a very impressive resource update!!!!
these guys now have JORC compliant resources worth billions!!
market cap: 48 million (what the?????????????)
Moly Mines Limited (ASX code: "MOL") is pleased to announce a further major upgrade to the resource at the
Spinifex Ridge Molybdenum/Copper Project, located in the Pilbara region of Western Australia. The Company's
recently completed, 15 month drilling campaign has now converted a significant portion of the resource into the
Measured category under the JORC Code, sufficient for the Company to consider the resource to be at a bankable
The Measured resource has increased from 61 million tonnes to 187 million tonnes, a 200% increase as detailed
The new JORC compliant resource using a 0.03% Mo cut-off is 500 million tonnes @ 0.06% Mo and 0.09% Cu.
This represents a near doubling of the resource of 281 million tonnes as it stood prior to the commencement Moly
Mines' drilling program in April 2005. The deposit remains open at depth.
A breakdown of the new resource is as follows:
o Measured - 187 million tonnes @ 0.07% Mo and 0.10% Cu;
o Indicated - 282 million tonnes @ 0.05% Mo and 0.08% Cu; and
o Inferred - 31 million tonnes @ 0.05% Mo and 0.07% Cu.
The upgraded resource confirms the project's status as an advanced world class molybdenum project and is a
significant milestone in the Bankable Feasibility Study ("BFS"). The completion of resource drilling allows the
Company to commence detailed mine planning with optimised pit designs.
This new resource has been independently calculated by engineering and mining consultants Steffen Robertson &
Kirsten (Australasia) Pty Ltd ("SRK") using a database containing 137 holes for 44,718 metres, including the 99
holes drilled by Moly Mines. Data has been verified and twin holes were used to confirm the compatibility of historical
data with holes undertaken by Moly Mines.
Spinifex Ridge now has a significant resource inventory of:
o Molybdenum - 280,000+ tonnes (~620 million pounds)
o Copper - 430,000 tonnes (~950 million pounds)
o Silver - 850 tonnes (~29 million ounces)