http://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Mon, 28 May 2018 05:46:42 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Bass Metals continues to ramp up graphite concentrate production in Madagascar ]]> http://www.proactiveinvestors.com.au/companies/news/197060/bass-metals-continues-to-ramp-up-graphite-concentrate-production-in-madagascar-197060.html Bass Metals Limited (ASX:BSM) is continuing its successful commercial ramp-up of production at the Graphmada Large Flake Graphite Mine in eastern Madagascar.

The stage I refurbishment of operations at Graphmada is now fully operational, with the commercial ramp-up well advanced.

READ: Bass Metals' shares spike on plant commissioning as it approaches near-term production

Importantly, the completion of stage I established Bass as one of only two ASX listed producers of graphite, and one of only four publicly listed graphite producers globally.

Production of premium graphite concentrates has now been successfully achieved, with large flake graphite concentrates produced consistently above 94% fixed carbon with recoveries above 75%.

Production at Graphmada Large Flake Graphite Mine

Bass is now on track to reach nameplate production of 500 tonnes of premium large flake graphite concentrate production per month.

Exploration activities progressing to plan

The company’s exploration activities at the Mahela Graphite Deposit, located near the Graphmada Mine, has confirmed that the area contains large flake graphite mineralisation within the weathered profile.

Additionally, phase I of the initial exploration program at Millies reward is now well advanced and progressing to plan.

To date, phase I has identified eight high priority prospects which are undergoing field prospecting, mapping and rock-chip sampling.

Aiming to supply the rapidly growing fire retardants market

Bass chief executive officer Tim Mcmanus said: “Achieving high Fixed Carbon concentrate grades with improving recoveries lays the foundation to rapidly achieving our production target of 500 saleable concentrate tonnes per month.

“We also continue to develop our plans for a stage II expansion to 20,000 tonnes per annum and the stage III downstream production of expandable graphite products, with particular emphasis on supplying the rapidly growing fire retardants market, were concentrates alone can command over US$4,000 per tonne.”

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Wed, 16 May 2018 15:02:00 +1000 http://www.proactiveinvestors.com.au/companies/news/197060/bass-metals-continues-to-ramp-up-graphite-concentrate-production-in-madagascar-197060.html
<![CDATA[News - Bass Metals' shares spike on plant commissioning as it approaches near-term production ]]> http://www.proactiveinvestors.com.au/companies/news/194196/bass-metals-shares-spike-on-plant-commissioning-as-it-approaches-near-term-production-194196.html Bass Metals Limited (ASX:BSM) has recommissioned the refurbished processing plant at its Graphmada large flake graphite mine in Madagascar.

This follows wet commissioning of the plant, effectively completing the final phase of stage I.

The news appeared to be well received with the company’s shares up 13% this morning.

Further testing is occurring to assist in synchronising and optimising the graphite recovery process prior to recommencement of graphite production in the coming days.

Debt free with cash flow in sight

Completion of stage I provides cash flow visibility and importantly the company is debt free.

Bass has an offtake agreement in place, producing premium large flake graphite concentrates at a time of rising prices, providing revenue predictability.

The company is now established as one of only two ASX listed producers and one of only four publicly listed graphite producers globally.

Graphite market remains supply constrained

Graphmada is moving rapidly into the commercial ramp-up phase to supply international customers with high value, premium large flake concentrates, with the aim of delivering positive cash flow.

Baillieu Holst analyst Warren Edney recently initiated coverage on Bass.

He forecasts that the company will generate operating cash flow of $8.3 million in fiscal 2019, increasing to $19.7 million in 2020.

Management expects stage II will mark the expansion to annual production of 20,000 tonnes.

Based on this rate, Edney forecasts a net profit of $14.8 million in fiscal 2020.

Trading at steep discount to price target

Edney has a buy recommendation on the stock with a price target of 7 cents.

This implies share price upside of about 100% relative to this morning’s opening price of 3.4 cents, up 13% on Tuesday’s close.

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Wed, 04 Apr 2018 10:04:00 +1000 http://www.proactiveinvestors.com.au/companies/news/194196/bass-metals-shares-spike-on-plant-commissioning-as-it-approaches-near-term-production-194196.html
<![CDATA[News - Bass Metals attributed buy recommendation with aggressive share price target ]]> http://www.proactiveinvestors.com.au/companies/news/193019/bass-metals-attributed-buy-recommendation-with-aggressive-share-price-target-193019.html Bass Metals Limited (ASX:BSM) has received support from analysts at Baillieu Holst with the broker placing a buy recommendation on the stock and a price target of 7 cents.

This represents a significant premium to Monday's closing price of 2.2 cents.

The broker’s positive take on Bass is influenced by the imminent return to production of its Graphmada graphite mine in Madagascar.

A transformational year

Stage I recommissioning is well advanced following the commissioning of drying and packaging operations.

It should be back in full production in early 2018 and Baillieu Holst expects that the company will produce a high-quality concentrate that will attract an increase in pricing.

This should lead the way to lifting output to 20,000 tonnes per annum while also lowering operating costs.

Broker highlights customer relationships

Baillieu Holst noted that Bass has a sound track record of dealing with customers, and an improvement in reliability and quality should be well received.

Warren Edney, research analyst, said: “The market capitalisation might be small, but BSM would be one of the top picks among the graphite plays.

"We believe it will re-rate over the next 12 months as the sales track record is rebuilt and exploration and development options become measurable.”

Fundamentals appear attractive

Bass's market capitalisation is relatively small at about $50 million, but perhaps this makes the company more appealing given there are few microcap miners in production.

Baillieu Holst is forecasting a net profit of $6 million in fiscal 2019, representing earnings per share of 0.2 cents.

This is forecast to more than double in 2020 with earnings implying a forward PE multiple of about 4.

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Tue, 13 Mar 2018 08:29:00 +1100 http://www.proactiveinvestors.com.au/companies/news/193019/bass-metals-attributed-buy-recommendation-with-aggressive-share-price-target-193019.html
<![CDATA[News - Bass Metals shares rise after signing major graphite sales agreement ]]> http://www.proactiveinvestors.com.au/companies/news/185358/bass-metals-shares-rise-after-signing-major-graphite-sales-agreement-185358.html Bass Metals Limited (ASX:BSM) has signed a sales agreement for 50% of its forecast stage 1 flake graphite concentrate production of 6,000 tonnes per annum (tpa) in Madagascar.

The company’s shares closed circa 17% higher on Tuesday, at $0.014.

Possehl Erzkontor GmbH & Co, based in Europe, has agreed to purchase 3,000 tpa of graphite concentrates to be produced from the company’s Graphmada Large Flake Graphite Mine.

The contract is for a period of three years from January 2018.

Bass and Possehl has agreed on the pricing for the concentrates based on fully transparent end-user demand.

Possehl will earn a 5% commission on all sales through its European distribution network, paying Bass directly on 30-day payment terms, thus minimizing Bass’ sales and logistics costs into Europe.

The high value concentrates will be sold predominantly into the European refractories, foundries and crucibles sectors, were Graphmada’s concentrates have the potential to attract premium pricing.

READ NEXT: Bass Metal Limited secures $3.8M for its graphite project in Madagascar

Last month, Bass successfully raised circa $3.8 million via a placement and an accelerated entitlement offer at an issue price of $0.011 per share.

This completed the first stage of the company’s $6 million equity raising.

Bass is continuing to make progress towards refurbishing the Graphmada mine with the aim of re-commissioning this calendar year as a profitable producer of high purity graphite concentrates.

The Graphmada mine has mining permits for 40 years in place, containing four large flake graphite deposits.

The producing mine is currently being upgraded to 6000 tonnes per annum.

Bass is planning to expand production to greater than 20,000 tonnes per annum of graphite concentrate by late 2018.

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Wed, 11 Oct 2017 08:47:00 +1100 http://www.proactiveinvestors.com.au/companies/news/185358/bass-metals-shares-rise-after-signing-major-graphite-sales-agreement-185358.html
<![CDATA[News - Bass Metal Limited secures $3.8M for its graphite project in Madagascar ]]> http://www.proactiveinvestors.com.au/companies/news/184406/bass-metal-limited-secures-38m-for-its-graphite-project-in-madagascar-184406.html Bass Metals Limited (ASX:BSM) has successfully raised circa $3.8 million via a placement and an accelerated entitlement offer at an issue price of $0.011 per share.

This completes the first stage of the company’s $6 million equity raising, revealed earlier this week.

Bass has raised circa $3 million from the placement to institutional and sophisticated investors and circa $0.8 million from the accelerated one-for-six non-renounceable entitlement offer.

The funds raised will be used towards the final payment for the acquisition of the Graphmada Mine in Madagascar, its refurbishment expenditure and exploration of graphite and lithium prospects.

Bass is continuing to make progress towards refurbishing the Graphmada mine with the aim of re-commissioning this calendar year as a profitable producer of high purity graphite concentrates.

The Graphmada mine has mining permits for 40 years in place, containing four premium quality, large flake, graphite deposits.

The producing mine is currently being upgraded to 6000 tonnes per annum with improved final graphite concentrate grades, in order to grow cash margins.

Bass is planning to expand production to greater than 20,000 tonnes per annum of graphite concentrate by late 2018.

