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2005

Feb 2005 - Bluestone Tin

Bluestone Tin Ltd (BTX) – Becoming a Significant Listed Tin Producer

  • Bluestone’s operations could be producing at 9,000tpa of tin in concentrate by December 2005 based on 5,400tpa of tin (Sn) from Renison in Tasmania (treating ore at 1.5%Sn, although 1.7% or more appears to be more likely) and 3,600tpa of tin in concentrates from Collingwood in Queensland. Production is capable of increasing by a further almost 6,000tpa of tin from Mt Bischoff at the end of 2006 and the approval of the Rentails project.
  • Our current 7.5%NPV values BTX at A$0.73 per share. Bluestone is extremely sensitive to tin prices and the exchange rate, a US$1000/t higher price increases the NPV by 34% to A$0.98 per share, and premiums paid appear to be often >US$300/t.
  • All of BTX’s properties, namely Renison, Mt Bischoff and Collingwood display characteristics inferring that higher grades (than the current JORC reserves or resources) could be achieved, with greater volumes (for longer life) and probably lower costs than we have used. Structural re-interpretations are currently underway on all 3 projects, with the high grade Mt Bischoff not mined since 1947, Collingwood apparently undersampled, and Renison previously limited by historical theories.
  • A correlation has been made between Mt Bischoff and Collingwood, and although current grades are relatively low at ~1% to 1.2%Sn, 80% to 90% recoveries appear to be achievable just from gravity due to coarse cassiterite being present at both deposits, which should result in lower treatment costs and lower capex required.

Mar 2005 - Goldstar Resources

Goldstar Resources NL (GDR) – Aiming to Start Trial Mining by April 2006

  • With four gold companies having market caps greater than A$100m in Victoria as shown in Table 1 on page 4 of this report, and all of them expecting to be in production by June 2006, Victoria has become a “hot-spot” from a share market perspective.
  • Walhalla was one of the richest of the Victorian goldfields, producing 1.5moz from 1.43mt (average of 33g/t) between 1864 and 1914, and Goldstar is aiming to start trial mining of its newly discovered Lomond Reef there by April 2006. Should the trial prove successful, Goldstar could attain a market cap of A$50m to A$100m based on production of 50,000ozpa to 100,000ozpa (especially when it is compared to other expected Victorian gold producers in Table 1).
  • GDR’s Lomond Reef lies behind and adjacent to the renowned Cohen’s Reef of Walhalla, and so far GDR has delineated about 1.1mt of mineralisation based on dimensions of 550m long on strike by 120m high by an average of 6.5m thick (it in fact varies between 2m and 12.5m thick). A mineralised 1.1mt ore block at a grade of 7g/t or 12g/t could contain 250,000oz to 450,000oz (and possibly contain higher grade shoots up to ~25g/t based on historical mining by the Royal Mint Company).
  • Current step-out drilling to the North has already extended the dimensions of the Lomond Reef by a further 100m on strike and 50m at depth (or a northern block 100m long by 170m high) for an additional 300,000t of mineralisation, and conceptually the potential resource could be extended to 2.2mt and still be open, north, south and at depth. Once the existing campaign to the north has been completed, step-out drilling to the south begins.
  • In addition to the Lomond Reef, GDR is also focusing on the second main feature of the field – namely dyke bulges with drilling results from the Black Diamond dyke bulge – fissure lodes system on the West 1 Structure (immediately west of Cohen’s) expected in the second half of 2005.

