ASX / MEDIA
RELEASE
11 February 2008
India
Resources boosts Board
Diversified
copper producer India Resources (ASX:IRL) has bolstered its Board, with a
number of changes as it steps up production and marketing at the Surda Copper
mine in eastern India.
As part of
the Board changes, current chairman Michael Kiernan will step down as Chairman
of the Board due to other work commitments, but will remain an active part of
the Board in the position of Vice Chairman.
The Board is
pleased to announce the appointment of current IRL non-executive director
Andrew Simpson to the position of Chairman. The changes will take effect
immediately.
The Board is
also pleased to announce it has appointed Arvind Misra as Operations Director.
Mr Misra is IRL’s Chief Operating Officer, and leads the Company’s
projects on the ground in India.
Announcing
the changes, Mr Kiernan said the IRL Board and shareholders would benefit from
the collective 50 years of resource experience shared by Andrew and Arvind,
with particularly pertinent marketing and operations skills.
Mr Simpson
is a senior marketing executive with more than 30 years experience in
international marketing and distribution of minerals and metals. He is
currently the managing director of Resource & Technology Marketing Services
Pty Ltd, a company providing specialist marketing and business assessment advisory
services to the mineral resources and technology industries, both in Australia
and internationally.
Mr Simpson
also holds a number of other Board positions within ASX-listed resources and
exploration focussed companies, including non-executive Chairman of Swick
Mining Services and non-executive Director of Vital Metals Ltd and Territory
Resources Ltd.
“Andrew
has provided the Board with outstanding resources and marketing experience,
which is particularly important to India Resources now that it is in production
at Surda, and aiming to ramp up mining and marketing operations,” Mr
Kiernan said.
Mr Misra is
a mining engineer with 20 years experience in the resources industry, with
extensive skills in business improvement and project mine management. He has consulted
on a number of high profile projects including the BHP Mitsubishi Alliance, and for LionOre Australia and Griffin Coal.
“The
addition of Arvind to the Board provides first class resources background with
an intimate understanding of the Indian operating and political environment.
Arvind’s expertise has been a key part in getting the Surda mine into
production ahead of schedule, and his input on the Board will be highly
valuable,” Mr Kiernan said.
“I
will remain an active part of the Board in the Vice Chairman capacity, and look
forward to the Company continuing its growth path and capitalising on the huge
resource and marketing potential in India,” he said.
IRL
commenced production at the Surda mine and the Mosaboni Concentrator in
December. It has met a January
production target of 10,000 tonnes of ore, and is on the way to its production
target of 40,000 tonnes per month by June 2008.
Michael
Kiernan
Eoin Rothery
Warrick Hazeldine
Chairman
Managing
Director
Purple Communications
Tel: +61 (0) 8 9324
7002
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7444
Tel: +61 (0) 8 9485 1254
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165
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Mob: 0417 944 616
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
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.
Askot
Project
IRL
has taken a placement comprising approximately 17% of the share capital of
Pebble Creek Mining Ltd (TSX-V – PEB), a Canadian company listed on the
Toronto Venture Exchange. Pebble Creek’s main asset is the Askot
Project, a VMS deposit of copper, lead, zinc, gold and silver mineralisation in
northern India.
Pebble Creek is currently compiling a resource estimation.
Diamonds
IRL
is actively exploring for diamonds in three areas in India. It has had recent success at
the Bhandara Diamond Project in Orissa, where it has identified two strong
kimberlitic indicator anomalies 160km apart. At the Dharwar Project, bulk
sampling is planned to test the grade of two known diamondiferous kimberlites
on IRL’s leases.
Visit: www.indiaresources.com.au
***
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