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Fri, 22 Sep 2017 11:58:00 +1000 http://www.proactiveinvestors.com.au/companies/news/184406/bass-metal-limited-secures-38m-for-its-graphite-project-in-madagascar-184406.html
<![CDATA[News - Bass Metals Ltd raising $2M to expand graphite production ]]> http://www.proactiveinvestors.com.au/companies/news/180255/bass-metals-ltd-raising-2m-to-expand-graphite-production-180255.html Bass Metals Ltd (ASX:BSM) has received strong demand and support from existing major shareholders, directors, and management to raise $2 million via the issue of convertible notes.

This funding allows Bass to continue its planned Graphmada Mine capital improvement plan and to remain on track for completion later this year.

The company’s fully owned Graphmada Graphite Mine is located in Madagascar.

Bass is continuing to make progress towards refurbishing the Graphmada mine with the aim of re-commissioning this calendar year as a profitable producer of high purity graphite concentrates.

The Graphmada mine has mining permits for 40 years in place, containing four premium quality, large flake, graphite deposits.

The producing mine is currently being upgraded to 6000 tonnes per annum with improved final graphite concentrate grades, in order to grow cash margins.

Bass is planning to expand production to greater than 20,000 tonnes per annum of graphite concentrate by late 2018.

The receipt of funds from the issue of these notes, along with current receivables and cash on hand, leaves the company in a strong financial position as at 30 June 2017.

Bass Metals’ shares closed 11.11% higher on Monday, at $0.01.

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Tue, 04 Jul 2017 09:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/180255/bass-metals-ltd-raising-2m-to-expand-graphite-production-180255.html
<![CDATA[News - Bass Metals finds offtake partner for Graphmada graphite ]]> http://www.proactiveinvestors.com.au/companies/news/179383/bass-metals-finds-offtake-partner-for-graphmada-graphite-179383.html Bass Metals (ASX:BSM) has crossed a major milestone by signing a non-binding sale agreement for 50% of its forecast stage 1 premium graphite concentrate production for 2018.

Possehl Erzkontor GmbH & Co., based in Europe, intends to purchase 3,000 tonnes per annum of graphite concentrates from the company, for a period of three years.

The concentrates will be produced at Bass Metals’ fully owned Graphmada Graphite Mine located in Madagascar.

The material will be sold by Possehl into refractories, foundries and crucibles markets throughout Europe at a premium pricing compared to other market segments such as battery applications.

Bass is continuing to make progress towards refurbishing the Graphmada mine with the aim of re-commissioning this calendar year as a profitable producer of high purity graphite concentrates.

The Graphmada mine has 40-year mining permits in place, containing four premium quality, large flake, graphite deposits.

The producing mine is currently being upgraded to 6000 tonnes per annum with improved final graphite concentrate grades, in order to grow cash margins.

Bass is planning to expand production to greater than 20,000 tonnes per annum of graphite concentrate by late 2018.

Incidentally, the company recently confirmed outcropping pegmatites with grades up to 7.08% lithium at the Millie’s Reward lithium project in Madagascar.

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Fri, 16 Jun 2017 15:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/179383/bass-metals-finds-offtake-partner-for-graphmada-graphite-179383.html
<![CDATA[News - Bass Metals shares rise on identifying lithium potential in Madagascar ]]> http://www.proactiveinvestors.com.au/companies/news/178449/bass-metals-shares-rise-on-identifying-lithium-potential-in-madagascar-178449.html Bass Metals’ (ASX:BSM) shares were trading 10% higher intra-day after completing a successful technical due diligence of Millie’s Reward, a potentially high-grade lithium project in Madagascar.

The company’s fieldwork has confirmed outcropping pegmatites with significant spodumene mineralisation, with grades up to 7.08% lithium.

The project is part of a license with existing mining approval and complements the company’s aim to become a producer and supplier of industrial minerals concentrates.

On completion of due diligence and finalisation of the transaction, Bass will conduct an exploration program over the project area to identifying targets for drilling.

The proposed acquisition of Millie’s Reward is consistent with the company’s strategy to leverage its in-country producer status in Madagascar to appraise further opportunities in the highly prospective jurisdiction.

The company’s initial focus is on delivering baseline profitable production at its Graphmada large flake graphite mine in Madagascar.

The Graphmada mine has 40-year mining permits in place, containing four premium quality, large flake, graphite deposits.

The producing mine is currently being upgraded to 6000 tonnes per annum with improved final graphite concentrate grades, in order to grow cash margins.

Bass is planning to expand production to greater than 20,000 tonnes per annum of graphite concentrate by late 2018.

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Tue, 30 May 2017 13:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/178449/bass-metals-shares-rise-on-identifying-lithium-potential-in-madagascar-178449.html
<![CDATA[News - Bass Metals to reveal capital raising, transaction ]]> http://www.proactiveinvestors.com.au/companies/news/170447/bass-metals-to-reveal-capital-raising-transaction-170447.html The halt will remain in place until the opening of trade on Friday 16th December 2016, or earlier if an announcement is made to the market.

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Wed, 14 Dec 2016 13:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/170447/bass-metals-to-reveal-capital-raising-transaction-170447.html
<![CDATA[News - Bass Metals looks to expand graphite resources in Madagascar ]]> http://www.proactiveinvestors.com.au/companies/news/167523/bass-metals-looks-to-expand-graphite-resources-in-madagascar-167523.html The Graphmada mine sold circa 1,500 product tonnes in the 2015 calendar year, with a high proportion of the product being large flake graphite at 94% or greater purity.

The material expansion of the existing large to jumbo flake resource is part of the company’s strategy to realise the considerable potential of the Graphmada Mine.

The Mahefedok deposit has been explored since 2014 and works including geological mapping, ground geophysical surveys, pitting, trenching and sampling has been carried out.

The results of these works provide evidence that the Mahefedok deposit may contain regolith-hosted flake graphite mineralisation over a strike length of 1.8 kilometres.

Bass Metals plans to prepare a resource estimate for the deposit, by conducting 2500 meters of drilling and resource estimation works to be completed over the next 3-6 months.

Tim McManus, chief executive officer, commented:

“We are pleased to be commencing this program, as the company will benefit from these brownfield works through developing a larger asset base for its expansion plans, as well as providing additional long-term ore feed for its current operations.”

“The team at Bass are excited to be undertaking a project of this significance and we look forward to updating the market with the results of our drilling and subsequent resource estimation works.”

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Tue, 18 Oct 2016 07:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/167523/bass-metals-looks-to-expand-graphite-resources-in-madagascar-167523.html
<![CDATA[News - Bass Metals Ltd is among Monday's ASX Most Traded with 62 million ]]> http://www.proactiveinvestors.com.au/companies/news/165554/bass-metals-ltd-is-among-mondays-asx-most-traded-with-62-million-70602.html Monday's ASX Volume Leaders at the close.

Company NameCodeLastChangeVolume KBL Mining Ltd KBL $0.003 0% 101,154,893 Bass Metals Ltd BSM $0.023 53.33% 62,265,221 IOT Group Ltd IOT $0.030 -20.51% 45,811,869 Manas Resources Ltd MSR $0.004 0% 40,950,149 Walkabout Resources Ltd WKT $0.004 0% 39,922,396 Amaysim Australia Ltd AYS $2.000 -4.31% 37,923,186 Atlas Iron Ltd AGO $0.011 10% 36,612,459 Latin Resources Ltd LRS $0.009 -9.09% 32,439,075 Winmar Resources Ltd WFE $0.004 0% 31,617,737 Australian Vanadium Ltd AVL $0.019 -13.64% 30,411,348

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 23 Aug 2016 07:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/165554/bass-metals-ltd-is-among-mondays-asx-most-traded-with-62-million-70602.html
<![CDATA[News - Bass Metals Ltd completes transition from graphite developer to producer ]]> http://www.proactiveinvestors.com.au/companies/news/165553/bass-metals-ltd-completes-transition-from-graphite-developer-to-producer-70593.html Bass Metals Ltd’s (ASX:BSM) shares have surged after completing the transition from graphite developer to graphite producer by taking operational control of the Graphmada Graphite Mine in Madagascar.

The acquisition of the mine from Stratmin Global Resources (LON:STGR),  leaves Bass Metals the only company listed on the ASX currently producing and selling graphite concentrates.

The consideration for the transaction includes a payment of $1.5 million and the issue of Bass shares worth $750,000 at $0.01 per share.

Stratmin will also be entitled to a net smelter royalty of 2.5% capped at $5 million and up to $8 million worth of Bass shares on achieving production milestones.

$16 million of capital has already been spent to develop the mine, which hosts four known deposits with mining permit locked in for 40+ years.

The mine is already selling high purity, large flake product into India, Europe and the U.S., with potential exposure to lithium-ion battery demand.

Graphmada sold circa 1,500 product tonnes in the 2015 calendar year, with a high proportion of the product being large flake graphite at 94% or greater purity.

The current production is from a 6,000 product tonnes per annum processing plant installed on site, with a plan to substantially increase production.

Bass Metals is carrying out a major overhaul and plant refurbishment program, focusing on raising the quality and volume of the saleable product.

