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Market:	ASX
Sector:	Gold Mining
EPIC:	MGK
Latest Price:	0.02 (0.00%)
52-week High:	0.03
52-week Low:	0.01
Market Cap:	9.14M

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Mil Resources

MIL Resources (ASX: MGK) is a resources investment and development company with a number of projects including a 25% interest (and earning up to 90%) of the Amazon Bay ironsands project in Papua New Guinea.

The company also has a global exclusive license to the MIL-Dow electrolytic magnesium process technology and 100% ownership of magnesite resources near Leigh Creek, South Australia.

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

Tuesday, June 16, 2009

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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