http://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Fri, 22 Sep 2017 03:36:33 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Tyranna Resources sets sight on the goldfields of Leonora ]]> http://www.proactiveinvestors.com.au/companies/news/183900/tyranna-resources-sets-sight-on-the-goldfields-of-leonora-183900.html Tyranna Resources Ltd (ASX:TYX) has acquired the Weebo Gold Exploration Project in the well-endowed goldfields of Leonora, Western Australia, which is host to 27 million ounces of known gold resources.

Tyranna’s findings from a recent desktop review of Weebo indicates that its geology is analogous to the nearby 2.3 million ounce Thunderbox gold deposit mined by Saracen Mineral Holdings (ASX:SAR).

The review of the Weebo Gold Project highlighted that two historic soil sampling campaigns stood out - both were gold-in-soil results.

Tyranna’s next phase of exploration at Weebo, which is anticipated to commence in October will consist of a scout air-core campaign of 21 holes for circa 1,000 metres.

The holes are located on three north-south orientated lines at a spacing of 50 metres, each line spaced 150 metres apart.

Interestingly, the drill spacing is based on the Thunderbox analogy, where the mineralised portion of the deposit was typically 30 metres wide.

Tyranna recently received strong market support for a two-stage capital raising program, with the new funds to advance exploration at the company’s key Jumbuck Gold Project in South Australia.

Firm commitments have been received for a placement at $0.017 to raise $1.7 million, which will include a 1 for 1 free attaching $0.04 option with a four year expiry from date of issue.

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Wed, 13 Sep 2017 17:31:00 +1000 http://www.proactiveinvestors.com.au/companies/news/183900/tyranna-resources-sets-sight-on-the-goldfields-of-leonora-183900.html
<![CDATA[News - Tyranna Resources opens Share Purchase Plan for South Australian gold ]]> http://www.proactiveinvestors.com.au/companies/news/183501/tyranna-resources-opens-share-purchase-plan-for-south-australian-gold-183501.html Tyranna Resources Ltd (ASX:TYX) is offering a Share Purchase Plan (SPP) which is capped at $1 million, on the same terms as the recent placement which raised $1.54 million before costs.

The SPP is offered at $0.017 and includes a 1 for 1 free attaching $0.04 option with a four year expiry from date of issue.

The offer will be open until the 29th September 2017.

Bruno Seneque, managing director, recently commented: "With drilling at Typhoon nearly finished, the Tyranna technical team will test their new approach to the geological model with drilling to continue at Greenewood.

"This is definitely an exciting time for Tyranna shareholders.

"We feel that we are now at a catalyst change in the development of this company and I look forward to updating our shareholders over the coming quarter."

READ NOW: Tyranna Resources drills for gold at Typhoon

The Typhoon gold prospect is located 35 kilometres from the operating Challenger Gold Mine, which is owned by Tyranna’s joint venture partner, WPG Resources (ASX:WPG).

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Wed, 06 Sep 2017 14:27:00 +1000 http://www.proactiveinvestors.com.au/companies/news/183501/tyranna-resources-opens-share-purchase-plan-for-south-australian-gold-183501.html
<![CDATA[News - Tyranna Resources' partner reveals broad zones of high-grade gold from Wilcherry ]]> http://www.proactiveinvestors.com.au/companies/news/183046/tyranna-resources-partner-reveals-broad-zones-of-high-grade-gold-from-wilcherry-183046.html Tyranna Resources Ltd's (ASX:TYX) (49%) joint venture partner Alliance Resources Ltd (ASX:AGS) (51%) has delivered some high-grade gold intercepts from reverse circulation drilling at the Weednanna gold prospect.

The prospect is part of the Wilcherry Project in South Australia.

The importance of the results is their broad, near-surface nature, such as: 60 metres at 5.65g/t gold from 47 metres; 30 metres at 2.95g/t gold from 53 metres; and 41 metres at 1.62g/t gold from 44 metres.

These were supported by high grade intersections, including: 16 metres at 7.66g/t gold from 81 metres; and 7 metres at 12.15g/t gold from 153 metres.

The results confirm the high-grade gold shoots are ovoid to rod-like in geometry and have continuity along strike.

The program covered 25 holes for just over 4000 metres, with further drilling planned at Weednanna in October 2017.

Tyranna and Alliance

Alliance also holds a direct 17.8% stake in Tyranna's listed equity.

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Tue, 29 Aug 2017 08:37:00 +1000 http://www.proactiveinvestors.com.au/companies/news/183046/tyranna-resources-partner-reveals-broad-zones-of-high-grade-gold-from-wilcherry-183046.html
<![CDATA[News - Tyranna Resources boosts bank balance to advance Jumbuck Gold Project ]]> http://www.proactiveinvestors.com.au/companies/news/182893/tyranna-resources-boosts-bank-balance-to-advance-jumbuck-gold-project-182893.html Tyranna Resources Ltd (ASX:TYX) has received strong market support for a two-stage capital raising program, with the new funds to advance exploration at the company’s key Jumbuck Gold Project in South Australia.

Firm commitments have been received for a placement at $0.017 to raise $1.7 million, which will include a 1 for 1 free attaching $0.04 option with a four year expiry from date of issue.

Tyranna will now open a Share Purchase Plan (SPP) for eligible shareholders to purchase up to $15,000 or shares, with the SPP capped at $1 million.

Bruno Seneque, managing director, commented:

"With drilling at Typhoon nearly finished, the Tyranna technical team will test their new approach to the geological model with drilling to continue at Greenewood.

"This is definitely an exciting time for Tyranna shareholders.

"We feel that we are now at a catalyst change in the development of this company and I look forward to updating our shareholders over the coming quarter."

READ NOW: Tyranna Resources drills for gold at Typhoon

The Typhoon gold prospect is located 35 kilometres from the operating Challenger Gold Mine, which is owned by Tyranna’s joint venture partner, WPG Resources (ASX:WPG).

The drilling at Typhoon follows up a successful first phase drill program which resulted in multiple drill holes intersecting shallow high grade gold intercepts.

Assays from phase one drilling included intersections of: 13 metres at 3.88 g/t gold from 47 metres, and featured grades of up to 1 metre at 50.7 g/t gold.

Chairman Joseph Pinto shows support

Joseph Pinto is the company's chairman and director, and he will further align himself with the success of the company by subscribing for in the placement up to $130,000 worth of shares.

This would take Pinto's stake past 40 million shares.

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Thu, 24 Aug 2017 12:06:00 +1000 http://www.proactiveinvestors.com.au/companies/news/182893/tyranna-resources-boosts-bank-balance-to-advance-jumbuck-gold-project-182893.html
<![CDATA[News - Tyranna Resources to lift cash position for gold hunt in South Australia ]]> http://www.proactiveinvestors.com.au/companies/news/182760/tyranna-resources-to-lift-cash-position-for-gold-hunt-in-south-australia-182760.html Tyranna Resources Ltd (ASX:TYX) is heading to market with a capital raising, and the ASX has granted the company a trading halt to prepare.

Tyranna recently commenced follow-up drilling at the Typhoon gold prospect within the Western Gawlor Craton Joint Venture located in South Australia.

Significantly, the Typhoon gold prospect is located 35 kilometres from the operating Challenger Gold Mine, which is owned by Tyranna’s joint venture partner, WPG Resources (ASX:WPG).

The drilling at Typhoon follows up a successful first phase drill program which resulted in multiple drill holes intersecting shallow high grade gold intercepts.

Assays from phase one drilling included intersections of: 13 metres at 3.88 g/t gold from 47 metres, and featured grades of up to 1 metre at 50.7 g/t gold.

The halt will remain in place until the opening of trade on Thursday 26th August 2017, or earlier if an announcement is made to the market.

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Tue, 22 Aug 2017 10:13:00 +1000 http://www.proactiveinvestors.com.au/companies/news/182760/tyranna-resources-to-lift-cash-position-for-gold-hunt-in-south-australia-182760.html
<![CDATA[News - Tyranna Resources drills for gold at Typhoon ]]> http://www.proactiveinvestors.com.au/companies/news/182015/tyranna-resources-drills-for-gold-at-typhoon-182015.html Tyranna Resources (ASX:TYX) has commenced follow-up drilling at the Typhoon gold prospect within the Western Gawlor Craton Joint Venture located in South Australia.

Significantly, the Typhoon gold prospect is located 35 kilometres from the operating Challenger Gold Mine, which is owned by Tyranna’s joint venture partner, WPG Resources (ASX:WPG).

The drilling at Typhoon follows up a successful first phase drill program which resulted in multiple drill holes intersecting shallow high grade gold intercepts.

Assays from phase one drilling included intersections of 13 metres at 3.88 g/t gold from 47 metres depth and featured grades of up to 1 metre at 50.7 g/t gold.

Follow-up drilling plan

At the Typhoon prospect, 2,000 metres of reverse circulation drilling will focus on:

- Strike extensions to the north-east with planned holes 21 to 33;
- Strike extensions to the south-west with planned holes 34 to 42; and
- Testing the parallel structure to the south with planned holes 43 and 44. 
The Typhoon gold prospect ranks as one of Tyranna’s most promising gold prospects due to the high gold grades encountered in its maiden drilling program in the first half of 2017.

These drilling results have confirmed the north-east/south-west structure by the underlying magnetic feature is strong vector for gold mineralisation.

Western Gawler Craton Joint Venture

The joint venture is between Tyranna (72%) and WPG Resources (28%), who owns and operates the Challenger gold mine and mill.

Tyranna aims to aim to explore for high grade open pit, gold mineralisation within trucking distance of the Challenger gold operations.

The company plans to target the more advanced gold prospects which are situated within 50 kilometres of the Challenger gold processing operations and increase the economic scale of these prospects via focused and extensive exploration drilling.

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Mon, 07 Aug 2017 10:04:00 +1000 http://www.proactiveinvestors.com.au/companies/news/182015/tyranna-resources-drills-for-gold-at-typhoon-182015.html
<![CDATA[News - Tyranna Resources' Bruno Seneque discussed gold discovery plan at Proactive's CEO Sessions ]]> http://www.proactiveinvestors.com.au/companies/news/181482/tyranna-resources-bruno-seneque-discussed-gold-discovery-plan-at-proactive-s-ceo-sessions-181482.html Tyranna Resources' (ASX:TYX) managing director, Bruno Seneque, joined Proactive's CEO Sessions in Melbourne on Tuesday 25th July and Sydney on Wednesday 26th July.

Tyranna controls over 9700 square kilometres of ground surrounding the Challenger Gold Mine in South Australia.

The company is set for strong news flow in the coming months, with drilling commencing at the Typhoon prospect in August, followed by drilling at Greenewood in September.

ACCESS THE FULL PRESENTATION HERE

 

 

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Thu, 27 Jul 2017 11:27:00 +1000 http://www.proactiveinvestors.com.au/companies/news/181482/tyranna-resources-bruno-seneque-discussed-gold-discovery-plan-at-proactive-s-ceo-sessions-181482.html
<![CDATA[News - Tyranna Resources plans expansion to gold resource ]]> http://www.proactiveinvestors.com.au/companies/news/181245/tyranna-resources-plans-expansion-to-gold-resource-181245.html Tyranna Resources (ASX:TYX) will commence a drill program in early August 2017 with the objective of increasing the gold resource at the Jumbuck Gold Project in South Australia.

The 5,000-metre reverse circulation program will target the company’s priority prospects - Typhoon and Greenewood.

The current resource stands at 219,000 ounces of gold and Tyranna aims to increase the deposit towards the exploration target of 500,000 ounces of gold.

This richly endowed group of tenements surrounds the operating Challenger Gold Mine which is operated by Tyranna’s joint venture partner, WPG Resources (ASX:WPG).

Tyranna’s strategy is to build its gold endowment so it’s sufficient to support a standalone gold project.

Bruno Seneque, managing director, commented

“These drill results to date at our target prospects within Jumbuck clearly indicate that we have high grade and plentiful gold mineralisation.

“Drilling to date has enhanced our knowledge of the geological settings and assisted us to effectively adjust our drill program to focus on building our gold resource.

“We know we have a good project on our hands and now we are getting down to the business of extracting that value by building the resource.”

Drilling following up a successful 2016 campaign

The Jumbuck Gold Project consists of 9,762 square kilometres of tenements, some of which are held in joint venture with WPG Resources (Tyranna: 72%, WPG: 28%).

The Typhoon and Greenewood prospects are held within joint venture tenements.

A total of 14,389 metres was drilled at the Jumbuck Gold Project during the 2016 calendar year with the aim to explore for high-grade open pit, gold mineralisation within trucking distance of the Challenger gold operations.

