vssmnn Posted December 6, 2007 Report Share Posted December 6, 2007 READ AT FIRST: 31/01/2007 Magnesium International may close Egyptian ops if no investing partner found Website: http://www.mgil.com.au Shortcode ASX: MGK (or formerly: MIL) Market Cap: 9.98 Mio AUD Presentation of the new project: http://www.brr.com.au/event/MGK/1725/34598/wmp/iom6xuzyrx All News here: http://stocknessmonster.com/news-history?S=MGK&E=ASX MIL shifts attention to PNG ironsands http://www.pngindustrynews.net/storyview.a...light=magnesium MAGNESIUM International has signed a deal to acquire up to 90% of the Amazon Bay ironsands project in PNG. Under the agreement MIL will buy an initial 25% stake in private PNG company Titan Mines, which owns Amazon Bay, for 15 million MIL shares, 7.5 million MIL primary options, $A300,000 in cash and funding the first stage evaluation program up to $A1.25 million. Each primary option has an exercise price of A10c and expires on May 31, 2012. On exercise, the option converts into one ordinary share and one secondary option, which has an exercise price of A15c and expires on May 31, 2015. MIL can fund a further $A1.25 million on the subsequent stage two evaluation and development program to increase its stake in Titan to 51%. This will give the company two options to fund a further $A10 million to boost its interest to 75% and 90%. Evaluation of Amazon Bay by AOG Minerals in the early 1970s had indicated the project might contain up non-JORC resource of up to 445 million tonnes of ironsands in four major areas in a 160km by 8km zone along PNG's southeast coast. Laboratory testing had concluded a combination of screening, gravity and low intensity magnetic separation could produce a concentrate of more than 40% iron, 10% titanium oxide and 0.4% vanadium. Historical rockchip sampling in the 1565 square kilometre exploration licence had also revealed the presence of copper and gold. MIL said the initial evaluation and development program at Amazon Bay will consist of an aeromagnetic survey to scope out the overall scale of the exploration targets; metallurgical testwork to minimise capital and operating costs; and marketing investigations. It will also include initial drilling, bulk sampling and regional reconnaissance to confirm and extend previously known mineralisation as well as baseline environmental and community studies. This will be followed by developing a scoping or conceptual feasibility study. Joint Venture Partner: http://kingeagle.org/ Project: http://kingeagle.org/amazon.htm He Guys, now the big question: How do you think about this story??? Link to comment Share on other sites More sharing options...
vssmnn Posted December 25, 2007 Author Report Share Posted December 25, 2007 18 December 2007 AMAZON BAY IRONSANDS EVALUATION WORK COMMENCING Highlights • Titan Mines Limited (“Titan”) - 25% owned by MIL with an earn-in up to 90% - is finalising arrangements to undertake an aeromagnetic survey of EL 1396. This survey is aimed to scope out the scale of the Amazon Bay ironsands exploration target beyond the 445 million tonnes of ironsands reported by AOG Minerals from previous work (non-JORC Code measurement). • The Metallurgical testwork program has been developed and is commencing at Metcon Laboratories. http://sa.iguana2.com/cache/7bc307731466be...-MGK-486338.pdf Link to comment Share on other sites More sharing options...
vssmnn Posted December 30, 2007 Author Report Share Posted December 30, 2007 Website now updated, the old magnesium stuff was removed: http://www.mgil.com.au/index.html Link to comment Share on other sites More sharing options...
drbubb Posted December 31, 2007 Report Share Posted December 31, 2007 Is there Life after Death? Link to comment Share on other sites More sharing options...
vssmnn Posted December 31, 2007 Author Report Share Posted December 31, 2007 Is there Life after Death? Yes, it seems so!!! I am not invested in the moment, but the companies technical background , international contacts (because the failed magenesium project) and experiences in project-financing is ist worth to take a look from time to time. I dont know, what`s the worth of a Ironsand property, but the transportation / ship-loading costs will be extremly low. And in a Iron Ore Project, transportation is a huge cost-factor (30% +x of all if I am right) PS: I need someone, who would make a call and ask for the correctness of the companies Frankfurt Stock Exchange listing. Will they stay listed in Frankfurt in future, I have no ASX broker, thatswhy it is important for me as a potential interested european investor. Look here: http://isht.comdirect.de/html/detail/main....mp;sSym=MIC.FSE My english lang on telephone is not the best. Would be happy. MIL Resources Limited Level 6, 210 George Street Sydney, NSW 2000 Tel: (02) 9252-1505 Fax: (02) 9252-1507 Link to comment Share on other sites More sharing options...
