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Market:	ASX
Sector:	General Mining
EPIC:	BMB
Latest Price:	0.01 (16.67% )
52-week High:	0.04
52-week Low:	0.01
Market Cap:	24.48M

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Balamara Resources

Balamara Resources (ASX: BMB) is a base metals explorer focused on building a portfolio of quality resource assets in Central Europe.

Sultan Corporation to greenlight development of Peelwood Copper/Zinc Mine in NSW

Thursday, August 20, 2009

Budding copper and based metals producer, Sultan Corporation (ASX: SSC) will proceed with mine development of the Copper-Zinc Peelwood project in central New South Wales.

The Peelwood project is 100% owned by Sultan Corporation. Peelwood has the potential for the discovery of multiple economic VHMS style base metal deposits of submarine volcanic origin similar to the Captains Flat and Woodlawn deposits.

A recent feasibility study into the viability of Peelwood indicated robust project economics:

- Initial Mine Life 5 years
- Conventional Open Cut Mining
- Mill throughput 80 – 100Kt per annum
- Copper Produced - 4427 tonnes
- Zinc Produced 21357 tonnes
- Lead Produced - 2708 tonnes
- Silver Produced 193,023 ounces

Sultan’s Managing Director, Derek Lenartowicz said the company had decided to greenlight development of Peelwood because of its location, high grade, close proximity of ore to surface, friendly metallurgy, low capital outlay and quick payback.

With it, Sultan would move from explorer to miner and generating cash flows.

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