The company is in the process of raising up to $5.52 million from a fully underwritten non-renounceable rights issue to shareholders.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Mon, 22 Aug 2016 15:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/165553/bass-metals-ltd-completes-transition-from-graphite-developer-to-producer-70593.html
<![CDATA[News - Bass Metals Ltd set to become Australia’s only large flake graphite producer ]]> http://www.proactiveinvestors.com.au/companies/news/150107/bass-metals-ltd-set-to-become-australias-only-large-flake-graphite-producer-69540.html Bass Metals Ltd (ASX:BSM) shares were last trading 142% higher for the day anticipating the imminent acquisition of a large flake operating graphite mine in eastern Madagascar.

Bass will become the first Australian graphite producer with a revenue stream after completing the acquisition of the Graphmada Large Flake Graphite Mine from Stratmin Global Resources (LON:STGR).

$16 million of capital has already been spent to develop the mine, which hosts four known deposits with mining permit locked in for 40+ years.

Importantly, the mine is selling high purity, large flake product into India, Europe and the U.S., with potential exposure to lithium-ion battery demand.

The current production is from a 6,000 product tonne per annum processing plant installed on site, with a plan to substantially increase production.

There is significant development potential to grow the operations, both near-mine and regionally, with mineralisation open to depth and along strike, across the four known deposits.

The consideration for the mine will include a payment of $1.5 million and the issue of $750,000 worth of Bass shares at $0.01 each.

Stratmin will also be entitled to a net smelter royalty of 2.5% capped at $5 million and up to $8 million worth of Bass shares on achieving production milestones.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 30 Jun 2016 14:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150107/bass-metals-ltd-set-to-become-australias-only-large-flake-graphite-producer-69540.html
<![CDATA[News - Bass Metals Ltd among ASX % Gainers intra-day ]]> http://www.proactiveinvestors.com.au/companies/news/150106/bass-metals-ltd-among-asx-gainers-intra-day-69537.html Thursday's leading ASX % Gainers intra-day.

Company NameCodeLastChangeVolume Bass Metals Ltd BSM $0.028 133.33% 48,634,050 Lakes Oil NL LKO $0.002 100% 750,000 Winmar Resources Ltd WFE $0.002 100% 3,048,270 Regalpoint Resources Ltd RGU $0.010 66.67% 500,000 Ikwezi Mining Ltd IKW $0.003 50% 753,250 Gulf Manganese Corporation Ltd GMC $0.003 50% 2,051,636 MMJ PhytoTech Ltd MMJ $0.260 44.44% 6,098,949 Bougainville Copper Ltd BOC $0.280 40% 204,395 Cullen Resources Ltd CUL $0.004 33.33% 200,000 New Talisman Gold Mines Ltd NTL $0.008 33.33% 4,367,192

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 30 Jun 2016 12:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150106/bass-metals-ltd-among-asx-gainers-intra-day-69537.html
<![CDATA[News - Bass Metals Ltd to acquire operating graphite mine in Madagascar ]]> http://www.proactiveinvestors.com.au/companies/news/150105/bass-metals-ltd-to-acquire-operating-graphite-mine-in-madagascar-68858.html Bass Metals Ltd’s (ASX:BSM) share price has increased after completing due diligence to acquire the Graphmada Large Flake Graphite Mine in eastern Madagascar from Stratmin Global Resources (LON:STGR).

Unlike 99% of its peers, the acquisition would provide Bass Metals with control of an operating graphite mine that is generating cash flow and has a sustainable offtake agreement in place with a US based partner.

The consideration for the mine will include a payment of $1,500,000 and the issue of $750,000 worth of Bass shares at $0.01 each.

Stratmin will also be entitled to a net smelter royalty of 2.5% capped at $5 million and up to $8 million worth of Bass shares on achieving production milestones.

The Graphmada mine hosts four known deposits with the Loharano deposit being currently mined.

Significantly, a 6,000 product tonne per annum processing plant is installed on site, with drying and packaging facilities.

Bass Metals will execute a low capital expansion plan to increase production and cash flow from the mine.

Meanwhile, the company will look to divest its Tasmanian zinc-lead assets.

The share price has been on an bull run since June 2015, climbing 266%.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 27 May 2016 10:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150105/bass-metals-ltd-to-acquire-operating-graphite-mine-in-madagascar-68858.html
<![CDATA[News - Bass Metals Ltd to reveal acquisition ]]> http://www.proactiveinvestors.com.au/companies/news/150104/bass-metals-ltd-to-reveal-acquisition-67822.html Bass Metals Ltd (ASX:BSM) has acquisition news on the horizon, with the ASX granting the company a trading halt to prepare.

The halt will remain in place until the opening of trade on Tuesday 5th April 2016, or earlier if an announcement is made to the market.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Fri, 01 Apr 2016 13:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/150104/bass-metals-ltd-to-reveal-acquisition-67822.html
<![CDATA[News - Bass Metals nears African graphite business with Tas zinc-lead sale ]]> http://www.proactiveinvestors.com.au/companies/news/150103/bass-metals-nears-african-graphite-business-with-tas-zinc-lead-sale-65281.html Shares in Bass Metals (ASX:BSM) were flying as much as 36% higher today after the company advanced a Tasmanian zinc-lead divestment ahead of a strategic graphite investment.

Bass stock was last trading at A$0.015, being a 650% increase versus a low hit in July.

The company confirmed today that it had entered into a three-month exclusivity period with private company Mancala Resources with the purpose of divesting the Que River assets, which include the Que River mine, access lease and the Mt Block exploration lease.

Mancala will be working to complete its due diligence during the exclusivity period and enter into a binding agreement thereafter.

The Mancala transaction follows Bass’ move last month to take a 25% interest in Stratmin Global Resources’ (AIM:STG) producing Madagascan graphite operations known as Graphmada.

Subject to financing, Bass has an option to increase its interest to 35% in the project, which already boasts a large U.S. offtake customer and is planned for an expansion including two new mines.

Earlier this month, Bass announced that it had received commitments for about A$1 million of funding for the initial Granphmada transaction.

Graphmada’s Loharano mine is 120 kilometres to port on sealed highway, with abundant water on site and a production profile of more than 6,000 tonnes projected in FY2016 – with most output being large and jumbo flake graphite.

As London’s only listed graphite company, Stratmin has invested more than A$16 million in Graphamada to date and is expected to pursue a disciplined expansion strategy at the site.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 26 Oct 2015 15:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/150103/bass-metals-nears-african-graphite-business-with-tas-zinc-lead-sale-65281.html
<![CDATA[News - Bass Metals, Ark Mines among the biggest ASX% Gainers intra-day ]]> http://www.proactiveinvestors.com.au/companies/news/150102/bass-metals-ark-mines-among-the-biggest-asx-gainers-intra-day-61139.html Monday’s leading ASX % Gainers intra-day.

NameCodeLastChangeVolume Bass Metals ASX:BSM $0.003 50% 4,475,707 Navaho Gold ASX:NVG $0.003 50% 600,000 Ark Mines ASX:AHK $0.014 40% 10,485 Dourado Resources ASX:DUO $0.004 33.3% 7,665,160 Aleator Energy ASX:AWD $0.004 33.3% 941,595 Oklo Resources ASX:OKU $0.085 30.8% 90,000 Windward Resources ASX:WIN $0.285 26.7% 7,726,078 South American Iron & Steel Corp ASX:SAY $0.005 25% 94,076 Orpheus Energy ASX:OEG $0.011 22.2% 342,824 World Reach ASX:WRR $0.325 20.4% 535,819

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 09 Mar 2015 14:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/150102/bass-metals-ark-mines-among-the-biggest-asx-gainers-intra-day-61139.html
<![CDATA[News - Bass Metals, Birimian Gold, West Peak Iron among ASX % Gainers intra-day ]]> http://www.proactiveinvestors.com.au/companies/news/150101/bass-metals-birimian-gold-west-peak-iron-among-asx-gainers-intra-day-59245.html Thursday's leading % Gainers intra-day.

CompanyCodeLastChangeVolume Fitzroy Resources FRY $0.018 80% 139,496 GBM Gold GBM $0.004 33.33% 167,000 Bass Metals BSM $0.004 33.33% 3,546,649 Birimian Gold BGS $0.018 28.57% 21,152,976 West Peak Iron WPI $0.009 28.57% 300,000 Tellus Resources TLU $0.010 25% 250,141 Chinalco Yunnan CYU $0.030 20% 40,000 Hannans Reward HNR $0.006 20% 206,675 Diatreme Resources DRX $0.019 18.75% 146,500 Liberty Resources LBY $0.020 17.65% 275,850

 

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Thu, 27 Nov 2014 15:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/150101/bass-metals-birimian-gold-west-peak-iron-among-asx-gainers-intra-day-59245.html
<![CDATA[News - Bass Metals, MZI Resources, Yellow Rock Resources among Wednesday's ASX Volume Leaders ]]> http://www.proactiveinvestors.com.au/companies/news/150100/bass-metals-mzi-resources-yellow-rock-resources-among-wednesdays-asx-volume-leaders-56760.html Wednesday's leading volume stocks on the ASX.

