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    Australian firm expands Algerian zinc project

    ASX-listed Terramin Australia has been granted a mining permit for its Algerian zinc project, the company said on Monday, adding that it had started an intensive drilling programme.

    “Permit approval has cleared the way for a commencement of drilling, with a diamond rig already on site to infill drill the project's main Tala Hamza deposit,” Terramin executive chairperson Dr Kevin Moriarty said.

    “This timetable will deliver an estimation of a JORC standard inferred resource in September under our campaign to rapidly prove up the zinc potential within the permit,” he said “Two additional rigs are scheduled to arrive on site in September to help deliver a complete 25 hole programme by the end of the year.”

    The mining permit covers 123 km of the Oued Amizour zinc project in north-eastern Algeria. The project area contains the 50-million ton Tala Hamza deposit as well as a number of partially-drilled deposits.

    “Several large targets have been identified within 500 m of Tala Hamza and these will have priority status so feasibility studies can include them in planning for plant expansion,” Moriarty said.

    Three global engineering firms experienced in Algerian conditions and proficient in the language are preparing quotes for first stage mining studies, to be conducted concurrently with the drilling programme.

    “This dual approach should ensure the full feasibility work is completed during next year,” he said.

    Terramin is currently negotiating financing arrangements for the feasibility study and subsequent development work.

    >>>Source<<<

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    Terramin opening up Algeria for mining

    Adelaide-based zinc miner Terramin Australia Ltd is pioneering the emerging resource industry in Algeria with plans to establish the Oued Amizour mine.

    The Oued Amizour deposit was previously explored by the state-owned mining company ORGM and Terramin acquired a 65 per cent stake in the deposit back in February, agreeing to spend $US6.6 million ($A8.8 million) on exploration.

    On a site visit at Oued Amizour, located at the port town of Bejaia, about 270km east of Algiers, executive chairman Kevin Moriarty said developing the zinc deposit was timed to meet growing Indian and Chinese demand, coinciding with a forecast fall in supply.

    "If demand continues to grow at the rate it is, then by 2008 you start to see a dramatic decline in the market," he told AAP.

    Oued Amizour won't fill the supply gap but it will make a significant contribution to the market, with Dr Moriarty likening the project to CBH Resources' Endeavor mine in Queensland.

    "We are hopeful the area will turn into a giant mine but we need to do a lot more work to get that indication," he said.

    "We want to have a significant deposit of more than 50 million tonnes and what we are doing right now is drilling to produce a JORC standard resource and some updated metallurgy."

    If the current drilling matches historic drilling Dr Moriarty said an inferred resource could be estimated early next year with early indications that the deposit contains between 3.5 million tonnes and 4 million tonnes of lead and zinc contained metal.

    A feasibility study is also planned with early capital costs put at around $US140 million with the mine producing net revenue of $US154 million a year for the first two years starting from 2009, increasing to $US290 million for the next 18 years when production grows.

    These forecasts are based on a conservative zinc price of around $US2,200 per tonne, with zinc currently trading around $US3,500 per tonne.

    Dr Moriarty said even at the long term zinc price of $US1,200 per tonne the mine generates $US100 million a year in net revenue.

    Operating in a developing nation such as Algeria has upside in terms of lower costs but the downside is the lack of infrastructure, he said.

    "The infrastructure is often not as developed as in the first world and that's one of the reasons why we are choosing projects next to existing infrastructure," he said.

    Oued Amizour is just 10km inland from the deepwater port of Bejaia where Terramin is holding discussions about possible port developments to ship the metal to the market.

    Offtake discussions have already started with a number of base metal smelters including some located in Spain, Sardinia and Asia.

    Dr Moriarty said included in these discussions was the possibility of part-funding the development of the mine while talks were ongoing with a number of banks.

    "We believe we can fund the project by not having to go to the equity markets," he said.

    Terramin has two other projects back in its home state of South Australia and it is also on the lookout for other projects indicating an interest an upcoming government tender for 15 new potential mining areas in Algeria.

    "We have a team who are looking for more acquisitions, but its not easy to find anything like Oued Amizour," he said.

    The company is scouting out potential projects in neighbouring countries to Algeria including Morocco and Libya.

    Terramin opening up Algeria for mining

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    Adelaide, Nov 9, 2006 (ACN Newswire) - A placement to institutional investors has raised A$11 million for Terramin Australia Limited as the emerging zinc producer looks to accelerate work on its flagship projects in Algeria and South Australia.

    The Company announced today it had placed 6.7 million ordinary shares at A$1.64 per share in a capital raising arranged by, and made to domestic and international institutional clients of, Austock Corporate Finance Limited.

    Settlement will occur on 14 November 2006 and the new shares will rank equally with existing shares.

    On completion of the placement, Terramin will have 83,927,008 ordinary shares on issue. Participants in the placement represent a mix of current and new institutional investors from Australia and offshore which has enabled Terramin to broaden its institutional shareholder base.

