellyer Mine)High grade drill intercepts at Fossey Zone
6/23/2008(Que River Mine)Que River Mine Operations Update
5/2/2008 Fossey Zone - High Grade Drill Intercept
4/17/2008(Hellyer Mine)Hellyer Mine Project- High Grade Drill Intercept
3/10/2008Bass Metals: Fossey Zone, Hellyer - Further High Grade Assay...
2/27/200819 Metre High Grade Intersection at Fossey Zone, Hellyer
2/12/2008 Further High Grade Base Metal Intersections at Fossey Zone
Corporate news of Bass Metals Ltd
5/27/2016Bass Transaction Update
12/4/2015Bass Transaction Update 4 December 2015
9/18/2015Bass Metals Ltd Investment Update
12/29/201330.12.2013 Quarterly Activities Report
10/25/2011MD Interview =e2?? Quarterly and Capital Raising
10/25/2011September Quarterly Report - A Strong Recovery
10/13/2011Open Investor Forums - Brisbane, Sydney, Melbourne, Perth an...
9/15/2011Prospectus and Update Interview
7/20/2011Rebuilding Lost Value
6/15/2010European Investor Roadshow
6/11/2010New Broker Research from Intersuisse
1/29/2010December 2009 Quarterly Report Of Activities & Cashflow
10/5/2009Hellyer Toll Treatment Letter of Intent
9/28/2009Bass poised for strong growth after sharp increase in profit
9/14/2009Reaches Agreement to Extend Que River Ore Sales
7/30/2009June 2009 Quarterly Report
3/11/2009Delivers $4.5M First Half Profit on Strong Que River Perform...
12/24/2008Drilling Update
8/20/2008Iron, Tin & Tungsten - new Joint Venture
7/30/2008June 2008 Quarterly Activities Report
7/17/2008Metal - Hellyer Project Drilling Update - Fossey Zone Strike...
5/15/2008Exploration & Development Update
4/24/2008Stong March Qtly Report
4/24/2008Quarterly Activities Report - March 2008
1/31/2008December 2007 Quarterly Activities Report
12/21/2007Final Update for 2007
11/21/2007Patersons Research Report
6/26/2007Signs Key Que River Off-take Agreement with Zinifex
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