MTB Mt Burgess

[newz]

Yesterday MTB announced they will get a 50% carry on Telfer from Barrick (ASX 253151). This puts the value of Telfer at 10c per share for MTB. They are trading at 14c (Dec '03 VWAP 12.5c).

They also have a base metal project in Botswana; royalties from Red October; and great possible spec upside from diamond prospecting interests at Tsumkwe in the Congo craton Namibia (just west of the Botswana border). I think they are undervalued and worth a look.

Last month they identified two Tsumkwe anomolies for January drilling ASX 252212 (16/12/03) and ASX 253151 (17/12/03). They are looking for diamond pipes, and have already retrieved a microdiamond from an exploratory percussion hole (cf TAW) suggesting there may also be old alluvial deposits in the area.

One of the London based directors, stockbroker Ron O'Regan, has MTB in his ISA portfolio (tax free allowance for max leverage).

For anyone interested in follow up reading:
http://www.tsodiloresources.com/i/pdf/PD_Nov03_PG_22.pdf
http://www.wallstreetreporter.com/linked/MountBurgessMining.html
Best wishes.
Disc: Holding.

[newz]

MTB Quarterly Report 31/12/03
ASX 253877 (yesterday)

"Two coincident gravity and magnetic “low” geophysical anomalies (as announced to the Australian Stock Exchange on 16 and 17 December 2003) were delineated as a result of gravity surveys conducted over areas that are likely to host a primary source for previously discovered G10 garnets recovered from loam samples and also the diamond and G10 garnet discovered in drillhole NAM 352, in September 2003.
These have subsequently been drilled and have proven not to be kimberlites."

Best wishes

Disc: POG rise on US debt zusammenfallen only ace-in-the-hole remaining.

[newz]

ASX 254060 27/01/2004:
"The Company is pleased to announce that a significantly elevated number of pyrope garnets
(23 in total) have been visually identified as kimberlitic by the Company’s mineral sorters. The
garnets were recovered from percussion drillhole NAM395 which was drilled at the Tsumkwe
Diamond Project. Of particular interest is the interval between 85m and 90m from which 16
garnets were recovered.
The pyrope garnets were recovered from the bottom portions of the sedimentary Kalahari
Formation which contacts with volcanic basement rocks at 95 metres depth.
NAM395 is located some 12 km down palaeo slope and WSW of NAM352, a drillhole from which
the Company has previously recovered a diamond and a G10 garnet from the interval between
28m and 30m. NAM352 intersected volcanic basement rocks at a depth of 41 metres."
MTB up 20% to 13.5c
May need to borrow a rig off GDY (the journey to the centre of the earth brigade) to fish 'em out.
Best wishes