for personal use only - korabresources.com · lugansk gold – europe, asia, africa korab offers...
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ASXASX:: KORwww.korab.com.au
INVESTOR BRIEFING
April 2010
INVESTOR BRIEFINGINVESTOR BRIEFING
April 2010April 2010
Andrej KarpinskiExecutive Chairman
Andrej KarpinskiExecutive Chairman
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ASX: KORASXASX:: KOR11 www.korab.com.au
OverviewOverview
ASX code: KOR
Market Cap: $31 M (@ $0.40)
Issued capital: 78.5 M
Top 20: 47%
Directors: 33%
Directors: Andrej KarpinskiExecutive Chairman
John McKenzieNon Executive Director
Rodney SkeetNon Executive Director
Melrose Project
Winchester and GeolSec
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ASX: KORASXASX:: KOR22 www.korab.com.au
Price HistoryPrice History
Trading ex-bonus issue (26cps)
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ASX: KORASXASX:: KOR33 www.korab.com.au
Company ProfileCompany Profile
Listed on ASX in August 2005
Magnesium, organic rock phosphate, gold and silver projects in Australia and Europe
Demerging development-ready gold projects
Bobrikovo gold and silver mine located in eastern Ukraine
Melrose gold project located 70km from Leinster in WA
Developing non-gold mining assets into a low-cost operations with a potential for longmine life
Winchester magnesium deposit located 65 km south from Darwin
GeolSec phosphate rock deposit located 65 km south from Darwin
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ASX: KORASXASX:: KOR44 www.korab.com.au
Why Korab?Why Korab?
Demerger 1 of gold assets into two ASX listed entities focusing on:
Melrose Gold Mines – Australia
Lugansk Gold – Europe, Asia, Africa
Korab offers low cost entry into 2 gold IPO’s (Korab shareholders to receive free sharesin two demerged entities) 1
Korab to retain low-cost long-life projects in markets with excellent growth potential(Winchester, GeolSec, Ashburton Downs)
Potential for near-term income from GeolSec
Korab has great iron ore and base metals exploration upside with early stage successesin WA and NT
1 Subject to shareholder, ASX and regulatory approvalsFor
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ASX: KORASXASX:: KOR55 www.korab.com.au
Strategy & ObjectivesStrategy & Objectives
Key objective is to maximise shareholder returns through project development,exploration and corporate actions
Establish Korab as a low cost niche operator in sectors with strong historical growth anda continuing long term growth potential
Organic phosphate rock - growing demand for organic produce, concerns overwater pollution and soil salinity
Magnesium – growing demand for fire-proof, environmentally friendly buildingmaterials, light-weight alloys, steel, advanced aerospace and missile designs, lightercars
Focus on projects with:
Long mine life
Located near existing infrastructure (mills, ports, rail, power, water)
High profit marginFor
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ASX: KORASXASX:: KOR66 www.korab.com.au
Immediate AimsImmediate Aims
Simplify corporate structure
Demerge gold operations into 2 separate listed entities (allow shareholders to optimisetheir portfolios by providing them with tradeable equity in each project)
Demerger benefits:
Allow each project to be evaluated by investors and analysts on its own merits
Fast-track development of gold mining projects to take advantage of the gold price
Provide CAPEX and working capital for the gold projects without dilutingshareholders equity in non-gold assets
Establish separate management teams to operate each project
Focus Korab on development of Winchester and GeolSec (long mine life, large andgrowing domestic and international markets)
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ASX: KORASXASX:: KOR77 www.korab.com.au
Melrose Project Info.Melrose Project Info.
Granted mining leases
Large existing resource base
Deposit starts at shallow depth
Potential for low cost operation
Great exploration upside below existingresource
Dedicated technical and managementteam with experience in open cut andunderground gold mine development
Resource contains near surface highgrade sections.
