donnie
13-10-2006, 11:09 AM
:D[:p][:p][:p]
Tender to Explore for Minerals at Benambra.
Toodyay Resources Ltd (“Toodyay”) has submitted a tender to the Department of Primary Industries (DPI) Victoria,
for the right to be the sole applicant for one block of 167.2 km2 covering the Benambra deposits and exploration
acreage in northern Victoria.
The Benambra massive sulphide deposits were discovered in 1978 and comprise two orebodies, Wilga and
Currawong. A mine was opened in 1992 by Denehurst limited but closed in 1998 due to poor commodity prices.
The bid for Benambra has been coordinated by Mr Peter Rolley a geologist with 25 years international experience in
exploration, development and operations. He has coordinated a team of commercial and technical experts to put
together a detailed work program and funding package. The work program is designed to investigate the unexplored
potential of the regional tenements and extend the existing resources.
It is intended that Mr Rolley will be invited to join the board as Managing Director if the bid is successful and other
board appointments are likely. Subject to shareholder approval it is proposed to issue 100m shares to Mr Rolley and
his team if the bid is successful with further tranches to be issued upon certain deve lopment and production
milestones being achieved.
Toodyay’s bid has been supported by a joint venture proposal from Teck Cominco, the worlds largest zinc miner and
an offer to assist with equity raisings from RBC Capital Markets, an international corporate and investment bank.
Tenders closed on the 5th October 2006 and the DPI has given no guidance on the timetable for shortlisting or
awarding the tender.
The company believes it has put forward a strong bid that has a good chance of success however shareholders should
be aware that it is a competitive tender process and in the current market environment the project area has attracted
significant interest.
__________________________________________________ ___________________
Rising metals cause Benambra return
Email Print Normal font Large font Barry Fitzgerald
October 13, 2006
BOOMING base metal prices have prompted a rush of applicants to the Victorian Government for exploration and development rights to the Benambra copper/zinc deposits in East Gippsland's alpine region — the site of one of Victoria's biggest ever mining environmental clean-ups.
The Department of Primary Industries has spent $5.8 million cleaning up the property in the upper catchment of the Tambo River after the previous owner, Denehurst, went bust after mining the deposits between 1992 and 1996. Low commodity prices and zinc recovery problems at the time were partly to blame for the closure.
Following the award-winning clean-up in which plant and equipment were also removed, the DPI called for expressions of interest for the rights to explore and potentially mine the deposits. It used old Denehurst figures to promote the idea that the deposits "may contain resources valued up to $US2 billion ($A2.67 million)".[:p]:D
It has been inundated with applications, with a joint venture involving Canadian giant Teck Cominco and a string of Western Australia's cashed-up nickel and
broader base metals producers in the running. The DPI would only say this week that there had been "quite a number" of applicants, but industry sources say that more than 20 parties have put their hand up.
The tender closed on October 5 but because of the November state election, the winner will not be announced until early next year.
After the Benambra property closed in 1996 — it was originally a WMC discovery in 1978 — it was optioned by Denehurst's administrator to a newly floated company called Austminex. But Benambra proved to be a heart breaker for Austminex as well, and it walked away in late 2001, leaving the clean-up to the DPI.
The shortfall between what environmental bond had been lodged by Denehurst and the actual cost of the clean-up prompted an overhaul in the size and auditing of environmental bonds now held by the DPI for min
Tender to Explore for Minerals at Benambra.
Toodyay Resources Ltd (“Toodyay”) has submitted a tender to the Department of Primary Industries (DPI) Victoria,
for the right to be the sole applicant for one block of 167.2 km2 covering the Benambra deposits and exploration
acreage in northern Victoria.
The Benambra massive sulphide deposits were discovered in 1978 and comprise two orebodies, Wilga and
Currawong. A mine was opened in 1992 by Denehurst limited but closed in 1998 due to poor commodity prices.
The bid for Benambra has been coordinated by Mr Peter Rolley a geologist with 25 years international experience in
exploration, development and operations. He has coordinated a team of commercial and technical experts to put
together a detailed work program and funding package. The work program is designed to investigate the unexplored
potential of the regional tenements and extend the existing resources.
It is intended that Mr Rolley will be invited to join the board as Managing Director if the bid is successful and other
board appointments are likely. Subject to shareholder approval it is proposed to issue 100m shares to Mr Rolley and
his team if the bid is successful with further tranches to be issued upon certain deve lopment and production
milestones being achieved.
Toodyay’s bid has been supported by a joint venture proposal from Teck Cominco, the worlds largest zinc miner and
an offer to assist with equity raisings from RBC Capital Markets, an international corporate and investment bank.
Tenders closed on the 5th October 2006 and the DPI has given no guidance on the timetable for shortlisting or
awarding the tender.
The company believes it has put forward a strong bid that has a good chance of success however shareholders should
be aware that it is a competitive tender process and in the current market environment the project area has attracted
significant interest.
__________________________________________________ ___________________
Rising metals cause Benambra return
Email Print Normal font Large font Barry Fitzgerald
October 13, 2006
BOOMING base metal prices have prompted a rush of applicants to the Victorian Government for exploration and development rights to the Benambra copper/zinc deposits in East Gippsland's alpine region — the site of one of Victoria's biggest ever mining environmental clean-ups.
The Department of Primary Industries has spent $5.8 million cleaning up the property in the upper catchment of the Tambo River after the previous owner, Denehurst, went bust after mining the deposits between 1992 and 1996. Low commodity prices and zinc recovery problems at the time were partly to blame for the closure.
Following the award-winning clean-up in which plant and equipment were also removed, the DPI called for expressions of interest for the rights to explore and potentially mine the deposits. It used old Denehurst figures to promote the idea that the deposits "may contain resources valued up to $US2 billion ($A2.67 million)".[:p]:D
It has been inundated with applications, with a joint venture involving Canadian giant Teck Cominco and a string of Western Australia's cashed-up nickel and
broader base metals producers in the running. The DPI would only say this week that there had been "quite a number" of applicants, but industry sources say that more than 20 parties have put their hand up.
The tender closed on October 5 but because of the November state election, the winner will not be announced until early next year.
After the Benambra property closed in 1996 — it was originally a WMC discovery in 1978 — it was optioned by Denehurst's administrator to a newly floated company called Austminex. But Benambra proved to be a heart breaker for Austminex as well, and it walked away in late 2001, leaving the clean-up to the DPI.
The shortfall between what environmental bond had been lodged by Denehurst and the actual cost of the clean-up prompted an overhaul in the size and auditing of environmental bonds now held by the DPI for min