Probable Ore Reserve announced for Baal

30 July 2007 | 07:54 Code : 14749 Geoscience events
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North Queensland Metals has released an Ore Reserve for its Baal Gammon....

  North Queensland Metals has released an Ore Reserve for its Baal Gammon copper-tin project near Herberton in far north Queensland.The Probabe Ore Reserve is as follows: · Ore: 2,676,282 ore tonnes (1.07% copper, 0.23% tin, 38.1g/t silver and 33.5g/t indium; · Low grade ore: 430,725 ore tonnes (0.26% copper, 0.13% tin, 9.6g/t silver and 5.3g/t indium; · Total ore reserve: 3,107,007 ore tones (0.96% copper, 0.22% tin, 34.2g/t silver and 29.6g/t indium.Announcing the Probable Ore Reserve, North Queensland Metals Chief Executive Officer John McKinstry said: “This is another step toward the completion of the feasibility study. We are now able to proceed with more certainty on detailed costing of the mining operations.”The estimate compares favourably to what was considered in the scoping work prior to the issue of the prospectus in November last year.“The grade of copper is 20% higher than the previous Mineral Resource figure due to the favourable geometry and careful pit planning. The credit minerals, with recoveries and smelting terms considered, add approximately 65% to the value of the copper.“It is also important to note that the increases in commodity prices since the design work started in April have not been taken into account.”The pit design has been completed by the Brisbane office of Snowden Mining Industry Consultants (Snowden) based on the geological Resource Model compiled by AMC Consultants.North Queensland Metals is an Australian based and listed resource company with a focus on exploration in far north Queensland. The company has a 100% interest in the Baal Gammon copper-tin project near Herberton west of Cairns. North Queensland Metals is pursuing a strategy of developing several mines in the Herberton area to feed ore to a central milling facility.North Queensland Metals’ tenements in North Queensland cover hundreds of historic tin and base metal mines as well as being prospective for tungsten and molybdenum.

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