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Market:	ASX
Sector:	Gold Mining
EPIC:	MZM
Latest Price:	0.32 (-3.03% )
52-week High:	0.90
52-week Low:	0.25
Market Cap:	21.52M

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Montezuma Mining Company Full Montezuma Mining Company profile here

Montezuma Mining Company (ASX: MZM) has in excess of 3,000 km2 of exploration tenure in Western Australia, with multi-commodity prospectivity including gold, copper, nickel and uranium targets.

The company's Butcher Bird Project contains the historic Butcher Bird mine, a high grade near surface copper mine which targeted supergene copper mineralisation. The mine has recorded production of 8.46t of copper at an average grade of 22.6%.

Montezuma Mining reports high grade iron mineralisation intersected at Mt Padbury

Tuesday, December 08, 2009

Shares in Montezuma Mining (ASX: MZM) have jumped 19% after high grade iron ore mineralisation was confirmed over a strike length of approximately 1,000m at Mt Padbury in Western Australia.

The company received the summary drilling data from the recently completed RC drilling programme at Mt Padbury from Sinosteel Midwest Corporation.

Following the announcement, shares in Montezuma increased 19.1%, or 4.5c, to 28c.

Assays were received for 76 hole RC drilling programme completed for 6,958m at the Jabiru Prospect, located near Meekatharra in Western Australia.

The best results included RIRC172 20m @ 57.5% Fe from 3m 49m @ 60.2% Fe from 26m; RIRC173 74m @ 60.8% Fe from 13m and RIRC185 43m @ 60.4% Fe from 0m.

The intersections occur over broad down hole widths and provide significant encouragement for the upcoming maiden Mineral Resource Estimate scheduled for early 2010.

Per the terms of the sale of the iron ore rights at Mt Padbury to Sinosteel Midwest, if Sinosteel Midwest defines a JORC compliant iron ore resource in excess of 10M tonnes grading over 50% Fe, a further cash payment of $4M becomes payable to Montezuma.

Montezuma will also receive royalties on any future production.

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