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October 2009+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-/div+AD4- +ADw-p class+AD0-MsoNormal align+AD0-center style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt: auto+ADs-text-align:center'+AD4APA-b+AD4APA-span lang+AD0-EN-AU style+AD0-'font-size:14.0pt+ADs-mso-ansi-language: EN-AU'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal align+AD0-center style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt: auto+ADs-text-align:center'+AD4APA-span class+AD0-SpellE+AD4APA-b+AD4APA-span lang+AD0-EN-AU style+AD0-'font-size:20.0pt+ADs-mso-ansi-language:EN-AU'+AD4-Hellyer+ADw-/span+AD4APA-/b+AD4APA-/span+AD4APA-b+AD4APA-span lang+AD0-EN-AU style+AD0-'font-size:20.0pt+ADs-mso-ansi-language:EN-AU'+AD4- Toll Treatment Letter of Intent+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-AU style+AD0-'mso-ansi-language:EN-AU'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-i+AD4APA-span lang+AD0-EN-AU style+AD0-'mso-ansi-language:EN-AU'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/i+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-AU style+AD0-'mso-ansi-language:EN-AU'+AD4-Bass Metals Ltd (ASX:BSM) is pleased to announce that it has signed a non-binding Letter of Intent (LOI) with Nautilus Minerals Inc for a potential ore toll treatment agreement.+ACY-nbsp+ADs- The toll treat agreement will be between +ADw-span class+AD0-SpellE+AD4-Hellyer+ADw-/span+AD4- Mill Operations Pty Ltd, a wholly owned subsidiary of Bass Metals and a subsidiary of Nautilus to be specified+ADs- herein referred to as +ADw-span class+AD0-SpellE+AD4-NewCo+ADw-/span+AD4-.+ACY-nbsp+ADs- Nautilus is a TSX and AIM listed mineral exploration company developing resources and technologies to recover seafloor mineral resources off the coast of Papua New Guinea and the eastern Pacific Ocean margin.+ACY-nbsp+ADs- The Company has delineated a seafloor Mineral Resource at its Solwara1 Project containing high grade copper and gold along with silver and zinc.+ACY-nbsp+ADs- This mineralisation has been shown by Nautilus to be amenable to conventional flotation concentration in a plant such as the +ADw-span class+AD0-SpellE+AD4-Hellyer+ADw-/span+AD4- flotation concentrator owned by Bass Metals.+ACY-nbsp+ADs- The intent of the LOI is for Bass Metals to grant +ADw-span class+AD0-SpellE+AD4-NewCo+ADw-/span+AD4- an option to utilise 1 million tonnes per annum (+ADw-span class+AD0-SpellE+AD4-mtpa+ADw-/span+AD4-) of processing capacity and a right for additional unused capacity in its 1.5 +ADw-span class+AD0-SpellE+AD4-mtpa+ADw-/span+AD4- +ADw-span class+AD0-SpellE+AD4-Hellyer+ADw-/span+AD4- Mill for +ADw-span class+AD0-SpellE+AD4-NewCo?s+ADw-/span+AD4- ore from its Solwara1 sub-sea mining project.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-AU style+AD0-'mso-ansi-language:EN-AU'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-AU style+AD0-'mso-ansi-language:EN-AU'+AD4-Letter of Intent+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-AU style+AD0-'mso-ansi-language:EN-AU'+AD4-The LOI sets out a 90 day Discovery Period during which the two companies will complete due diligence regarding the suitability of the +ADw-span class+AD0-SpellE+AD4-Hellyer+ADw-/span+AD4- Mill and supporting infrastructure to process and transport the ore and the planned concentrate products as well as to identify any potential environmental or logistical issues that may affect the +ADw-span class+AD0-SpellE+AD4-Hellyer+ADw-/span+AD4- site or nearby communities.+ACY-nbsp+ADs- The Discovery Period will expire on 31December 2009 before which time, subject to no fatal flaws having been +ADw-span class+AD0-GramE+AD4-identified,+ADw-/span+AD4- the LOI will be replaced with an Option Agreement.