CompanyCodeLastChangeVolume MZI Resources MZI $0.008 -11.11% 62,332,627 Red Gum Resources RGX $0.006 -14.29% 41,413,532 Bass Metals BSM $0.005 25% 26,855,546 Blaze International BLZ $0.001 0% 26,552,550 Triton Minerals TON $0.390 2.63% 23,223,996 Ram Resources RMR $0.010 -16.67% 20,951,537 Telstra TLS $5.430 0.37% 18,483,373 Mirvac Group MGR $1.775 -0.28% 18,391,045 Healthscope HSO $2.240 -0.44% 17,364,647 Yellow Rock Resources YRR $0.018 0% 16,413,987 Nido Petroleum NDO $0.050 0% 15,529,430

 

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Thu, 07 Aug 2014 08:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150100/bass-metals-mzi-resources-yellow-rock-resources-among-wednesdays-asx-volume-leaders-56760.html
<![CDATA[News - Bass Metals identifies targets for follow-up at Tasmania polymetallic project ]]> http://www.proactiveinvestors.com.au/companies/news/150099/bass-metals-identifies-targets-for-follow-up-at-tasmania-polymetallic-project-47964.html Bass Metals (ASX: BSM) has completed a multidisciplinary technical review of its Que-Hellyer polymetallic project in Tasmania that has identified nine targets for further detailed follow-up.

This includes four new target areas based on a combination of geochemical, geological and structural inputs.

Some of these targets are ready for immediate drill testing but others are associated with complex geology that will need to be resolved before drill holes can be designed.

The company expects that a program of 12 to 15 drill holes totalling 6,000 metres will be needed to test these targets that have now been proposed.

The review had verified arsenic, antimony and thallium as excellent pathfinder elements to mineralisation, noting that these were more consistent vectors to mineralisation than the “ore elements”.

New structural geology modelling and interpretation also suggest that deformation (folding) may be a key determinant on the location of ore. While controversial, the company will review all targets to consider this potential and will conduct local detailed structural investigations on drill holes from the known deposits, to test the application of this model.

Bass plans to carry out further surface sampling and structural analysis prior to further drill testing.

It is also seeking a joint venture partner to advance the project.

 

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Fri, 13 Sep 2013 17:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150099/bass-metals-identifies-targets-for-follow-up-at-tasmania-polymetallic-project-47964.html
<![CDATA[News - Bass Metals gains $11M lease of life with Hellyer sale ]]> http://www.proactiveinvestors.com.au/companies/news/150098/bass-metals-gains-11m-lease-of-life-with-hellyer-sale-39971.html Bass Metals (ASX:BSM) will gain a new lease of life with a binding agreement to sell its Hellyer Tails Gold Resource, processing plant and Hellyer Mine Lease.

Privately held Ivy Resources Pty Ltd will pay $11,000,000 to Bass Metals, with a $600,000 first installment payment having already been paid to Bass Metals.

The sale of the company that holds the Hellyer assets and receipt of the proceeds will see Bass Metals scouting for new acquisitions.

In a statement the company said it would continue to pursue its litigation for damages against LionGold Corporation.

The deal is subject to certain conditions but based on advice obtained from ASX Limited completion of the transaction is not expected to be subject to shareholder approval.


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Mon, 25 Feb 2013 09:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/150098/bass-metals-gains-11m-lease-of-life-with-hellyer-sale-39971.html
<![CDATA[News - Bass Metals to announce asset sale ]]> http://www.proactiveinvestors.com.au/companies/news/150097/bass-metals-to-announce-asset-sale-38827.html Bass Metals (ASX: BSM) has been placed in pre-open this morning following the ASX granting the company a trading halt, pending an announcement on an asset sale transaction.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Thursday 31st January 2013.

 

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Tue, 29 Jan 2013 12:20:00 +1100 http://www.proactiveinvestors.com.au/companies/news/150097/bass-metals-to-announce-asset-sale-38827.html
<![CDATA[News - Bass Metals revived by sale of Hellyer to LionGold Corporation ]]> http://www.proactiveinvestors.com.au/companies/news/150096/bass-metals-revived-by-sale-of-hellyer-to-liongold-corporation-30989.html Bass Metals (ASX: BSM) has gained a new lease of life with the sale of its subsidiary Hellyer Mill Operations to Singapore’s LionGold Corporation.

The Company will sell Hellyer for $13.5 million in cash payable at closing and in 30 day's time.  LionGold will take a placement in Bass Metals of 58 million shares at $0.01 each worth $580,000.

Following the sale, the company’s forecast free cash position will be around $6 million, along with an additional $2 million which will be held in a retention account in favour of LionGold and will revert to Bass Metals after 12 months.

The sale will enhance Bass Metals’ balance sheet, providing the company with a cash injection of $A13.5 million and leaving it with no debt.

LionGold Corp is an SGX-listed investment holding company focusing on gold mining, mine development and exploration.

Hellyer Mill Operations owns the Hellyer tails gold Resource, processing plant, Hellyer Mine licence and has a sublicence agreement with Bass Metals over the Mt Charter Gold Resource.

The Hellyer tails gold Resource is 9.5 million tonnes at 2.6 grams per tonne (g/t) gold, 104g/t silver, 2.5% zinc, 3% lead and 0.2% copper, of which nearly 5 million tonnes is in the high confidence Measured category.

Bass Metals will retain exploration rights over the Hellyer Mine lease, with a focus on base metals, through a sublease agreement.

The Hellyer plant is expected to remain onsite and Bass Metals may use it subject to availability, though LionGold may redeploy certain components.

Further upside to the deal is the strategic partnership to result, with LionGold and Bass Metals to negotiate potential collaboration on exploiting new deposits discovered in Tasmania. Bass Metals will focus on base metals while LionGold will focus on gold.

As the Hellyer site operations continue to wind down, Bass Metals’ corporate expenses will be scaled back in line with those of non-producing minerals exploration and development business.

Bass Metals will now seek shareholder approval of the deal at the General Meeting in mid-August.


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Fri, 06 Jul 2012 10:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150096/bass-metals-revived-by-sale-of-hellyer-to-liongold-corporation-30989.html
<![CDATA[News - Bass Metals surpasses expectations with lead, zinc processing at Hellyer ]]> http://www.proactiveinvestors.com.au/companies/news/150095/bass-metals-surpasses-expectations-with-lead-zinc-processing-at-hellyer-29727.html Bass Metals (ASX: BSM) is making progress at the company’s Hellyer operation in Tasmania, completing mining at the Fossey underground mine in early May.

Ore mined at Fossey has been hauled to the Hellyer run of mine stockpile for processing.

With mining and processing operations almost complete, the technical risk around the production of zinc, lead and copper-silver concentrates has declined.

Ore processing is underway at the Hellyer Plant, with good operating performance in terms of both throughput and metallurgical recoveries.

Processing of Campaign 9 ore began on March 26, 2012, and by May 31 about 132,000 tonnes of ore had been processed at an average head grade of 9.3% zinc and 4.5% lead, along with silver, copper and gold credits.

This surpasses the forecast production of 101,151 tonnes of ore by 30%, while grades remain consistent with expectations. In addition, processing costs remain below the expected $30 per tonne of ore.

A metallurgical reconciliation is due to be finalised following completion of the current ore processing campaign, which is expected to be completed in mid-June. About 18,000 tonnes of ore from the run of mine stockpile remain to be processed.

The Hellyer Plant will then be shut down and placed on care and maintenance.

At the Fossey decline, Bass Metals is undertaking work to install a concrete plug, which will reduce the costs and risks associated with managing the water flow from the Fossey mine workings when it is in care and maintenance.

Importantly, the plug will also allow for re-entry of the mine in the future. Installation of the plug is expected to be complete in late June.

Financial position

Bass is progressing its debt repayment plan, with current liabilities estimated to total $15.6 million, down from $23.9 million in April.

While the potential for operational cash flow has improved, the company is also seeking additional funding through asset sales or new equity.

This funding would erase the company’s residual debt position and allow for an aggressive exploration campaign.

Bass has already received inquiries over the acquisition of key assets such as the Hellyer Plant and discrete gold resources, with due diligence underway.



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Tue, 05 Jun 2012 13:40:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150095/bass-metals-surpasses-expectations-with-lead-zinc-processing-at-hellyer-29727.html
<![CDATA[News - Bass Metals advances operations and exploration at Hellyer Mine ]]> http://www.proactiveinvestors.com.au/companies/news/150094/bass-metals-advances-operations-and-exploration-at-hellyer-mine-19478.html Bass Metals (ASX: BSM) has recently achieved positive operating and exploration outcomes after technical set-backs at its Hellyer operations in northwest Tasmania.

The revised Hellyer mine plan (HMP) is on target with July-August being cash positive. The technical and financial performance of the HMP in July and August indicates a positive outlook for the future.

A financial estimate of total HMP costs and sales for the two month period indicates the HMP operated on a positive cash basis, albeit modestly, with a $500,000 surplus over $10.8 million of operating, capital, environmental and management costs.

Given the significant technical issues managed through this period, Bass would be encouraged by this result as it is consistent with the company’s new revised mine plans.

Importantly, a mine dewatering upgrade is progressing well and the water inflow rate is decreasing.

New safety milestones have also been achieved. In August the company’s operations achieved 365 days without any Lost Time Injuries (LTI) which comes after the Fossey underground mine achieved 500 days LTI free on the 8th June 2011.

Milling

The fifth milling campaign commenced on 1 August, 2011 and was completed on 25 August for a total of 52,863 tonnes.

