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Wednesday, June 11, 2008

Kagara to purchase Maitland copper deposit

Kagara to purchase Maitland copper deposit

Perth based diversified S&P ASX 200 Australian mining company; Kagara Ltd. has plans to purchase the Queensland based Maitland copper deposit and associated tenements from Glengarry Resources Limited.

Kagara says that subject to the approval of Glengarry shareholders, for this acquisition, it will pay $6.5 million and an A$5 per tonne royalty on ore processed in excess of one million tonnes.

The Maitland deposit, which is located 60 kilometres to the south-west of Kagara’s Balcooma mining operations, has a current indicated and inferred resource of 1.5 million tonnes grading 1.5% copper including a high grade molybdenum resource of 115,000 tonnes at 0.17% molybdenum and is open at depth.

Kagara will develop a satellite operation at Maitland and truck ore to the Thalanga mill, which is located to the west of Charters Towers, for processing.

Maitland Copper Deposit is a deposit in Queensland, Australia. It mainly contains copper. It is just one of 22 000 entities to be found in Raw Materials Data, the mining industry’s most extensive database.


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