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Tuesday, May 27, 2008

Murchison reports mineral resource upgrade at Jack Hills

Murchison reports mineral resource upgrade at Jack Hills

Murchison Metals Limited, the Australian listed iron ore company, has announced a substantial upgrade of mineral resources at its Jack Hills project in Western Australia.

The mine is operated by Crosslands Resources (a 50/50 joint venture with Mitsubishi Development), which has reported that the mineral resource has risen 13%, to 79.1 Mt, and beneficiation feed mineral resource has risen more than fivefold, to 445MT.

Murchison’s managing director, Trevor Matthews, has described the increase as an important boost to the development of the Jack Hills project and indicative of its underlying value.

He is also confident that it will reinforce the value proposition to all shareholders of Murchison’s proposed merger with Midwest Corporation.

Midwest is a rival iron ore developer and the companies have been negotiating an agreement that will take the form of a reverse takeover of Midwest by Murchison.

The Jack Hills mine is currently in its first stage of development, which should see production of iron ore raised to 2.0 million tonnes per annum over five years.


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