Quarterly Review
31 7월 2008 - 3:04PM
UK Regulatory
RNS Number : 2780A
AIM Resources Limited
31 July 2008
AIM RESOURCES LIMITED
31 JULY 2008
QUARTERLY ACTIVITIES REVIEW
for the period ended 30 June 2008
* KEY ISSUES
PERKOA (AIM Resources 90%)
* Construction and development at the mine continued, including: the boxcut and portal; accommodation village and site offices;
roadways; electrical and water reticulation
* Development of the decline commenced 16 May 2008
* Mine optimisation initiatives for the Perkoa business case concluded, resulting:
* * Increase production rate to 60Kt/month, from 45Kt/month
* Increase LOM tonnes to 6.337Mt, from 5.856Mt
* Increase ore grade to 13.8% Zn, from 13.2% Zn
* Increase mine life to 9.5 years, from 8 years
* Additional value enhancing initiatives being reviewed, including:
* * Analysis of resource model incorporating results from the deep drilling campaign with the view of increasing the
resources/reserves
* Assessment of silver potential in the ROM ore
* Care and maintenance program to be implemented
BURKINA FASO EXPLORATION (AIM Resources 100%)
* Granted Fafo exploration permit in Burkina Faso
MUMBWA (AIM Resources 50%)
* Completed drilling 7 holes totalling 3,238 metres (Phase 3 drilling program has now completed 11 holes for a total of 5,592
meters)
* Confirmation from BHP Billiton that AIM Resources holds a vested 50% interest in the Mumbwa Joint Venture Project
* AIM Resources is currently earning an additional 20% in the Joint Venture project by sole funding the remaining Phase 3
exploration campaign during 2008
MOKOPANE (AIM Resources 74%)
* Lodged renewal application for New Order Prospecting Rights over the Mokopane Project area
CORPORATE
* Mr Scott Lowe appointed Chief Executive Officer and Executive Director
* North Sound agreed to terminate litigation seeking to access the books and records of the Company
* Litigation commenced against former Managing Director in respect of alleged breaches of duties as a director
* PERKOA ZINC PROJECT, BURKINA FASO (AIM Resources 90%)
In April 2008, the Company announced the outcomes of the independent technical report prepared by SRK Mining Consultants (SRK).
Subsequently, work was completed on three mine optimisation initiatives, which resulted in the following revised production and operating
outcomes:
LOM ore production 6.337Mt ROM
ROM grade 13.8% Zn
Production rate 60kt/month
Zinc to concentrate recovery 91%
Concentrate grade 53.8% Zn
Life of mine 9.5 Years
Development of the mine continued, with shotcreting of the berms and batters and completion of the sumps, including all pumps, piping
and electrical reticulation for dewatering and mining activities. Construction of site infrastructure progressed at the camp and the site
for the processing plant.
The first blast was initiated in the portal on 16 May 2008, commencing development of the decline. The decline has now progressed to
45.8 metres from the portal. Ongoing support measures are being installed to stabilise the decline.
Perkoa Deep Drilling
The deep-hole drilling program was completed on the main Perkoa orebody, aimed at identifying mineralisation at depth. Six holes were
drilled for a total of 2,199.8 metres, which targeted the orebody where previous drilling was sparse, and the continuity of the ore body was
uncertain.
During the drilling programme, the first hole deviated significantly and the hole was abandoned at 210 metres, as the apparent trend of
the drill trace was off target. A second hole was abandoned at 193.6 metres due to drill rods becoming trapped in the hole. An additional 4
holes were drilled which intersected intervals of massive sulphides of variable thicknesses. The Company has engaged Mining Plus Pty Ltd to
incorporate the drill results into the existing geological resource model to ascertain the current resource/reserves statement. The result
of this work is expected in August 2008.
Perkoa Care and Maintenance Program
Following the quarter-end, the Company announced it would place the Perkoa Zinc Project in care and maintenance until further notice.
Following implementation of the care and maintenance program, the Company will retain sufficient funds to pursue ongoing exploration
projects, undertake further business development strategies, and maintain an active presence in Burkina Faso.
In addition, the Company will continue to assess additional value enhancing initiatives for the Perkoa Zinc Project, including:
* Extraction of a silver concentrate present in the ore. The silver content at Perkoa in the ROM ore is approximately 29 g/t silver.
Samples of core are currently being analysed to determine the feasibility of economically extracting a silver concentrate from the sulphide
ore.
* Revision of the existing geological resource model to incorporate results from the drilling programme completed in April 2008. The
Company is currently assessing the geometry of the orebody with respect to the drill intercepts of the hangingwall and footwall lodes of the
ore body.
* EXPLORATION - BURKINA FASO (AIM Resources 100%)
During the quarter, the Company received raw data from the Versatile Time-domain Electro Magnetic (VTEM) survey conducted over the
Perkoa lease and surrounding exploration permits, Poa and Guido. A total of 3,531 line kilometres were flown, with preliminary data handed
to Condor Consulting Ltd for analysis and interpretation in May 2008. A final report from Condor is expected in early August 2008.
* MUMBWA JOINT VENTURE PROJECT, ZAMBIA (AIM Resources 50%)
2008 - Phase 3 Exploration Programme
During the quarter, the Company progressed the Phase 3 drilling program consisting of 20 holes for a proposed total of 10,200 meters.
