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1131 Hay Street, West Perth, W.A. 6005 PO Box 1036 West Perth, W.A. 6872
Tel: (08) 9486 7100 Fax: (08) 9486 7300. Website: www.matrixmetals.com.au Email: [email protected]
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J:\Company Sec\ASX\Company Announcements\MtWatsonEPADecision 190404.doc
19 April 2004
Manager Company Announcements
Company Announcements Office
Australian Stock Exchange Limited
Level 10, 20 Bond Street
SYDNEY NSW 2000
ABN 42 082 593 235
Electronic delivery
No of pages: 2
Dear Sir,
ANNOUNCEMENT
Path Cleared for Mining at Mt Watson
Matrix Metals Limited is pleased to announce that the Company has been
advised by the Environmental Protection Agency (“EPA”) that it will not be
required to carry out a full Environmental Impact Study (“EIS”) for development
of the Mt Watson Project. This decision significantly reduces the timeframe
required in seeking approval for a development at the Mt Watson Project.
The funds raised from the Company’s recently announced capital raising to
international and domestic institutions; and shareholders, will be applied to
accelerate and expand exploration programs at the Mt Watson Project and at
White Range.
The new programs will continue to pursue the expansion of the already
significant oxide copper resource. Aggressive exploration of the newly identified
primary sulphide zone at Mt Watson will also be undertaken.
The initial objective at Mt Watson is to continue to rapidly grow the size of the
resource to support a substantial oxide copper project. In addition, the recent
discovery of high-grade primary sulphide copper mineralisation highlights the
potential for delineation of a primary zone resource, this will be assessed during
the same period.
Background
The Company was granted Mining Lease No 90154 in 2003 for the Mt Watson
deposit on the basis of a “Standard” Environmental Authority. This Authority
related to a limited mining operation at Mt Watson with ore being trucked to the
Mt Cuthbert Operation.
With the significant exploration successes achieved at Mt Watson during the
past twelve months, the Company demonstrated that the development of a
stand-alone project at Mt Watson was likely. In anticipation of this, in March
2004 the Company applied to the EPA for a “Non Standard” Environmental
Authority related to the development of a mine, processing facility and
associated infrastructure at the Mt Watson project site.
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The decision on the application was handed down with the EPA formally
advising the Company that in accordance with section 162 of the Environmental
Protection Act 1994 an EIS will not be required for the development of the Mt
Watson Project. The Company is very pleased with this key positive
environmental decision.
Yours Faithfully
Andrew Chapman
Chief Executive Officer