April 2005 - Avoca Resources

Avoca Resources Limited (AVO) –Bringing Trident Into Production

  • After acquiring Higginsville from Gold Fields in 2004, Avoca has discovered a new orebody called Trident, comprised of two steeply dipping mineralised zones immediately north of the old Poseidon South open-cut and underground workings (which contained near vertical and shallow dipping mineralised gold lodes of ore).
  • The two near vertical zones designated Eastern and Western appear to each contain at least 3 significant (5g/t to 20g/t) gold veins, which may be amenable to a combination of bulk and narrow vein mining with treatment through a gravity plant due to the extremely high gravity recoveries averaging 86% (total recovery ~97%).
  • In its latest announcement on 27 April 2005, Avoca reported its latest assay results indicating the presence of a very high grade shallow dipping vein with 7m @ 72g/t below the Western Zone, and possibly another steeply dipping vein in the hangingwall of the Eastern Zone with 1m @ 162g/t, plus infill in the centre of the Western Zone with 60m @ 7.6g/t, and 31m at 8.2g/t in the Eastern Zone.
  • Currently part of a scoping study, the pit (which is dry except for the portal access in the north corner being a relatively shallow ~15m under water) could be dewatered and the old underground workings (which averaged 7.5g/t over 26,000oz from a vein) extended northwards on strike towards the Eastern Zone.
  • Higginsville appears to be a relatively new goldfield (it was discovered by Samantha Gold in 1988) that was apparently abandoned when Resolute was distracted by its new African gold mines, and consequently contains a number of targets that can be followed up both from an open-cut & underground perspective. There also appears to be a number of similarities between Higginsville and St Ives.
  • Avoca has a number of other prospective exploration targets being those in its own right such as most of Lake Way (south of Wiluna) which is prospective for uranium, gold and nickel and joint ventures, such as with Barrick and Teck.

May 2005 - Minotaur Exploration

Minotaur Exploration Limited (MEP) –Finding the Next Prominent Hill

  • Having sold Prominent Hill and its tenements for 1.85 Oxiana Resources (OXR) shares per 1 Minotaur Resources (MNR) share, the discovery team (who now operate Minotaur Exploration (MEP)) are searching for the next Prominent Hill.
  • The search is based on some of the key elements that are particular to Prominent Hill, namely location near the Hiltaba or Lower Gawler suite of rocks, structure (ideally NE or NW), and gravity/IP anomalism.
  • MEP have at least 14 joint ventures plus its own wholly owned projects, covering more than 50 tenements in various stages of exploration from access approval through to drilling and evaluation. The majority of the projects being in South Australia (the main location for the Hiltaba suite), and targeted areas such as in the vicinity of Broken Hill on the border with NSW and Mt Isa in Queensland.
  • In the March Quarter 2005, MEP formed a new joint venture with Helix (HLX) farming-in to earn a 51% interest in HLX’s Tunkillia project, which can be increased by 24.5% to 75.5% through including OXR to complete a prefeas study with an indicated resource exceeding 1moz. Tunkillia already has a resource of 730,000oz (10.5mt at 2.2g/t), and a recently completed IP survey that (after MEP interpretation) has identified a number of drill-ready gold targets.
  • MEP are able to spend A$4m to A$5m on exploration during the coming year to December 2005, and yet only ~A$1.5m is from their own funds (out of A$11.5m cash), because of the joint ventures MEP has with major companies such as BHP Billiton, the generative strategic alliance that it is forming with Oxiana to find world class copper-gold orebodies in Australia, and to some degree the SA Mines Department’s PACE initiative funding 50% of selected drillhole programmes.

May 2005 - Independence Group

Independence Group NL (IGO) –Lightning Nickel Providing the Driving Force towards IGO becoming a Mid-Tier Mining House

  • IGO’s Long mine of Lightning Nickel appears to be settling down as a 9,000tpa Ni operation (5,760t Ni attributable at 64%) at the lowest cash cost per lb in Australia of payable metal at A$3.05/lb in MQ05. IGO’s aim is to find another stand-alone Ni orebody that can be accessed from Victor South or Long South, so that production could be increased to 12,000tpa to 15,000tpa Ni (attrib : 9,600tpa).
  • The MQ05 production results from Gibb South have been spectacular, averaging 8.3%Ni milled for the current ‘04/05 year, with the March quarter itself averaging 10.3%Ni (according to ERA’s records, this is the highest achieved from any orebody by any mine in WA). Ni metal reconciliations at Gibb South are a very impressive 3.6 times compared to reserve. Now Victor South in the same channel is increasing production, with the potential for higher grades and greater reserves.
  • IGO is making progress with its intention to have its own producing gold mine possibly at Frances Furness and/or at Dalwallinu. Frances Furness appears to have the potential to become a small ~15g/t underground operation, while Dalwallinu could become a newly discovered goldfield.
  • There appears to be a market rating disparity between Independence (IGO) and Jubilee (JBM) in that IGO has higher reserves (+50%), twice the reserve life, ~10% lower cash costs in MQ05, and half the attributable production, yet JBM’s market cap even after adjusting for net cash is more than 4 times IGO’s.
  • As part of its aim to become a mid-tier mining house, IGO is evaluating its acquisition of almost 20% of Matrix (MRX) for possible copper production and is making progress in its other areas of exploration in gold and nickel.

