Another UMC....really do like this one.
Recent story which sums things up nicely. This is only a $45 million company (with $7 million cash)
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YILGARN MINING
Cobwebs to come off Carr Boyd nickel-copper mine later this year
Junior Australian company Yilgarn Mining Ltd plans to lift about three decades of mothballs off the Carr Boyd nickel-copper mine north of Kalgoorlie by September.
Author: Ross Louthean
Posted: Thursday , 19 Apr 2007
PERTH -
Studies are progressing to re-open the mothballed mine by initially mining open cut before accessing old and new targets at depth by underground method. The nickel-copper resource now comprises 8,500 tonnes of nickel metal and 2,900t of contained copper.
Yilgarn Mining (ASX:YML) is earning a 51% stake in Carr Boyd from Australian Nickel Mines, a subsidiary of Consolidated Minerals Ltd which earlier this year took over Titan Resources that had held Carr Boyd along with exploration assets on the Widgiemooltha Dome.
Yilgarn's Managing Director David Burt said that to March the company has spent $A1.5M (US$1.25M) on Carr Boyd which was originally mined by Great Boulder Mines (later taken over by WMC Resources) in the late 1970s. The company needs to complete a total capital expenditure of $A3.5 M ($US2.9 M) to earn its controlling stake.
Burt said today that the company has an indicated-inferred sulphide resource of 597,000 tonnes grading 1.38% Ni and 0.48% Cu, and that mining contractor Barminco Ltd will carry out the overall scoping study for the open pit and two stages of underground mining. Results of this study were expected by May.
Metallurgical test work was being carried out for treatment at a third party nickel concentrator as an offtake agreement. While not naming the party the candidates could include BHP Billiton's Kambalda concentrator, the same company's facility at Leinster or LionOre International Mining's Avalon plant at Bulong.
David Burt has had a long history with the Australian nickel industry, having led the discovery teams that found Mount Keith (now owned by BHP Billiton), the now closed Nepean mine near Coolgardie and the rich Silver Swan shoot (now held by LionOre).
Meanwhile cobalt upgrade pilot-scale testing is proceeding on ore from the Irwin-Coglia nickel-cobalt laterite project well north of Carr Boyd. This is in a joint venture with Murrin Murrin Holdings and GlenMurrin Pty Ltd (Minara Resources Ltd and Glencore AG), owners of the big Murrin Murrin laterite mine and treatment facilities near Laverton.
The test work is based on core samples from the Coglia South deposit which has a resource of 2.3 Mt @ 1.27% Ni and 0.22% Co, based on a 1% Ni cut-off grade.
Yilgarn Mining also owns an iron ore project in the Marrilana region of WA's Pilbara where mineralisation in the North West Sector is now 30 Mt @ 58.4% Fe. With the northern wet season over, the company plans both infill and extension drilling on North West Corner where the ore has "relatively low combined impurities."
An independent mining consultant has carried out a preliminary open pit assessment indicating a stripping ratio of overburden to mineralisation of 4:1 and an overall mining cost of $A7.60/t ($US6.30/t).
The company said the project is well located in terms of infrastructure including existing and planned railways and roads.
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and from a couple from days ago:
http://www.wabusinessnews.com.au/en-story/1/54335/Yilgarn-appoints-Wayne-Richards-as-MD
If they could get a 3mtpa iron ore operation in place....profits would be more than $50 million PER ANNUM.
Iron ore share traders and traders well remember, Aztec Resources AZR Koolan Island......it was taken over by MGX recently for about the equilivant of $350 million. Koolan Island has about 40MT of iron ore in reserves.....YML can easily surpass that figure with their current drill programme.
Standout in my view here.
Recent story which sums things up nicely. This is only a $45 million company (with $7 million cash)
_________________________________________________________________
YILGARN MINING
Cobwebs to come off Carr Boyd nickel-copper mine later this year
Junior Australian company Yilgarn Mining Ltd plans to lift about three decades of mothballs off the Carr Boyd nickel-copper mine north of Kalgoorlie by September.
Author: Ross Louthean
Posted: Thursday , 19 Apr 2007
PERTH -
Studies are progressing to re-open the mothballed mine by initially mining open cut before accessing old and new targets at depth by underground method. The nickel-copper resource now comprises 8,500 tonnes of nickel metal and 2,900t of contained copper.
Yilgarn Mining (ASX:YML) is earning a 51% stake in Carr Boyd from Australian Nickel Mines, a subsidiary of Consolidated Minerals Ltd which earlier this year took over Titan Resources that had held Carr Boyd along with exploration assets on the Widgiemooltha Dome.
Yilgarn's Managing Director David Burt said that to March the company has spent $A1.5M (US$1.25M) on Carr Boyd which was originally mined by Great Boulder Mines (later taken over by WMC Resources) in the late 1970s. The company needs to complete a total capital expenditure of $A3.5 M ($US2.9 M) to earn its controlling stake.
Burt said today that the company has an indicated-inferred sulphide resource of 597,000 tonnes grading 1.38% Ni and 0.48% Cu, and that mining contractor Barminco Ltd will carry out the overall scoping study for the open pit and two stages of underground mining. Results of this study were expected by May.
Metallurgical test work was being carried out for treatment at a third party nickel concentrator as an offtake agreement. While not naming the party the candidates could include BHP Billiton's Kambalda concentrator, the same company's facility at Leinster or LionOre International Mining's Avalon plant at Bulong.
David Burt has had a long history with the Australian nickel industry, having led the discovery teams that found Mount Keith (now owned by BHP Billiton), the now closed Nepean mine near Coolgardie and the rich Silver Swan shoot (now held by LionOre).
Meanwhile cobalt upgrade pilot-scale testing is proceeding on ore from the Irwin-Coglia nickel-cobalt laterite project well north of Carr Boyd. This is in a joint venture with Murrin Murrin Holdings and GlenMurrin Pty Ltd (Minara Resources Ltd and Glencore AG), owners of the big Murrin Murrin laterite mine and treatment facilities near Laverton.
The test work is based on core samples from the Coglia South deposit which has a resource of 2.3 Mt @ 1.27% Ni and 0.22% Co, based on a 1% Ni cut-off grade.
Yilgarn Mining also owns an iron ore project in the Marrilana region of WA's Pilbara where mineralisation in the North West Sector is now 30 Mt @ 58.4% Fe. With the northern wet season over, the company plans both infill and extension drilling on North West Corner where the ore has "relatively low combined impurities."
An independent mining consultant has carried out a preliminary open pit assessment indicating a stripping ratio of overburden to mineralisation of 4:1 and an overall mining cost of $A7.60/t ($US6.30/t).
The company said the project is well located in terms of infrastructure including existing and planned railways and roads.
_____________________________________________________________
and from a couple from days ago:
http://www.wabusinessnews.com.au/en-story/1/54335/Yilgarn-appoints-Wayne-Richards-as-MD
If they could get a 3mtpa iron ore operation in place....profits would be more than $50 million PER ANNUM.
Iron ore share traders and traders well remember, Aztec Resources AZR Koolan Island......it was taken over by MGX recently for about the equilivant of $350 million. Koolan Island has about 40MT of iron ore in reserves.....YML can easily surpass that figure with their current drill programme.
Standout in my view here.
