Energy and Resources Symposium Broken Hill
MIL Resources Limited (ASX:MGK) CEO, Michael Palmer discusses the explorer’s Strategy for Creating Shareholder Value at the May 2012 Energy and Resources Symposium Broken Hill.
Strategy for creating shareholder value, that’s our focus, MIL (ASX:MGK) offers an option on a world class minerals package. The Company is a PNG explorer, has a low market capitalisation of approximately $6-7 million with $2 million in cash and has exceptionally good projects and prospects.
My background is in building mining projects in Australia and overseas, with a view to increasing shareholder value and leverage for companies. MIL has an iron sands project on the south coast of New Guinea and gold/copper projects in New Britain and New Ireland in the Lihir Island area.
Our Amazon Bay iron sands project, situated 200 kilometres southeast of Port Moresby, will be drilled to JORC status at the Threadfin area. With an exploration estimate of over 600 million tonnes of potential vanadium/titanium resource, we’ll dredge it; put the sands through a gravity concentrator and pump concentrate through an undersea pipeline to ships buoyed three kilometres offshore. So infrastructure is no problem.
We own 100 per cent of five excellent gold/copper tenements on New Ireland and New Britain which were previously explored, but are now ready for further exploration.