2,000 metres planned at Typhoon

The Typhoon gold prospect ranks as one of Tyranna’s most promising gold prospects due to the high gold grades encountered in its maiden drilling program.

The phase 2 program of 2,000 metres of reverse circulation drilling will focus on strike extensions and testing a parallel structure.

Significant assays from phase 1 include:

- 1 metre at 50.7 g/t gold from 71 metres;
- 13 metres at 3.88 g/t gold from 47 metres;
- 5 metres at 2.55 g/t gold from 70 metres; and
- 14 metres at 1.24 g/t  gold from 32 metres.

3,000 metres planned at Greenewood

The Greenewood gold prospect will be drilled with 3,000 metres of reverse circulation drilling after Typhoon to test strike continuation, a parallel lode and a geochemical anomaly.

Significant drill results during the 2016 calendar year included:

- 1 metre at 20.55 g/t gold from 47 metres;
- 3 metres at 8.26 g/t gold from 26 metres;
- 14 metres at 5.79 g/t gold from 35 metres; and
- 1 metre at 23.4 g/t gold from 27 metres.

Drill results to be used to calculate a resource upgrade

A resource upgrade will be calculated after the completion of drilling in early October 2017.

Tyranna entered the September quarter with a cash balance $1.4 million.

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Fri, 21 Jul 2017 09:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/181245/tyranna-resources-plans-expansion-to-gold-resource-181245.html
<![CDATA[News - Tyranna Resources brings gold discovery streak to Proactive's CEO Sessions ]]> http://www.proactiveinvestors.com.au/companies/news/181135/tyranna-resources-brings-gold-discovery-streak-to-proactive-s-ceo-sessions-181135.html Tyranna Resources Ltd (ASX:TYX) has been delivering some bonanza grade results from drilling at the Western Gawler Craton Joint Venture recently, such as: 1 metre at 50.7g/t gold from 71 metres.

Broader intersections include: 13 metres at 3.88g/t gold from 47 metres; 5 metres at 2.55g/t gold from 70 metres; and 14 metres at 1.24g/t gold from 32 metres.

Tyranna's partner is WPG Resources Ltd (ASX: WPG), the owner of the Challenger Gold operations located just 39 kilometres to the south.

Drilling will be ongoing in the second half of 2017.

Find out more from Bruno Seneque at Proactive's CEO Sessions.

Click below to register by email

- Melbourne: Tuesday 25th July.
- Sydney: Wednesday 26th July.
- Email Pauline here.
- Call office on (02) 9280 0700.

Presenter list

- Sayona Mining (ASX:SYA): Corey Nolan
- Lithium Power International (ASX:LPI): Andrew Phillips
- Elementos (ASX:ELT): Chris Dunks
- Tyranna Resources (ASX:TYX): Bruno Seneque
- Argent Minerals (ASX:ARD): David Busch (Melbourne only)
- Bryah Resources (ASX:BYH): Neil Marston (Sydney only)

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Thu, 20 Jul 2017 08:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/181135/tyranna-resources-brings-gold-discovery-streak-to-proactive-s-ceo-sessions-181135.html
<![CDATA[News - Tyranna Resources eyes increased gold resource at Jumbuck ]]> http://www.proactiveinvestors.com.au/companies/news/178947/tyranna-resources-eyes-increased-gold-resource-at-jumbuck-178947.html Tyranna Resources (ASX:TYX) has received high grade gold results from drilling at the Jumbuck Gold Project in the Northern Gawler Block of South Australia.

Tyranna is the manager of the Western Gawler Craton Joint Venture which includes WPG Resources (ASX:WPG) (Tyranna 72% - WPG 28%).

The companies have completed phase 1 drilling at the Typhoon and Monsoon gold prospects which are located circa 39 kilometres south of the Challenger Gold Mine.

Phase 1 drilling at Typhoon and Monsoon consisted of 65 reverse circulation holes for 5,214 metres.

High grade intercepts from the drilling at Typhoon include:

- 13 metres at 3.88 g/t gold from 47 metres including 4 metres at 10.18 g/t gold; and 
-  5 metres at 2.55 g/t gold from 70 metres including 1 metre at 7.5 g/t.

The drill assays from the Monsoon gold prospect is due in mid-June.

Tyranna is now in the process of submitting the initial samples for metallurgical test work to determine the suitability of leachable gold.

Drilling at Typhoon will resume in July 2017 and will focus on the strike extensions along the magnetic structure which is parallel to gold mineralisation intersected in recent drilling.

In January 2017, Tyranna revealed the maiden JORC 2012 inferred resource of 219,000 ounces of gold for the Jumbuck project.

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Thu, 08 Jun 2017 14:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/178947/tyranna-resources-eyes-increased-gold-resource-at-jumbuck-178947.html
<![CDATA[News - Tyranna Resources shares rise on maiden gold resource at Jumbuck ]]> http://www.proactiveinvestors.com.au/companies/news/172064/tyranna-resources-shares-rise-on-maiden-gold-resource-at-jumbuck-172064.html The company’s shares were last trading 11% up intra-day, at $0.03.

The Jumbuck Gold Project is situated in the Northern Gawler Block of South Australia and includes about 9,762 square kilometres of ground around Kingsgate Consolidated’s (ASX:KCN) Challenger Gold Mine.

A total of 14,389 metres was drilled at the project during 2016 with the aim to explore for high grade open pit, gold mineralisation within trucking distance of the Challenger gold operations.

The Challenger gold operations is owned and operated by Tyranna’s joint venture partner WPG Resources (ASX:WPG).

The maiden resource of 219,000 ounces of gold represents the completion of the initial phase toward a 500,000-ounce gold exploration target.

All deposits are interpreted to be open at depth and have excellent potential to increase the resource with future drilling.

Tyranna is planning an exploration program for 2017 comprising a drilling campaign of 15,000 – 20,000 metres at Jumbuck, which is planned to commence in March 2017.

The company will initiate the new phase of drilling with a 2,500 metres campaign at the Typhoon and Monsoon prospects to test near surface (>10 metres) high grade targets generated by previous explorers.

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Tue, 24 Jan 2017 11:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/172064/tyranna-resources-shares-rise-on-maiden-gold-resource-at-jumbuck-172064.html
<![CDATA[News - Tyranna Resources Ltd has material transaction on the table ]]> http://www.proactiveinvestors.com.au/companies/news/166204/tyranna-resources-ltd-has-material-transaction-on-the-table-71139.html Tyranna Resources Ltd (ASX:TYX) is preparing to divulge details of a material project related transaction, with the ASX granting the company a trading halt to prepare.

The halt will remain in place until the opening of trade on Friday 23rd September 2016, or earlier if an announcement is made to the market.

 

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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Wed, 21 Sep 2016 14:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/166204/tyranna-resources-ltd-has-material-transaction-on-the-table-71139.html
<![CDATA[News - Tyranna Resources Ltd gets ready to raise for tin drilling ]]> http://www.proactiveinvestors.com.au/companies/news/146797/tyranna-resources-ltd-gets-ready-to-raise-for-tin-drilling-70210.html Tyranna Resources Ltd (ASX:TYX) has been granted a trading halt by the ASX, pending details of a capital raising.

Tyranna will shortly commence a 600 metre drilling program at the Zealous Project, located in the company’s Wilcherry Hill Project in South Australia.

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

 

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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Wed, 03 Aug 2016 10:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/146797/tyranna-resources-ltd-gets-ready-to-raise-for-tin-drilling-70210.html
<![CDATA[News - Tyranna Resources Ltd to drill tin targets in Eyre Peninsula ]]> http://www.proactiveinvestors.com.au/companies/news/146796/tyranna-resources-ltd-to-drill-tin-targets-in-eyre-peninsula-70197.html Tyranna Resources Ltd (ASX:TYX) will shortly commence a 600 metre drilling program at the Zealous Project, located in the company’s Wilcherry Hill Project in the northern Eyre Peninsula.

Tyranna has secured $75,000 of assistance from the South Australian government’s PACE funding program which will allow the company to increase the drill metres in this campaign.

Previous drilling at Zealous has intersected attractive tin grades, which has led to the decision to test the down dip geology, since the deposit remains open at depth.

A 2012 drilling program discovered results as high as 7 metres at 3.28% tin from 52 metres.

Tyranna is also conducting a gold exploration program at the Jumbuck project, which covers about 8,000 square kilometres surrounding the 1 million ounce Challenger Mine in South Australia.

Under a JV with Challenger Gold Operations Pty Ltd, gold ore can be processed at the Challenger facility - Tyranna is the joint venture manager and holds a 59% equity stake in it.

The drill results in June from the Greenewood prospect at Jumbuck included 2 metres at 7.94 g/t gold from 41 metres.

Last week, the company reported four new intersections, each over 15 g/t gold, at the Camp Fire Bore Prospect.

Tyranna is currently preparing a comprehensive exploration program to extend and define the promising new gold discoveries at the Greenewood and Campfire Bore prospects.

It is anticipated that drilling will commence soon and be completed by November 2016.

 

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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Wed, 03 Aug 2016 08:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/146796/tyranna-resources-ltd-to-drill-tin-targets-in-eyre-peninsula-70197.html
<![CDATA[News - Tyranna Resources Ltd makes gold discovery in South Australia ]]> http://www.proactiveinvestors.com.au/companies/news/146795/tyranna-resources-ltd-makes-gold-discovery-in-south-australia-68956.html Tyranna Resources Ltd (ASX:TYX) has moved closer to achieving a gold resource of over 0.5 million ounces by the end of 2016 with its new gold discovery at the Jumbuck Project in the Northern Gawler block of South Australia.

Reverse circulation (RC) drilling results from Tyranna’s Mainwood Prospect include 2 metres at 7.94 g/t gold from 41 metres, 3 metres at 2.45 g/t gold from 31 metres and 2 metres at 2.36 g/t gold from 30 metres.

This initial resource would form the basis of an initial 3 to 5 year mining plan providing the a platform for accelerated resource definition within the area targeting an overall gold resource of 2 to 3 million ounces in the medium term.

Adding upside, is that six of the seven advanced gold prospects form part of a joint venture with Challenger Gold Operations Pty Ltd, which has a gold plant within 50 kilometres of the Challenger gold processing plant.

Under a JV, gold ore can be processed at the Challenger facility whereby Tyranna is the joint venture manager and holds a 59% equity stake in it.

Located north of the main Mainwood gold mineralization, Greenewood could extend the latter’s strike length by over 800 metres.

Tyranna has completed half of its 42-hole RC drilling program at Mainwood. The remaining 21 holes are still being drilled, and on completion, the company will move its rig to the Camp Fire Bore Prospect.

It is possible that with the new find, Tyranna would be able to link the Mainwood Prospect, in the south west, to the Camp Fire Bore Prospect in the north.

Tyranna was created from the merger of Ironclad Mining (ASX:IFE) and Trafford Resources (ASX:TRF). The intention of the merger was to form a company that was adequately funded to execute effective exploration.

Tyranna's share price has doubled since January 2016.

 

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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Wed, 01 Jun 2016 13:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/146795/tyranna-resources-ltd-makes-gold-discovery-in-south-australia-68956.html
<![CDATA[News - Tyranna Resources Ltd to gain from ramp up of Orinoco’s Casavel gold mine ]]> http://www.proactiveinvestors.com.au/companies/news/146794/tyranna-resources-ltd-to-gain-from-ramp-up-of-orinocos-casavel-gold-mine-68775.html Tyranna Resources Ltd (ASX:TYX) is set to benefit from the ramping up of exploration, in and around the Cascavel Gold Mine in Brazil by Orinoco Gold Ltd (ASX:OGX).

In addition to owning 5.58% equity in Orinoco, Tyranna holds performance shares and share options in the Perth-based Orinoco.

The plant construction at Cascavel is on track for commissioning next month. As a result, the focus is now centred on growing the operation and identifying new sources of ore in proximity to the plant.

The Cascavel Project hosts high-grade, structurally-controlled coarse gold shoots, where underground sampling has returned bonanza grades including 15 metres grading 88 grams of gold per tonne.

Cascavel represents a significant gold bearing system and the expansion of exploration will seek to unlock additional gold resources to expand the mine life.

Plans are in place to try to re-open the original shaft and take a large scale bulk sample. An earlier bulk sample of 2.5 tonnes returned a gold assay value of 27.2 g/t.

In addition, exploration drilling, in and around the mine, is about to commence. The drilling is to test for additional stacked vein systems and strike and dip extensions of the gold currently being mined.

