Positives from Broken Hill
The drilling programme commissioned by Broken Hill earlier this year has paid off for the mineral prospecting company, with the discovery of further cobalt reserves at its Pyrite Hill site in New South Wales.
In a statement today, the Australian company which is dual-listed in New Zealand and across the Tasman, reported a 55 per cent increase in deposits at the site to 16.4 million tonnes, with a concentration of 1.83 pounds per tonne. The drilling study was conducted by Hellman & Schofield.
''The new resource work has increased the project's cobalt resources by seven million pounds of contained cobalt,'' said Broken Hill's managing director, Ian Pringle. ''It has also shown the potential to double the size of the Pyrite Hill deposit with further infill drilling.''
Combined with deposits at the company's Big Hill prospecting site, that takes Broken Hill's total inferred resources to 39 million pounds of the metal.
The company, which has yet to start commercially mining the mineral, hailed the find as a significant step towards the ''goal of becoming a profitable metal producer''.
In February it raised A$4.5 million ($5.9 million) in capital through an initial public offering, which saw its stock listed on the ASX and NZX. As of June 30, the company had cash on hand of A$3.2m, and reported a net loss of A$566,000 for its first three months of operation.
Pringle, addressing shareholders at the company's first annual meeting today, said the company saw strong demand for the metal, particularly from China, with applications in lithium-ion batteries as well being used to harden and heat temper metals for industrial applications.
''As demand for the metal increases, future security of supply will mean that BPL is well positioned to reach its goal to become a leading cobalt producer,'' he said.
Broken Hill shares rose 14.9 per cent on the ASX to A10c, and were unchanged at 18c on the NZX, having last traded in New Zealand on June 7.
Discplin: Hgd: Public censure of heritage gold nz limited (hgd)
Censure by NZX -
Only one instead of two independent directors
Only 2 instead of 3 on the audit committee.
This has gone on for a year or so: they cannot find anyone to fill the gap.
"The candidate spent approximately seven weeks doing due diligence and finally declined the position on 14 July 2011; and"
And what about the wierd price jump yestuday, and extention of SSP, all on the same day as the above Censure announcement
:scared: