India Resources Limited

Published : July 17th, 2007

To commence Production early 2008

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MEDIA RELEASE                                                                         

 

17 JULY 2007        

 

INDIA RESOURCES TO COMMENCE PRODUCTION EARLY 2008 -

 MARKET UPDATE

 

Diversified minerals developer India Resources (ASX:IRL) is on track to commence copper production in the first quarter of 2008, with promising geological analysis of historical mine data at its primary Surda project, and refurbishment of the plant continuing ahead of schedule.

 

India Resources Chairman Michael Kiernan said several high grade zones had been identified which are now the target of further testing.

 

“Production is expected to commence in the first quarter of 2008 with the review of the Mosaboni concentrator plant at the Surda mine now complete and refurbishment underway,” Mr Kiernan said.

 

“We have hit the ground running from our ASX listing last month and have also gathered a clearer understanding of the Surda mine area, with several high grade zones identified which we will selectively target for exploration and mining.”

 

The Mosaboni concentrator, which is where the Surda copper is processed, has a total annual capacity of just over 900,000 tonnes of ore.

 

For the six years prior to its 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 metal in concentrate.

 

The company advises it is also ramping up exploration at its Aravalli base metals project, which is being targeted for copper, lead and zinc deposits. Geological Survey of India (GSI) summary reports have identified highly prospective areas within the Relmagra Reconnaissance Permit. A drilling program is aimed to commence in early August.

 

Mr Kiernan said development of these and other projects in India would allow shareholders to capitalise on the huge potential of the India resources industry.

 

“We believe that investors have a great opportunity within this sector – India has world class ore bodies with others yet to be discovered. India’s resources industry is relatively underdeveloped using modern exploration and mining techniques,” Mr Kiernan said.

 

IRL is pleased to provide shareholders with the following further operational update:

 

Surda Copper Project

 

Preliminary work continues on compiling the assay and geological data from the mine. A primary objective is to develop an improved structural understanding which should assist in targeting high grade zones.  Several high grade zones have now been identified in underground sample data (see attached figure which is an oblique view from the southeast).

 

 

The data is from mine grade control channel samples, taken at each face.  The underground drives were constructed as openings in the ore and were then mined between levels. The ore appears to dip at a fairly constant 35 degrees to the northeast. 

 

There are 12,334 samples shown in the diagram, taken from 10 of the 13 levels over a strike length of 2kms.  The samples are coloured by copper grade and the diagram shows higher grade within linear zones, bolstering a structural interpretation of copper distribution.  From a statistical point of view, the mean value of the 12,334 drive samples is 1.42% Cu, the median is 1.29% Cu, the standard deviation is 0.74, variance 0.54.  Samples were tested in an on-site lab at the Mosaboni facility and were not independently verified by inter lab checks.  No calibration or verification data is available. 

 

One possible explanation is that these linear zones represent minor corrugations in the mainly tabular shear zone.  These corrugations could have focused fluid flow during mineralisation.  They appear to mimic a kink-band style of deformation.  Work is continuing with the capture of geological and assay data from hard copy material provided by the previous operator Hindustan Copper Limited.  A new mine survey, to be carried out in August, will provide an accurate base for this compilation. 

 

Aravalli Base Metals Project

 

Compilation of Geological Survey of India (GSI) summary reports has identified several highly prospective areas lying within the Relmagra Reconnaissance Permit (RP).  The GSI have been very active in the area, and are currently drilling in two locations in the RP (Bharak and Gangas). 

 

While no definitive data is available, the prospectivity is such that an early drill program was considered essential, and has been contracted.  The drilling program is due to commence in early August and will seek confirm mineralisation from some of the most prospective areas. 

 

A portable NITON XRF unit has been purchased and will be used for preliminary drill results, as well as to screen samples to be sent for assay.  It will also be used for geochemical soil surveys to identify specific drill targets and may also eventually have a role in the Surda underground mine as a grade control device. 

 

 

 

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 Geologists.  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.

 

 

 

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: 0418 904 165                                                                   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
12/22/2015Results of Annual General Meeting
12/22/2015Successful appeal to Indian Tax Assessment
12/22/2015AGM Presentation
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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