In March, Tyranna had commenced its 2016 drilling program at the Jumbuck Gold Project in Gawler Craton, South Australia as part of a JV with Challenger Gold Operations Pty Ltd.

The aim of this drilling is to outline a near surface gold resource of more than 500,000 ounces of gold from seven advanced gold prospects, all of which are within 50 kilometres of the idled Challenger gold processing plant.

Tyranna shares have surged 89% since January 2016.

 

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, 24 May 2016 14:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/146794/tyranna-resources-ltd-to-gain-from-ramp-up-of-orinocos-casavel-gold-mine-68775.html
<![CDATA[News - Tyranna Resources Ltd vends interest in Pilbara Lithium-Gold Project ]]> http://www.proactiveinvestors.com.au/companies/news/146793/tyranna-resources-ltd-vends-interest-in-pilbara-lithium-gold-project-68182.html Tyranna Resources Ltd (ASX:TYX) has been allotted 180 million ordinary shares and 90 million $0.01 unlisted options exercisable on or before 30th June 2017 by Mining Projects Group Ltd.

The securities are issued as part consideration of Tyranna selling its 90% interest of the Lynas Find assets which are to be renamed as the Pilbara Lithium-Gold Project.

A further 90 million shares will be issued when the Pilbara Lithium-Gold tenements are granted.

Mining Projects Group Ltd, which is to be renamed as Kairos Minerals Ltd, will also issue ‘milestone shares’ totalling 144 million ordinary shares if certain JORC resources of lithium or gold are established.

Tyranna will place all securities in voluntary escrow for a period of 12 months from the dates of issue.

The Pilbara Lithium-Gold Project adjoins both Pilbara Minerals Ltd’s (ASX:PLS) Pilgangoora lithium-tantalum project (52.2 million tonnes at 1.3% Li2O) and Altura Mining Ltd’s (ASX:AJM) Pilgangoora lithium project.

The project’s northern tenements border Pilbara’s lithium-hosting spodumene deposit, where recent drilling is less than 500 metres from the tenement boundary.

 

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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Wed, 20 Apr 2016 13:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/146793/tyranna-resources-ltd-vends-interest-in-pilbara-lithium-gold-project-68182.html
<![CDATA[News - Tyranna Resources Ltd in ASX trading halt ]]> http://www.proactiveinvestors.com.au/companies/news/146792/tyranna-resources-ltd-in-asx-trading-halt-67979.html Tyranna Resources Ltd (ASX:TYX) has been granted a trading halt by the ASX, with tis shares placed in pre-open.

Tyranna requested the halt pending 'a material announcement to the market.'

Recently the company commenced drilling at the Jumbuck Gold Project in the northern Gawler Craton of South Australia.

The halt will remain in place until the opening of trade on Wednesday 13th April 2016, or earlier if an announcement is made to the market.

 

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Mon, 11 Apr 2016 12:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/146792/tyranna-resources-ltd-in-asx-trading-halt-67979.html
<![CDATA[News - Tyranna Resources Ltd gold drilling gets under way in South Australia ]]> http://www.proactiveinvestors.com.au/companies/news/146791/tyranna-resources-ltd-gold-drilling-gets-under-way-in-south-australia-67645.html Tyranna Resources Limited (ASX:TYX) has commenced its 2016 drilling program at the Jumbuck Gold Project in Gawler Craton, South Australia.

This first phase of 6,200 metres reverse circulation drilling forms part of an overall drilling program of approximately 15,000 to 20,000 metres planned for 2016.

The aim of this drilling is to outline a near surface gold resource of more than 500,000 ounces of gold from seven advanced gold prospects, all of which are within 50 kilometres of trucking to the idled Challenger gold processing plant.

Six of the seven gold prospects form part of a JV with Challenger Gold Operations Pty Ltd.

Under the JV, and subject to certain conditions, gold ore may be processed at the Challenger facility.

Tyranna is the JV manager and holds a 59% equity stake which can be increased to 70%.

Drilling will concentrate on the four northern advanced prospects of Golf Bore, Golf Bore North, Mainwood and Camp Fire Bore where previous drilling has identified significant gold potential.

Shallow aircore drilling on 200 metre line spacing at Golf Bore North returned gold intercepts of up to 1 metre at 9.89 g/t gold and 3 metres at 2.48 g/t gold.

Assay results from the initial drill programs are likely to be received in April and May.

 

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Tue, 22 Mar 2016 14:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/146791/tyranna-resources-ltd-gold-drilling-gets-under-way-in-south-australia-67645.html
<![CDATA[News - Tyranna Resources launches Jumbuck gold exploration drive ]]> http://www.proactiveinvestors.com.au/companies/news/146790/tyranna-resources-launches-jumbuck-gold-exploration-drive-67172.html Tyranna Resources (ASX:TYX) has begun its 2016 exploration drive aimed at resource definition at the Jumbuck gold project in South Australia.

Significantly, the Jumbuck gold project comprises over 8,000 square kilometres of contiguous tenements surrounding the 1 million ounce Challenger gold mine.

Tyranna initiated the Golf Bore drilling program with the ambition to define a low cost, mineable, near surface, gold orebody, and locate likely “feeder” zones.

Success could indicate a gold mineralized structure which may be similar to that at the 1 million ounce Challenger Mine.

The extensive regional program has begun at seven gold prospects and one nickel prospect within the northern portion of the Jumbuck area, situated on the Gawler Craton.

The company plans to drill 15,000 metres at multiple targets this year, the first 6,500 metres of which is scheduled for March.

Following the success of the 2015 RC drilling at Golf Bore, it is now planned to drill and define additional resources to target a shallow gold resource of 500,000 ounces.

Calcrete, when used as a first pass exploration indicator, has proved to be the most effective tool for target generation at Jumbuck.

The benefit in this region is the ubiquitous occurrence of calcrete and its absorbent properties for gold in particular, but for other elements also.

It was the method by which the Challenger gold mine was discovered and has been the reason for all of the other gold prospect discoveries since. Historical detailed drill testing has shown that calcrete, when used in conjunction with follow-up exploration drilling, is effective at defining broad mineral anomalism.

There are more than 300 known calcrete anomalies within the Jumbuck project area with values greater than 20 parts per billion gold that have yet to be followed up by further drill testing.

 

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Wed, 24 Feb 2016 11:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/146790/tyranna-resources-launches-jumbuck-gold-exploration-drive-67172.html
<![CDATA[News - Tyranna Resources hits high-grade gold in South Australia ]]> http://www.proactiveinvestors.com.au/companies/news/146789/tyranna-resources-hits-high-grade-gold-in-south-australia-65185.html Tyranna Resources (ASX:TYX) has intersected primary gold at its Jumbuck project in South Australia, with consistently high grades suggesting viable gold mine development is likely.

Drilling at the project’s Golf Bore area has returned 2 metres at 31.6 g/t gold from 79 metres, 1 metre at 27.9 g/t gold from 107 metres and 1 metre at 17.5 g/t gold from 40 metres.

Other assays marked 1 metre at 16.5 g/t gold from 56 metres and 2 metres at 9.7 g/t gold from 40 metres.

A broader 4-metre intersection also recorded 5.9 g/t gold from 56 metres.

Resource modelling and metallurgical testwork is now underway.

Golf Bore is one of seven advanced prospects at Jumbuck, which comprises more than 8,000 square kilometres of contiguous tenements surrounding Kingsgate Consolidated Limited’s (ASX”KCN) 1-million-ounce Challenger gold mine.

Golf Bore is being developed as a joint venture with Kingsgate and is expected to deliver early, low-cost production at the site.

After the sale of a non-core asset earlier this month, Tyranna shares have enjoyed positive price momentum, with Jumbuck exploration well funded and encouraging initial drill results.

The stock was last trading at A$0.03, compared to a range around $0.02 earlier this month and during most of September.



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Tue, 20 Oct 2015 11:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/146789/tyranna-resources-hits-high-grade-gold-in-south-australia-65185.html
<![CDATA[News - IronClad Mining and Trafford to emerge with leaner structure ]]> http://www.proactiveinvestors.com.au/companies/news/146788/ironclad-mining-and-trafford-to-emerge-with-leaner-structure--59792.html IronClad Mining (ASX:IFE) and Trafford Resources (ASX:TRF) have executed a merger agreement that will see IronClad acquire all of the issued shares in Trafford under a Scheme of Arrangement.

Given that Trafford was the major shareholder of Ironclad it will remove duplication/repetition of share ownership and lower administrative costs and listings costs, it is surprising it did not occur sooner.

Under the proposed scheme IronClad will offer one IronClad share for every one Trafford share. This will result in IronClad issuing an additional 128,653,062 shares.

This will mean that, upon completion of the transaction, IronClad will have a total of 236,856,933 shares on issue. The value of the 28.7 million IronClad shares currently owned by Trafford has been taken into account, by the independent directors in arriving at Trafford’s value and hence the merger share ratio.

Following completion of the transaction it is intended that those shares be cancelled.

The offer is subject to a number of conditions, including receipt of ASIC, ASX and other regulatory approvals and no material adverse change or prescribed event for either company.

 

 

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Mon, 29 Dec 2014 09:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/146788/ironclad-mining-and-trafford-to-emerge-with-leaner-structure--59792.html
<![CDATA[News - IronClad Mining to update future development of the Wilcherry Hill iron ore project ]]> http://www.proactiveinvestors.com.au/companies/news/146787/ironclad-mining-to-update-future-development-of-the-wilcherry-hill-iron-ore-project-50747.html IronClad Mining (ASX: IFE) is preparing to release details regarding the future development of the Wilcherry Hill Iron Ore Project, with the ASX granting the company a trading halt.

IronClad's shares are currently in pre-open.

Wilcherry Hill is located 30 kilometres north of the township of Kimba in South Australia, and comprises four tenements and covers an area of 976 square kilometres.

Wilcherry Hill is an 80:20 joint venture between IronClad and Trafford Resources (ASX: TRF).

The halt will remain in place until the opening of trade on Wednesday 4th December 2013, or earlier if an announcement is made to the market.

 

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Mon, 02 Dec 2013 09:20:00 +1100 http://www.proactiveinvestors.com.au/companies/news/146787/ironclad-mining-to-update-future-development-of-the-wilcherry-hill-iron-ore-project-50747.html
<![CDATA[News - Ironclad Mining to own 80% of manganese mineralisation at South Australia project ]]> http://www.proactiveinvestors.com.au/companies/news/146786/ironclad-mining-to-own-80-of-manganese-mineralisation-at-south-australia-project-49428.html Ironclad Mining (ASX: IFE) has signed an agreement with Trafford Resources (ASX: TRG) to earn up to 80% in all manganese over the Wilcherry Hill Project in South Australia.

The exploration and development of manganese will tie in with the Willcherry Hill Iron Ore Project – an existing 80:20 JV with Trafford – that the company is currently developing.

The manganese potential at Wilcherry Hill is well developed with the current resource defined at Hercules as part of the iron ore resource outlined in addition to the Pier Prospect which is located north of Hercules and returned high grade manganese from rock chip sampling.

Under the agreement, Ironclad will pay Trafford $250,000 on signing the joint venture agreement.

It can earn the first 50% by spending $1 million within one year of the signing. This includes a commitment to complete 4,000 metres of reverse circulation drilling.

Ironclad then has the right to earn the remaining 30% by spending an additional $2 million over a further two years.

Upon IronClad reaching an 80% interest, Trafford’s remaining 20% interest will be free carried up to a decision to mine.

 

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Thu, 24 Oct 2013 09:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/146786/ironclad-mining-to-own-80-of-manganese-mineralisation-at-south-australia-project-49428.html
<![CDATA[News - IronClad Mining tweaks mine plan for South Australia iron ore project ]]> http://www.proactiveinvestors.com.au/companies/news/146785/ironclad-mining-tweaks-mine-plan-for-south-australia-iron-ore-project--48676.html IronClad Mining (ASX: IFE) has re-optimised the Stage One mine plan for its Wilcherry Hill iron ore project on South Australia’s Eyre Peninsula that has estimated Open Cut Marketable Reserves at 2.9 million tonnes.

This consists of 1.9Mt DSO ore grading 57% iron and 1Mt of dry magnetic separation (DMS) product with an average concentrate grade of 52.6% iron.

It noted that at current iron prices of about US$133 per tonne, the project would generate cash flow of A$90 million after capital repayment – an IRR of 305%, and cash flow of A$48 million (IRR 114%) at floor prices of US$110 per tonne.

The company expects to receive the key final port development approval in late October which will in turn accelerate current financing negotiations.

