Aegis Equities Comments Projects: The White Range BFS is in its final stages with completion due in December 2004. Project financing negotiations have taken place with a number of banks while an off-take agreement should also provide finance. Diamond drilling of sulphide targets at Mt Watson was completed, which yielded a highly significant intercept of 196m @ 0.32% Cu; interpretation work ongoing. Resource delineation at Mt Earl and scout drilling at new prospect, Tewinga, have commenced. Potential: The White Range feasibility study should soon be completed and lead to MRX becoming a 15,000tpa SX/EW copper producer in 2005. Development of Mt Watson into a similar, 15,000tpa operation could follow 12 months later. Mine lives in excess of 10 years can be expected. Sulphide potential has been confirmed to exist and this has enormous long term potential. Overall: MRX is an established junior copper company on the verge of recommencing production and embarking on a rapid expansion path. This is to be achieved through the projects of White Range, Mt Watson and Mt Earl which are located in one of the world's most productive base metals provinces, the Mt Isa region. In our detailed research report of July 2004 on MRX we valued the company at 17.1cps.
given that announcement, mrx can be valued around 10 cents???????
MRX Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