Mill availability and grind size were all in line or exceeded the mill plan. Zinc and lead concentrate production results were very encouraging with good quality, high-grade concentrates produced and there is further scope to improve the lead and zinc recoveries.

While copper concentrate tonnage was significantly down on plan, payable metal grades were higher than planned and copper recovery is expected to improve in the next campaign.

Lower copper recovery was due to adverse affects of several optimisation trials to improve overall copper recovery and attempts to reduce the levels of lead and zinc in the copper concentrate.

The next milling campaign is scheduled to commence in early October 2011.

Concentrate Sales and Marketing

Deliveries and sales of lead and zinc concentrate to Nyrstar continued as normal. The first shipment of copper off site took place as planned in August, being 500 dry metric tonnes of copper concentrate.

Gold Recovery Study

Positive preliminary results have been obtained from a major, first stage testwork program associated with the current study concerning the potential recovery of gold, silver and possibly base metals from the refractory Hellyer Tails.

A major first stage testwork program to validate and update some of the historical test work (being managed by metallurgical consultancy, BatteryLimits) is nearing completion, after significant delays due to congestion in the testwork laboratories.

The feed stock types comprise either “whole” tailings or a bulk concentrate derived from a flotation pre-concentration phase which reduced the mass by 30% and retained 95% of the metal content.

The gold is refractory because it is largely comprised of fine grains encapsulated within sulphide minerals such as pyrite. The process options tested are designed to break down the sulphide minerals to expose the gold to leaching cyanide solutions.

Exploration

The New McKay mineralised zone shows strong similarities to Fossey/Fossey East and further drilling is underway. Also, an infill program has confirmed the high-grade nature of Fossey East mineralisation.

Corporate

Bass's shares are currently suspended at the request of the company pending an update on its fundraising activities.

A general meeting of shareholders is planned for 26 September, 2011 to seek shareholder approval of various resolutions relating to the recently completed capital raising activities of the company.

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Fri, 09 Sep 2011 15:51:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150094/bass-metals-advances-operations-and-exploration-at-hellyer-mine-19478.html
<![CDATA[News - Bass Metals oversubscribed A$10m cash injection to fund near-term mine projects ]]> http://www.proactiveinvestors.com.au/companies/news/150093/bass-metals-oversubscribed-a10m-cash-injection-to-fund-near-term-mine-projects-15492.html Bass Metals (ASX: BSM) is well funded to progress near-term mine life growth projects after a heavily oversubscribed placement at $0.37 to raise $10 million.

The placement has also brought some new Asian based investors onto the company's share registrar.

Tranche one comprises 10 million shares issued under the existing 15% limit, with tranche two for 17 million shares subject to shareholder approval.

Around $6.3 million of the cash injection will be spent on exploration, with $1.5 million on a gold and tailings study, with the remaining $2.2 million for working capital.

Mike Rosenstreich, managing director, said “The successful completion of this placement leaves the company in a strong financial position, and provides us with the financial flexibility to pursue an aggressive regional exploration program while continuing the ramp-up phase at the Hellyer mine."

Recently Bass has recorded a string of top VMS hits at the Hellyer Mine Project, located in north-west Tasmania.

Last month drilling at Switchback intersected a zone of base metal sulphide clasts that included; 0.6 metres (a single clast) that assayed 26.8% zinc, 17.7% lead, 163 grams per tonne (g/t) gold, 1.4g/t silver and 0.5% copper.

Bass previously intersected 3.95 metres at 5.9% zinc, 2.4% lead, 79g/t silver and 1.1g/t gold 120 metres to the east, highlighting the significant mineralisation in the area.

The Switchback target is located about 2 kilometres south-east of the Hellyer Mill, along the Fossey Portal access road, where the company has commenced production.

The planned ore treatment rate is 500,000 tonnes per annum (tpa), through the Hellyer Mill to produce 55,000 tpa of zinc concentrate, 27,000tpa of lead concentrates and 5,000tpa of copper-silver-gold concentrates.

 

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Thu, 14 Apr 2011 10:01:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150093/bass-metals-oversubscribed-a10m-cash-injection-to-fund-near-term-mine-projects-15492.html
<![CDATA[News - Bass Metals capital raising details to be released shortly ]]> http://www.proactiveinvestors.com.au/companies/news/150092/bass-metals-capital-raising-details-to-be-released-shortly-15458.html Bass Metals (ASX: BSM) has been granted a change in status by the ASX to a temporary suspension, moving from a trading halt, as the company finalises details of a capital raising announcement.

Bass has not yet indicated where the potential new inflow of funds will be allocated, but the company has recently recorded a string of top VMS hits at the Hellyer Mine Project, located in north-west Tasmania.

Last month drilling at Switchback intersected a zone of base metal sulphide clasts that included; 0.6 metres (a single clast) that assayed 26.8% zinc, 17.7% lead, 163 grams per tonne (g/t) gold, 1.4g/t silver and 0.5% copper.

Bass previously intersected 3.95 metres at 5.9% zinc, 2.4% lead, 79g/t silver and 1.1g/t gold 120 metres to the east, highlighting the significant mineralisation in the area.

The Switchback target is located about 2 kilometres south-east of the Hellyer Mill, along the Fossey Portal access road, where the company has commenced production.

The planned ore treatment rate is 500,000 tonnes per annum (tpa), through the Hellyer Mill to produce 55,000 tpa of zinc concentrate, 27,000tpa of lead concentrates and 5,000tpa of copper-silver-gold concentrates.

 

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Wed, 13 Apr 2011 09:09:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150092/bass-metals-capital-raising-details-to-be-released-shortly-15458.html
<![CDATA[News - Bass Metals sees potential for new massive sulphide zone at Hellyer Mine ]]> http://www.proactiveinvestors.com.au/companies/news/150091/bass-metals-sees-potential-for-new-massive-sulphide-zone-at-hellyer-mine-14686.html Bass Metals (ASX: BSM) has received further encouraging drill results at its  high-grade polymetallic volcanogenic massive sulphide (VMS) deposits within the Hellyer Mine Project in north west Tasmania.

Progress is being made at three copper-lead-zinc-silver-gold prospects and a new high-grade drilling intercept has confirmed the potential at the Switchback target.

Drilling at Switchback intersected a zone of base metal sulphide clasts that includes an interval of 0.6 metres (a single clast) that assayed 26.8% zinc (Zn), 17.7% lead (Pb), 163 g/t gold, 1.4 g/t silver (Au) and 0.5% copper (Cu).

Bass previously intersected 3.95 metres at 5.9% zinc, 2.4% lead, 79 g/t silver and 1.1 g/t gold 120 metres to the east.

The company said the "high-grade clast occurs only five metres above intensely altered footwall rocks which suggests that the clasts are close to the original source – potentially a new zone of massive sulphide mineralisation."

The Switchback target is located about 2km south-east of the Hellyer Mill, along the Fossey Portal access road, where the company has commenced production.

The planned ore treatment rate is 500,000 tonnes per annum (tpa), through the Hellyer Mill to produce 55,000 tpa of zinc concentrate, 27,000 tpa of lead concentrates and 5,000 tpa of copper-silver-gold concentrates.

Drilling has also commenced at Lake Margaret (75% Bass, 25% Clancy Exploration (ASX: CLY)), an early stage high-grade copper target where surface boulders had average assays of 5.6% copper, 0.6 g/t gold and 29 g/t silver from three samples in 2010.

Historical production records from Mineral Resources indicate 4.9 million tonnes grading 5.4 % copper, 0.45 g/t gold and 34 g/t silver from the North Lyell ore body. The drilling program is anticipated to be completed in late April, 2011.

In addition, three distinct zones of stockwork mineralisation occur beneath the Hellyer massive sulphide zones. Bass has recently identified 8.3 metres at 5.8% Zn, 2.1% Pb, 20 g/t Ag, 0.3 g/t Au at the Hellyer Stockwork target.

The company is also planning to commence drilling from underground at Fossey East in about two months when an underground drill platform becomes available on completion of the main Fossey infill grade-control drilling.

The objective of this drilling program is to infill drill the Fossey East Mineral Resource to upgrade the resource by bringing a greater portion of the resource into the Indicated classification.

Fossey East is located in close proximity to existing mine and milling infrastructure. On November 19 Bass reported an increase to the Fossey Ore Reserve of 34% to 1.1 million tonnes from 0.82 million tonnes.

In January 2010, Bass signed a committed off-take contract with global multi-metals business, Nyrstar, for all zinc and lead concentrates produced from the Fossey mine.

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Wed, 16 Mar 2011 09:44:00 +1100 http://www.proactiveinvestors.com.au/companies/news/150091/bass-metals-sees-potential-for-new-massive-sulphide-zone-at-hellyer-mine-14686.html
<![CDATA[News - Bass Metals to ship maiden 500 tonnes of zinc ore concentrate from Hellyer ]]> http://www.proactiveinvestors.com.au/companies/news/150090/bass-metals-to-ship-maiden-500-tonnes-of-zinc-ore-concentrate-from-hellyer-14273.html Bass Metals (ASX: BSM) has now entered the final phase of the Hellyer Mine Project development, with the first shipment of 500 tonnes of zinc concentrate scheduled for ship-loading next week at the Port of Burnie.

The first milling campaign of around 25,000 tonnes of ore has been used for commissioning of the mill including filling of float cells, thickeners and stock tanks as well as concentrate production.

