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KORAB RESOURCES LIMITED — Interim / Quarterly Report 2010
Jan 31, 2011
65198_rns_2011-01-31_94c95d75-7b59-4c78-bfa3-0722cec221d3.pdf
Interim / Quarterly Report
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KORAB RESOURCES LIMITED KORAB HOUSE
www.korab.com.au
Monday , 31 January 2011
MINING ENTITY QUARTERLY ACTIVITY REPORT - DECEMBER 2010
-
100,000 TPA PHOSPHATE ROCK OFF TAKE
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RARE EARTH AND URANIUM ANOMALIES DISCOVERED AT RUM JUNGLE
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NICKEL AND TITANIUM ANOMALIES DISCOVERED AT RUM JUNGLE
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NICKEL EXPLORATION PROGRAM AT RUM JUNGLE
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VMS COPPER EXPLORATION PROGRAM AT ASHBURTON DOWNS
OPERATIONS
During the quarter to 31 December 2010 Korab Resources and its subsidiaries have continued to work on the development of mining and quarrying assets in Australia and Ukraine and conducted exploration for phosphates (including phosphate related minerals), gold, base metals and iron ore in Australia. Summary of the exploration and development activities appears further in this report. The Company has also been progressing spin-offs of its gold assets into two separate entities that will seek admission to ASX during March 2011 quarter. Lugansk Gold Ltd has reserved ASX code LUG and Melrose Gold Mines Ltd has reserved ASX code MGH. Korab shareholders who will hold Korab shares on the relevant record dates (being 7 days from the date of issue of the respective IPO prospectuses) will receive priority if they decide to subscribe for additional shares in the IPO’s of Melrose Gold Mines Ltd and/or Lugansk Gold Ltd. Summary of information regarding projects operated by Lugansk Gold Ltd and Melrose Gold Mines Ltd appears further in this report. Korab has been also advised that Uranium Australia, which has joint ventures with Korab and Melrose Gold Mines over a number of projects in Western Australia and the Northern Territory, will seek admission to the ASX during the March 2011 quarter. Korab shareholders who will hold Korab shares on the relevant record dates (being 7 days from the date of issue of Uranium Australia prospectus) will receive priority if they decide to subscribe for shares in the IPO of Uranium Australia. Brief summary of information regarding Uranium Australia projects appears further in this report.
CASH FLOWS
ASX KOR Last price AU¢ 33
BERLIN C6S.BE Last price € 0.25
During the quarter, Korab group has spent $249,000 on exploration and development of its projects, and $173,00 on administration. From the total amount of $173,000 spent on administration executive chairman and non-executive directors of Korab and its subsidiaries have received payments totalling $73,000, or approximately 17% of the total cash flow expenditure for the quarter. Remaining fees have been deferred.
For the 12 months (4 quarters) to 31 December 2010, Korab and its subsidiaries have spent $1,213,000 on exploration and development and $557,000 on administration. The amount of $557,000 spent on administration expenses included costs of maintaining three subsidiary companies with offices in Australia and in Ukraine including office costs, utilities, telecommunication, insurance, ASX listing fees, costs of various professional service providers such as auditors, accountants, independent geological consultants and legal advisors, costs of commissioned research produced by independent market analyst, and salaries of staff, management and directors. From the total amount of $557,000 spent on administration, executive chairman and non-executive directors of Korab and its subsidiaries have received payments totalling $155,000, or approximately 9% of the total cash flow expenditure for 12 months to 31 December 2010. Remaining fees have been deferred.
EXPLORATION AND DEVELOPMENT
Issued capital 79 million shares
Market capitalisation AU$ 26 million € 20 million
During the quarter Korab has continued exploration of its projects and evaluation of data produced by field work undertaken during the previous quarter. Most of the work completed during the quarter was focused on Rum Jungle projects. Work included further sampling of the geochemical anomalies, RC and auger drilling and evaluation of results of drilling, pit sampling, assays and geophysical surveys. As part of this work Korab has continued first-pass drilling program to test two of the nickel anomalies at Rum Jungle projects.