Wilcherry Hill

The Stage One development of Wilcherry Hill is defined as the mining and shipping of DSO and DMS ore.

Start-up capital requirements are estimated at about $22 million, allowing for the purchase of owner operated crushing plant that would help reduce overall operating costs by about 25%.

It is proposed that the port fleet of two dumb barges, two tugs and a floating crane will be finance leased and be fully paid by the end of current Stage One mining operation. The lease costs are included in the overall operating costs and are anticipated to amount to about $24 million.

Ore will initially be transported by double road trains to a stockpile storage facility about 1.5 kilometres from the port of Lucky Bay, which is located 120 kilometres south of Whyalla.

From there it will be loaded into air-tight containers and tractor transported to the portside hardstand before being loaded by crane onto dumb barges.

Tugs will then take the barges 5.5 nautical miles out to sea where a barge mounted crane will be moored. This will then load the ore from the containers into Panamax or Cape-sized vessels anchored alongside it.

Several Chinese buyers have already confirmed their willingness to buy the DSO product.

Ironclad has a 80% interest in the project while Trafford Resources (ASX: TRF) holds the remaining 20%.

 

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Wed, 02 Oct 2013 10:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/146785/ironclad-mining-tweaks-mine-plan-for-south-australia-iron-ore-project--48676.html
<![CDATA[News - IronClad Mining: Wilcherry Hill set to benefit from former Worley Parsons project director’s skills ]]> http://www.proactiveinvestors.com.au/companies/news/146784/ironclad-mining-wilcherry-hill-set-to-benefit-from-former-worley-parsons-project-directors-skills--29677.html IronClad Mining (ASX: IFE) has gained the experience of 40 year civil engineering veteran David Burvill with his appointment as project director.

Burvill, a former senior executive of Worley Parsons and OZ Minerals (ASX: OZL), specialises in the development of large scale resource projects, which will benefit IronClad greatly as it develops the Wilcherry Hill iron ore project on South Australia’s Eyre Peninsula.

He was most recently project director for Worley Parsons at Hancock Prospecting’s Roy Hill iron ore project in Western Australia, where he was responsible for the greenfield development of the mine’s processing plant and associated infrastructure.

Burvill was also project director at OZ Minerals’ Prominent Hill copper-gold project in South Australia, where he was responsible for the management of the mine’s design, procurement, construction and commissioning.

He has also held a similar position with Ertech, which was awarded the construction contract for the Chevron-Exxon Mobil Gorgon LNG plant on Barrow Island, off Western Australia.

Burvill has also worked for BHP Billiton (ASX: BHP), WMC Limited and Anaconda Nickel.

Wayne Richards, managing director of IronClad Mining, commented on the appointment: “David has the exact knowledge, experience and skill set required by the company to progress our Wilcherry Hill and Hercules iron ore projects.

“He will primarily focus on the project development and construction execution plan for the Gravity Separation (wet beneficiation) Circuit at Wilcherry Hill.

“This processing facility has recently progressed to a stage of ‘expressions of interest’ for detailed Front-end Engineering and Design and construction.”

IronClad Mining is moving closer to cash flow generation from the Wilcherry Hill mine with the South Australian Government’s recent approval of the development application for port facilities designed for iron ore shipments from the project.

A major plus for Wilcherry Hill is that the first two years of production from the project has been contracted for sale to international steel mills under comprehensive sales and marketing agreements.

Additionally, 50% of year three and four’s forecast production has been contracted for sale through an offtake agreement with Hong Kong-based company New Page Investments.

Stage one at the project includes the production of 1 million tonnes per annum of direct shipping ore magnetite, which will double in the second year of operation.


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Mon, 04 Jun 2012 12:50:00 +1000 http://www.proactiveinvestors.com.au/companies/news/146784/ironclad-mining-wilcherry-hill-set-to-benefit-from-former-worley-parsons-project-directors-skills--29677.html
<![CDATA[News - IronClad Mining: Wilcherry Hill iron ore shipments a step closer after South Australian Government approval ]]> http://www.proactiveinvestors.com.au/companies/news/146783/ironclad-mining-wilcherry-hill-iron-ore-shipments-a-step-closer-after-south-australian-government-approval-27433.html IronClad Mining (ASX: IFE) has taken another step towards utilising the cash generating potential of the company's new Wilcherry Hill mine.

The South Australian Government has now approved the development application for port facilities designed for iron ore shipments from the project.

A major plus for Wilcherry Hill is that the first two years of production from the project has been contracted for sale to international steel mills under comprehensive sales and marketing agreements.

Additionally, 50% of year three and four’s forecast production has been contracted for sale through an off-take agreement with Hong Kong based company New Page Investments
Limited.

Stage one at the project includes the production of 1 million tonnes per annum of direct shipping ore magnetite, which will double in the second year of operation.

Wayne Richards, managing director, commented on the positive development news for the company:

“We are most appreciative of the South Australian Government’s expeditious approval of this Development Application for another vital piece of SA mining infrastructure.

“For IronClad, development approval for the port facility finalises the company’s requirements for an ‘end-to-end’ logistics supply chain for the ore produced from our Wilcherry Hill Project, and has the potential to be expanded to accommodate the ore from our larger Hercules Project currently under review.

“Further, the facility will provide an economic and viable export option (in a timely manner), for the development of our projects, and will stimulate economic growth and employment opportunities within the area.”

Importantly - the port facility will provide an export point potentially for other mining companies and exporters in the region.

The Wilcherry Hill iron ore project is a joint venture between IronClad (80%) and Trafford Resources (ASX: TRF) (20%).


What the approval means

The outcome from the project development approval is the final process for IronClad to commence construction of infrastructure at the existing Lucky Bay port, near the township of Cowell on the coast of the Spencer Gulf, and permits future iron ore exports via the new Eyre Peninsula facilities.

In a first for South Australia, IronClad will initially use the Lucky Bay facility to transport iron ore from this port to ships anchored offshore adjacent to the port.

IronClad’s growth plans could potentially upgrade this system to incorporate the innovative concept of a floating harbour, with suitable holding warehouses for the ore, both on land and at sea.

Cape-sized vessels with a carrying capacity of up to 150,000 tonnes could then be loaded with iron ore from the floating harbour, which would potentially be owned and operated by IronClad.

IronClad has an agreement with Sea Transport Development SA Pty Ltd (SEATS) for full access rights to the designated 50-hectare port site at Lucky Bay, where it will store and ship iron ore from its Wilcherry Hill and Hercules projects.

Richards added, “The construction of the first purpose-built barge for the transhipment of ore is well advanced, with the vessel scheduled to arrive in South Australia early in the third quarter of this calendar year.”


Cashed up

At the end of last month IronClad received a major vote of confidence in the company's operations from Cygnet Capital, with an underwriting agreement signed for around three quarters of the 16.33 million April 2012 company options.

This ensures the company receives guaranteed gross proceeds of $9 million.

 

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Tue, 10 Apr 2012 10:25:00 +1000 http://www.proactiveinvestors.com.au/companies/news/146783/ironclad-mining-wilcherry-hill-iron-ore-shipments-a-step-closer-after-south-australian-government-approval-27433.html
<![CDATA[News - IronClad Mining: part underwritten options to provide up to $12.2m funding injection ]]> http://www.proactiveinvestors.com.au/companies/news/146782/ironclad-mining-part-underwritten-options-to-provide-up-to-122m-funding-injection-27114.html IronClad Mining (ASX: IFE) has received a major vote of confidence in the company's operations from Cygnet Capital, with an underwriting agreement signed for around three quarters of the 16.33 million April 2012 company options.

The agreement with Cygnet is to underwrite the conversion of up to 12 million of all remaining IronClad listed options priced at $0.75 each, ensuring the company receives guaranteed gross proceeds of $9 million.

IronClad issued 16.33million options April 2012, which expire at 5pm today (Friday, 30 March 2012), and which if fully exercised, will raise a total of $12.2 million, pre broker fees (including the $9 million underwritten by Cygnet Capital).

At 3pm EST today, IronClad was trading comfortably above the exercise price at $0.82.

IronClad said that the funds will be allocated to continue the ongoing development of the company’s Wilcherry Hill iron ore mine on South Australia’s Eyre Peninsula. (IronClad's joint venture partner Trafford Resources has already exercised all of its 1.2 million options into fully paid ordinary shares.)

Pre-production and grade control drilling are underway at Wilcherry Hill, along with fabrication of the Dry Magnetic Separation plant.

IronClad is developing an independent end to end operating business system, including the mine, processing plant and utilities, supply-chain logistics and export facilities at Lucky Bay.

In stage one, Wilcherry Hill will produce 1 million tonnes per annum of Direct Shipping Ore magnetite, with an increase to 2 million tonnes per annum from the second year of operation.

Stage two of the project will see production increase to between 4 and 5 million tonnes per annum, combining Wilcherry Hill magnetite concentrate with the DSO product.

Sale contracts have been established for the first two years of production from Wilcherry Hill, and 50% of production from years three and four.

 

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Fri, 30 Mar 2012 15:10:00 +1100 http://www.proactiveinvestors.com.au/companies/news/146782/ironclad-mining-part-underwritten-options-to-provide-up-to-122m-funding-injection-27114.html
<![CDATA[News - IronClad Mining welcomes new COO as the company advances to iron ore production at Wilcherry Hill ]]> http://www.proactiveinvestors.com.au/companies/news/146781/ironclad-mining-welcomes-new-coo-as-the-company-advances-to-iron-ore-production-at-wilcherry-hill-27046.html IronClad Mining (ASX: IFE) has appointed Robert Mencel as chief operating officer, with an initial focus on finalising the Commissioning and Operating Plan to bring the Wilcherry Hill Project into production.

Former Mount Gibson Iron (ASX: MGX) executive Mencel will take up his role with IronClad in mid-April.

His most recent role with Mount Gibson was General Manager of the 4 million tonne per annum Koolan Island Project.

Prior to that, Mencel was General Manager at Mount Gibson’s 3 million tonne per annum Tallering Peak hematite project

IronClad managing director Wayne Richards said Mencel’s specific skill set is exactly what the company had been seeking to complement the senior executive team.

“Mr Mencel has extensive project management experience developing greenfield projects from initial scoping studies through to commissioning and early operation,” Richards said.

Pre-production and grade control drilling are underway at Wilcherry Hill, along with fabrication of the Dry Magnetic Separation plant.

IronClad is developing an independent end to end operating business system, including the mine, processing plant and utilities, supply-chain logistics and export facilities at Lucky Bay.

In stage one, Wilcherry Hill will produce 1 million tonnes per annum of Direct Shipping Ore (DSO) magnetite, with an increase to 2 million tonnes per annum from the second year of operation.

Stage two of the project will see production increase to between 4 and 5 million tonnes per annum, combining Wilcherry Hill magnetite concentrate with the DSO product.

Sale contracts have been established for the first two years of production from Wilcherry Hill, and 50% of production from years three and four.

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Thu, 29 Mar 2012 10:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/146781/ironclad-mining-welcomes-new-coo-as-the-company-advances-to-iron-ore-production-at-wilcherry-hill-27046.html
<![CDATA[News - IronClad Mining: Cash boost to support maiden iron ore production at Wilcherry Hill ]]> http://www.proactiveinvestors.com.au/companies/news/146780/ironclad-mining-cash-boost-to-support-maiden-iron-ore-production-at-wilcherry-hill-26769.html IronClad Mining (ASX: IFE) is set to receive $840,000 towards the progressing of the Wilcherry Hill Iron Ore Project from major shareholder and joint venture partner Trafford Resources (ASX: TRF) by the end of the month.

Trafford plans to exercise all of the IronClad options held, about 1.12 million, at $0.75 each, by the expiry date on March 30, 2012.

Funds from the exercise of options will be put towards advancing the Wilcherry Hill project, in which Trafford Resources is a joint venture partner with a 20% interest.

The first stage of production at Wilcherry Hill is on target to commence in the current quarter, with the inaugural exports to be achieved in the June quarter this year.

Earlier this month, IronClad began a 2,000 metre grade control drilling program at Wilcherry Hill, focused on the Weednanna deposit where mining will begin. The program is targeting near surface direct shipping ore.

Importantly, cashflows from production at Wilcherry Hill will be able to support Feasibility Studies on IronClad’s massive Hercules project, situated about 15 kilometres east of Wilcherry Hill.

Wilcherry Hill – rapid advance towards cash flow

IronClad is expecting to export about 1 million tonnes in its first full year of production, increasing to 2 million tonnes in its second year.