July 2005 - Michelago Limited

Michelago Limited (MIC) – MIC Finally Receives its BioGold Approval!

  • On 4 July 2005, MIC announced that it had received its BioGold SFJV approval from the Chinese Government, and expects to transfer and take over 82% of the BioGold assets within the next 30 days (by the end of July 2005). The approval process ultimately occurred, but there were more steps and time to complete the transaction than originally envisaged. MIC has consequently now received all of its approvals, for BioGold and for the acquisition of 47.5% of Gold Ridge and transfer of its ML to the Australian Solomon Gold (ASG) consortium.
  • Michelago currently appears to be well undervalued in the market at 5.6Ac, and with an NPV (at 5%) of A$0.21 at a gold price of US$425/oz and A$/US$ exchange rate of 77USc. This is based on assuming that MIC exercises its option to increase its equity in BioGold to 99% by October 2005 for Rmb10m, and that the 15Ac options are converted in 2007, (which results in 864m shares in issue in 2007).
  • With an attributable 70,000ozpa for 10 years from 47.5% of Gold Ridge and 99% of BioGold’s 170,000ozpa (omitting the refinery production as too marginal). MIC could attribute ~240,000ozpa of production by the end of 2006. Should the 80,000ozpa expansion of BioGold be completed in 2006, then production could increase to ~320,000ozpa, with the potential to achieve higher production levels when BioGold attains its rated capacity and/or Gold Ridge treats higher grade ore.
  • The ASG consortium’s acquisition of Gold Ridge has been based on 2.3moz of resources and 1.7moz of reserves as at 30 June 2000 (at a gold price of A$450/oz), with initial production commencing in the second half of 2006 at an average production rate of 150,000ozpa for 10 years with cash costs of US$235/oz.

Jul 2005 - Kingsgate Cons

Kingsgate Consolidated Limited (KCN)– Targeting up to 5mtpa and >300,000ozpa gold by 2007

  • Kingsgate have found that there is a significant correlation between three-dimensional IP (a discovery technique) and their mineralisation, such that they have been able to determine that the main orebody that they have been mining to date (from pits C and H), appears to lie on the south-western edge of a “Mega-Pit”, possibly >2km long by ~650m wide that could average at grades ~2.2g/t to 2.3g/t.
  • KIngsgate announced a resource upgrade for Chatree North of 640,000oz on 23 June 2005 (based on exploration in the past 5 months), to result in resources (for A, AE, Q, KE and KW) of 31.2mt @ 1.9g/t for almost 2moz of gold and 18moz of silver. Together with Chatree, KCN’s resources now extend beyond 3moz, and a further US$9m has been budgeted for exploration in the coming year to June 2006 at a discovery cost of ~US$7/oz.
  • Production is already building up from 1.8mtpa to 2.3mtpa by January 2006 using scats recycling, which should increase production from the current ~125,000ozpa up to 150,000ozpa at cash costs of ~US$200/oz. Kingsgate are reviewing the possibility of installing a duplicate plant to more than double production up to ~5mtpa and produce >300,000ozpa, which does appear to be achievable.
  • KCN only quotes its gold production, crediting silver against its gold cash costs. However, silver grades increase significantly northwards at Chatree, especially in the vicinity of A and AE where the gold/silver ratio increases to >24 to 1. Using our modelling at 20g/t silver infers that Chatree could also be producing >1.6mozpa of silver, yet alone applying the implied grades of 50g/t that equate to a 24 to 1 ratio.
  • KCN’s Chatree appears to be located at the centre of a major volcanic complex with possibly 9 historic volcanoes, major North, NW/SE and SW/NE sutures, faults and/or structures and >29 drill ready targets covering a range of gold mineralisation styles including visible gold, all identified within its tenements.

