ASX / MEDIA
RELEASE
19 May 2008
Territory delivers 500,000 tonnes
Iron ore exporter Territory Resources
(ASX: TTY) has reached another significant milestone in the growth of its iron
ore business, with the export of its 500,000th tonne of high grade
iron ore occurring yesterday at the Port
of Darwin.
Territory made its first shipment from its Frances
Creek project in the Northern Territory in September 2007. The
iron ore shipment was the first from the port of Darwin
for more than 30 years.
Managing Director Allan Quadrio said the Company loaded its eighth
vessel from Darwin
with approximately 71,000 tonnes of iron ore.
“The shipment set sail on 18th May taking the total
exports from Frances Creek to more than half a million tonnes of high grade
direct shipping iron ore,” Mr Quadrio said.
“Favourable tides allowed Territory to ship its biggest tonnage to
date in one ship (71,000 tonnes) over the weekend. This is a tremendous
achievement for all parties involved in the rebirth of the Francis Creek
iron ore mine south of Darwin.
“Territory is capitalising on the strong iron ore demand here and
now and generating value for shareholders,” Mr Quadrio said.
“With our mining and shipping continuing to gather steam we now
expect to reach the one million tonnes shipping milestone during the September
quarter.
“Through our marketing program with partners Noble Group, we are
directly taking advantage of the steel demand from China and the incredibly strong
spot prices for iron ore.
“This is part of our strategy to discover, dig and deliver as much
as possible over the coming three years, capitalise on the strength in the iron
ore market and develop future earning streams,” he said.
Mr Quadrio said the Company was making ongoing improvements at site to
drive production increases at Frances
Creek, including
construction of a new wet processing plant to improve wet season operations and
increase product consistency.
The current mine plan is scheduled to produce at an annualized mining
rate of 2mtpa by the end of 2008 and targeting 3mtpa by June 2009.
Increase in production will be complemented by increases in port and
rail capacity, including working with the Darwin Port Corporation (DPC) and the
Northern Territory Government to triple current stockpile facilities.
Territory Resources has also committed $25 million over the next two years for an
aggressive exploration program at Frances
Creek to expanded the
resource base and extend mine life.
For further information, please contact:
Michael
Kiernan
Allan
Quadrio
Warrick Hazeldine
Chairman
Managing Director
Purple Communications
Tel: +61 (0) 8 9324
7002 Tel: +61
(0) 9483
5100
Tel: +61 (0)
8 9485 1254
Mob: +61 (0)418 904
165
Mob: +61
(0)417 944 616
About Territory
Resources
The Company is producing and shipping iron ore from its 100% owned Frances Creek
haematite project, located near Pine Creek in the Northern Territory.
The current mine plan is scheduled to produce at an annualized mining
rate of 2mtpa by the end of 2008 and targeting 3mtpa by June 2009.
The project has significant infrastructure benefits, being located
within 15km from the Alice Springs to Darwin
rail line and 190km south of the refurbished Darwin
Port – Australia’s closest to China. Marketing of
Territory’s ore is being undertaken by the Hong Kong
based Noble Group Limited via a life-of-mine marketing agreement.
Territory Resources is building an Australian Resources Group with strategic investments in
commodities such as mineral sands and gold, specifically through a 29% stake in
Matilda Minerals, a 65% stake in Olympia Resources, and a 19% investment in
Monarch Gold Mining Company.
Visit: www.territoryresources.com.au
***
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