The first two years of production from Stage One of the Wilcherry Hill project has already been sold to the Chinese steel mills under a comprehensive sales contract and marketing agreement.

Additionally, 50% of the forecast production for year’s three and four has been contracted through an offtake agreement with Hong Kong-based company New Page Investments.

A Feasibility Study for Stage One of the project established that, with an average iron ore price of $140 per tonne free on board (net of freight charges) into China and initial operating costs of around $85 per tonne, the project would provide IronClad with margins of $50 per tonne and an operating cash flow of around $80 million per year at full production during the first stage.

Stage Two plans to increase production to 4-5 million tonnes per annum of iron ore by combining Wilcherry Hill magnetite concentrate with the DSO product.

Stage Three includes the exploration and development of the joint venture’s Hercules Project, which has an Indicated and Inferred JORC Resource of 198 million tonnes and is expected to increase output from Ironclad’s operations to 10-12 million tonnes per annum by 2015.

IronClad is expecting to secure debt financing through Australian and international financial institutions over the next few months.

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Thu, 22 Mar 2012 09:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/146780/ironclad-mining-cash-boost-to-support-maiden-iron-ore-production-at-wilcherry-hill-26769.html
<![CDATA[News - IronClad Mining targets near surface DSO as a prelude to production at Wilcherry Hill ]]> http://www.proactiveinvestors.com.au/companies/news/146779/ironclad-mining-targets-near-surface-dso-as-a-prelude-to-production-at-wilcherry-hill-26441.html IronClad Mining (ASX: IFE) has begun a 2,000 metre grade control drilling program at the Wilcherry Hill iron ore project on the upper Eyre Peninsula.

The drilling is focused on the Weednanna deposit where mining will begin and will target the near surface direct shipping ore.

The program is designed to define a detailed grade control model focusing on the first six months of production and will further optimise scheduling and detailed mine planning.

Stage One of the Wilcherry Hill project is on target to begin maiden production in the current March quarter, with inaugural exports to be achieved in the June quarter of this year.

The significance of nearing production at Wilcherry Hill is cashflows from the project will be able to support Feasibility Studies on IronClad’s massive Hercules project, situated about 15 kilometres east of Wilcherry Hill.


Wilcherry Hill – rapid advance towards cash flow

IronClad is expecting to export about 1 million tonnes in its first full year of production, increasing to 2 million tonnes in its second year.

The first two years of production from Stage One of the Wilcherry Hill project has already been sold to the Chinese steel mills under a comprehensive sales contract and marketing agreement.

Additionally, 50% of the forecast production for year’s three and four has been contracted through an offtake agreement with Hong Kong-based company New Page Investments.

A Feasibility Study for Stage One of the project established that, with an average iron ore price of $140 per tonne free on board (net of freight charges) into China and initial operating costs of around $85 per tonne, the project would provide IronClad with margins of $50 per tonne and an operating cash flow of around $80 million per year at full production during the first stage.

Stage Two plans to increase production to 4-5 million tonnes per annum of iron ore by combining Wilcherry Hill magnetite concentrate with the DSO product.

Stage Three includes the exploration and development of the joint venture’s Hercules Project, which has an Indicated and Inferred JORC Resource of 198 million tonnes and is expected to increase output from Ironclad’s operations to 10-12 million tonnes per annum by 2015.

IronClad is expecting to secure debt financing through Australian and international financial institutions over the next few months.


Environmental Bond

IronClad has also posted the South Australian Government’s A$5.8 million environmental bond, meeting yet another milestone as it gets closer to production.

“The posting of the environmental bond, grade control drilling and ongoing site clearance work are key milestones on the road to achieving planned development and production targets” managing director Wayne Richards said.

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Thu, 15 Mar 2012 09:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/146779/ironclad-mining-targets-near-surface-dso-as-a-prelude-to-production-at-wilcherry-hill-26441.html
<![CDATA[News - IronClad Mining highly sought by investors, raises further A$4m to advance Wilcherry Hill ]]> http://www.proactiveinvestors.com.au/companies/news/146778/ironclad-mining-highly-sought-by-investors-raises-further-a4m-to-advance-wilcherry-hill-26028.html IronClad Mining (ASX: IFE) has raised even more funds to support ongoing development of the Wilcherry Hill iron ore mine on South Australia’s Eyre Peninsula, indicating the strong backing the company has from investors.

Due to high demand for IronClad shares, the company has placed a further A$4 million with Australian and overseas institutional and professional investors at $0.85 per share.

Investors are seeing the value in this company as it prepares to become the second smaller mining company to move into production in South Australia.

Stage One of the Wilcherry Hill project is on target to begin maiden production in the current March quarter, with inaugural exports to be achieved in the June quarter of this year.

The significance of nearing production at Wilcherry Hill is cashflows from the project will be able to support Feasibility Studies on IronClad’s massive Hercules project, situated about 15 kilometres east of Wilcherry Hill.

This latest equity raising takes IronClad’s overall raising in recent months to more than $13 million.

Importantly, this amount should increase further with options expiring at the end of March likely to be exercised, potentially realising a further $12 million – bringing the total raised to more than $25 million.

Chairman Ian Finch said the continued success of IronClad’s capital raising program was being driven by strong local and international investor demand as development of the Wilcherry mine continues apace.

He said the $4 million from the most recent equity raising would be used to accelerate start-up works at the emerging mine.

“The high level of interest and support we are attracting from enthusiastic institutional and professional investors is most welcome to the company and its mine development program,” Finch said.

“Among other things it has enabled us to pay the South Australian Government a $5.8 million environmental bond for our proposed mine, which continues to march towards maiden production.

The $4 million share placement was organised by Cygnet Capital which was also involved in IronClad’s successful $3 million share placement in February this year.


Wilcherry Hill – rapid advance towards cash flow

IronClad is expecting to export about 1 million tonnes in its first full year of production, increasing to 2 million tonnes in its second year.

The first two years of production from Stage One of the Wilcherry Hill project has already been sold to the Chinese steel mills under a comprehensive sales contract and marketing agreement.

A Feasibility Study for Stage One of the project established that, with an average iron ore price of $140 per tonne free on board (net of freight charges) into China and initial operating costs of around $85 per tonne, the project would provide IronClad with margins of $50 per tonne and an operating cash flow of around $80 million per year at full production during the first stage.

IronClad is expecting to secure debt financing through Australian and international financial institutions over the next few months.


Former Brockman Resources MD Leads IronClad

In early February IronClad appointed former Brockman Resources (ASX: BRM) managing director and BHP Billiton (ASX: BHP) senior executive Wayne Richards to head up the company.

Among his accomplishments, Richards was most recently managing director of ASX-listed Brockman Resources, whose principal project – the Marillina iron ore project in Western Australia’s Pilbara region – expanded significantly during his four years with the company.

Prior to that, he held a senior executive position with BHP Billiton’s Iron Ore Division, with responsibility for integrating projects across BHP’s three iron ore business sectors – mine, port and rail. 

“Our new managing director, former Brockman Resources head Wayne Richards, commenced work with us last week, and has hit the ground running, driving development of the project,” Finch said.

During Richards’ tenure with Brockman, he grew the company from an exploration company with a market capitalisation of $30 million to close to $1 billion in just four years.

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Tue, 06 Mar 2012 09:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/146778/ironclad-mining-highly-sought-by-investors-raises-further-a4m-to-advance-wilcherry-hill-26028.html
<![CDATA[News - IronClad Mining well supported by market as it nears cashflow from Wilcherry Hill ]]> http://www.proactiveinvestors.com.au/companies/news/146777/ironclad-mining-well-supported-by-market-as-it-nears-cashflow-from-wilcherry-hill-25525.html IronClad Mining (ASX: IFE) continues to attract the investors with its share price up 11.77% to A$0.95 in intra-day trade today on the exchange of 133,243 shares.  

Investors are seeing the value in this company as it prepares to become the second smaller mining company to move into production in South Australia.

Reinforcing the value of IronClad’s advanced iron ore project in South Australia, Wilcherry Hill, is the recent $3 million backing the company received to fund the project’s development.

The funds were raised from the placement of 3.5 million shares at $0.85 each to a number of sophisticated Australian investors to contribute to the payment of a $5.8 million environmental bond to the South Australian Government.

Importantly, IronClad could also be in line for a further $11 million at the end of March, with options in the company likely to be exercised.

Stage One of the Wilcherry Hill project is on target to begin maiden production in the current March quarter, with inaugural exports to be achieved in the June quarter of this year.

IronClad is expecting to secure debt financing through Australian and international financial institutions over the next few months.

The significance of nearing production at Wilcherry Hill is cashflows from the project will be able to support Feasibility Studies on IronClad’s massive Hercules project, situated about 15 kilometres east of Wilcherry Hill.

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Mon, 20 Feb 2012 16:36:00 +1100 http://www.proactiveinvestors.com.au/companies/news/146777/ironclad-mining-well-supported-by-market-as-it-nears-cashflow-from-wilcherry-hill-25525.html
<![CDATA[News - IronClad Mining receives strong investor backing for $3m capital raising ]]> http://www.proactiveinvestors.com.au/companies/news/146776/ironclad-mining-receives-strong-investor-backing-for-3m-capital-raising--25382.html
IronClad Mining (ASX: IFE) has raised a further $3 million to fund development of its Wilcherry Hill iron ore project in South Australia.

The funds were raised from the placement of 3.5 million shares at $0.85 each to a number of sophisticated Australian investors.

Importantly, IronClad has the potential to attract further investment as the company becomes the second smaller mining company to move into production in South Australia.

The company could be in line for a further $11 million at the end of March, with options in IronClad likely to be exercised.

Non-executive chairman Ian Finch said the funds from this capital raising, together with other cash the company already has, will be used to pay the South Australian Government’s environmental bond for Wilcherry Hill, which remains on target to commence maiden production in the current March quarter.

“Since a number of the ‘early works’ capital costs have already been spent – including construction of our $5 million accommodation village at nearby Kimba – most of the requirements for Stage One of the project have now been achieved,” he said.

“Debt financing through Australian and international financial institutions is expected to be in place over the next few months.

“This will allow us to fast track the next stage of our project – the designing and construction of the gravity circuit.

“It will also allow us to commence Feasibility Studies on our massive Hercules project, in close proximity to Wilcherry Hill, which is the long term future of the company.”

The $3 million capital raising follows close on the heels of a A$6 million investment in IronClad from Hong Kong-based investor New Page Investments.

The money is being used to finance start-up works at the Wilcherry Hill site, which were scheduled to begin in late January.


Maiden Iron Ore Production

Finch said Stage One of the Wilcherry Hill project is on target to begin maiden production in the current March quarter, with inaugural exports to be achieved in the June quarter of this year.

IronClad is expecting to export about 1 million tonnes in its first full year of production, increasing to 2 million tonnes in its second year.

The first two years of production from Stage One of the Wilcherry Hill project has already been sold to the Chinese steel mills under a comprehensive sales contract and marketing agreement.

A Feasibility Study for Stage One of the project established that, with an average iron ore price of $140 per tonne free on board (net of freight charges) into China and initial operating costs of around $85 per tonne, the project would provide IronClad with margins of $50 per tonne and an operating cash flow of around $80 million per year at full production during the first stage.

Stage Two involves an increase in production to 5 million tonnes of iron ore concentrate per annum

The company is targeting an increase in production to between 10 and 12 million tonnes per annum by 2016.

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Thu, 16 Feb 2012 11:10:00 +1100 http://www.proactiveinvestors.com.au/companies/news/146776/ironclad-mining-receives-strong-investor-backing-for-3m-capital-raising--25382.html
<![CDATA[News - IronClad Mining: halt granted pending capital raising to fund commencement of production ]]> http://www.proactiveinvestors.com.au/companies/news/146775/ironclad-mining-halt-granted-pending-capital-raising-to-fund-commencement-of-production-25275.html IronClad Mining (ASX: IFE) has been granted a trading halt by the ASX pending a capital raising announcement, with the company's shares placed in pre-open.

IronClad said the funding will be used for the commencement of production at its magnetite iron joint venture in Australia.

Earlier in the month IronClad announced that a offtake agreement for iron ore from its Wilcherry Hill project had been secured, with the four deal for up to 50% of annual iron ore production from the project.

Wilcherry Hill is on track for maiden production in the March quarter of 2012.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Thursday 16 February.

 

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Tue, 14 Feb 2012 10:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/146775/ironclad-mining-halt-granted-pending-capital-raising-to-fund-commencement-of-production-25275.html
<![CDATA[News - IronClad Mining shares continue to soar on back of substantial offtake agreement ]]> http://www.proactiveinvestors.com.au/companies/news/146774/ironclad-mining-shares-continue-to-soar-on-back-of-substantial-offtake-agreement--25044.html IronClad Mining (ASX: IFE) has made the list of top ASX gainers today with a share price increase of 12.2% to A$0.92.

