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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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Thursday March 18, 08:01SmartFocus, Amphion Innovations and National Milk Records confirmed for March 18 Forum

The presentations will start at 6:00pm and finish at approx 7:30pm. After the presentations are complete the directors will also be available to take questions during a free canapé and wine reception.

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Thursday March 18, 01:14Cisco remains at the forefront of internet infrastructure

The stock has recently managed to breakout above the long term resistance found at the $25 level which should now provide support for any pullback before the share price drives higher

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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.
Tuesday, June 16, 2009

MIL Resources has high vanadium assay results at Amazon Bay, PNG

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Investors cheered the share price resurgence of MIL Resources (ASX: MGK) as the stock climbed 45% on news of vanadium sample assays from Amazon Bay Amazon Bay ironsands project in Papua New Guinea. MIL has a 25% and can earn up to a 90% interest in the project.

Assays from the recent ironsand sampling program at Amazon Bay have returned encouraging values up to 1.02% V205, 50.7% Fe and 20% Ti02. The grade of vanadium compares favourably with other vanadium deposits such as Aurox Resources (ASX: AXO) with V205 grade of 1.0% at Balla Balla, TNG (ASX: TNG) with V205 grade of 1.2% at Mt Peake, NT and Reed Resources (ASX: RDR) with V205 grade of 0.8% at Barrambie, WA.

The vanadium results put a new focus on Amazon Bay given the demand for vanadium where its dominant end use is in steelmaking as an alloying element with iron, steel and titanium.

Over 200 testpit and auger samples were collected from the Barracouta and Threadfin ironsands prospects which occur as significant magnetic anomalies within the Amazon Bay ironsands system. This system spans over 200km of coastal plain. At Barracouta 37 sampes were collected from surface to a maximum depth of 6 metres and at Threadfin 171 samples were collected from surface to a maximum depth of 10 metres.

Next steps: MIL intends to conduct further metallurgical testwork to determine the optimal process route for the treatment of the Amazon Bay vanadium rich titanomagnetite whilst advancing discussions with potential end users.

MIL Resources has high hopes for the Amazon Bay, PNG Project with a major ironsands exploration target of 3 – 4 billion tonnes of magnetite ironsands based on previous exploration and an airborne magnetic survey flown by MIL in 2008.

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