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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 finds more gold at POI in PNG

Friday, September 11, 2009

Papua New Guinea explorer MIL Resources (ASX: MGK) has discovered further gold from pan concentrate sampling at Poi prospect.

High grade gold assays received from pan sampling, look to have opened up two new potential gold zones. Mogambos and Blue Rock anomalies, have extended the system to the north-west.

Best pan concentrate assays from the recent sampling returned: Mogambos: 12.15g/t Au; 11.90 g/t Au ; 7.36 g/t Au; Wacheri: 6.93 g/t Au; Morti: 4.52 g/t Au; Blue Rock: 1.18 g/t Au; Bona Flats: 1.13 g/t Au and Poi: 0.89 g/t Au.

John Haggman said the assay results tended to confirm the apparent continuous nature of the gold anomalous system.

He said this system is coincident with an extensive radiometric anomaly striking over 10km long and 1.5km wide.

Although early days, work to date indicates that Poi has characteristics typical of porphyry gold copper systems found in island arc settings such as PNG.

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