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LEVEL 1, SUITE 6, 100 MILL POINT ROAD, SOUTH PERTH, WA, 6151 AUSTRALIA PO BOX 195, SOUTH PERTH, WA, 6951 AUSTRALIA
TEL (08) 9474 6166 FAX (08) 9474 6266
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KORAB RESOURCES LIMITED KORAB HOUSE
www.korab.com.au
Rum Jungle projects are located near Darwin in the Northern Territory and comprise Batchelor, Geolsec and Green Alligator projects where Korab has 100% rights to all minerals other than gold, uranium and thorium and 10% rights to uranium and thorium. Uranium Australia Ltd has 90% rights to uranium and thorium. Melrose Gold Mines Ltd has 100% rights to gold.
GEOLSEC
As announced in October 2010, parts of the phosphate mineralisation at Geolsec are associated with uranium and rare earths oxide enrichment. Average proportion of various rare earths as percentage of total rare earths in anomalous samples is shown below.
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30%
25%
20%
15%
10%
5%
0%
lantanum cerium praseodymium neodymium samarium europium gadolinium dysprosium terbium yttrium others
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Various rare earths as percentage of total rare earths
As a consequence of discovery of the rare earth and uranium anomalism with Geolsec deposit, Korab has reviewed development options for Geolsec phosphate deposit to asses to what extent the presence of uranium and rare earth enrichment changes the economics of the project. This review has shown that parts of the Geolsec deposit may be developed to supply direct application phosphate rock, and parts of the deposit containing uranium and rare earth enrichment will require additional detailed evaluation.
ASX KOR Last price AU¢ 33
BERLIN C6S.BE Last price € 0.25
Issued capital 79 million shares
Market capitalisation AU$ 26 million € 20 million
During the Quarter, Korab has received an offer to enter into 100,000 TPA off take agreement. The negotiations have been progressing very well and remaining terms of the agreement are being finalised. The agreement envisages that 100,000 tone per year will be delivered to Darwin port on FOB basis in 15,000-30,000 tone lots. Geolsec is located 70 km from Port of Darwin, along Stuart Highway and Darwin-Adelaide railway line. This will allow for very low cost transportation. Korab’s subsidiary Geolsec Phosphate Operations P/L is continuing its work to secure permits necessary to commence development of parts of Geolsec phosphate deposit.
Korab plans to develop parts of the deposit that have no uranium and rare earths oxides enrichment as a simple quarrying operation to supply pastoralists, organic farmers and other users of phosphate based organic fertilisers with an environmentally friendly product. Organic fertilisers based on ground-up rock phosphate offer several advantages over soluble fertilisers such as DAP, MAP or superphosphate. They slowly release nutrients into the soil matching the speed at which the nutrients are being absorbed by the plants. This reduces the risk of harmful accumulation of nutrients in the soil, reduces soil salinity and limits the serious environmental degradation caused by concentration of fertilisers in the ground water, rivers and the coastal waters.
One of the many benefits of phosphate rock organic fertilisers is their ability to restore micro-elemental and microbial soil balance which in turn leads to less reliance on artificial fertilisers and better crop yields. Application of phosphate rock to tropical acid soils has a potential trigger effect on plant growth and crop yields as a result not only of phosphorus release but also because of their effects on increasing exchangeable calcium
LEVEL 1, SUITE 6, 100 MILL POINT ROAD, SOUTH PERTH, WA, 6151 AUSTRALIA PO BOX 195, SOUTH PERTH, WA, 6951 AUSTRALIA
TEL (08) 9474 6166 FAX (08) 9474 6266
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KORAB RESOURCES LIMITED KORAB HOUSE
www.korab.com.au
and reducing aluminium saturation. The resulting plants have a better nutritional quality. Organic phosphates are a source of several nutrients other than phosphorus. The incorporation of these residues enhances biological activity and soil carbon accumulation, leading to improved physical and chemical soil properties and contributing to improved soil fertility and reduced soil degradation.
During the Quarter Korab has announced the results of assays and microscopic mineralogical analysis of surface rock-chip and drill-chip samples from the initial drilling at the “Siltstone” nickel anomaly located within the Rum Jungle projects. Geochemical analysis of drill samples from reverse circulation holes KORC1001 and KORC1002 has shown nickel, titanium, copper and cobalt enrichment from surface to approximately 100 meters in hole KOR1001 and from surface to approximately 50 meters in hole KORC1002. Hole KORC1002 is located 50 meters to the north of KORC1001. Microscopic analysis (see photo below) suggests that nickel enrichment is associated with presence of nickel-iron sulphide (pentlandite) while copper enrichment is associated with the presence of copper-iron sulphide (chalcopyrite). Presence of chalcopyrite is of particular interest to Korab because Rum Jungle projects contain several geochemical copper, cobalt, lead and zinc soil anomalies coincident with electromagnetic and magnetic features overlying volcanogenic lithologies that are yet to be drilled.