This Phase of drilling aims to systematically evaluate the mineralised intersections identified in drillhole S36-001 and extensions thereto.
Initially the drill hole spacing was based on a 200 metres east - west grid, and a 400 metres north - south grid, with an average hole depth
of 700 meters.
As a result of reviewing the drillhole parameters, it was decided to vary the proposed collar locations for the remaining holes, based
on field observations and a further review of geochemical results from the previous phase of drilling. Drillhole spacing was reduced to 100
metres in an east-west direction, and to 200 metres in a north-south direction, and the proposed average hole depth was reduced to 400
meters.
The revised collar locations will provide a greater coverage of the anomalous area to better define the extents and nature of
mineralisation. The reduction in the proposed total depths was based on observation from the previous Phase 2 drilling, which identified
that mineralisation is predominantly supergene in nature to a depth of approximately 250 metres and mixed supergene-hypogene between 250
metres and 450 metres. Below 450 metres, lower grade intermittent hypogene mineralisation has been encountered. The drillhole collars will
be left open until the end of the programme, which provides an option to position a drilling rig, and extend the depth of holes.
Phase 3 Mumbwa JV Drilling Program
� Hole ID Dip (degrees) Azimuth (degrees) Proposed Depth (m)
1 * S36_007 -70 090 700
2 * S36_009 -70 090 700
3 * S36_010 -70 090 800
4 * S36_014 -70 090 700
5 * S36_008 -70 090 700
6 * S36_002 -70 090 700
7 * S36_011 -70 090 700
8 * S36_016 -70 090 400
9 * S36_020 -70 090 400
10 * S36_021 -70 090 400
11 * S36_017 -70 090 400
12 * S36_015 -70 090 400
13 * S36_018 -70 090 400
14 S36_003 -70 090 400
15 S36_004 -70 090 400
16 S36_005 -70 090 400
17 S36_006 -70 090 400
18 S36_012 -70 090 400
19 S36_013 -70 270 400
20 S36_019 -70 090 400
Total 10,200
* Drillhole completed or in progress
Through the quarter, two drilling rigs were active in the field, completing seven holes for a total of 3,238.35 meters. Since the start
of the Phase 3 drilling program in February 2008, 11 holes have now been completed for a total of 5,592.85 metres. The drill rigs are
continuing to advance the remaining holes, and it is estimated that the field activities would be completed in October 2008.
In excess of 1,100 samples have been collected to date, which are being analysed by AH Knight International Ltd (AHK) through their
preparation laboratory in Zambia and analytical laboratory in Alaska. The ongoing sampling programme will continue in conjunction with the
drilling programme, and it is estimated that approximately 4,000 samples would be analysed in total.
In late June, the Company received partial results for drillholes S36-007 and S36-009, the first two holes drilled. The Company is
expecting results for the remaining elements of these two holes by August 2008, at which time the Company will release these results
following consultation with its joint venture partner, BHP Billiton.
Joint Venture Agreement
On 10 June 2008, the Company received confirmation from its joint venture partner, BHP Billiton, that AIM Resources had vested at 50% in
the Mumbwa Joint Venture Project.
* MOKOPANE PROJECT, SOUTH AFRICA (AIM Resources 74%)
On 31 March 2008, the Company filed an application for renewal of the New Order Prospecting Rights held over the 960 hectare lease at
Mokopane in South Africa. The Company has subsequently received confirmation from the Department of Minerals and Energy that the application
has been received and is currently being processed.
* CORPORATE
Board Changes
On 2 April 2008, the Company announced changes to the Board. Mr Marc Flory resigned as Chairman and Director of the Company. Mr Victor
Bradley assumed the role of Chairman.
On 13 June 2008, Mr Scott Lowe, formerly Chief Operating Officer, was appointed Chief Executive Officer and Executive Director of the
Company.
North Sound Litigation
Subsequent to the quarter-end, North Sound Legacy International Ltd (North Sound) agreed to end the litigation that it had instigated in
December 2007 against AIM Resources, seeking access to certain books and records of the Company.
Mitigation Against Former Managing Director
Subsequent to the quarter-end, AIM Resources announced that it had commenced proceedings in the Supreme Court of New South Wales against
Mr. Marc Flory, a former Managing Director of the Company, together with other parties, in respect of alleged breaches of duties while a
director of the Company.
Should you require further information please contact:
Bill Cash
Managing Director
Ph: + 61 2 9357 9000
Scott Lowe
Chief Executive Officer
Ph: +61 2 9357 9000
Fiona Owen
Grant Thornton UK LLP
Ph: +44 20 7383 5100
ATTRIBUTION The information in this report which relates to Exploration
Results at the Perkoa Zinc Project and at the Mumbwa Copper-Gold
Project has been reviewed and approved for release by Mr Michael
J Robertson, MSc, Pr.Sci.Nat., MSAIMM who has 20 years
experience in mineral exploration, and who is a full-time
employee of MSA Geoservices, and has sufficient experience in
relation to the style of mineralisation and type of deposit
under consideration to qualify as a Competent Person as defined
by the "Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves" (The JORC Code 2004 Edition)
and as a Qualified Person under the AIM Rules. Mr Robertson has
consented to inclusion of this information in the form and
context in which it appears.
www.aimresources.com.au
This information is provided by RNS
The company news service from the London Stock Exchange
END
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