MELROSE
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ASX: KORASXASX:: KOR88 www.korab.com.au
Melrose Project LocationMelrose Project Location
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ASX: KORASXASX:: KOR99 www.korab.com.au
Melrose Project JORC ResourceMelrose Project JORC Resource
326,0001.427,152,000Total Resources
17,0001.31404,000Stirling
107,0001.562,140,000Bungarra
45,0001.56900,000Boundary
Inferred
127,0001.313,024,000Boundary
Indicated
30,0001.36684,000Boundary
Ounces GoldGrade g/t AuTonnesMeasured
Melrose Mineral Resources(above 0.5g/t cut-off)
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ASX: KORASXASX:: KOR1010 www.korab.com.au
Melrose Project JORC Resource UpdateMelrose Project JORC Resource UpdateNew data for Boundary depositNew data for Boundary deposit
Table 2. Boundary Deposit – RC drilling significant intercepts (local grid)
HOLE NO. NORTH EAST AZI/DECL. INTERCEPT
BDRC02 23250 8910 270/-60 5m at 12.34g/t Au from 145m
BDRC03 23275 8925 270/-60 5m at 11.03g/t Au from 120m
BDRC11 23275 8900 270/-60 5m at 9.42g/t Au from 80m
BDRC28 23150 8960 270/-60 3m at 7.19g/t Au from 104m
BDRC35 23250 8930 270/-60 17m at 14.15g/t Au from 153m
BDRC36 23250 8980 270/-60 3m at 13.49g/t Au from 147m
BDRC45 23150 8980 270/-60 2m at 14.53g/t Au from 115m
BDRC58 23225 8885 270/-60 22m at 11.62g/t Au from 90m
BDRC60 23250 8855 270/-60 3m at 44.68g/t Au from 43m
BDRC60 23250 8855 270/-60 3m at 10.11g/t Au from 20m
BDRC61 23250 8890 270/-60 14m at 6.28g/t Au from 77m
BDRC65 23300 9020 270/-60 26m at 1.44g/t Au from 130m
BDRC66 23050 8745 090/-60 6m at 4.04g/t Au from 67m
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ASX: KORASXASX:: KOR1111 www.korab.com.au
Melrose Exploration UpsideMelrose Exploration Upside
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ASX: KORASXASX:: KOR1212 www.korab.com.au
Project TimelineProject Timeline
Currently updating the resource statement to incorporate new drilling data (expectedcompletion end of April 2010)
Project to be spun-off into a separate company listed on ASX 1 (completion mid 2010)
Pre-money valuation AU$19-AU$22 million or AU$55-AU$65 per ounce
Indicative IPO issue price 20-24 cents per share
Following the spin-off continue with feasibility study (completion mid 2011)
Geotechnical drilling, metallurgy testing, process design and mine design
Development option selection (heap leach, toll treat or reconditioned mill)
Permitting
1 Subject to ASX, regulatory and shareholder approval
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ASX: KORASXASX:: KOR1313 www.korab.com.au
Lugansk (Bobrikovo) Project LocationLugansk (Bobrikovo) Project Location
Bobrikovo
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ASX: KORASXASX:: KOR1414 www.korab.com.au
Bobrikovo Project Info.Bobrikovo Project Info.
Well located project (old mining region)
Experienced, highly trained local workforce
Resource base over 1 million ounces (JORC code)
Deposit starts at surface
Potential for low cost operation (~US$250/ounce)
Great exploration upside below existing resource
Dedicated local technical and management team with experience in open cut andunderground gold mine development and exploration
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ASX: KORASXASX:: KOR1515 www.korab.com.au
Bobrikovo Resource BaseBobrikovo Resource Base
Global resource at Bobrikovo mine is over 1 million ounces (20.2 Mt at 1.55 g/t Au)
This includes high grade component of 0.5 million ounces (3.7 Mt at 4.30 g/t Au)
Bobrikovo deposit remains open at depth and along strike with strong potential foradditional resource.