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ASX KOR Last price AU¢ 33
BERLIN C6S.BE Last price € 0.25
Issued capital 79 million shares
Market capitalisation AU$ 26 million € 20 million
R eflected light (RL)/polished section (PS). Magnification (x500). Composite sulphide grain of greyishbrown pyrrhotite incorporating cream coloured partly flame-like intergrowths of pentlandite, locally with sparse yellowish chalcopyrite.
During the quarter, Korab has continued work on the development of the Winchester magnesite (magnesium carbonate) deposit located in close proximity to the Geolsec phosphate rock deposit. Winchester magnesite deposit contains an indicated resource of 12.2Mt @ 43.1% magnesium oxide (MgO) and an inferred resource of 4.4Mt @ 43.6% MgO which is estimated to be sufficient for proximately 50 years project life. As advised previously, Korab has received number of offers to establish a syndicate with the view to developing the deposit, initially as a supplier of the magnesium oxide building products. Operations would be expanded at a late stage to include production of magnesium metal. The first stage is most likely to be funded via off-take agreements. The second stage development would be funded by a combination of debt and equity. The debt component would be supported by the cash flows produced by magnesium oxide business arm. The equity component would be funded by third parties in exchange of a minority stake in the project and magnesium metal off-take agreements. Negotiations with various interested parties as well as current and potential stakeholders in this project are continuing and further announcements will be made to the market when appropriate.
Magnesium oxide building products are used extensively in Canada, Asia and USA to produce low-costs and high-strength building materials which in the coming years are likely to become substitutes for fibro-board, plaster-board, custom-wood, chipboard, ceramic tiles, synthetic marble and granite. Magnesium oxide based
LEVEL 1, SUITE 6, 100 MILL POINT ROAD, SOUTH PERTH, WA, 6151 AUSTRALIA PO BOX 195, SOUTH PERTH, WA, 6951 AUSTRALIA
TEL (08) 9474 6166 FAX (08) 9474 6266
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KORAB RESOURCES LIMITED KORAB HOUSE
www.korab.com.au
products are fire-resistant to 1,200 degrees, totally weather proof, do not absorb water, do not change shape when submerged in water, can be repeatedly heated-up, frozen and thawed without distortion, are resistant to rot, have high sound proofing capability and are stronger and lighter than gyprock, or fibroboard. In addition to a large number of applications in residential and commercial construction in urban areas, magnesium based building products offer enormous environmental and safety benefits for regional development. Tests conducted in USA and Australia (CSIRO) show that magnesium oxide board is suitable for fire-proofing of existing houses built in areas prone to bushfires and for rapid construction of prefabricated fire-proof and cyclone-proof houses. More information about the magnesium oxide products can be sources from Korab website.
Magnesite is also used in production of magnesium metal where the market has been growing at an annual rate of 6%-8%. Magnesium metal has a number of advantages over other materials. One of them is its weight to strength ratio. For example, aluminium is 50% heavier than magnesium and steel is 400% heavier than magnesium. Magnesium is the lightest of all metals used as the basis for constructional alloys. It is this property that entices automobile manufacturers to replace denser materials, not only steels, cast iron and copper base alloys but even aluminium alloys by magnesium-based alloys.
Another use of the magnesium metal is in production of NanoMag, a process for the production of high strength, lightweight magnesium sheet with nanometre microstructures for automotive, aerospace, military, biomedical and other applications. The key to the NanoMag technology is its ability to create fine-grained strengthening of magnesium alloys at low cost. The net result is a stronger, more reliable, more formable and lighter weight magnesium sheet with properties similar to steel and with a comparable strength to density ratio as that of steel but at one-fourth the weight. Because of its lighter weight, automakers are substituting magnesium sheet for aluminium and other materials to reduce vehicle weight and thus its fuel consumption. The material is also used to offer greater personal protection in military applications. In addition to military, automotive, aviation and aerospace applications NanoMag is applicable as a base material to the manufacture of fuel cells and electronic products. It is widely believed this NanoMag process will gain wide acceptance in the biomedical industry to produce temporary connecting pins and plates since magnesium dissolves in the body with no adverse effects.