    Proceeds raised will be used for working capital, and in particular to fund:

    - The rapid advancement of the infill diamond drilling and pre-feasibility program underway at the Oued Amizour zinc project in Algeria.

    - Key mine infrastructure including the electricity substation for the Angas zinc project, south of Adelaide, and due to commence production late next year.

    In Algeria, drilling of the +50 million tonne Tala Hamza zinc deposit within the Company's 65%-owned Oued Amizour zinc project is accelerating to allow an estimation of a JORC resource(s) early in 2007.

    "The data from 40 diamond drill holes drilled up until 1994 by ORGM (the Algerian Government exploration agency) and which defined the deposit, is reported to be of high standard so JORC compliance should be achieved soon," Terramin's Managing Director, Dr Kevin Moriarty, said today.

    "Under a drilling program to confirm the ORGM data, the third hole is currently near completion, the first hole which had to be abandoned after entering high grade mineralisation, will be redrilled, and the second hole, TH002, intersected 180 metres of mineralisation from 321 metre depth," Dr Moriarty said.

    "The TH002 mineralised core is on the way to Australia for assaying.

    "The drill program will then continue to close up the spacing to 40-50 metres with infill holes between the 40 ORGM holes to enable estimation of reserves.

    "The accelerated program will employ a new third heavy duty rig to concurrently test the deposit's extension southwards where mineralisation has been intersected over several kilometres."

    TH003 is currently at 364 metres.

    Terramin has assessed Oued Amizour's potential at a start-up 200,000 tonnes per annum (tpa) increasing to 400,000 tpa of zinc concentrates for smelter customers in nearby Europe, Spain and Sardinia.

    The Company has budgeted to spend up to US$6.5 million for the feasibility programme, leading to a possible decision to mine by 2008.

    Terramin Australia Ltd's AU$11M placement to accelerate Algerian zinc project

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    Audio report:

    Mr David Paterson, Director, Terramin: High Zinc Grades in Algeria

    (Windows Media Player streaming broadcast)

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    TERRAMIN Australia says it has received "very encouraging" results from the first assays of drilling at its Algerian zinc project.

    The Adelaide company reported yesterday the first drill hole it tested in the laboratory intersected 184m of mineralisation at a grade of 6.58 per cent zinc and lead.

    Terramin managing director Kevin Moriarty said within this section there were zones including 64m of 10.69 per cent zinc and 2.25 per cent lead including a 13.75m intercept assaying 24.26 per cent zinc and 4.14 per cent lead.

    "The assays support Terramin's view that previous drilling and assays on the deposit by the Algerian Government's exploration arm, ORGM, was technically competent and reliable," Dr Moriarty said.

    "The results we are seeing give us confidence that Oued Amizour will be a world class mining project within three years."

    The Oued Amizour project, which Terramin owns 65 per cent of in a joint venture with the Algerian Government, is about 12km from the port city of Bejaia.

    The company is drilling in a bid to replicate drilling in the early 1990s by Russian and Algerian geologists.

    Using their results, Terramin has calculated there is at least 3 1/2 to four million tonnes of metal there.

    Fellow director David Paterson said yesterday the company would drill six holes in the near future to enable it to calculate a resource up to the Australian Joint Ore Reserves Committee (JORC) standard.

    "Those results should enable us to calculate an inferred resource," he said, referring to the lowest level of confidence for ore reserves.

    "That would not happen within two months."

    The Algerian results were based on 40 diamond drill holes. Dr Moriarty said geological logging, splitting and sampling of the third drill hole at Oued Amizour would be completed within days.

    "Samples will then be dispatched to Adelaide for assay," he said. "Drill logs show some 289m of near-continuous but variable mineralisation from 140m to the end of hole at 429.1m.

    Further comment on this thick intersection must await assay results.

    "Drilling continues and will accelerate in coming weeks with the addition of more powerful drill rigs," he said.

    Mr Paterson said the company was also hopeful to get the final environmental approvals for its Angas zinc and lead mine just outside Strathalbyn in the next couple of weeks.

    Terramin shares added 11c to $2.21 yesterday.

    Adelaide miner buoyed by lab tests from its Algerian drilling

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    A placement to institutional investors has raised AU$11-million for Terramin Aus-tralia as the emerging zinc producer looks to accelerate work on its flagship projects in Algeria and South Australia.

    The company recently announced that it had placed 6,7-million ordinary shares at $1,64 a share in a capital raising arranged by, and made to domestic and international institutional clients of, Austock Corporate Finance.

    Settlement occurred on November 14, 2006, and the new shares now rank equally with existing shares.

    On completion of the placement, Terramin will have 83,927,008 ordinary shares on issue.

    Participants in the placement represent a mix of current and new institutional investors from Australia and offshore, which has enabled Terramin to broaden its institutional shareholder base.

