India Resources Limited

Published : January 08th, 2008

First copper sales as Surda steams ahead

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ASX / MEDIA RELEASE                                                                           

 

8 January 2007

 

First copper sales as Surda steams ahead

 

 

Diversified minerals developer and producer India Resources (ASX:IRL) has commenced first sales of copper concentrate from its flagship Surda project, as mining and processing advances ahead of target.

 

The first truck load of concentrate was delivered to IRL’s project partner Hindustan Copper Limited (HCL) last week, marking another significant milestone for the Surda copper project west of Kolcata.

 

IRL Managing Director Eoin Rothery said production output from the Surda mine and the Mosaboni Concentrator was well ahead of target following commencement of mining in November.

 

“IRL’s December mine production has been 130% above its production targets, with 4,614 tonnes of ore hoisted at Surda at an average grade of 0.95% Cu,” Mr Rothery said.

 

“Grade quality is likely to further improve when dilution control measures take effect in coming months,” Mr Rothery said.

 

“IRL’s Mosaboni Concentrator Plant has also been operating ahead of target, with 145 tonnes of copper concentrate produced in December - 83% above the targeted monthly production,” Mr Rothery said.

 

Average concentrate grade achieved for December was 24.5%, with an average recovery rate of 89%. Recovery rates are expected to further improve as mill parameters are optimised.

 

The concentrate is being delivered to HCL’s Moubhandar Smelter, located five kilometres from the Surda Mine. The Smelter has annual capacity of 18,000 tonnes of copper per annum. By June 2008, it is expected the Surda project will deliver approximately 25% of Moubhandar smelter capacity, with IRL ultimately aiming to increase this to 50%.

 

Mr Rothery said IRL was continuing its planned production ramp up with substantial improvements in processing capacity underway.

 

“We are continuing refurbishment and improvement of the mine and milling infrastructure to boost capacity, and have just commissioned the second ball mill which will increase total mill capacity to 1,200 tonnes per day,” Mr Rothery said.

 

IRL has set a January production target of 10,000 tonnes of ore, before gradually increasing production with new equipment and processes to 40,000 tonnes per month by mid-2008.

 

 

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

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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.

 

Askot Project

IRL has taken a placement comprising about 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. 

 

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

 

 

***

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Ph: 08 9485 1254     Fax: 08 6263 0455

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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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