A new area of magnesium use is the rapidly developing field of superconductivity. Magnesium is a key element in magnesium diboride (MgB2) a simple ionic binary compound that has proven to be an inexpensive and useful superconducting material. Due to the low cost of its constituent elements, MgB2 has promise for use in superconducting magnets, electric motors and generators, fault current limiters, power lines and new propulsion systems. Recently, NASA has successfully evaluated magnesium diboride superconducting coils to design and build operating electric aircraft propulsion units thus opening the door for development of low-cost, no-emission alternative to jet fuel propulsion systems.
LUGANSK GOLD
ASX KOR Last price AU¢ 33
BERLIN C6S.BE Last price € 0.25
Issued capital 79 million shares
Market capitalisation AU$ 26 million € 20 million
Korab’s subsidiary Lugansk Gold Ltd, which has been spun-off during September quarter, has continued mining operations at Bobrikovo gold/silver mine in Ukraine where mining and stockpiling of ore has re-commenced in March 2010. The mine is operated by Lugansk’s 100% owned Ukrainian subsidiary LLC “Donetsky Kryazh” (DKL). Mine development is progressing ahead of schedule. In addition to mining operations, work is continuing on the redesign of the gravity circuit processing plant to increase its processing capacity. It is expected that the new circuit design will be completed within the March quarter of 2011.
Ore from Bobrikovo deposit has undergone rigorous metallurgical testing by several independent laboratories and processing plants. This included processing of ore by heap leach, simple cyclone circuits, gravity table circuits and also through a combination of gravity and cyanidation circuits. These tests achieved recoveries of 92% through heap leaching and 98% through cyanidation. As part of this extensive testing, a large sample of approximately 10,000 tones of ore was processed through a cyanidation circuit to produce around 40 kg of gold yielding an average of 4 g/t Au with a recovery rate of around 96%. Cyclone and gravity table recoveries ranged from 62% to 92% depending on ore blends. On the basis of the current and projected mining and processing costs and the recovery rates ascertained through metallurgical testing, DKL estimates that the production costs of gold to concentrate will average between US$250 and US$300 per ounce for the oxide part of the deposit. Bobrikovo project is fully permitted with all government approvals required to mine and process the oxide ore through a gravity circuit in hand. It is expected that the construction of the processing plant will commence in early 2011 with the completion in late 2011. DKL expects to produce first gold in concentrate in early 2012.
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LEVEL 1, SUITE 6, 100 MILL POINT ROAD, SOUTH PERTH, WA, 6151 AUSTRALIA PO BOX 195, SOUTH PERTH, WA, 6951 AUSTRALIA TEL (08) 9474 6166 FAX (08) 9474 6266
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KORAB RESOURCES LIMITED KORAB HOUSE
www.korab.com.au
Mineral resource at Bobrikovo includes a high grade component of 3.7Mt grading 4.3g/t Au for 511,000 ounces of gold while the global mineral resource is 20.25Mt grading 1.55g/t Au for 1,012,194 ounces.
| Mineral resource at Bobrikovo includes a high grade component of 3.7Mt grading 4.3g/t Au for 511,000 ounces of gold while the global mineral resource is 20.25Mt grading 1.55g/t Au for 1,012,194 ounces. |
Mineral resource at Bobrikovo includes a high grade component of 3.7Mt grading 4.3g/t Au for 511,000 ounces of gold while the global mineral resource is 20.25Mt grading 1.55g/t Au for 1,012,194 ounces. |
|---|---|
| Oxide and Fresh Ore Resources of the Mining Area at Bobrikovo (by Type of Ore) | |
| (Above 0.5g/t | cut-off) |
| Zone | Category Ore Mass (t) Grade (g/t) Au (t) Ounces |
| Oxide | Measured 1,660,326 2.05 3.408 109,614 |
| Indicated 182,641 3.13 0.571 18,353 |
|
| Inferred 217,322 0.70 0.152 4,883 |
|
| Oxide Subtotal 2,060,289 2.01 4.131 132,850 |
|
| Fresh | Measured - - - - |
| Indicated 3,927,725 2.75 10.789 346,918 |
|
| Inferred 14,257,912 1.16 16.559 532,454 |
|
| Fresh Subtotal 18,185,637 1.50 27.348 879,372 |
|
| Grand Total | 20,245,926 1.55 31.479 1,012,222 |
MELROSE GOLD MINES
During September quarter Korab has spun-off Melrose and Darlot East projects together with 100% rights to gold within all other Korab’s projects into Melrose Gold Mines Ltd. Mineral resource at Melrose includes a near surface high grade section of 1.09Mt grading 3.43 g/t gold for 119,967 gold ounces. The global mineral resource at Melrose stands at 6.56Mt grading 1.61g/t Au for 339,975 ounces.