Aug 2005 - Independence Group

Independence Group NL (IGO) –Lightning Nickel Continues to Provide the Driving Force behind the Independence Group

  • IGO’s Long mine of Lightning Nickel appears to be settling down as a relatively low cash cost, 9,000tpaNi operation (5,760tpaNi attributable at ~64%). IGO’s aim is to find another stand-alone Ni orebody within the Long mine, so that production could be increased to 12,000tpaNi to 15,000tpaNi (attributable : 7,700-9,600tpaNi).
  • The recent discovery of the McLeay deposit south of Victor South could evolve into a stand alone orebody, being open in all directions and with a number of surfaces. Drilling is expected to establish an initial resource by September 2005.
  • The Gibb-Victor lava channel is establishing a record as one of the highest grade lava channels at Kambalda, with Gibb South averaging 8.0%Ni (largely due to occasional 18% to 20% Ni zones), and Victor South averaging 4.6% to date. Both Victor South and the new McLeay deposit lie within this lava channel. Depending on the dilution at Victor South in the coming year, IGO could produce between 8,500t and 9,500t Ni based on average grades for the mine of 3.5% to 4.0% Ni .
  • The lava channels shown to date are simplified schematic representations of what the orebodies within them broadly follow. The recent drillhole intersections by IGO outside of these lava channels and beyond perceived boundaries within the channel (such as the 3.4m @ 4.5%Ni below 12 Level at Long) and the spectacular 4.4m @ 16.2%Ni show that there appears to be the capability to add material resources to Long and Victor, and extend Lightning Nickel’s life.
  • IGO continues to mine significant ore outside of its reserves, averaging up to 46% more nickel since IGO started in October 2002 (at 8% lower on grade), which also infers further extensions to Lightning Nickel’s life (usually based on reserves).

Aug 2005 - Sino Gold Limited

Sino Gold Limited (SGX) –Targeting an achievable 500,000ozpa within 3 years

  • The Mining Licence (ML) approval for Sino Gold’s Jinfeng was received on 16 June 2005 on the basis of a 12-year life treating 1.2mtpa to produce 180,000ozpa from about SQ 2006. During the approval period, a scoping study was completed in November 2004 on Phase 2, being a 50% expansion of Jinfeng to 1.8mtpa to produce ~300,000ozpa from MQ 2008 by bringing in the underground earlier.
  • White Mountain in Jilin Province is showing signs that it could become SGX’s next gold mine, with a fairly consistent width of about 20m at grades >4g/t (two intersections in JQ 2005 were 20.4m @ 8.2g/t and 21.2m @ 5.8g/t) extending over at least 1.1km (and still open on strike and at depth). Should it be capable of achieving production rates of ~150,000ozpa, then Sino Gold may be able to achieve its target of 500,000ozpa of production as soon as 2008.
  • The construction of Jinfeng has started in earnest and already the bulk earthworks are 75% complete. In doing so, the orebody has been exposed and with it a number of ore zones and splays that were not in the original model, inferring that the strip ratio may be lower than the expected average of 13 to 1, which should reduce costs and result in additional mill feed.
  • SGX’s experience in achieving MLs at both Jinfeng and Zhangjiashan within one year of the EL being granted implies that the White Mountain ML may be achieved within one year (since it already has its EL), and hence White Mountain could be in production by 2008, especially since it appears to be free milling (not refractory). Sino Gold are aiming to delineate a 1moz resource and conduct feasibility studies at White Mountain by 2006, possibly develop in 2007 and start production in 2008.
  • SGX has an extensive exploration programme at Jinfeng and its surrounding region in Guizhou Province. Aside from the deep drilling already extending the main Jinfeng orebody 120m deeper, there are numerous drill-ready targets within a total area exceeding 530sq km mainly covering parts of southern Guizhou.

Aug 2005 - Cons Minerals

Consolidated Minerals Ltd (CSM) –Becoming a Mid-Tier Diversified Mining Company

  • Consolidated Minerals’ operations are based in WA where it has established an ore reserve/resource life of more than 10 years at Woodie Woodie and a position in the market of consistently producing one of the highest quality manganese ores in the world, currently at 1mtpa. CSM has also been producing 250,000tpa chrome from Coobina, and is now enhancing its product range with nickel production from Reliance’s Beta-Hunt mine, followed by future copper production from Jabiru.
  • CSM’s annualised manganese production has risen to 1.0mtpa and appears capable of reaching at least 1.2mtpa or so. When Coobina runs out of ore (in possibly 5 years’ time), it is expected to move the Coobina plant to Woodie Woodie South and increase production to at least 1.5mtpa of manganese.
  • Production from Reliance’s Beta-Hunt mine is expected to double when East Alpha starts in MQ 2006 and builds up to 4,000tpa to 5,000tpa Ni by December 2006, increasing total mine output to a credible 9,000tpa to 10,000tpa Ni. CSM has a long-term target of producing 15,000tpa to 20,000tpa Ni which appears to be attainable, particularly when it has its own concentrator.
  • CSM is able to have its own concentrator treating nickel ore from old WMC nickel mines because Reliance obtained the nickel rights from Gold Fields, and is hence capable of reaping the benefits like Jubilee (JBM). It should also receive the gold credits from its orebodies, & expects to treat orebodies such as TIR’s Armstrong.
  • The market has upgraded CSM as it achieves higher profits and dividend distributions. This trend has resulted in CSM’s share price increasing by almost 7 times in the past two years from 62c to its current price of $4.00, and is expected to continue, especially as its nickel production strategy unfolds.