Measured and indicated resource totals 0.5 million ounces (5.77 Mt at 2.6 g/t Au)
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ASX: KORASXASX:: KOR1616 www.korab.com.au
Metallurgy Testing CompletedMetallurgy Testing Completed
Metallurgy testing shows very good recoveries of gold
Hydrocyclone extraction; yield 72-79%
Gravitational extraction; yield 62%, hydrometallurgy with autoclave leaching; yield97-98%
Gravitational concentrate; yield 46-81% (average 60%) tail cyanidation; yield 90%.Total extraction after gravitation and cyanidation; yield 94-98%
Cyanide leaching of test sample of 10k tons of ore. 40kg of Au was extracted.Extraction yield: 92%
Heap leaching; yield 92%
Concentrate obtained by KNELSON thickener; mixed ores yield 77%
Gravity table; yield 63-76%
Concentrate obtained by KNELSON thickener; yield: low grade ores 40-50%, highgrade ores 90%. Combined gravitational-cyanidation; yield 90-95%F
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ASX: KORASXASX:: KOR1717 www.korab.com.au
Bobrikovo Resource BaseBobrikovo Resource Base
Measured resource at Bobrikovo (corresponds to oxide zone)
40 m
300 m
Topography surface
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ASX: KORASXASX:: KOR1818 www.korab.com.au
Bobrikovo TimelineBobrikovo Timeline
Lugansk Gold Ltd (holding company of Bobrikovo project) to be listed on ASX in an IPOraising $40-50 million 1 (completion mid 2010)
Pre-money valuation range US$26-US$34 million or US$35-US$45 per ounce
Indicative IPO issue price 26-34 cents per share
Currently mining and stockpiling oxide ore
Currently finalising the plant re-design to increase processing capacity
All permits in hand for mining and processing using gravity circuit
Plant construction to commence shortly after completion of the IPO
First gold production scheduled for second half of 2011
1 Subject to ASX, regulatory and shareholder approval
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ASX: KORASXASX:: KOR1919 www.korab.com.au
Bobrikovo 1Bobrikovo 1stst Stage Mine DesignStage Mine Design
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ASX: KORASXASX:: KOR2020 www.korab.com.au
Bobrikovo Pit Design (Oxide Zone)Bobrikovo Pit Design (Oxide Zone)
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ASX: KORASXASX:: KOR2121 www.korab.com.au
Bobrikovo Plant Design (current)Bobrikovo Plant Design (current)
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ASX: KORASXASX:: KOR2222 www.korab.com.au
Winchester and GeolSec LocationWinchester and GeolSec Location
WinchesterGeolSec
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ASX: KORASXASX:: KOR2323 www.korab.com.au
Winchester DevelopmentWinchester Development –– MgOMgO
Production of MgO and MgO basedproducts
Prefabricated commercial andresidential buildings
Bushfire-proof and cyclone-proofhousing
Remote area housing
Internal and external cladding
Structural walls
Ceiling, wall and floor panels
Extruded and moulded productsFor
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ASX: KORASXASX:: KOR2424 www.korab.com.au
Winchester Magnesium ProjectWinchester Magnesium Project
Located 65 km from Darwin, all infrastructure on site,
Best logistics in Australia, access to rail, port, highway
Close proximity to Asian markets
Low operating cost potential
Large resource base sufficient for 50 year mine life:
Indicated Resource of 12.2Mt @ 43.1%Magnesium Oxide (MgO)
Inferred Resource of 4.4Mt @ 43.6% MagnesiumOxide (MgO)
Initial focus on MgO based building products at a rateof 75,000 tpa MgO
Potential for future production of magnesium metal at50,000 tpa Mg
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ASX: KORASXASX:: KOR2525 www.korab.com.au
Winchester TimelineWinchester Timeline
BFS completed
Test mining completed
Mine design completed
Process design for Mg productioncompleted
Finalising modifications to equipmentspecifications for MgO production
Permitting process partly completed
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ASX: KORASXASX:: KOR2626 www.korab.com.au
Winchester Project SiteWinchester Project Site
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ASX: KORASXASX:: KOR2727 www.korab.com.au
GeolSec Project Info.GeolSec Project Info.