At the Fossey deposit, under this final stage of the processing of ore, zinc, lead and copper-silver-gold concentrates from the flotation circuit are stored in stock tanks as slurry, prior to being dewatered and hauled to port.

The Hellyer mine is continuing to deliver bumper VMS intersections for Bass, including last month's intercept of; 20.4 metres at 16.3% zinc, 7.2 % lead, 2.4 grams per tonne (g/t) gold, 104g/t silver and 0.6% copper from 122 metres, at the Fossey East deposit.

In January 2010, Bass signed a committed off-take contract with leading global multi-metals business, Nyrstar, for all zinc and lead concentrates produced from the current Fossey Mine.

 

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Mon, 28 Feb 2011 10:15:00 +1100 http://www.proactiveinvestors.com.au/companies/news/150090/bass-metals-to-ship-maiden-500-tonnes-of-zinc-ore-concentrate-from-hellyer-14273.html
<![CDATA[News - Bass Metals hits another record at Fossey East inc 9m at 35% lead plus zinc ]]> http://www.proactiveinvestors.com.au/companies/news/150089/bass-metals-hits-another-record-at-fossey-east-inc-9m-at-35-lead-plus-zinc-13794.html Bass Metals (ASX: BSM) continues the high grade polymetallic hits at the Fossey East deposit in Tasmania, including a record; 9 metres at 35% lead plus zinc.

The latest highlight consists of;

- 20.1 metres at 14.7% zinc, 7.5% lead, 1.4 grams per tonne (g/t) gold, 114g/t silver and 0.5 % copper from 110 metres; including both
- 4.45 metres at 19.4% zinc 9.7% lead, 1.8g/t gold, 128g/t silver and 0.5% copper;
- 8.6 metres at 23.3% zinc, 12.1% lead, 2.0g/t gold, 184g/t silver and 0.8% copper from 121 metres.

Bass said that it considers sufficient drilling has now been completed for an initial mineral resource estimate, potentially to be completed by the end of this month.

Further drilling will be undertaken to test for mineralisation around and possibly off-set by the Easy Street Fault.

 

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Wed, 09 Feb 2011 09:02:00 +1100 http://www.proactiveinvestors.com.au/companies/news/150089/bass-metals-hits-another-record-at-fossey-east-inc-9m-at-35-lead-plus-zinc-13794.html
<![CDATA[News - Bass Metals moves Fossey Mine closer to commencing stope production ]]> http://www.proactiveinvestors.com.au/companies/news/150088/bass-metals-moves-fossey-mine-closer-to-commencing-stope-production-13600.html Bass Metals (ASX: BSM) is now at a pivotal phase commencing production of zinc, lead and copper-silver-gold concentrates from its new Hellyer Mine Project in Tasmania after a 12 month development process.

Ore and milling production commenced at the project in January 2011 and the company is progressing work at the Fossey mine and Hellyer Mill.

The Fossey mine development is now well advanced with most final services and infrastructure installed and preparations are underway to commence stope production.

December and January were the most productive periods since development commenced at the mine. The company completed 452 metres of development, 25,000 tonnes of ore mined, and major ventilation, dewatering and electrical infrastructure installed.

Approximately 25,000 tonnes of high-grade development ore was extracted and hauled to the run of mine stockpile at the Hellyer Mill, ready for processing. Grade and tonnage estimates at this early stage of the mine development are on track.

On 23 January, The Fossey Mine Team recorded the milestone of one full year in operation with no lost time injuries.

The Hellyer Mill recently commenced the first production processing run of Fossey ore, with concentrates being recovered and accumulating in the respective storage tanks and first concentrate reporting through flotation cells.

When sufficient lead, zinc and copper-silver-gold concentrates have been produced, they will be dewatered, filtered and trucked to the Port of Burnie for shipment.

There is a stockpile of approximately 25,000 tonnes of high-grade Fossey ore which will comprise the first milling campaign, which has just got underway.

The haulage of first concentrates is planned for February, a slight delay to the original late January forecast.

Mill commissioning will involve adjustments to the ore processing circuit over a period of time to achieve optimisation.

With an initial through-put rate of 450,000 tonnes per annum (tpa), the 1.5 million tpa capacity Hellyer Mill will produce 55,000 tpa of zinc concentrate, 27,000 tpa of lead concentrates and 5,000 tpa of copper-silver-gold concentrates.

In January 2010 Bass signed a committed off-take contract with leading global multi-metals business, Nyrstar, for all zinc and lead concentrates produced from the Fossey mine.

The company is targeting production of 110,000 ounces of gold equivalent (based on a 1:70 gold silver ratio) production per year, with a conservative base case position  of 40,000 ounces of gold equivalent per annum.

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Wed, 02 Feb 2011 11:02:00 +1100 http://www.proactiveinvestors.com.au/companies/news/150088/bass-metals-moves-fossey-mine-closer-to-commencing-stope-production-13600.html
<![CDATA[News - Bass Metals hits best high grade VMS intersection yet at Fossey East Prospect ]]> http://www.proactiveinvestors.com.au/companies/news/150087/bass-metals-hits-best-high-grade-vms-intersection-yet-at-fossey-east-prospect-13483.html Bass Metals (ASX: BSM) has intercepted 20.4 metres at 16.3% zinc, 7.2 % lead, 2.4 g/t gold, 104 g/t silver and 0.6 % copper from 122 metres at its Fossey East deposit.

The high grade intersection is the best yet at the polymetallic (copper-lead-zinc-silver-gold) volcanogenic massive sulphide (VMS) deposit in north west Tasmania and  Fossey East remains prospective to the south and down-dip.

The completion of a maiden Fossey East Mineral Resource estimate is planned for February, 2011 and is close by the Fossey East discovery.  

Results have been received and assessed for seven diamond drill holes testing extensions to the Fossey East and Fossey mineralised zones, with holes drilled from surface and from underground.

In addition to the high grade intersection in hole FUD0016, FUD0018 intersected 4.05 metres at 8.8% zinc, 4.9% lead, 1.9g/t gold, 88g/t silver and 0.2% copper. The company said this "suggests a pinching-out of the Fossey East lens in this location."

The company is continuing diamond drilling at Fossey, focusing on testing for down-plunge extensions between holes HLD1020 and HLD1021.

The drilling is also looking to better define the northern margin of the mineralisation up to and potentially across the Easy Street fault.

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Fri, 28 Jan 2011 13:22:00 +1100 http://www.proactiveinvestors.com.au/companies/news/150087/bass-metals-hits-best-high-grade-vms-intersection-yet-at-fossey-east-prospect-13483.html
<![CDATA[News - Bass Metals intercepts high grade zinc at Fossey East discovery ]]> http://www.proactiveinvestors.com.au/companies/news/150086/bass-metals-intercepts-high-grade-zinc-at-fossey-east-discovery--12145.html The latest drilling by Bass Metals (ASX: BSM) has extended the along-strike extent of the new Fossey East discovery to 100 metres with the intercept of 15 metres at 7.4 % zinc, 4.0 % lead, 0.5 % copper, 76 g/t silver and 2.8 g/t gold.

Fossey East, within the company's Hellyer Mine project in North West Tasmania, is now defined over 100 metres strike extent and open down‐dip and to the south. It is also in close proximity to Fossey Mine infrastructure currently in development.

Diamond drill hole HLD1019 was designed to test the down-dip and southern continuity to the previously reported high-grade intercept in HLD1015.

A wide, 19.4 metre zone of barite, containing the base metal sulphide zone was intersected and appears continuous with the intercepts of alteration and mineralisation 50 metres north, on drill section 10,150mN.

Drill-holes HLD1017 and HLD1018 were also  completed as part of this program and  focussed on testing for mineralisation in the path of the proposed Fossey Decline diversion around Fossey East.

These have defined the up-dip and northern extent of the Fossey East mineralisation, with no significant mineralisation being intersected.

The high-grade base and precious metals intersected in three diamond drill holes along a 100 metres strike extent is interpreted as the “top” of a new alteration / massive base metal sulphide lens zone, similar to the Fossey Deposit.

The mineralised zone occurs 50 metres to the east of the planned Fossey mine development and within 15 metres of the Fossey decline; which is currently under development.

A drilling program is ongoing and may confirm the down-dip expansion and continuity of the high-grade massive base metal sulphide zone, creating a growth opportunity for the Hellyer Mine Project.


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Tue, 30 Nov 2010 17:10:00 +1100 http://www.proactiveinvestors.com.au/companies/news/150086/bass-metals-intercepts-high-grade-zinc-at-fossey-east-discovery--12145.html
<![CDATA[News - Bass Metals boosts Fossey ore reserve by 34% to 1.1Mt, to extend mine life ]]> http://www.proactiveinvestors.com.au/companies/news/150085/bass-metals-boosts-fossey-ore-reserve-by-34-to-11mt-to-extend-mine-life-11861.html Bass Metals (ASX: BSM) has reported an increase to the Fossey Ore Reserve and identified a major 3 to 5 million tonne resource target immediately beneath the current Hellyer Mine workings, further increasing mine life at its Hellyer Mine project in North West Tasmania.

The Fossey East discovery has not been included which is currently still being drilled.