    Proceeds raised will be used for working capital, and in particular to fund the rapid advancement of the infill diamond drilling and prefeasibility programme under way at the Oued Amizour zinc project in Algeria. The proceeds will also fund key mine infrastructure, including the electricity substation for the Angas zinc project, south of Adelaide, and due to commence production late this year.

    In Algeria, drilling of the more than 50-million-ton Tala Hamza zinc deposit within the company’s 65%-owned Oued Amizour zinc project is accelerating to allow an estimation of a Joint Ore Reserve Committe (Jorc) resource early in 2007.

    “The data from 40 diamond drill holes drilled up to 1994 by ORGM (the Algerian government exploration agency: Office National de Recherche Géologique et Minière) which defined the deposit, are reported to be of high standard so Jorc compliance should be achieved soon,” Terramin MD Dr Kevin Moriarty avers.

    “Under a drilling programme to confirm the ORGM data, the third hole is currently near completion, the first hole, which had to be abandoned after entering high-grade mineralisation, will be redrilled, and the second hole, TH002, intersected 180 m of mineralisation from the 321-m depth.” The TH002 mineralised core is on the way to Australia for assaying.

    “The drill programme will then continue to close up the spacing to between 40 m and 50 m, with infill holes between the 40 ORGM holes to enable estimation of reserves,” adds Moriarty.

    He says that the accelerated programme will employ a new third heavy-duty rig to concurrently test the deposit’s extension southwards, where mineralisation has been intersected over several kilometres.

    TH003 is currently at 364 m.

    Terramin has assessed Oued Amizour’s potential at a start-up 200 000 t/y increasing to 400 000 t/y of zinc concentrates for smelter customers in nearby Europe, Spain and Sardinia.

    The company has budgeted to spend up to $6,5-million for the feasibility programme, leading to a possible decision to mine by 2008.

    Zinc producer looks to accelerating work

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    Terramin Australia Limited expects to significantly increase the size and grade of its Tala Hamza zinc deposit, in northern Algeria, beyond the current 30 million tonne deposit following the latest drilling results.

    Terramin Executive Chairman, Dr Kevin Moriarty, announced today that high grade mineralisation was being found at depths beyond the scope of the historical drilling undertaken by the Algerian Government’s exploration arm, ORGM, in the period 1988 to 1994.

    The current drilling program aims to verify the ORGM results for the purposes of estimating a JORC resource for the Tala Hamza deposit.

    “Drillhole TH006 was located one metre away from ORGM Hole OA100 which had stopped in mineralisation. Terramin was able to continue drilling well past the limits of the original equipment using a powerful imported rig,” Dr Moriarty said.

    “TH006 has already intersected a further 35 metres of high grade mineralisation and is currently drilling ahead at 565 metres.”

    “ORGM Hole OA100 intersected 119 metres at 5.8% zinc plus lead, including 51 metres at 10% zinc plus lead in which section it finished drilling. Hole TH006 has now extended this higher-grade intersection to at least 85 metres.

    Dr Moriarty, who is in Algeria for the Annual General Meeting of its joint venture subsidiary Western Mediterranean Zinc SpA, said he “was very pleased that current drilling is confirming the expectations of a larger zinc deposit with higher grades.”

    “The latest drilling is expected to significantly increase the size and grade of the 30 million tonne Tala Hamza zinc deposit which is part of the Oued Amizour zinc project,” he said.

    Terramin has recently completed hole TH004, twinning previous hole ORGM OA068, and this has also shown the mineralisation extends significantly deeper, in this case by approximately 40 metres. Assaying will commence shortly on samples over the mineralised interval from 332 to 502 metres being 170 metres.

    The introduction of the new rig has greatly improved core recovery in the mineralised sections, because of wider diameter core barrels. This is expected to provide a significantly higher level of certainty into resource calculations.

    Assaying is advancing, with results of another hole TH003 imminent.

    Metallurgical work is also progressing, with some float testing underway and preliminary results should be available in April.

    Terramin’s Oued Amizour Zinc Project

    The Oued Amizour Zinc Project is based on the 30 million tonne hydrothermal volcanic hosted Zn+Pb deposit “Tala Hamza”.

    It is located in northern Algeria, only 12km from an international airport and shipping terminal in the western Mediterranean, and is close to Europe and zinc smelters in Spain and Sardinia. Infrastructure includes power, water, roads and labour force.

    Published resources include 30.32 million tonnes assaying 5.47% zinc and 1.39% lead and a higher grade core zone of 11.02 million tonnes assaying 10.89% zinc and 3.04% lead.

    Terramin’s interest is held via a 65% shareholding in an Algerian company Western Mediterranean Zinc SpA (WMZ) which owns 100% of Exploration Permit 5225PE – Oued Amizour. Terramin will spend at least US$6.6m up to decision to mine expected in 2008.

    Terramin drill results to increase size of Algerian zinc project

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