Located 65 km from Darwin port
All basic infrastructure (rail, highways,water, power) located near site
Excellent local market in northernAustralia
Easy access to Asia and India
Resilient recession-proof market: 17%market growth in USA during 2008/2009year
Strong environmental credentials of theproduct
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ASX: KORASXASX:: KOR2828 www.korab.com.au
Geolsec TimelineGeolsec Timeline
Granted mining lease
1st half of 2010 - permitting,contracting, procurement
2nd half of 2010 – start productionand sales 1
Initial sales targets 15,000 to 20,000tpa
Potential for 1st year profit of $5million (pre-tax) 2
Potential for 2nd year profit of $9million (pre-tax) 2
1 Subject to receiving all permits and approvals
2 Subject to meeting targeted sales and margins
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ASX: KORASXASX:: KOR2929 www.korab.com.au
ContactsContacts
Investor relations - Andrej K. Karpinski, Executive Chairman
Tel: (08) 9474 6166
Fax: (08) 9474 6266
Korab Resources Ltd, Korab HouseLevel 2, 100 Mill Point RoadSouth Perth WA 6151
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ASX: KORASXASX:: KOR3030 www.korab.com.au
Important InformationImportant Information
This presentation has been prepared by Korab Resources Limited (“Korab” or the “Company”). It should not be considered as an offer or invitation to subscribefor or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities nor a securitiesrecommendation. The information in this presentation is an overview and does not contain all information necessary for investment decisions. In makinginvestment decisions, investors should rely on their own examination of Korab and consult with their own legal, tax, business and/or financial advisers inconnection with any acquisition of securities. The information contained in this presentation has been prepared in good faith, however, no representation orwarranty, express or implied, is made as to the accuracy, correctness, completeness or adequacy of any statements, estimates, opinions or other informationcontained in this presentation. It is believed that the expectations reflected in these statements and opinions are reasonable but may be affected by a variety ofvariables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations,actual demand, currency fluctuations, production results, reserve estimates, loss of market share, industry competition, environmental risks, physical risks,legislative, fiscal regulatory developments, economic and financial market conditions in various countries and regions, political risks, project approvals delaysand cost estimates. To the maximum extent permitted by law, Korab, its directors, officers, employees and agents disclaim liability for any loss or damage whichmay be suffered by any person through the use of, or reliance on, anything contained in or omitted from this presentation. Certain information in thispresentation refers to the intentions of the Company, but these are not intended to be forecasts, forward looking statements, or statements about future mattersfor the purposes of the Corporations Act or any other applicable law. The occurrence of events in the future are subject to risks, uncertainties and other factorsthat may cause Korab’s actual results, performance, or achievements to differ from those referred to in this presentation. The presentation contains only asynopsis of more detailed information published in relation to the matters described in this document and accordingly no reliance may be placed for any purposewhatsoever on the sufficiency or completeness of such information and to do so could potentially expose you to a significant risk of financial loss or incurring byyou of additional liability. Recipients of this presentation should conduct their own investigation, evaluation and analysis of the business, data and propertydescribed in this document. In particular any estimates or projections or opinions contained herein necessarily involve significant elements of subjectivejudgment, analysis and assumptions and you should satisfy yourself in relation to such matters. The drilling rigs and equipment featured in this presentation isgenerally not the property of the Company.
Competent Person: The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled byMalcolm Castle, who is an independent geological consultant and is a corporate member of The Australasian Institute of Mining and Metallurgy. Malcolm Castlehas in excess of 5 years experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he isundertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resourcesand Ore Reserves’. Malcolm Castle consents to the inclusion in the report of the matters based on his information in the form and context in which it appears
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