India Resources Limited

Published : June 06th, 2007

Surda Operations Update

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MEDIA RELEASE                                                                          6 June 2007   

 

INDIA RESOURCES LISTS ON ASX – SURDA OPERATIONS UPDATE

 

 

India Resources Limited (IRL) today listed on the Australian Stock Exchange (ASX:IRL), following its raising of A$11 million to develop its suite of resources opportunities in India.

 

Through its heavily oversubscribed Initial Public Offer, IRL offered 50 million shares at an issue price of $0.20 each with an additional oversubscription facility of $1 million.

 

IRL Chairman Michael Kiernan said the company was now focussed on driving the projects in India to the next phase, with work already underway on its primary Surda copper mine project.

 

“I’d like to welcome all investors to India Resources and thank the market for support of the opportunities to develop the resources industry in India,” Mr Kiernan said.

 

“We believe that investors have a great opportunity within the Indian resources industry – it has world class ore bodies which are comparatively underdeveloped using modern mining techniques, with many more waiting to be discovered.

 

“The Board has hit the ground running with our Indian partner Hindustan Copper Limited (a Government of India enterprise) on the Surda copper mine project in the Singhbhum copper belt.

 

“We also have a number of projects under early development in India, and look forward to growing our local relationships to mine resources using Australian cost effective mining techniques,” Mr Kiernan said.

 

Work has commenced at the Surda Project, a previously producing mine, with a major clean up underway at the Mosaboni concentrator involving more than 120 contract staff. Copper ore left in the plant when it was shut down in 2003 has been removed and stockpiled. The clean-up will allow a thorough inspection and review of the concentrator before commencing the refurbishment.

 

The Mosaboni concentrator has a total annual capacity of just over 900,000 tonnes of ore, using five small ball mills in its operation. The initial production at Surda is projected at around 400,000 tonnes per year. The priority for IRL is to identify the ball mills that are in best condition to allow trial production to commence as soon as feasible. The review is expected to be completed by end of July 2007.

 

For the six years prior to it closure in 2003, the Surda mine produced 1,473,000 tonnes at an average grade of 0.9% copper. IRL, in alliance with Hindustan Copper Limited, has an annual production target of 4,500 tonnes of copper concentrate.

 

IRL also has a number of other identified resources opportunities in India which will be further explored following today’s ASX listing. These include potential projects involving coal, diamonds, copper, zinc and gold.

 

 

For further information, please contact:

Michael Kiernan                                                                       Warrick Hazeldine

Chairman                                                                                 Purple Communications

Tel: +61 (0) 8 9324 7002                                                           Tel: +61 (0) 8 9485 1254

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.

 

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 first permit is 50 kms North East of Udaipur with 1,900 square kms in area and the second permit is 20 kms South East of Ajmer with 670 square kms in area. The Aravalli Proterozoic metamorphic belt is prospective for copper, lead, zinc as well as gold.

 

Coal

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

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. The projects will be acquired by IRL shortly, subject only to some formalities to be completed by the current holders. 

 

 

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
11/2/2015Notice 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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