India Resources Limited

Published : August 21st, 2007

COMMENCES DRILLING NEW TARGETS

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MEDIA RELEASE

 

21 AUGUST 2007

 

INDIA RESOURCES COMMENCES DRILLING NEW TARGETS

 

Diversified minerals developer India Resources (ASX:IRL) has commenced drilling on copper prospects in its Aravalli Project in Rajasthan.

 

The scout RC program is designed to test several prospects identified by the Geological Survey of India (GSI) in the Reconnaissance Permit (RP). The first prospects to be tested are Sathuddia and Rewara, both are in the top 10 ranked prospects identified in the RP and among the most accessible.

 

India Resources Chairman Michael Kiernan said the exploration program would target highly prospective copper regions to drive long term value for shareholders.

“Our in-country team is driving the development of India Resources’ projects in a timely fashion. We have really hit the ground running in India and the launch of this drilling program is another major step forward for shareholders.” Mr Kiernan said.

 

“We are also continuing the development of our primary Surda Copper mine project with promising geological analysis of historical mine data at Surda, and refurbishment of the plant continuing ahead of schedule.

 

“We are on track to commence mining in late 2007 with copper production in the first quarter of 2008,” Mr Kiernan said.

 

At the Sathuddia prospect, copper mineralisation occurs in amphibolite grade metasedimentary metamorphic rocks likely to be from the Palaeoproterozoic age. It is one of a number of prospects on a NE-SW linear schist belt that stretches from the permit boundary in the NE to Rajpura Dariba mine in the SW. The GSI reportedly drilled 12 holes here previously and intersected 2 lenses of Cu mineralisation.

 

At Rewara, several ancient workings occur across 300m strike on a flat plain, again with thin cover. GSI drilled 29 holes here for approximately 6700m targeting an airborne geophysical anomaly.

 

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

 

 

 

 

 

 

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). Efforts are being made to procure some of the background GSI reports that contain the raw data. These are normally charged for on a cost-return basis.

 

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
11/2/2015Appendix 4G Corporate Governance Disclosure
11/2/2015Notice of Annual General Meeting
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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