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-AU style+AD0-'mso-ansi-language:EN-AU'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-AU style+AD0-'mso-ansi-language:EN-AU'+AD4-The key terms of the LOI include:+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- margin-left:18.0pt+ADs-text-indent:-18.0pt'+AD4APA-span lang+AD0-EN-AU style+AD0-'font-size:7.0pt+ADs- mso-ansi-language:EN-AU'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span lang+AD0-EN-AU style+AD0-'mso-ansi-language:EN-AU'+AD4-Option Agreement whereby Bass Metals grants +ADw-span class+AD0-SpellE+AD4-NewCo+ADw-/span+AD4- an option to utilise up to 1mtpa of processing capacity at the +ADw-span class+AD0-SpellE+AD4-Hellyer+ADw-/span+AD4- Mill over a period of five years.+ACY-nbsp+ADs- +ADw-span class+AD0-SpellE+AD4-NewCo+ADw-/span+AD4- will pay Bass Metals in advance a staged Option Fee comprising +ACQ-1.0 million for the first 2 year period (to 31 December 2011), +ACQ-0.75 million for the 3+ADw-sup+AD4-rd+ADw-/sup+AD4- year and two payments of +ACQ-0.25 million each for years 4 and 5 or until the Option has been exercised by +ADw-span class+AD0-SpellE+AD4-NewCo+ADw-/span+AD4-.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- margin-left:18.0pt+ADs-text-indent:-18.0pt'+AD4APA-span lang+AD0-EN-AU style+AD0-'font-size:7.0pt+ADs- mso-ansi-language:EN-AU'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span lang+AD0-EN-AU style+AD0-'mso-ansi-language:EN-AU'+AD4-During the first option period, +ADw-span class+AD0-SpellE+AD4-NewCo+ADw-/span+AD4- and Bass Metals will collaborate to complete a technical evaluation of logistics, processing performance, costs and environmental issues to complete a definitive Toll Treatment and Capital Improvements Agreement.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-/div+AD4- +ADw-span lang+AD0-EN-AU style+AD0-'font-size:11.0pt+ADs-font-family:Calibri+ADs-mso-fareast-font-family: +ACI-Times New Roman+ACIAOw-mso-bidi-font-family:+ACI-Times New Roman+ACIAOw-mso-ansi-language: EN-AU+ADs-mso-fareast-language:FR+ADs-mso-bidi-language:AR-SA'+AD4APA-br clear+AD0-all style+AD0-'page-break-before:always'+AD4- +ADw-/span+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- margin-left:18.0pt+ADs-text-indent:-18.0pt'+AD4APA-span lang+AD0-EN-AU style+AD0-'font-size:7.0pt+ADs- mso-ansi-language:EN-AU'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span class+AD0-SpellE+AD4APA-span lang+AD0-EN-AU style+AD0-'mso-ansi-language:EN-AU'+AD4-NewCo+ADw-/span+AD4APA-/span+AD4APA-span lang+AD0-EN-AU style+AD0-'mso-ansi-language:EN-AU'+AD4- will have access to 1 +ADw-span class+AD0-SpellE+AD4-mtpa+ADw-/span+AD4- (or pro-rata) of the 1.5mtpa nominal processing capacity on giving Bass Metals 6 months? +ADw-span class+AD0-GramE+AD4-notice+ADw-/span+AD4- and also a first right ahead of any other third party ore if additional processing capacity is available.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-AU style+AD0-'mso-ansi-language:EN-AU'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- margin-left:18.0pt+ADs-text-indent:-18.0pt'+AD4APA-span lang+AD0-EN-AU style+AD0-'font-size:7.0pt+ADs- mso-ansi-language:EN-AU'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span lang+AD0-EN-AU style+AD0-'mso-ansi-language:EN-AU'+AD4-The toll treatment arrangement will be on a fixed cost per tonne basis with an agreed profit margin plus an incentive bonus for superior technical performance.