MEDIA
RELEASE
2 November
2007
INDIA
INTO COPPER PRODUCTION AHEAD OF SCHEDULE
Diversified minerals explorer India Resources
(ASX:IRL) has today commenced copper concentrate production at its Surda
project in eastern India.
The production milestone has completed a rapid period
of development for India Resources, which is in production two months ahead of
schedule and less than six months since it listed on the Australian Stock
Exchange (ASX).
India Resources Chairman Michael Kiernan said
production of first concentrate at the Mosaboni Concentrator at the Surda
project was a significant achievement for India Resources and its shareholders.
It follows the hoisting of first ore from the Surda
mine in September.
“We are into copper production, and are now
poised to capitalise on India’s
copper potential with leading edge mining techniques, and access to one of the
world’s largest markets,” he said.
“The Mosaboni plant is fully functional, has
produced its first concentrate and will now be ramped up toward full production
and our initial annual target of 4500 tonnes of copper concentrate per
year,” Mr Kiernan said.
India Resources expects full scale mining at Surda to
start ahead of schedule in December. The Company has more than 200 people on
the ground in India.
The Mosaboni
concentrator has a total annual capacity of more than 900,000 tonnes of ore.
The initial production at Surda is projected at around 400,000 tonnes per year.
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
About India Resources
The company 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
six years prior produced a total of 1,473,000 tonnes at an average grade of
0.9% copper.
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
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