drbubb Posted December 31, 2007 Report Share Posted December 31, 2007 My quick take on this: It might work... Because PNG is closer to China than Brazil is. Right now shipping freight rates from Brazil to China are hugely high, about double what they are from Australia. So maybe it does make sense to mine Iron ore in PNG. The problem is, you must get the ore from the mine to the port, and that normally means building an expensive mine and railway FMG cracked it in Oz, and made huge returns for their trouble and their risk-taking Link to comment Share on other sites More sharing options...
vssmnn Posted January 2, 2008 Author Report Share Posted January 2, 2008 The cash position at 30 September 2007 was A$5.66 million after all costs relating to the various share issues http://sa.iguana2.com/cache/02dcd280870c90...-MGK-478793.pdf todays Market-Cap. 9,41 Mio. AUD Still wait for Q4 cashflow report, but if marketcap includes still more like 50% cash... hmmm.. that would be a interesting stuff<<< Link to comment Share on other sites More sharing options...
Shouganai Posted January 10, 2008 Report Share Posted January 10, 2008 My quick take on this:It might work... Because PNG is closer to China than Brazil is. Right now shipping freight rates from Brazil to China are hugely high, about double what they are from Australia. So maybe it does make sense to mine Iron ore in PNG. The problem is, you must get the ore from the mine to the port, and that normally means building an expensive mine and railway FMG cracked it in Oz, and made huge returns for their trouble and their risk-taking That actually is not strictly true. It is not just a matter of 'distance to port' as implied. Sure PNG is closer to China, the major market, but shipping from PNG involves some hurdles. 1. Larger vessels have far greater freight advantages - can this part of PNG handle large vessels? Nope, so either $50-100mil needs to be spent dredging or buiilding a wharf going out to a depth of 18-25m to handle capesize vessels, as large steel mills in China are used to handling this size vessel. This side of PNG is a low energy coastline so the coastline is generally shallow. 2. Larger vessels are expensive so you need to have high capacity shiploaders to reduce demurrage costs. This requires alot of low capacity floating cranes (not viable) or dredging to build a fixed shiploader on the jetty. By comparison, WA and South America where the bulk of iron ore comes from have lovely deepwater coastlines, shared infrastructure (rail and port) which are developed by third parties, so its a unit cost, not a capital item that will create a barrier to development. They are building greenfields capacity, WA and Sth America essentially brownfields (incremental) capacity. So with these factors in mind, South America is looking pretty good. Anyway, given the freight penalty from Sth America, and the fact that most new mines are being built in WA, this project is competing with Australia, not Brazil. And Sth America ships into Europe, not Asia, since they have an advantage over Australia there albeit a smaller one in the Atlantic because of WA's capesize capacity. MIG does have the advantage of handling unconsolidated ore, so no crushing, they have little handling cost, though its a small benefit since most mines freight from site by conveyors into crusher, into rail, into ship. They will not have the economies of scale because of the shiploader constraint. They have the disadvantage of lower ore grade, though they might get significant metal credits from titanium, gold, though this will increase the processing cost. But it might actually subsidise iron ore mining. We dont know the primary ore grades - at least herein, we only get the concentrate grades. I trust that helps. See my blog for more analysis. www.sheldonthinks.com Link to comment Share on other sites More sharing options...
vssmnn Posted January 10, 2008 Author Report Share Posted January 10, 2008 what about Dredgers??? thx Andrew for helpful information. Visited your website... btw: What do you think about TSX:AXI (Advanced Explorations and TSX:QU (Quinto Mining). Link to comment Share on other sites More sharing options...
vssmnn Posted June 29, 2008 Author Report Share Posted June 29, 2008 watch the news!!! http://www.stocknessmonster.com/news-history?S=MGK&E=ASX Link to comment Share on other sites More sharing options...
vssmnn Posted July 8, 2009 Author Report Share Posted July 8, 2009 http://stocknessmonster.com/news-item?S=MG...SX&N=556486 Rio Tinto enters corporate middle age http://www.theaustralian.news.com.au/busin...2-30538,00.html Now MIL Resources (MGK) appears to be the latest beneficiary. The company is exploring an area on the southern coast of Papua New Guinea that was once worked over by CRA. The junior reports that panning at its Poi project has produced visible gold up to 3mm in diameter. MIL\'s interest, though, is the hard rock gold underneath. Incidentally, this junior is chaired by the well-known mining figure Pat Elliot, who also sits around the board table at Global Geoscience (GSC), Platsearch (PTS) and Argonaut Resources (ARE). MIL may be better known by its former name, Magnesium International, and once also traded as Wounded Bull Resources. http://www.proactiveinvestors.com.au/compa...uinea-1931.html http://www.proactiveinvestors.com.au/compa...y-png-1747.html Link to comment Share on other sites More sharing options...
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