Melrose Project Mineral Resource (Above 0.5 g/t cut-off)
| Resource Category | Zone | Ore Mass(t) | Grade(g/t) | Ounces |
|---|---|---|---|---|
| Measured Resource | Boundary | 652,154 | 1.73 | 36,262 |
| Indicated Resource | Boundary | 2,662,763 | 1.73 | 148,506 |
| Inferred Resource | Boundary | 703,209 | 1.36 | 30,822 |
| Bungarra | 2,144,332 | 1.56 | 107,385 | |
| Stirling | 404,000 | 1.31 | 17,000 | |
| Total Resource | 6,566,458 | 1.61 | 339,975 |
ASX KOR Last price AU¢ 33
BERLIN C6S.BE Last price € 0.25
Issued capital 79 million shares
Market capitalisation AU$ 26 million € 20 million
Mineralisation within the deposits comprising Melrose project is constrained by the extent of drilling. Consequently, substantial drilling campaign will be undertaken following the IPO of Melrose Gold Mines to target additional mineralisation at depth and along strike. In addition to the drilling campaign aimed at increasing the mineral resource, Melrose Gold Mines plans to complete the Melrose project definitive feasibility study that would define the parameters for development of the project. The definitive feasibility study will include final project drill-outs to improve resource classification and short-term reserve evaluations, metallurgical evaluations, engineering and geo-technical evaluations, infrastructure requirements assessment and permit applications. It is expected that the feasibility study will be completed within 12 months following the IPO.
At Darlot East project soil sampling and rockchip sampling shows wide spread anomalism with highest values of 6.91 g/t Au and 1.79 g/t Au, both from rock chip samples. Anomalous gold values, between 0.1 - 1.0 g/t Au, were also recorded in laterite samples. Lag survey on a 200 by 50 metre grid with infill at 50 by 50 metres over anomalous areas delineated a significant anomaly in a dolerite-basalt contact zone with felsic intrusives associated with structural features. The extent and tenor of the geochemical response is comparable with known economic deposits in the area. Several other anomalies of lower tenor were also identified.
In addition to the Melrose and Darlot East projects, Melrose Gold Mines has 100% rights to gold within a portfolio of promising exploration tenements covering 1,300km[2] . These projects are located in the Gascoyne, Pilbara and Yilgarn (all in Western Australia) and in the Pine Creek in the Northern Territory and offer excellent potential for discovery of additional gold mineralisation. For example, Freeman’s Find which was mined by prospectors between 1930 and 1960 extends over an area of 600 by 300 metres and contains high grade
LEVEL 1, SUITE 6, 100 MILL POINT ROAD, SOUTH PERTH, WA, 6151 AUSTRALIA PO BOX 195, SOUTH PERTH, WA, 6951 AUSTRALIA TEL (08) 9474 6166 FAX (08) 9474 6266
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KORAB RESOURCES LIMITED KORAB HOUSE
www.korab.com.au
quartz gold reefs along sheared mafic - porphyry contacts. Grab samples of quartz from dumps assayed up to 46 g/t gold. Red Cloud prospect located south east of Freeman’s Find was discovered by lag sampling with a peak value of 17.5g/t Au and covers an area of approximately 1,600 m by 500 m. RAB and RC drilling has intersected at least 3 parallel porphyry bodies intruding basalts that have been traced in shallow drilling for 500m. Eclipse gold prospect which was discovered by bottom of hole sampling of shallow Aircore drill holes is located to the south east of Red Cloud. The prospect geology is not fully understood, but mineralization is associated with a massive sulphide unit, intersected in 3 drill holes. Between 10 metres and 14 metres of bleached, extremely altered felsic clays contained up to 80% pyrite. Mineralization at Eclipse appears widespread within a highly weathered felsic unit.