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto+ADs- margin-left:18.0pt+ADs-text-indent:-18.0pt'+AD4APA-span lang+AD0-EN-AU style+AD0-'font-size:7.0pt+ADs- mso-ansi-language:EN-AU'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span lang+AD0-EN-AU style+AD0-'mso-ansi-language:EN-AU'+AD4-Capital costs related to equipment specifically for the +ADw-span class+AD0-SpellE+AD4-Solwara+ADw-/span+AD4- ore will be paid for and owned by +ADw-span class+AD0-SpellE+AD4-NewCo+ADw-/span+AD4-, but leased and operated by Bass Metals.+ACY-nbsp+ADs- Both companies will co-contribute to general capital improvements.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-AU style+AD0-'mso-ansi-language:EN-AU'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-b+AD4APA-span lang+AD0-EN-AU style+AD0-'mso-ansi-language:EN-AU'+AD4-Commentary+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/b+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-AU style+AD0-'mso-ansi-language:EN-AU'+AD4-Bass Metals regards this as an interesting opportunity consistent with its desire to fully utilise its +ADw-span class+AD0-SpellE+AD4-Hellyer+ADw-/span+AD4- assets.+ACY-nbsp+ADs- There are obviously significant technical and +ADw-span class+AD0-GramE+AD4-statutory+ADw-/span+AD4- matters to address but both parties are strongly motivated to fully explore and test this toll treatment concept.+ACY-nbsp+ADs- Whilst Bass Metals may derive an Option Fee in the near term, the main opportunity is to increase the utilisation of the plant which could then reduce per unit operating costs for all ore treated.+ACY-nbsp+ADs- +ADw-span class+AD0-SpellE+AD4-NewCo+ADw-/span+AD4- has indicated that this arrangement enables it to focus fully on commissioning its subsea mining operation, whilst generating cash flow, before expending further capital on its own processing facilities.+ACY-nbsp+ADs- +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-AU style+AD0-'mso-ansi-language:EN-AU'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-AU style+AD0-'mso-ansi-language:EN-AU'+AD4-As it will take some time for +ADw-span class+AD0-SpellE+AD4-NewCo+ADw-/span+AD4- to be in a position to exercise its option, possibly 2 years, Bass Metals does not believe that this agreement will preclude other commercial options in the short term such as the possible re-start of the +ADw-span class+AD0-SpellE+AD4-Hellyer+ADw-/span+AD4- Tailings Retreatment Project.+ACY-nbsp+ADs- Longer term, +ADw-span class+AD0-SpellE+AD4-NewCo+ADw-/span+AD4- is required to provide 6 months? +ADw-span class+AD0-GramE+AD4-notice+ADw-/span+AD4- of its intent to take up its allocated capacity, providing further flexibility for other processing opportunities.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-AU style+AD0-'mso-ansi-language:EN-AU'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-AU style+AD0-'mso-ansi-language:EN-AU'+AD4-The management team at Bass Metals is looking forward to collaborating with +ADw-span class+AD0-SpellE+AD4-NewCo+ADw-/span+AD4- to test the viability of this concept and possibly progress it to the technical feasibility and option structure stage.+ACY-nbsp+ADs- I look forward to reporting further on the +ADw-span class+AD0-SpellE+AD4-Company+ADw-span class+AD0-GramE+AD4-?s+ADw-/span+AD4APA-/span+AD4- progress and outcomes in pursuit of its growth objectives in the near term. +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4-+ADw-span lang+AD0-EN-AU style+AD0-'mso-ansi-language:EN-AU'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span lang+AD0-EN-AU style+AD0-'mso-ansi-language:EN-AU'+AD4-Yours Sincerely+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p class+AD0-MsoNormal style+AD0-'mso-margin-top-alt:auto+ADs-mso-margin-bottom-alt:auto'+AD4APA-span 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