Sep 2005 - Mincor Resources

Mincor Resources NL (MCR) – Ramping Up Production by 40% to 14,000tpa Nickel from March Quarter 2006

  • Mincor Resources (MCR) commissioned its two “new” re-opened nickel mines of Redross and Mariners, and extension of Miitel into North Miitel during 2004/2005 and expects to produce ~13,000t of Ni during 2005/2006 inferring that it could produce 14,000tpa Ni from MQ2006.
  • While Wannaway is expected to continue as long as it profitably can, Miitel remains the mainstay of MCR’s operations at Widgiemooltha (south of Kambalda in WA), and with the increased exploration, extensions both north & south of Miitel have already been discovered lengthening Miitel’s probable life beyond 5 years.
  • MCR is a relatively conservative company, only including remnant pillars in resources if there is an MCR approved plan to mine them, which has resulted in a very high resource to reserve conversion rate of >90%. Resources were 68,000t Ni as at 30 June 2005 having increased by a net 12% (8,800t Ni) since June 2004, and a further upgrade is expected within the next 6 months (by MQ 2006), based on the new discoveries and extensions to ore boundaries since late June 2005.
  • There is a market perception that the Widgiemooltha Dome’s Ni grades and orebody sizes are lower than Kambalda’s and it is less prospective. However, the average Ni grades are in fact similar, with high tenor >10%Ni also present, such that the eastern side of the Widgiemooltha Dome appears to be just as prospective with potentially material upside since it has been explored to a lesser degree.
  • While the Widgiemooltha area is littered with old gold workings, the north-south striking Lake Zot dolerite (mainly under the salt lake) has not been drilled for gold, despite its host rock similarities to Gold Fields’ St Ives and Avoca’s Higginsvile, and its proximity to WA’s renowned gold mineralisation-feeding structures. MCR have a programme to RC drill the Lake Zot dolerite starting in October 2005.

Oct 2005 - Sally Malay Mining

Sally Malay Mining Limited (SMY) –Extending SMY’s Life Beyond 8 Years

  • Sally Malay is currently increasing production at both of its nickel mines, being the 100% owned Kimberley Nickel Mines (KNM) in northern WA and 75% owned Lanfranchi Nickel Mines (LNM) south of Kambalda, to ~8,000t Ni pa in 2006.
  • Based mainly on the existing ore reserves of the central orebody at KNM, SMY’s life is about 5 years. However, so far, there has been an ~24% positive reconciliation in contained nickel in the upper orebody (mined essentially from the open-cut). Also, the initial underground levels are exposing significantly greater widths than expected such that the first stoping block indicates a 50% increase in tonnes or 43% increase in contained nickel.
  • Drilling is also extending the Sally Malay orebody further west, with the intersection of 3.6m at 3.1% Ni (and 0.95%Cu) in drillhole KUD56 ~40m from the western boundary inferring further extensions to reserves and resources. When combined with the 11 drillholes already having intersected the lower orebody (below the 500 fault), SMY’s life at KNM could be at least 10 years, at possibly a higher grade than current ore reserves.
  • The initial exposures of Helmut South at Lanfranchi are reminiscent of the thick widths of Helmut with a 16m true width (35m intersected) @ 4.1% Ni containing an 8.1m true width (17.4m intersected) higher grade zone at 5.4%Ni. Some of the Lanfranchi mines were renowned for their thick widths and high grades such as the 6m to 8m thick massive sulphide at 10% to 12%Ni in Schmitz, and the 13,680tNi mined from Skinner in 2000, consisting of 260,000t at 5.3%Ni.
  • Lanfranchi also has the potential to realise a significantly longer life following the discovery that a complete host sequence and contact boundary exists on the northern overturned side of the east-west striking dome. Theoretically the lava channels/embayments that have been mined to-date across the southern side of the dome could recur along the northern side of the dome too.

