I would like to update you on the developments of your company in the short time since listing in August 2008. There has been much activity and your company has put in place the foundations for a busy 2009.
We have recently recruited a highly experienced technical team to drive our exploration effort forward. We now have 2 exploration geologists based in our recently established regional exploration office in Mt Isa, with our general Manager of exploration and an exploration geologist based in our Brisbane office.
We have commenced exploration activity across several project areas with a key focus on the Gregory iron-oxide copper gold project, and the D-Tree phosphate project.
Initial results from a major gravity survey at Gregory have been promising and we have identified at least 2 priority drill targets.
Your company recently entered into a heads of Agreement with Legend International Holdings Inc. to form a joint venture over the D-Tree phosphate deposit. The joint venture will consolidate ownership of this substantial phosphate deposit over a 30km strike length. We are currently awaiting assay results from drilling completed at D-tree (400 drill holes) which we anticipate will be available within the next month.
Phosphate is an essential nutrient for plant growth and is used extensively in the agricultural sector. Global phosphate prices continue to remain well above long term trends. Our aim at D-Tree is to deliver early cash flow to the company through development of a direct shipment operation.
We have also been actively seeking additional tenement holdings in the Mt Isa region that have become available due to the current financial market conditions.
During the period since listing we have welcomed a significant investor to the shareholder register. Tinkler Investments Pty Ltd. Tinkler Investments participated in the initial company float and have recently announced to the ASX an increase in holdings approaching 16%. We thank Tinkler Investments for their vote of confidence in our company.
Your company is well funded and approaching 2009 with enthusiasm as we strive to generate shareholder value from an exploration program focussed on the highest potential opportunities.
I would like to take this opportunity to thank you for your ongoing support and wish you and your family my sincere best wishes for the year ahead.
Kind Regards
Peter Spiers
MET Price at posting:
5.0¢ Sentiment: Hold Disclosure: Held
