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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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Tuesday February 09, 07:53Mediterranean Oil & Gas doubles proven and probable reserves for Ombrina Mare to 40 mmbbls

The good news gave a welcome boost to the group's share price, sending the stock up nearly 15 percent in early trade.

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Monday February 08, 09:33Tethys Petroleum achieves flow rates of over 5,400 bopd at AKD01 discovery in Kazakhstan

Current mapping indicates that the AKD01 well is in a downdip location on the prospect Doris with approximately 56 metres of elevation updip of the well, potentially bringing the entire lower reservoir into the oil zone.

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Tuesday February 09, 01:53Chindex International reports increasing medical and healthcare revenues

Healthcare products and services group Chindex International (NASDAQ: CHDX) reported increasing revenues as it continued to expand its operations in the People’s Republic of China (PRC).

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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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