The ore reserve tonnage at Fossey has been increased by 34% to 1.1 million tonnes from 0.82 million tonnes. Importantly, this initial Ore Reserve upgrade will increase metal production and reduce average mining and milling unit costs.

The increased tonnage comprises lower grade disseminated mineralisation adjacent to the high-grade massive sulphide mineralisation that comprised the previous Fossey Ore Reserve.

Beneath the existing Hellyer mine workings, a resource target of between 3 to 5 million tonnes has been identified as several drill intersections have indicated the potential for high grade copper stockwork mineralisation and lower grade lead-zinc stockwork mineralisation.

With a cash outlay of just $4 million Bass gained a large scale processing facility.  Bass will aim to increase the utilisation of the refurbished mill and extract value for investors by increasing the production profile and mine life.

Mike Rosenstreich, managing director, said the ongoing aim was to add to resources and reserves that will underpin a longer production profile at Hellyer.

He said further Ore Reserve increases at Fossey are possible based on the current resources defined there.

The resource potential is 3 to 5 million tonnes at approximately 4 to 6 % lead and zinc, with copper, silver and gold credits.

Bass considers that successful delineation of a major resource comprising stockwork mineralisation in the footwall of the Hellyer zone could add significantly to the HMP mine life.

The HMP mine plan envisages driving north from the Fossey underground mine into the Hellyer workings to access the current Hellyer Resource. This will provide a further opportunity for a detailed  delineation drill programme of this zone.

Bass is on track to commence production at Hellyer toward the end of 2010. The company is targeting production of 110,000 ounces of gold equivalent (based on a 1:70 gold silver ratio) production per year, with a conservative base case position  of 40,000 ounces of gold equivalent per annum.


Article highlight

Today's reserve increase along with the identification of a potentially major resource within close proximity to existing mine infrastructure will underpin a longer mine life at Hellyer.

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Fri, 19 Nov 2010 12:24:00 +1100 http://www.proactiveinvestors.com.au/companies/news/150085/bass-metals-boosts-fossey-ore-reserve-by-34-to-11mt-to-extend-mine-life-11861.html
<![CDATA[News - Bass Metals responds to ASX share price spike and volume query ]]> http://www.proactiveinvestors.com.au/companies/news/150084/bass-metals-responds-to-asx-share-price-spike-and-volume-query-11620.html Bass Metals (ASX: BSM) has responded to the ASX saying it is unaware of why the company's shares have had an intra-day share spike to $0.375 today, up from a closing price of $0.32 on Tuesday 9th November.

In the past few weeks there has been a significant amount of positive news about the company.

This includes the Hellyer Mine Project being on track with first concentrate production planned in January 2010, exploration success at Fossey East, and the commencement of a 1.7 million definitive feasibility study on further gold production, with the potential to add significantly to its Helyar revenues following on from its recent positive gold recovery scoping study results.

In addition, the company has raised $3.55 million through a share placement to mainly European institutional investors at 25 cents per share to fund growth and completed a silver price hedging program, including a $5 million cash prepayment, with RMS Resources Ltd.

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Thu, 11 Nov 2010 14:39:00 +1100 http://www.proactiveinvestors.com.au/companies/news/150084/bass-metals-responds-to-asx-share-price-spike-and-volume-query-11620.html
<![CDATA[News - Bass Metals reports Hellyer and Que River Mine projects on track ]]> http://www.proactiveinvestors.com.au/companies/news/150081/bass-metals-reports-hellyer-and-que-river-mine-projects-on-track-7020.html Bass Metals (ASX: BSM) has reported that its operations in North West Tasmania remain on track with progress being made at its Hellyer Mine and Que River Mine projects.

Within the Hellyer Mine (HMP) the Fossey decline is at 188 metres with the advance rate toward the ore body improving as planned with good ground conditions now predominating.

The refurbishment of the Hellyer Mill is progressing well consistent with the detailed Hellyer Operating Plan (HOP).

The project is on schedule to be in production and selling concentrates in the December Quarter of this year.

The company said it is important to note that on current metal prices the gross value per tonne of Fossey Ore Reserve is $515/t which is 10% higher in AUD terms than prices assumed by Bass in the Definitive Feasibility Study and HOP.

As at the end of March Bass had $17.5 in cash and a credit approved offer of project finance for $12 million providing sufficient funding for the $21 million HMP development.

Que River Mine ore sales in April were 4,200 tonnes, consistent with the amount requested by MMG for the period.

The gross value of ore delivered was $978/t based on current metal prices and the grades were above budget at 14.5% zinc, 8.2% lead, 0.2% copper, 344 g/t silver and 4.8 g/t gold.

The mine did generate a $1.8 million operating surplus in the March 2010 quarter despite several operational difficulties, which are now largely overcome and a further enhanced financial performance is expected in the June Quarter.

Bass currently owns 100% of two high grade low cost mining projects; one in production and the second coming on line in the September quarter 2010.

Mike Rosenstreich, managing director, said these assets provide Bass shareholders exposure to significant robust, cash flow whilst the company highly prospective land position, with two drill rigs testing targets, provides exciting exposure to exploration upside.

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Fri, 07 May 2010 09:21:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150081/bass-metals-reports-hellyer-and-que-river-mine-projects-on-track-7020.html
<![CDATA[News - Bass Metals set for major transformation, Fossey deposit is financially viable ]]> http://www.proactiveinvestors.com.au/companies/news/150080/bass-metals-set-for-major-transformation-fossey-deposit-is-financially-viable-2953.html Bass Metals (ASX:BSM) is on track to kick-start development of its Hellyer Mine Project after a definitive feasibility study concludes that the Fossey deposit is financially robust.

The company will now examine options for funding the development of Fossey and the refurbishment of the Hellyer plant, which together is estimated to have a start-up capital cost of $18 million plus working capital.

Following the release of the news, shares in Bass rose 2c, or 6.2c per cent, to 34c.

The Fossey deposit is set to pave the way for larger-scale development at Hellyer through conversion of the existing 2.3 million tonne resource to reserves, providing scope for increase in production rate and mine life.

The project is based on initial ore production of 851,000 tonnes over two-three years, producing a total of 167,000 tonnes of saleable zinc, lead and copper-precious metals concentrates.

It is estimated to generate an operating surplus of $50 million after capital costs of $26 million.

The Production costs forecast will be around US39c/lb payable zinc (after credits), placing it in the lower half of world production cost curve.

Subject to approvals, commencement of the decline is planned to start in December, with first concentrate production planned for the September Quarter 2010.

Bass Metals posted a $7.4 million underlying operating profit for the year to June 30, 2009 from sales of its Que River polymetallic (zinc, lead, copper, silver & gold) ore.

Last month the company revealed it had struck a new agreement to sell up to 100,000 tonnes of Que River ore to MMG Australia, which based on the current mine plan has ore sales continuing until July 2010.

The Que River Mine and the ore sales arrangement has provided Bass with the cash-flow to fund all its exploration and development activities for the past two years including the acquisition of the 1.5mtpa Hellyer processing plant and the completion of the Fossey feasibility study.

Evaluation of the existing Que River  and Hellyer resources will commence shortly with the aim of increasing the Ore Reserve position, as well as targeting additional resources from ongoing exploration drilling.

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Wed, 21 Oct 2009 11:36:00 +1100 http://www.proactiveinvestors.com.au/companies/news/150080/bass-metals-set-for-major-transformation-fossey-deposit-is-financially-viable-2953.html
<![CDATA[News - Bass Metals set to treat seabed minerals from Nautilus Minerals in Tasmania ]]> http://www.proactiveinvestors.com.au/companies/news/150079/bass-metals-set-to-treat-seabed-minerals-from-nautilus-minerals-in-tasmania-2783.html Bass Metals Ltd (ASX: BSM) said it had signed a letter of intent (LOI) with Nautilus (TSX & AIM: NUS) which is advancing its Solwara-1 seafloor massive sulphides (SMS) deposit off the Papua New Guinea coast.

Bass mines copper-lead-zinc-silver and gold on the West Coast of Tasmania where it has its fully owned Hellyer Mill.

Bass Metals' managing director Mike Rosenstreich says the letter of intent covers a toll treatment agreement with a subsidiary of Nautilus, yet to be specified.

The toll treat agreement will be between Hellyer Mill Operations Pty Ltd, a Bass Metals subsidiary, and a subsidiary of Nautilus to be specified.

Nautilus has delineated a seafloor mineral resource at Solwara-1 containing high grade copper and gold along with silver and zinc. This mineralisation has been shown by Nautilus to be amenable to conventional flotation concentration in a plant such as the Hellyer flotation concentrator.

The intent of the LOI is for Bass Metals to grant the Nautilus subsidiary an option to utilise 1 million tonnes per annum of processing capacity and a right for additional unused capacity in its 1.5 Mtpa Hellyer mill.

The LOI sets out a 90 day discovery period during which the two companies will complete due diligence regarding the suitability of the Hellyer mill and supporting infrastructure to process and transport the ore and the planned concentrate products.  The discovery period will expire on December 31.

Rosenstreich regards this as an interesting opportunity consistent with the company's desire to fully utilise its Hellyer assets.

"There are obviously significant technical and statutory matters to address but both parties are strongly motivated to fully explore and test this toll treatment concept.


Mineweb is a web-based international mining publication focusing on mining financial and corporate news and comment.