The company has been on an upwards share price trajectory since announcing it had secured a significant offtake agreement for iron ore from its Wilcherry Hill project in South Australia early this month.

The four year offtake agreement with Hong Kong-based resources industry investment group New Page Investments is for up to 50% of annual iron ore production from Wilcherry Hill.

Last month IronClad secured a $6 million investment from New Page Investments which will be used to finance start-up works at the Wilcherry Hill site.

Wilcherry Hill is on track for maiden production in the March quarter of 2012, with the first shipment of iron ore to be exported to Chinese customers in the June quarter.

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Wed, 08 Feb 2012 16:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/146774/ironclad-mining-shares-continue-to-soar-on-back-of-substantial-offtake-agreement--25044.html
<![CDATA[News - IronClad Mining snags former Brockman Resources MD to lead the company ]]> http://www.proactiveinvestors.com.au/companies/news/146773/ironclad-mining-snags-former-brockman-resources-md-to-lead-the-company--24909.html IronClad Mining (ASX: IFE) has appointed former Brockman Resources (ASX: BRM) managing director and BHP Billiton (ASX: BHP) senior executive Wayne Richards to head up the company.

Richards will join the company as managing director on 1 March to spearhead development of the Wilcherry Hill iron ore project on South Australia’s Eyre Peninsula.

Among his accomplishments, Richards was most recently managing director of ASX-listed Brockman Resources, whose principal project – the Marillina iron ore project in Western Australia’s Pilbara region – expanded significantly during his four years with the company.

Prior to that, he held a senior executive position with BHP Billiton’s Iron Ore Division, with responsibility for integrating projects across BHP’s three iron ore business sectors – mine, port and rail.

“We pursued Wayne for the position given his extensive iron ore and corporate experience, including mine to market knowledge, as well as his outstanding track record of getting projects developed,” IronClad Mining executive chairman Ian Finch said.

“During his tenure at Brockman, he grew the business from an exploration company with a market capitalisation of A$30 million to close to A$1 billion in just four years.”

Richards said IronClad has the strategic advantage of being the first direct shipping ore magnetite producer and exporter in the world, with a significant opportunity to expand the business both organically and via potential future corporate activities.

“Whilst our initial focus will be on early stage mining at Wilcherry Hill and the transportation of iron ore to the Lucky Bay port facility, our principle focus will be to grow the business from one to 10 million tonnes per annum, and position the company as a future Top 150 ASX-listed company,” he said.

Maiden production from the mine is due to begin in the current March quarter, with the first shipment of iron ore on track to be exported to Chinese customers in the June quarter.

Last month IronClad secured a $6 million investment from Hong Kong-based investor New Page Investments which will be used to finance start-up works at the Wilcherry Hill site.

New Page Investments is the major shareholder in China-based global steel trading, distribution, processing and manufacturing company Novo Group, which is dual-listed on the Hong Kong and Singapore stock exchanges, and already has investments in the Australian iron ore industry.
 
IronClad has the potential to attract further investment as the company becomes the second smaller mining company to move into production in South Australia.

Importantly, the first two years of production from Stage One of the Wilcherry Hill project has already been sold to the Chinese steel mills under a comprehensive sales contract and marketing agreement.

Following Richards' appointment, Finch will now assume the role of non-executive chairman.

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Mon, 06 Feb 2012 09:50:00 +1100 http://www.proactiveinvestors.com.au/companies/news/146773/ironclad-mining-snags-former-brockman-resources-md-to-lead-the-company--24909.html
<![CDATA[News - IronClad Mining offtake agreement secures half of Wilcherry Hill annual iron ore production ]]> http://www.proactiveinvestors.com.au/companies/news/146772/ironclad-mining-offtake-agreement-secures-half-of-wilcherry-hill-annual-iron-ore-production-24787.html IronClad Mining (ASX: IFE) has secured a significant offtake agreement for iron ore from its Wilcherry Hill project in South Australia.

The four year offtake agreement with Hong Kong-based resources industry investment group New Page Investments is for up to 50% of annual iron ore production from Wilcherry Hill.

In January 2012, New Page took a $6 million share placement in IronClad, to finance start-up works at the Wilcherry Hill site. This equates to a 9.02% interest in IronClad.

This latest offtake agreement follows a similar but separate offtake agreement signed with a Singaporean trading company in 2011.

IronClad executive chairman Ian Finch said the new offtake agreement paved the way for heightened construction activity at the mine.

“Under the terms of the new agreement, New Page Investments must pay IronClad 95% of the agreed value of iron ore leaving via ship from our Lucky Bay port facility, within 30 days of that ship departing,” he said.

“It is another most welcome development for IronClad and its shareholders.”

On track for iron ore production

Wilcherry Hill is on track for maiden production in the March quarter of 2012, with the first shipment of iron ore to be exported to Chinese customers in the June quarter.

The first two years of production from Stage One of mining has been sold to the Chinese steel mills under a comprehensive sales contract and marketing agreement.

The first year of production involves 1 million tonnes per annum of direct shipping ore for export to Asia, increasing up to 2 million tonnes per in the second year.

A Feasibility Study for Stage One of the project established that, with an average iron ore price of $140 per tonne free on board (net of freight charges) into China and initial operating costs of around $85 per tonne, the project would provide IronClad with margins of $50 per tonne and an operating cash flow of around $80 million per year at full production during the first stage.

Stage Two involves an increase in production to 5 million tonnes of iron ore concentrate per annum.

Wilcherry Hill is a joint venture operation between IronClad (80%) and its associated company, Trafford Resources (ASX: TRF) (20%).

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Thu, 02 Feb 2012 10:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/146772/ironclad-mining-offtake-agreement-secures-half-of-wilcherry-hill-annual-iron-ore-production-24787.html
<![CDATA[News - IronClad Mining attracts $6m investment from Hong Kong based investor ]]> http://www.proactiveinvestors.com.au/companies/news/146771/ironclad-mining-attracts-6m-investment-from-hong-kong-based-investor--24013.html IronClad Mining (ASX: IFE) has secured a A$6 million investment from Hong Kong-based investor New Page Investments which will be used to finance start-up works at the Wilcherry Hill site, due to begin later this month.

The funds were raised through a placement of 7.5 million shares at $0.80 per share, which represents a 20% premium on the closing price of $0.665 on 10 January 2012.

The shareholding gives New Page Investments a 9.02% interest in IronClad.

New Page Investments is the major shareholder in China-based global steel trading, distribution, processing and manufacturing company Novo Group, which is dual-listed on the Hong Kong and Singapore stock exchanges, and already has investments in the Australian iron ore industry.

IronClad has the potential to attract further investment as the company becomes the second smaller mining company to move into production in South Australia.

Commenting on the placement, executive chairman Ian Finch said, “The successful conclusion of this share placement marks another significant milestone in what will be a defining year for the company and its shareholders, and in the development of our Wilcherry Hill asset.”

The share placement follows close on back of the South Australian Government’s recent formal approval for IronClad’s Program for Environmental Protection and Rehabilitation – the final statutory hurdle for the project.

IronClad is close to formalising another offtake agreement for production from the Wilcherry Hill project on South Australia’s Eyre Peninsula.

Finch said negotiations for the additional offtake agreement are expected to be finalised later this week and will involve 50% of all iron ore produced by the IronClad-Trafford Resources joint venture in the first four years of operations.


Iron Ore Production

Maiden production from the mine is due to begin in the current March quarter, with the first shipment of iron ore on track to be exported to Chinese customers in the June quarter.

The first two years of production from Stage One of the Wilcherry Hill project has already been sold to the Chinese steel mills under a comprehensive sales contract and marketing agreement.

First year of production involves 1 million tonnes per annum of direct shipping ore for export to Asia, increasing up to 2 million tonnes per in the second year.

A Feasibility Study for Stage One of the project established that, with an average iron ore price of $140 per tonne free on board (net of freight charges) into China and initial operating costs of around $85 per tonne, the project would provide IronClad with margins of $50 per tonne and an operating cash flow of around $80 million per year at full production during the first stage.

Stage Two involves an increase in production to 5 million tonnes of iron ore concentrate per annum

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Wed, 11 Jan 2012 09:17:00 +1100 http://www.proactiveinvestors.com.au/companies/news/146771/ironclad-mining-attracts-6m-investment-from-hong-kong-based-investor--24013.html
<![CDATA[News - IronClad Mining substantial shareholder bumps up stake ]]> http://www.proactiveinvestors.com.au/companies/news/146770/ironclad-mining-substantial-shareholder-bumps-up-stake-23826.html IronClad Mining (ASX: IFE) substantial shareholder Trafford Resources (ASX: TRF) has increased its shareholding in the company to 37%.

Trafford Resources upped its shareholding from 36.38% with the purchase of a further 475,000 shares for a consideration of A$285,925.25.

IronClad is well positioned at the moment with its approach towards first iron ore production from its Wilcherry Hill mine in the March quarter.

Work will start later this month on IronClad’s Wilcherry Hill deposits near Kimba on South Australia’s Eyre Peninsula.

The Wilcherry Hill iron ore project – an 80:20 Joint Venture between IronClad and associated company Trafford Resources – will ship direct shipping ore for sale to Chinese steel mills in the second quarter of the 2012 calendar year.

The first two years of production from Stage One of the Wilcherry Hill project has already been sold to the Chinese steel mills under a comprehensive sales contract and marketing agreement.

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Thu, 05 Jan 2012 11:31:00 +1100 http://www.proactiveinvestors.com.au/companies/news/146770/ironclad-mining-substantial-shareholder-bumps-up-stake-23826.html
<![CDATA[News - IronClad Mining on track to produce iron ore in March quarter ]]> http://www.proactiveinvestors.com.au/companies/news/146769/ironclad-mining-on-track-to-produce-iron-ore-in-march-quarter-23716.html IronClad (ASX: IFE), with key infrastructure and mining contracts signed for Australia's next producing iron ore mine at Wilcherry Hill, is on track to produce first ore in the current March quarter. 

Work will start later this month on IronClad Mining’s Wilcherry Hill deposits near Kimba on SA’s Eyre Peninsula.

The Wilcherry Hill iron ore project – an 80:20 Joint Venture between IronClad and associated company, Trafford Resources (ASX: TRF) will ship Direct Shipping Ore (DSO) for sale to Chinese steel mills in the second quarter of the 2012 calendar year.

The first two years of production from Stage One of the Wilcherry Hill project has already been sold to the Chinese steel mills under a comprehensive sales contract and marketing agreement.

First year of production involves one million tonnes per annum of DSO for export to Asia, increasing up to 2 million tonnes per in the second year.

A feasibility study for Stage One of the project established that, with an average iron ore price of A$140 per tonne FOB (net of freight charges) into China and initial operating costs of around A$85 per tonne, the project would provide IronClad with margins of A$50 per tonne and an operating cash flow of around A$80 million per year at full production during the first stage.

Stage Two involves an increase in production to 5 million tonnes of iron ore concentrate per annum.

The construction start-up follows the South Australian Government’s Christmas Eve announcement of formal approval for IronClad’s Program for Environmental Protection and Rehabilitation (PEPR) – the final statutory hurdle for the project.

South Australian Mineral Resources and Energy Minister, Tom Koutsantonis, said the new mine would pave the way for the creation of 150 jobs and more than $340 million in investment in the region.

IronClad Mining’s executive chairman, Mr Ian Finch, said the Company remained on track to commence maiden production from the mine in the current March quarter, with first product to be exported to Chinese customers in the June quarter.

Floating harbour

To ship its iron ore from a holding warehouse at the site, IronClad is is developing a floating harbour about 5-10 kilometres offshore in collaboration with Sea Transport Development SA Pty Ltd.

This is beind done at Lucky Bay, near Cowell, on South Australia’s Spencer Gulf.

At the commencement of Stage 2, Cape-sized vessels with a capacity of up to 150,000 tonnes will then be loaded with iron ore from the floating harbour.

“The multi-user bulk shipping port facility allows us, initially, to transport our iron ore by road from Wilcherry Hill to the Lucky Bay site, significantly reducing our operating costs as a result of the shortened transport distance proposed in our original plans,” Finch said.

“We had originally planned to transport our ore from the mine via road to a site near Whyalla, where it was to be loaded onto rail to Port Adelaide, before being transferred to Panamax and small cape size vessels,” he said.

