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Additional information
Additional Information
Market: ASX
Sector: Gold Mining
Epic: ASX: MGK
News: Latest news
Web Site: Mil Resources
Other Articles: 08-07-200916-06-200910-06-2009

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Monday March 15, 10:21Diamondcorp: a big cash injection and a lot of work to do

70% of the new money was raised from current shareholders, reflecting a hefty amount of faith in the management to deliver.

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Monday March 15, 11:38Calvin Klein owner buys Tommy Hilfiger for US$3 billion from Apax Partners

The New York listed shirt and neckwear company is paying €1.924 billion in cash and issuing €276 million in PVH common stock (approximately 8.7 million shares) to fund the transaction.

 

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Monday March 15, 08:01China's growth boosting commodity prices

The latest economic figures from China have put pressure on the dollar and boosted a number of high-yielding currencies, including the Australian dollar and the South African rand.

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Mil Resources

Mil Resources

MIL is a resources investment and development company with a number of activities:

  • 25% interest (and earning up to 90%) of the Amazon Bay ironsands project in Papua New Guinea;
  • global exclusive license to the MIL-Dow electrolytic magnesium process technology;
  • 100% ownership of magnesite resources near Leigh Creek, South Australia.
Wednesday, June 10, 2009

MIL Resources finds gold nugget at Poi in PNG

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Visible gold has been found in stream samples at the Poi Gold Project in Papua New Guinea. Poi is owned by Titan Metals, 50% owned by MIL Resources (ASX: MIL). A gold nugget found at Poi has re-inforced the focus of exploration at Poi.

The market cheered the news sending the MIL share price up 35%.

Visible gold up to 3mm diameter was panned in 7 sample sites draining the Poi and Kebei prospects, located 15km north east of Amazon Bay, PNG.  The objective of this first pass program is to confirm the results of the CRA reconnaissance program undertaken in 1984 which resulted in the delineation of a large 16km2 area of gold anomalism.  To date it was not followed up.

MIL is funding the initial $700,000 in exploration.

The Poi prospect occurs as a well defined gold copper mineralized syenite ridge with alluvial gold draining the intrusive system. Geophysical modeling has defined an extensive radiometric anomaly striking over 10km long and 1.5km wide coincident with cross-cutting radiometric structures and magnetic anomalies. This setting is considered to be a favourable host to gold copper mineralized systems.

Work is currently underway and includes the establishment of a grid at Poi, detailed mapping, rockchip sampling, trenching and further geophysical and geological modeling to test the gold and copper geochemistry associated with the Poi and Kebei Ridge prospects.

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