Kagara Limited (ASX: KZL)
Kagara Purchases Maitland Copper Deposit
Kagara Ltd is pleased to announce that subject to the approval of
Glengarry shareholders, it will purchase the Maitland copper deposit and
associated tenements from Glengarry Resources Limited
for $6.5 million and a A$5 per tonne royalty on ore processed in excess
of one million tonnes. The Maitland deposit, which is located 60 kilometres to
the south-west of Kagara?s Balcooma mining
operations, has a current indicated and inferred resource of 1.5 million
tonnes grading 1.5% copper including a high grade molybdenum resource of
115,000 tonnes at 0.17% molybdenum and is open at
depth. Kagara, subject to regulatory approval, will develop a satellite
operation at Maitland and truck ore to the Thalanga mill, which is located to
the west of Charters
Towers, for processing.
Kagara looks forward to a continuing relationship with Glengarry and is
fully supportive of Glengarry?s exploration focus on the existing Citadel
copper-gold project in the Telfer region of Western
Australia.
KIM ROBINSON
Executive Chairman
This report, so far as it pertains to ore and mineralisation, is based
on information compiled by and as reported upon by Mr Joe Treacy, an employee
of Kagara Ltd, and who is a member of the Australian Institute of Geoscientists
and has over five years experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity
which he is undertaking to qualify 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 Treacy consents to the inclusion in the
report of the matters based on his information in the form and context
in which it appears.
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