I hadn't seen this little snippet in the Herald Sun (Business section) regarding Syndicated Metals late last month (27.11.2013):-
[Source: www.heraldsun.com.au]
Link to article: Please click here & scroll half way down the page. _____________________________________________
IT has been a really tough time in the junior mining exploration space but Syndicated Metals is one that has come through the test thanks to a combination of savage cost cutting, a current 1 for 3 capital raising and a partner in the form of Washington H Soul Pattinson's Cloncurry based copper producer CopperChem.
Chief executive Andrew Munckton is trying to beat the wet season by pushing ahead with more infill drilling on the Barbara deposit and so far the copper and gold numbers are coming in a little better than expected, particularly close to the surface.
The goal is to get at least a two-year mine life out of Barbara with the potential to push that out to 5 or 7 years in what would be a win/win deal for CopperChem, which could use Barbara's higher copper head grade to bolster output from its Cloncurry processing plant.
CopperChem is funding the feasibility study until a decision to mine is reached next year in return for 50 per cent of Barbara and surrounds and also holds an 18.9 per cent interest in Syndicated.
Barbara is a fairly simple open pit copper project with the ore to be trucked to Cloncurry but even after some cost-cutting pruning of the tenements, Syndicated still has more than 250 sq km of dirt and an active exploration program in between Mt Isa and Cloncurry - an area that has produced more than 60 per cent of Australia's copper.
With a subdued share price thanks to the capital raising, it is time to pounce with a speculative buy.
Ends.
SMD Price at posting:
4.2¢ Sentiment: None Disclosure: Held