“Our unique floating harbour concept reduces the land transport distance from Wilcherry Hill to port from 520 kilometres to only 154 kilometres – a significant saving in time, cost and economies of scale.”

Analysis

Becoming the second smaller mining company to move into production in south Australia recently, IronClad should increasingly move onto the radars of investors.  The current valuation of around $50 million affords little or no attribution to the iron ore production to come and robust profit margins.

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Tue, 03 Jan 2012 09:01:00 +1100 http://www.proactiveinvestors.com.au/companies/news/146769/ironclad-mining-on-track-to-produce-iron-ore-in-march-quarter-23716.html
<![CDATA[Media files - IronClad CEO says there's tremendous potential for shareholders ]]> http://www.proactiveinvestors.com.au/companies/stocktube/5575/ironclad-ceo-says-theres-tremendous-potential-for-shareholders-182.html Mon, 21 Nov 2011 19:09:00 +1100 http://www.proactiveinvestors.com.au/companies/stocktube/5575/ironclad-ceo-says-theres-tremendous-potential-for-shareholders-182.html <![CDATA[News - IronClad Mining moves closer to production at Wilcherry Hill Iron Ore Project ]]> http://www.proactiveinvestors.com.au/companies/news/146768/ironclad-mining-moves-closer-to-production-at-wilcherry-hill-iron-ore-project-20790.html IronClad Mining (ASX: IFE) has been granted Mining Lease Proposal (MLP) for its Wilcherry Hill Iron Ore Project in South Australia, marking a significant milestone for Australia's newest iron ore mine using a multi-user bulk shipping port with a floating harbour.

In another first, the project will generate Direct Shipping Ore (DSO) magnetite.

The South Australian Government's approval signifies the start of IronClad's transformation from an explorer/developer to an iron ore producer and paves the way for final government go-ahead, and thus the start up of operations.

The project remains on target to produce first ore for shipment of DSO for sale to Chinese steel mills in the first quarter of the 2012 calendar year. Expected income from the first shipment is about $4.5 million.

The company is finalising with the S.A. government full operational approvals for the mine, with the imminent submission of its extensive Program for Environmental Protection and Rehabilitation (PEPR) and expects that process to be completed within two to three months.

Ian Finch, IronClad Mining's executive chairman, said “Our MLP, prepared in conjunction with Coffey Environments over a two-year period, is an incredibly detailed and comprehensive document, and to finally have it approved by the S.A. Government is a significant development for us.

“We are highly enthusiastic about the potential of Wilcherry Hill, and look forward to developing this in-demand iron ore project.”

IronClad have already sold the first two years of production from Stage One of the project, under a comprehensive sales contract and marketing agreement with its Singapore based agents.

Innovative development

The Wilcherry Hill project, located near Kimba on Eyre Peninsula, has attracted worldwide attention several months out from its maiden production, including widespread interest in a number of unique concepts that the company has embraced in order to export its ore.

These include a South Australian first multi-user bulk shipping port facility with a floating harbour that will boost Wilcherry Hill JV Iron Ore project economics with lower transport costs.

Impressively, IronClad's first ore will probably be direct shipping magnetite, also an Australian, if not a world, first.

A feasibility study for Stage One of the project established that, with an average iron ore price of A$135 per tonne FOB (net of freight charges) into China and initial operating costs of around A$85 per tonne, the project would provide IronClad with strong margins of approximately A$50 per tonne and an operating surplus of around A$100 million a year at full production during the first stage.

The Wilcherry Hill Project, an 80:20 Joint Venture between IronClad and its associated company, Trafford Resources Limited (ASX: TRF), will begin life as a relatively small project by iron ore industry standards, but will be producing a premium grade product.

Significantly, IronClad plans to rapidly expand the project in three stages to a total production target of over 10 million tonnes of iron ore a year, seeing the company rapidly escalate from a ramp up 1 million tonnes in the first year to two million tonnes in the second year of production.

The third year will see the commissioning of the floating harbour to coincide with the introduction of ore from the project's massive Hercules deposit.

Work has recently been completed on the accommodation village within the township of Kimba, with initial accommodation for 40 workers and the capacity to be expanded to house up to 80 workers.

IronClad has signed an agreement with Sea Transport Development SA Pty Ltd (SEATS), the proponents of the port facility at Lucky Bay, near Cowell, on South Australia's Spencer Gulf.

The company proposes to trans-ship its iron ore from a holding warehouse at the Lucky Bay port site to a floating harbour about seven-to-10 kilometres offshore.

IronClad will finance and develop the floating harbour which will enable cape-sized vessels with a capacity of up to 150,000 tonnes to be loaded with Wilcherry Hill iron ore.

The company had previously announced plans to transport iron ore from the mine site via road to a site near Whyalla, where it was to be loaded onto rail to Port Adelaide, before being transferred to Panamax and small cape-size vessels.

However, the multi-user, bulk shipping port facility IronClad are now developing allows the company to transport its initial iron ore by road from Wilcherry Hill to onshore Lucky Bay where it will be loaded onto customised barges to be transported to the floating harbour. It will then be transferred to cape size ships docked alongside the offshore facility.

Importantly, this option will reduce the land transport distance from Wilcherry Hill to port from the initially proposed 520 kilometres to only 154 kilometres.

The company expects to reduce operating costs significantly as a result of the shortened transport distance which will in turn allow it to bring forward production plans and self-fund those plans to a greater degree.

Financing

Financing for the start-up production phase is well underway, with keen interest shown by a large number of banks and other financial institutions.

IronClad intends to remain a wholly Australian-owned and operated iron ore company and with just 75 million shares on issue (about 36% owned by Trafford Resources), and with remaining funding likely to be raised through borrowing and paid back from early production, IronClad will remain a closely held stock - leveraged to news flow.

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Mon, 17 Oct 2011 09:08:00 +1100 http://www.proactiveinvestors.com.au/companies/news/146768/ironclad-mining-moves-closer-to-production-at-wilcherry-hill-iron-ore-project-20790.html
<![CDATA[News - IronClad Mining secures Lucky Bay port access for Wilcherry Hill JV Iron Ore project ]]> http://www.proactiveinvestors.com.au/companies/news/146767/ironclad-mining-secures-lucky-bay-port-access-for-wilcherry-hill-jv-iron-ore-project-18292.html IronClad Mining (ASX: IFE) has exercised its option held with Sea Transport Corporation over the port facilities at Lucky Bay in South Australia, moving the company closer to a two stage trans-shipping operation due to commence in early 2012.

On May 3 IronClad signed the option agreement to ship iron ore from a holding warehouse at Lucky Bay to a floating harbour, located about 5-10 kilometres offshore South Australia.

Importantly, the option gives the company full access to a designated 50 hectare site, with harbour frontage and full usage of the port itself.

The company can now accelerate its plans to get into cape size vessels at the earliest possible time utilizing the planned floating harbor. This is expected to be possible within two years, which will positively affect the economics of the project for the company.

The innovative development of a multi user port and floating harbour off the coast of South Australia will boost Wilcherry Hill JV Iron Ore project economics with lower transport costs. Production is due to commence with direct shipping magnetite ore (DSO) export later this year, upon South Australian government approvals.

The Wilcherry Hill project is an 80:20 joint venture between IronClad and its associated company Trafford Resources (ASX: TRF), is situated near Kimba on the Eyre Peninsula, and would also strengthen economic growth and employment opportunities in the region.

The project will start relatively small by iron ore industry standards, however it will be producing a premium grade product and it is planned to expand rapidly, in three stages, to a total production target over 10-12 million tonnes of iron ore a year.

Stage one will see IronClad’s DSO transported in customised containers, by road from Wilcherry Hill, to its harbourside facility.

Initially, the containers will be loaded onto a specially designed barge and powered by tug to waiting Panamax size vessels anchored 5–6 Kilometres offshore. Onboard cranes will load the ore by tipping the containers into the holds.

IronClad has acquired the tug which is currently being fully refurbished in Queensland and construction of a purpose built barge will commence shortly.

Stage one loading will be augmented in 2012 by the addition to the fleet of a powered feeder vessel capable of delivering up to 12,000 tonnes per day.

The design of the feeder vessel will be compatible to its eventual role as feeder to IronClad’s proposed floating harbour. In all, two feeder vessels are planned for completion by the time the floating harbour is commissioned.

Stage two transshipment of ore will commence from Lucky Bay when the proposed floating harbour is commissioned. It will anchor about 10 kilometres offshore and will be capable of docking full cape size (150,000 tonne capacity) vessels.

A negatively pressurised storage shed will be constructed onshore from which the two feeder vessels will ferry ore. The floating harbour will have the capacity to store, onboard, up to 100,000 tonnes of ore, also in a negatively pressurised environment.

With two feeder vessels delivering a further total of 24,000 tonnes per day a fast loading time of around 4 days can be anticipated.

The floating harbour design has commenced. Once construction begins it is anticipated that the build time will be approximately 18 months.

Commissioning will be aimed to coincide with upgraded throughput from the mine in late year two or early year three.

The South Australian Government, has already supported the multi-user harbour concept under Section 49 of the Development Act, which facilitates approvals for infrastructure projects considered essential to the South Australia’s development.

Sea Transport Corporation is currently preparing a comprehensive development application utilising key design and environmental impact assessment specialists.

The company expects final government approval for the port at the end of 2011.

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Tue, 02 Aug 2011 09:12:00 +1000 http://www.proactiveinvestors.com.au/companies/news/146767/ironclad-mining-secures-lucky-bay-port-access-for-wilcherry-hill-jv-iron-ore-project-18292.html
<![CDATA[News - IronClad Mining set to mine iron ore from Eyre Peninsula with port facility and floating harbour ]]> http://www.proactiveinvestors.com.au/companies/news/146766/ironclad-mining-set-to-mine-iron-ore-from-eyre-peninsula-with-port-facility-and-floating-harbour-15916.html IronClad Mining (ASX: IFE) has signed an option agreement with Sea Transport Corporation to ship iron ore from a holding warehouse at Lucky Bay to a floating harbour, located about 5-10 kilometres offshore South Australia.

The multi user port and floating harbour will provide an important port outlet and significant cost savings for the Wilcherry Hill JV Iron Ore project.

In a first for the state, a multi user port facility is to be developed near Cowell on South Australia’s Spencer Gulf, which is welcome news for IronClad as it is on the verge of mining iron ore from the Eyre Peninsula.

The Lucky Bay port option will reduce the land transport distance from Wilcherry Hill to ships from 540km to only 154km and importantly, the JV expects to reduce operating costs by about $20 per tonne, from $85 to $65 per tonne.

The Wilcherry Hill project is an 80:20 JV between IronClad and its associated company Trafford Resources (ASX: TRF), and is situated near Kimba on the Eyre Peninsula.

The announcement was made today by Ian Finch, IronClad’s executive chairman, at the second day of the Paydirt 2011 South Australian Resources& Energy Investment Conference in Adelaide.

“This is a significant announcement for South Australia’s future bulk shipping needs. It is a win-win situation for everyone, and is a very exciting project for all parties involved,” Finch said.

“Necessity is the mother of invention, and the establishment of our state-of-the art floating harbour and Sea Transport’s multi-user port facility are testament to what can be achieved when innovative people put their heads together to solve an issue.”

IronClad will use the facility, developed by Sea Transport Corporation, to load cape-sized vessels with storage capacity of up to 150,000 tonnes with iron ore from the floating harbour.

Previously, IronClad had announced plans to transport iron ore from the project via road to Whyalla, where it would be loaded onto rail to Port Adelaide, before being transferred to ships.

Under today’s announcement, the iron ore will be transported by road from Wilcherry Hill to Lucky Bay, where it will be loaded onto a barge to transport the resource to the floating harbour, where it will then be transferred to ships moored at the facility.

The South Australia government supports the multi-user harbour as it facilitates approvals for infrastructure projects considered essential to the state's development and will also strengthen economic growth and employment opportunities in the region.

Sea Transport Corporation is currently preparing a comprehensive development application utilising key design and environmental impact assessment specialists.

The JV plans to export premium grade Direct Shipping Ore (DSO) from Wilcherry Hill from late this year, targeting an annual rate of up to two million tonnes a year within two years.

Although the Wilcherry Hill project will begin life as a relatively small project by iron ore industry standards, it will be producing a premium grade product and it is planned to expand rapidly in three stages to a total production target over 10 million tonnes of iron ore a year.

The multi-user port facility will be developed in two stages. Stage One will operate via a tug and barge system. IronClad has already purchased a tug and construction of the barge will commence soon.