Nov 2005 - Michelago Limited

Michelago Limited (MIC) – A Leveraged Gold Play

  • On 19 September 2005, MIC announced that (subject to shareholder approval) it had made a placement of A$8.2m in the form of 164m shares at 5Ac to settle A$2.1m associated with the purchase of 82% of BioGold in outstanding loans (apart from the concentrate credit facility), purchase the remaining 17% of BioGold for A$1.6m (to increase MIC’s holding to 99%), pay A$1.3m for the BioGold Technology Licence and other financing fees, and have A$3.2m to cover working cap and the completion of the BioGold expansion.
  • Michelago represents a classic leveraged play on the gold price because its profits are based directly on marginal percentages of the gold price, accruing up to ~20% of spot gold revenue from the gold ores that it treats, less treatment costs. MIC’s NPV appears to increase by about 1.6Ac per US$25/oz increase in the gold price.
  • No further funds are being provided to the ASG (Australian Solomon Gold) consortium to complete the feasibility study on Gold Ridge and any required finance before ASG’s expected IPO in perhaps March - June 2006. Consequently MIC are diluting down their holding in ASG and depending on ASG’s required finance, before its IPO, and the IPO itself, MIC could have possibly 29% to 30% post IPO.
  • MIC intends to decide post ASG’s IPO whether to continue to hold its position in ASG, make an in-specie distribution of its holding to MIC shareholders, or make a combination of the two namely, part held, partly distributed. Theoretically MIC’s post IPO 30% holding could be worth ~A$30m or so.
  • The expansion of BioGold’s Bacox© circuit from 100tpd to 200tpd (currently equivalent to 50,000ozpa to 120,000ozpa) is expected to be completed by December 2006 and should gradually increase the current production (including ~100,000ozpa or so from the cyanide leach) to a capacity of ~230,000ozpa by 2007/2008.

Nov 2005 - Titan Resources

Titan Resources Limited (TIR) –Australia’s Next Junior Nickel Producer

  • Titan appears to be well advanced towards becoming Australia’s next junior nickel producer based on a number of its properties capable of producing nickel, with Armstrong capable of being treated and within a feasibility study, a scoping study in progress on Widgie Townsite, closely followed by scoping studies on Munda, 132N and Widgie 3. All the studies are scheduled to have been completed by the end of March 2006.
  • Titan’s share price fell from about 30c when WMR rejected the Armstrong ore for failing to meet their specifications. It was not that the ore is untreatable, just that it is too similar to Mt Keith ore (it appears to be even better than Mt Keith ore), whereas high iron-rich Kambalda-type concentrates are required (with an Fe:MgO ratio of up to 11:1 they are higher than anything that WMR can produce), to blend with WMR nickel concentrates & prevent WMR’s nickel furnace from overheating.
  • Armstrong ore can be treated to produce an acceptable product and higher recovery than WMR would allocate, and its concentrate can be sold (there are a number of expressions of interest). At this stage the most likely route appears to be CSM modifying the back end of a mothballed gold plant to result in a >1mtpa concentrator at potentially lower costs than TIR may have paid to WMR.
  • CSM has the right to 50% of the Armstrong ore and in November 2005 is expected to have earnt 50% of the gold-nickel orebody at Munda. Munda contains spectacular gold intersections such as 6m @ 27g/t where the nickel and gold orebodies intersect, and separately 11m and 17m @ 17g/t in the hangingwall lode.
  • Conceptually, Titan’s market cap can be theoretically derived from its net cash, 50% of Armstrong and its post AIM floated interest in BioHeap in early 2006. To which can be added 50% of Munda, plus Widgie Townsite, Widgie 3 and 132N. To this can be added possibly a re-opened Mt Edwards and the extensive kms of untested basalt / ultramafic contact that can now be explored at Widgiemooltha using techniques such as SQUID. TIR appears to have the potential to at least double its current share price and attain a market cap of A$40m to A$50m or so.
  • Reed Resources (RDR) have announced that they have entered into a call option (that expires on 14 December 2005) over up to 16% of the Titan shares held by CSM’s wholly owned subsidiary Consolidated Nickel, in which Consolidated Nickel would receive 1RDR – for - 4 TIR shares. RDR’s current 3.8% (~14m shares) held in TIR appears to mainly be held by associates of RDR. RDR may only be able to swap 2m RDR (for 8m TIR) otherwise CSM appears to then hold >19.9% of RDR.

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