Please find below a link to our announcement released today to the ASX which sets out in detail the Company?s Tin Strategy:
ELSMORE TIN PROJECT TO UNDERPIN
MALACHITE?S FUTURE GROWTH
? In response to the crisis in financial markets and the rapidly changing investment environment, Malachite is accelerating its plans to generate a sustaining cash flow within a short timeframe by developing a tin mining operation in northern NSW.
? The Company is targeting a semi-consolidated alluvial tin deposit, known as the Karaula Lead, located at the Newstead Prospect, part of Malachite?s wholly owned Elsmore Tin Project.
? Drilling by Malachite has shown that the Karaula Lead contains a large volume of mineralised paleo-alluvium with widely variable grades, in the range 0.2 to 17kg of Sn/m3.
? A bulk sampling program is set to commence next week with a view to confirming that, overall, tin is present in economic amounts.
? The size and type of operation envisaged would be within Malachite?s financial and technical capacity and the Company plans to draw on production plant and operating expertise from the local sapphire mining industry.
? The outlook for tin prices continues to be better than for most other metals, with tin currently at approximately $A24,000/t.
Andrew J. Cooke
Malachite Resources NL
Tel: +61 2 9411 6033
Fax: +61 2 9411 6066
Mob: 0412 090 826