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Wed, 07 Oct 2009 06:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/150079/bass-metals-set-to-treat-seabed-minerals-from-nautilus-minerals-in-tasmania-2783.html
<![CDATA[News - Bass Metals, Nautilus Minerals to test viability of subsea toll treatment concept ]]> http://www.proactiveinvestors.com.au/companies/news/150078/bass-metals-nautilus-minerals-to-test-viability-of-subsea-toll-treatment-concept-2759.html Perth-based Bass Metals (ASX: BSM) has signed a non-binding letter of intent with Nautilus Minerals Inc (TSX,AIM:NUS) for a potential toll treatment agreement.

Nautilus is aiming to mine seafloor resources off the coast of Papua New Guinea and the eastern Pacific Ocean margin and has delineated a seafloor sulphide resource at its Solwara project in PNG containing high-grade copper and gold mineralisation.

It is developing an offshore extraction system using existing technologies adapted from the offshore oil and gas industry. In addition, metallurgical testwork has indicated Solwara ore is amenable to conventional flotation concentration in a plant such as the flotation concentrator at its Hellyer polymetallic project in Tasmania.

Should a toll treatment arrangement be entered into, Bass would give Nautilus a five-year option to tap 1 million tonnes per annum (Mtpa) of processing capacity – plus the right to utilise additional unused capacity – at the 1.5 Mtpa Hellyer mill for ore from its Solwara 1 proposed subsea project.

If the option agreement goes ahead after due diligence has been completed by both parties, Nautilus will pay as a staged fee totalling $2.25 million for the five-year option.

Mike Rosenstreich managing director of Bass noted there were significant technical and statutory matters to address but both companies were keen to fully explore and test this toll treatment concept.

“Whilst Bass 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,” he said.

“Nautilus has indicated that this arrangement enables it to focus fully on commissioning its subsea mining operation … before expending further capital on its own processing facilities.

“As it will take some time for Nautilus to be in a position to exercise its option, possibly two years, Bass does not believe that this agreement will preclude other commercial options in the short term such as the possible restart of the Hellyer tailings retreatment project.”

Toronto-headquartered Nautilus has among its largest shareholders Anglo American (11.1%), Teck Resources (6.8%) and Metalloinvest – according to Nautilus, one of the fastest growing mining and metallurgical holding companies in Russia – which beneficially owns 21% of its shares through Gazmetall Holding (Cyprus) Ltd.

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Tue, 06 Oct 2009 06:14:00 +1100 http://www.proactiveinvestors.com.au/companies/news/150078/bass-metals-nautilus-minerals-to-test-viability-of-subsea-toll-treatment-concept-2759.html
<![CDATA[News - Bass Metals earns $4.5m interim net profit, yet has market value of only $10m ]]> http://www.proactiveinvestors.com.au/companies/news/150077/bass-metals-earns-45m-interim-net-profit-yet-has-market-value-of-only-10m--0999.html Bass Metals (ASX:BSM) has delivered a strong $4.5 million interim net profit after income tax, from its Que River base metals business in Tasmania. Amazingly, for investors this equates to earnings per share of 4.3 cents, net tangible asset backing of 26.0 cents per share and market capitalisation of only $10m, yet the Bass Metals share price trades at only 10.0 cents.

The financial highlights in summary:

- $4.5M interim net profit achieved equivalent to earnings per share of 4.3 cents
- Half-year profit underpinned by high-grade polymetallic ore production at Que River Mine
- Ore sales totalling $11.7M generated from Au, Ag, Zn, Pb and Cu
- Actual cash flow receipts of $9.7M for first half, increasing cash reserves to $7.8M (31 December 2008)
- Net tangible asset backing per share increased to 26.0 cents per share (2007: 19.4 cents)
- Recent increases in Mineral Resources and Ore Reserves support mine life extensions at Que River

The profit for the half-year to 31 December 2008 (2007: $0.4 million net loss) was based on ore sales from the Que River operation of $11.7 million. Ore is sold to Oz Minerals Limited’s nearby Rosebery processing facility under an Ore Sales Agreement, with actual cash flow receipts in the course of operations after payment of treatment charges of $9.7 million.

Bass Metals Managing Director Mike Rosenstreich said the result demonstrated that the Company was delivering on the plans conveyed to shareholders in early 2008 to be self-funding and well positioned to manage through the difficult market environment through prudent management, sensible hedging and the robustness of the Que River operation – which is continuing to deliver high-grade polymetallic ore with positive reconciliation trends.

“The diverse revenue mix arising from the polymetallic nature of the ore body provides for a more stable total revenue base because price declines for certain metals may be offset by rises for others,” he commented. “Que River generates revenue from five different metals – gold, silver, zinc, lead and copper – and this has proved to be a significant strategic advantage in the current volatile price environment.”

Precious metal prices firmed in Australian Dollar terms in the first half year. Gold and silver revenues contributed 37% to the revenue pool – almost as much as the 39% derived from zinc payments. The first half financial result was based on ore production of 37,208 tonnes grading 19.4% Zn, 10.3% Pb, 276g/t Ag, 6.0g/t Au and 0.4% Cu. Ore sales to the Rosebery operations comprised 36,372 wet metric tonnes – ahead of the Company’s target of 30,000 tonnes.

“Importantly, Que River is both profitable and cash flow positive – which is a significant achievement in the current environment,” Mr Rosenstreich said. “Bass Metals has successfully transitioned into a profitable mining business since the start-up of operations at Que River last year.

However, of more importance for the longer term future of the Company is that this strong funding capability is underpinning development of the larger scale Hellyer Mine Project and our previously announced acquisition of the Hellyer Mill.”

“The continued strong cash generation of the Que River operation will continue to fund our longer term
growth, as well as the utilisation of the Hellyer Mill through our dominant regional tenement position.”

Bass Metals recently announced a 65% increase in Ore Reserves (Proven and Probable) for the Que River Project to 129,000 tonnes at 9.3% Zn, 4.9% Pb, 0.6% Cu, 122g/t Ag and 2.6g/t Au, underpinning the ability of the project to maintain production and deliveries at these levels for a further 12 to 24 months. The Company is also drilling extensions to the high grade PQ pit mineralisation which could increase this again with drill results such as 18.3 metres at 12% zinc, 6% lead, 190 g/t silver and 2.5 g/t gold and 5.9 metres at 18% zinc, 10% lead, 421 g/t silver and 5.4 g/t gold recently announced.

Upside from acquisition

Bass Metals has reached agreement to acquire the Hellyer processing facility and associated infrastructure, tailings resources and Mining Lease for $4.0 million plus a capped royalty from Intec Limited (ASX: INL). This transformational acquisition is scheduled to be completed shortly and will provide a new focal point for the Company’s growth ambitions, repositioning it as an independent, emerging mining company rather than a small-scale producer reliant on third party treatment and off-take arrangements.

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Wed, 11 Mar 2009 12:13:00 +1100 http://www.proactiveinvestors.com.au/companies/news/150077/bass-metals-earns-45m-interim-net-profit-yet-has-market-value-of-only-10m--0999.html
<![CDATA[News - Bass Metals advances Hellyer Mine Project in NW Tasmania ]]> http://www.proactiveinvestors.com.au/companies/news/150076/bass-metals-advances-hellyer-mine-project-in-nw-tasmania-0793.html Bass Metals Ltd (ASX:BSM) has provided the following update on the Company’s recent drilling and feasibility study at the Hellyer Mine Project (HMP) located in NW Tasmania.

Key Points

- Fossey yields further wide high grade intercept of 22.3 metres at 10.9 % zinc, 5.5 % lead, 0.4 % copper, 84 g/t silver and 2.2 g/t gold (HLD989).
- Fossey infill drilling to nominal 25 metre spaced intervals completed and all assays received.
- Overall results are generally consistent with resource model utilised for the initial Mineral Resource estimate of 830,000 tonnes grading 9 % zinc, 5 % lead, 120 g/t silver and 2.5 g/t gold reported to ASX on 30 September 2008.
- Fossey Zone is a key component in the HMP Feasibility Study evaluating development of the Fossey and Hellyer Mineral Resources and processing through the Hellyer Mill over which the Company has a binding conditional offer to purchase.
- Investigations into reducing Hellyer Mill care and maintenance costs well advanced, and Bass Metals has assumed responsibility for environmental management.
- A Notice of Intent was submitted to the EPA for a future Hellyer mine and milling operation and expects the assessment and approval process of its DPEMP to largely completed over the next 9 to 12 months.

Commentary

Drilling results at Fossey Zone continue to provide encouragement for a positive Feasibility Study outcome for the HMP based on the grades and mineralisation geometries encountered, the company said.  There is the opportunity for processing HMP ore through the Hellyer Mill (subject to completion of the acquisition from Intec Ltd; refer ASX report 11 November 2008).  In December, the Company submitted a Notice of Intent to the Tasmanian Environmental Protection Authority (EPA) for mining at the HMP and processing through the Hellyer Mill.

The Hellyer Mill will be on care and maintenance during this time and an engineering study is well advanced to reduce the care and maintenance costs and incorporate a progressive refurbishment schedule to prepare the plant for a return to a differential flotation processing flow sheet.

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Wed, 04 Feb 2009 00:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/150076/bass-metals-advances-hellyer-mine-project-in-nw-tasmania-0793.html