Stage Two will be developed with customised motorised feeder barges, on-shore loading facilities and an off-shore floating harbour.

For the first two years, iron ore will be transported in containers by road to the port and transhipped in feeder barges, still in containers, to iron ore carriers equipped with cranes and dust suppression systems. The containers will be lifted by crane and emptied into the hold.

As the tonnage increases, this system will be replaced with a bulk loading system in which bulk ore will be carried from the land based port to a floating harbour, a floating facility with ore stockpiling space and docking facilities, which will be permanently anchored in water deep enough for +150,00 tonne ore carriers to tie up and load alongside.

On March 25 IronClad awarded a $4.7 million contract for a mine village to be constructed at Kimba, South Australia, to accommodate the workforce for its Wilcherry Hill Iron Ore mine.

Four years after its discovery, Wilcherry Hill differentiates itself from other iron ore projects in Australia as it has a relatively low start-up capital cost of around $26 million.

A robust rate of return and quick pay back is possible at current and projected iron ore prices.

Stockbrokers Intersuisse placed a speculative BUY on Ironclad in December 2010.

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Tue, 03 May 2011 16:01:00 +1000 http://www.proactiveinvestors.com.au/companies/news/146766/ironclad-mining-set-to-mine-iron-ore-from-eyre-peninsula-with-port-facility-and-floating-harbour-15916.html
<![CDATA[News - IronClad Mining underwritten rights issue to raise A$11.3m for Wilcherry Hill Iron Ore mine ]]> http://www.proactiveinvestors.com.au/companies/news/146765/ironclad-mining-underwritten-rights-issue-to-raise-a113m-for-wilcherry-hill-iron-ore-mine-15221.html IronClad Mining (ASX: IFE) has received strong support for its non renounceable rights issue of shares to raise funds for the Wilcherry Hill Iron Ore mine start up. 

The funds will be used to secure long lead time capital items, complete mining, processing and transport optimisation studies, and commence construction of the accommodation village.

Once State approvals have been received, funds will also be used prepare for the project construction phase.

Mining is scheduled to commence in September this year with first shipments likely before year end, subject to State permitting.

The rights issue was fully underwritten by Intersuisse Ltd and was offered on a one for four basis at $0.75 a share with one free attaching option per new share.

Total shareholder applications were for 7,991,241 shares, comprising entitlements from shareholders of 4,877,115 shares plus additional shareholder applications for 3,114,126 shares.

The shortfall of the issue, being 7,141,728 shares, was taken up by institutional and sophisticated investors as major shareholder Trafford Resources (ASX: TRF) did not accept its entitlement of about 5 million shares.

The project is an 80:20 joint venture between IronClad and Trafford Resources Limited which discovered the iron ore when exploring for gold in 2006.

Four years after its discovery, Wilcherry Hill differentiates itself from other iron ore projects in Australia as it has a relatively low start-up capital cost of around $26 million. A robust rate of return and quick pay back is possible at current and projected iron ore prices.

On March 25 IronClad awarded a $4.7 million contract for a mine village to be constructed at Kimba, South Australia, to accommodate the workforce for its Wilcherry Hill Iron Ore mine.

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Tue, 05 Apr 2011 10:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/146765/ironclad-mining-underwritten-rights-issue-to-raise-a113m-for-wilcherry-hill-iron-ore-mine-15221.html
<![CDATA[News - IronClad Mining awards A$4.7m contract to build mine village for Wilcherry Hill ]]> http://www.proactiveinvestors.com.au/companies/news/146764/ironclad-mining-awards-a47m-contract-to-build-mine-village-for-wilcherry-hill-14947.html IronClad Mining (ASX: IFE) has awarded a $4.7 million contract for a mine village to be constructed at Kimba, South Australia, to accommodate the workforce for its Wilcherry Hill Iron Ore mine.

The village, to be built by Ausco Modular of South Australia, will initially accommodate 40 people and will have the capacity an 80 strong workforce as the project expands to full capacity. The design will be constructed to blend into the farming town, which is 46km from the Wilcherry Hill mine.

The Kimba council and community are cooperating with the development as the mine will create employment in the district and expand the population, contributing to improved economic and social well being.

The Wilcherry Hill Iron Ore Mine, which is an 80:20 Joint Venture between IronClad Mining and Trafford Resources (ASX:TRF) is planned to begin production late this year.

Wilcherry Hill will have a relatively low start-up capital cost of around $26 million. A robust rate of return and quick pay back is possible at current and projected iron ore prices.

The mine will export high value premium quality Direct Shipping Ore (DSO) concentrates at a rate of up to 2 million tonnes a year from a major deposit of crystalline magnetite at Wilcherry Hill.

The mining operation is planned to expand and extend to the Hercules iron ore project, adjacent to Wilcherry Hill. The expansion will be in three steps to a total output of over 10 million tonnes of iron ore a year in the long term.

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Fri, 25 Mar 2011 14:04:00 +1100 http://www.proactiveinvestors.com.au/companies/news/146764/ironclad-mining-awards-a47m-contract-to-build-mine-village-for-wilcherry-hill-14947.html
<![CDATA[News - IronClad Mining ticking all the boxes at Wilcherry Hill Iron Ore Project ]]> http://www.proactiveinvestors.com.au/companies/news/146763/ironclad-mining-ticking-all-the-boxes-at-wilcherry-hill-iron-ore-project-14939.html IronClad Mining (ASX: IFE) has few boxes left to tick in the development of its low capital expenditure Wilcherry Hill Iron Ore Project in South Australia.

With a successful Direct Shipping Ore  (DSO) export program, the project will be only the second iron ore mine worldwide to supply direct shipping grade magnetite iron ore for export.

Four years after its discovery, Wilcherry Hill differentiates itself from other iron ore projects in Australia as it has a relatively low start-up capital cost of around $26 million. A robust rate of return and quick pay back is possible at current and projected iron ore prices.

The project will produce up to 2 million tonnes of premium quality  DSO a year in its first three to four years. The DSO will be sold to Chinese steels mills under a sales and marketing agreement announced six months ago.

Thereafter throughput will increase over time, with the addition of magnetite concentrates to inventory. Five to six million tonnes output is targeted by the end of year three.

With an average iron ore price of A$133 net of freight charges into China (current pricings are about A$144 net of freight costs), initial operating costs of A$85 per tonne and robust margins of approximately A$50 per tonne are predicted.

Based on a comprehensive Definitive Feasibility Study (DFS) these figures, at first full year’s production, will return an operating cash flow of around A$100 million a year in stage one of the project and will ensure a rapid payback of any borrowings.

The project is an 80:20 joint venture between IronClad and Trafford Resources Limited (ASX: TRF) which discovered the iron ore when exploring for gold in 2006.

The company has now ticked the following boxes on the path towards development:

Exploration

Over 133,000m of drilling has been completed over the iron ore deposits within the 976 km2 Wilcherry Hill tenements. Previously unrecognised, high quality, skarn magnetite was identified.

The large Hercules deposit 45km east of Wilcherry Hill was also discovered. Wilcherry Hill will supply ore to the project for many years whilst Hercules remains the long term future of the company.

Resource estimate

The company announced a JORC compliant resource of 69.3 million tonnes of near surface crystalline (skarn) magnetite ore at Wilcherry Hill comprising 48 million tonnes in the indicated category and 21 million tonnes in the inferred category.

The total potential for skarn magnetite is approximately 600-700 million tonnes. 198 million tonnes of ore has also been outlined at Hercules – however the overall potential there remains in excess of 1.5 billion tonnes.

Metallurgical Studies

Extensive metallurgical and processing studies have confirmed that the Wilcherry Hill crystalline magnetite is an extremely high quality material, easy to mine, self fluxing and with very low level of contaminants.

Direct Shipping Ore Identified: In August 2009 IronClad advised that tests on near surface high grade crystalline magnetite had demonstrated that some ore could be mined as a premium grade direct shipping ore (DSO) by crushing, screening and a simple dry magnetic separation process.

The company immediately focussed on defining enough DSO grade magnetite to achieve an early, low cost entry into iron ore production.

Iron Ore Sales Contract

IronClad signed a comprehensive sales and marketing agreement with Singapore based OMS Materials on September 14, 2010 under which OMS will purchase the first two years production of Wilcherry Hill iron ore at market prices for shipment to a stockpile in southern China and distribution to steelmakers as required. OMS was also appointed exclusive agent in China for Wilcherry Hill Iron Ore.

Native Title Agreement

A Native Title Mining Agreement signed by the Gawler Ranges Native Title Claim Group and Executives of IronClad on September 1st 2010 provides opportunities for the local Aboriginal people and opens the way for Native Title and Aboriginal heritage clearances.

Environmental Studies

Over two years of environmental studies were completed and the results embodied in documents provided to the state government of South Australia for their consideration as part of the Mining Lease Approvals process.

The Mining Lease Applications have been completed and submitted to the South Australian government for their approval. It is anticipated that such approvals should be forthcoming by August or September of this year.

An early works programme has previously been approved and many local site works have already been completed and all major tenders and contracts pertaining to the project are in the process of finalisation.

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Fri, 25 Mar 2011 09:23:00 +1100 http://www.proactiveinvestors.com.au/companies/news/146763/ironclad-mining-ticking-all-the-boxes-at-wilcherry-hill-iron-ore-project-14939.html
<![CDATA[News - IronClad Mining to raise A$11.3m for Wilcherry Hill Iron Ore Project development ]]> http://www.proactiveinvestors.com.au/companies/news/146762/ironclad-mining-to-raise-a113m-for-wilcherry-hill-iron-ore-project-development-14161.html IronClad Mining (ASX: IFE) will raise about A$11.3 million through a rights issue of 15,132,969 shares at $0.75 per share to advance the Wilcherry Hill Iron Ore Project towards production.

The offer to shareholders will be made on the basis of one IronClad share and one free attaching option for every four shares held and will be fully underwritten by Intersuisse Limited.

The funds will be used for ongoing construction and fabrication for the low cost $26 million start-up of stage one at Wilcherry Hill, including the securing of long lead time items.

Production of premium quality Direct Shipping Ore is expected to commence in the final quarter of this year for sale to Chinese steel mills.

IronClad shareholders will also have an opportunity to apply for additional shares from any shortfall in the take-up of rights.

On completion of the issue IronClad will have raised about $17 million since December 2010.

Ironclad said "most of the remaining capital requirement could be satisfied from debt facilities and repaid early from production. This would remove the need to ask shareholders for further funding while preserving their equity levels and future value in the project."

The company has already secured the sale of the first two years of production from stage one of the project under a comprehensive sales contract and marketing agreement with OM Materials Ltd of Singapore.

IronClad completed a feasibility study for stage one of the Wilcherry Hill Project late last year which indicated an average iron ore price of A$140 per tonne net of freight charges into China and initial operating costs of around A$85 per tonne.

On this basis the project would provide IronClad with margins of approximately A$55 per tonne and an operating cash flow of around A$110 million a year at full production during stage one.

The feasibility study also outlines how IronClad can reduce its costs by up to $19 per tonne within the two year period after start up.

Demand for iron ore in China has continued to strengthen since the feasibility study was concluded and is now at about A$182 per tonne for premium grade ore such as produced by Wilcherry Hill.

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Wed, 23 Feb 2011 10:32:00 +1100 http://www.proactiveinvestors.com.au/companies/news/146762/ironclad-mining-to-raise-a113m-for-wilcherry-hill-iron-ore-project-development-14161.html
<![CDATA[News - IronClad Mining in a trading halt, capital raising for magnetite iron JV ]]> http://www.proactiveinvestors.com.au/companies/news/146761/ironclad-mining-in-a-trading-halt-capital-raising-for-magnetite-iron-jv-12506.html The ASX has granted a trading halt to IronClad Mining (ASX: IFE), pending a capital raising announcement by the company, with the potential new funds allocated to the development of the company's magnetite iron joint venture in South Australia.

The joint venture between IronClad (80%) and Trafford Resources (ASX:TRF)(20%), is located at the Wilcherry Hill project in South Australia, with early indications for a robust project with direct shipping ore.

The Wilcherry deposits contain coarse crystalline magnetite and low silica contents which enable low cost and efficient production of concentrates containing over 70% iron with very low impurity levels.

In addition, metal recoveries of over 95% and mass recoveries of 50% and up to 75%, are significantly higher than for typical Australian banded iron formation magnetite deposits.

 

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Mon, 13 Dec 2010 10:11:00 +1100 http://www.proactiveinvestors.com.au/companies/news/146761/ironclad-mining-in-a-trading-halt-capital-raising-for-magnetite-iron-jv-12506.html