Reed Resources is edging closer to becoming a mid-tier gold producer as the company moves into the commissioning phase, scheduled for December 2012, at its Meekatharra Gold Project. A A$10M capital raising will maintain appropriate levels of working capital as the company works to achieve this momentous move.
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Reed Resources
www.reedresources.com/Reed Resources (ASX: RDR) owns the 1000 square kilometre Meekatharra Gold Project in the Murchison district of Western Australia, a region hosting multiple multi-million ounce deposits.
In-Depth Reed Resources Articles
Archive-
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11/07/2012
Reed Resources cements A$23m credit approval from Barclays Bank for Meekatharra
The approval of a A$23m debt financing facility for Reed Resources’ Meekatharra Gold Project is a major vote of confidence in the company’s operations as it nears production, which is scheduled for the December quarter of 2012.
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03/04/2012
Reed Resources launches $40m underwritten rights; Meekatharra on target for 2012 gold pour
The transition to gold producer before the end of 2012 is fast becoming a reality for Reed, with funding now in place to develop the wholly owned Meekatharra Gold Project which already boasts 3.6 million gold ounces - and a Reserve of 750,000 gold ounces.
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21/03/2012
Reed Resources: Meekatharra resource upgraded to 3.6m gold ounces, undervaluation remains
The undervaluation of Reed Resources is still clear. With an enterprise value of $63 million (based on $0.28 share price) and a resource of 3.59 million ounces, the EV/Resource ounce remains well under $20 - the peer average is closer to $90.
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28/02/2012
Reed Resources first gold pour in late 2012 at Meekatharra after 'decision to mine' made
The board's decision to mine is a momentous one for Reed, and with an EV/Resource ounce basis of $11 an ounce relative to its peer average of $90 an ounce, Reed looks undervalued at its current valuation of $85 million and share price of $0.33.
Reed Resources News
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Related Research & Media
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Current Operations:
| PROJECT | STATUS |
|---|---|
| Mt Marion Lithium |
Resource of 10.5 million tonnes @ 1.4% Li2O for 146,500 tonnes of contained Li2O. The resource is open along strike and down dip. The Joint Venturer Partners expect to mobilise a processing plant and related equipment with a production rate of 17,000 tonnes per month of +6.5% Li2O concentrate in 2010, subject to a decision to mine and obtaining all necessary approvals. |
| Barrambie Vanadium |
Definitive Feasibility Study into the production of ferrovanadium was completed in May09. An MOU for the offtake of the entire production during the first ten years has been signed with a major commodity trader. |
| Comet Vale Gold |
Operations currently on hold while appropriate ore treatment options are sourced. The total Indicated and Inferred Mineral Resource now comprises 534,000 tonnes at an average grade of 10.8g/t Au for 186,000 ounces of gold. |
| Mt Finnerty Iron |
Cliffs Natural Resources has earned an eighty per cent interest in Reed Resources' Mt Finnerty Iron Ore project. Cliffs are targeting an initial resource of 5-10Mt of DSO to complement their Koolyanobbing operations. |
| Mt Finnerty Nickel |
Previous exploration in the area by Western Mining Corporation (WMC) during the 1970s discovered a gossan; and two vertical drill holes in a subsequent drilling program intersected 1.34% Ni (BRFP28) and 1.14 % Ni (BRFP21) each over an interval of 3 metres. In addition, four highly anomalous soil geochemical anomalies have been identified that are coincident with the basal ultramafic/basal contact, spread over 10km of strike. |
| Bell Rock Range |
Anglo American Exploration can earn 75% by spending AUD$3m. Bell Rock Range is highly prospective for several commodities, particularly Ni-Cu sulphide and PGE mineralisation. |
| Comet Vale Nickel | Low intensity exploration. |
Management
DAVID REED OAM FCPA - Executive Chairman
David was born and raised in Kalgoorlie. He commenced stockbroking in 1963, qualified as an accountant in 1967 and became a member of the Perth Stock Exchange in 1971. His firm RW & DJ Reed merged with TE Eyres in 1981 and became Eyres Reed Ltd which was subsequently purchased by CIBC Wood Gundy in 1997. David remains a director of CIBC Australia Limited. David has been a prospector, former secretary of the Amalgamated Prospectors and Leaseholders Association and private mine owner. In 1984 David founded Mt. Martin Gold Mines NL, which with partner Newmont Australia developed the million ounce New Celebration Gold Mine. Mt. Martin merged with nickel producer Titan Resources NL (ASX Code:TIR) where David was Chairman from 1991 to 1997. In 1998 David was admitted as a Fellow of the Certified Practicing Accountants. In recognition of his service to the community he was awarded the Order of Australia Medal in 2002.
STEVEN COLE Llb (Hons) FAICD - Deputy Chairman
Steven has 35 years of professional, corporate and business experience through senior legal consultancy, as well as a range of executive management and non executive appointments. His extensive boardroom and board sub-committee experience includes ASX listed, statutory, proprietary and NFP organisations covering the industrial, financial, educational, professional services, health and resources sectors.
CHRISTOPHER REED BCom GradCertMinEcon ASA MAusIMM - Executive Director
Chris started in the mining industry in 1990 and co-founded Reed Resources in 2001. Chris holds a Bachelor of Commerce from the University of Notre Dame and a Graduate Certificate in Mineral Economics from WA School of Mines. He is a Member of the AusIMM and Vice-President of the Association of Mining & Exploration Companies.
PETER COLLINS BSc (Hons) PhD MAIGNon - Non-Executive Director
Peter has over 25 years experience as a geologist in Tasmania and Western Australia. Peter holds a Honours degree and Doctorate in Geology from University of Tasmania. Peter joined Curtin University of Technology in 1987 where he lectures economic geology. Peter was responsible for the discovery of the Sand George deposit at Comet Vale and brings considerable experience in quality geological investigations. Peter is a member of the Australian Institute of Geoscientists.
IAN JUNK BEng (Hons) MAusIMM - Non-Executive Director
Ian joined the board in December 2003. Ian is a highly respected mining engineer with considerable experience in narrow vein underground mining and project development. Ian holds a Honour degree in Mining Engineering from the Western Australian School of Mines and a First Class Mine Managers Certificate. Ian was instrumental in the purchase and management of the Miiitel and Wannaway nickel mines from WMC for the Miitel Joint Venture, involving Clough Mining and Mincor Resources NL. Ian and his brother Leigh were chosen as national finalists in the 2003 Ernst & Young - Young Entreprenuer of the Year for their successful implementation of innovative mining methods at the Miitel nickel mine. Ian is a member of the Australian Institute of Mining and Metallurgy.
JASON CARONE CA- Company Secretary
Jason holds a Bachelor of Commerce in Accounting and Business Law from Curtin University, WA and has been a member of the Institute of Chartered Accountants since 2000. Jason joined Reed in September 2007 as Financial Controller and in March 2009 was appointed joint Company Secretary. Jason brings to Reed over 10 years experience working in various professional and corporate capacities in Australia and South East Asia.
Major Shareholders
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Contact Information
Corporate Information
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Additional Information
| Market: | ASX |
| Sector: | Gold Mining |
| EPIC: | RDR |
| Latest Price: | 0.07
(1.49%  ) |
| 52-week High: | 0.25 |
| 52-week Low: | 0.06 |
| Market Cap: | 35.36M |