MATTERS SUBSEQUENT TO THE END OF THE QUARTER
Following the end of the quarter Korab announced the Share Purchase Plan for eligible shareholders (the SPP). The SPP aims to raise up to $2,310,000 by issue of up to 7 million shares at $0.33 each. Funds that will be raised under this offer will be used to fund expanded production of phosphate rock, to accelerate exploration programs at Rum Jungle projects and at Ashburton Downs project, to continue work on the development of the Winchester magnesium deposit, for other working capital and to retire debt. Exploration programs at Rum Jungle projects will include drilling of the phosphate rock, rare earths, copper and nickel/cobalt/titanium anomalies previously announced to the market. Korab will be targeting base metals, nickel and rare earths mineralisation within anomalies discovered by rock-hip and soil sampling, auger drilling and first-pass RC drilling and announced to the market in the precious quarters. Korab will also be targeting addition phosphate mineralisation within anomalies discovered in proximity to the Geolsec phosphate deposit to extend the projected mine life of this project and satisfy increasing demand for this product.
ABOUT KORAB RESOURCES LIMITED
Korab Resources Ltd is an Australian mining and exploration company based in Perth with operations in Australia and Europe. Korab’s quarrying and mining projects include rock phosphate and magnesium. The company also manages exploration projects in Western Australia and the Northern Territory where it is exploring for phosphates and associated minerals (including rare earths), nickel, base metals and iron ore. More information about Korab’s projects can be sourced from our website at www.korabresources.com.au Korab’s shares are listed on Australian Securities Exchange (ASX) and trade on ASX and on the Berlin Stock Exchange (Berliner Börse).
CONTACT:
Andrej K Karpinski, Executive Chairman - Australia: (08) 9474 6166, International: +61 8 9474 6166
ASX KOR Last price AU¢ 33
BERLIN
C6S.BE Last price € 0.25
Issued capital 79 million shares
Market capitalisation AU$ 26 million € 20 million
Competent Person: The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves within Melrose, Geolsec, Batchelor and Green Alligator projects is based on information compiled by Malcolm Castle, who is an independent geological consultant and is a corporate member of The Australasian Institute of Mining and Metallurgy and Andrew Hawker, who is an independent geological consultant and is a member of The Australasian Institute of Mining and Metallurgy. Malcolm Castle has in excess of 5 years experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Malcolm Castle consents to the inclusion in the report of the matters based on his information in the form and context in which it appears . Andrew Hawker has in excess of 5 years experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Andrew Hawker consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves within the Bobrikovo project is based on information compiled by Professor Piestrzynski, who the principal geological consultant for Geoexpert Ltd. and who is a member of European Federation of Geologists which is a Recognised Overseas Professional Organisation (ROPO) pursuant to the JORC Code (Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves) and ASX Listing Rules and who holds a professional title of EurGeol (European Geologist). Professor Piestrzynski has in excess of 5 years experience which is relevant to
LEVEL 1, SUITE 6, 100 MILL POINT ROAD, SOUTH PERTH, WA, 6151 AUSTRALIA PO BOX 195, SOUTH PERTH, WA, 6951 AUSTRALIA
TEL (08) 9474 6166 FAX (08) 9474 6266
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KORAB RESOURCES LIMITED KORAB HOUSE
www.korab.com.au
the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Professor Piestrzynski consents to the inclusion in the report of the matters based on his information in the form and context in which it appears
ASX KOR Last price AU¢ 33 BERLIN C6S.BE Last price € 0.25 Issued capital 79 million shares Market capitalisation AU$ 26 million € 20 million LEVEL 1, SUITE 6, 100 MILL POINT ROAD, SOUTH PERTH, WA, 6151 AUSTRALIA PO BOX 195, SOUTH PERTH, WA, 6951 AUSTRALIA TEL (08) 9474 6166 FAX (08) 9474 6266