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Perth, Oct 31, 2012 (ABN Newswire) - During the quarter, Western Manganese Limited (
ASX:WMN) continued its focus on evaluating additional tenements of strategic importance to expand the land area held.
Management feels that the continued uncertainty in commodity prices in conjunction with recent amendments to Indonesian mining laws regarding mineral exports have continued to depress the value of tenements and mining operations in Indonesia, creating opportunities to acquire quality assets under increasingly reasonable terms.
The Company has completed an analysis of all previous deals and is currently targeting two potential manganese acquisitions in Timor.
Genesis Manganese Project
WMN holds an option to acquire 51% of the Genesis Project. During the quarter, the Company received confirmation of the inclusion of the Genesis tenement on the Clean and Clear List released by the Ministry of Energy and Mineral Resources.
During the quarter, the Company engaged a local University from Central Sulawesi to perform an enhanced environmental study on the Genesis Project to further its understanding of any environmental issues which may arise from potential mining operations.
In addition to the environmental Study, WMN has continued its community relations campaign in Toli-Toli, Sulawesi where the Genesis Project is located.
Project Opportunities - Coal
During the previous quarter, the Company communicated that Indonesia's thermal coal industry, the largest sector in the Indonesian Mining Industry has changed significantly. The combination of lower coal prices, less consumption by China and India, newly announced amendments to the Indonesian mining laws and regulations and proposed taxes have created confusion and eroded confidence amongst some tenement holders.
Management concluded that these current market conditions have increased pressure on valuations of tenements and created an advantageous scenario for acquiring tenements. As a result, 28 coal tenements were reviewed by the Company in the prior quarter of which 11 were then chosen for further review.
During the quarter, these 11 tenements ranging from Greenfields tenements to currently producing mines with further exploration potential, were analysed further.
After several site visits, the Company has elected to focus on 2 of the 11 concessions and is aggressively negotiating acquisition terms with the owners of the tenements. On behalf of the board of directors, we welcome new shareholders and appreciate existing shareholders' loyalty.
View the full quarterly report here:
http://media.abnnewswire.net/media/en/docs/ASX-WMN-611665.pdf
ASX:WMN) continued its focus on evaluating additional tenements of strategic importance to expand the land area held.Management feels that the continued uncertainty in commodity prices in conjunction with recent amendments to Indonesian mining laws regarding mineral exports have continued to depress the value of tenements and mining operations in Indonesia, creating opportunities to acquire quality assets under increasingly reasonable terms.
The Company has completed an analysis of all previous deals and is currently targeting two potential manganese acquisitions in Timor.
Genesis Manganese Project
WMN holds an option to acquire 51% of the Genesis Project. During the quarter, the Company received confirmation of the inclusion of the Genesis tenement on the Clean and Clear List released by the Ministry of Energy and Mineral Resources.
During the quarter, the Company engaged a local University from Central Sulawesi to perform an enhanced environmental study on the Genesis Project to further its understanding of any environmental issues which may arise from potential mining operations.
In addition to the environmental Study, WMN has continued its community relations campaign in Toli-Toli, Sulawesi where the Genesis Project is located.
Project Opportunities - Coal
During the previous quarter, the Company communicated that Indonesia's thermal coal industry, the largest sector in the Indonesian Mining Industry has changed significantly. The combination of lower coal prices, less consumption by China and India, newly announced amendments to the Indonesian mining laws and regulations and proposed taxes have created confusion and eroded confidence amongst some tenement holders.
Management concluded that these current market conditions have increased pressure on valuations of tenements and created an advantageous scenario for acquiring tenements. As a result, 28 coal tenements were reviewed by the Company in the prior quarter of which 11 were then chosen for further review.
During the quarter, these 11 tenements ranging from Greenfields tenements to currently producing mines with further exploration potential, were analysed further.
After several site visits, the Company has elected to focus on 2 of the 11 concessions and is aggressively negotiating acquisition terms with the owners of the tenements. On behalf of the board of directors, we welcome new shareholders and appreciate existing shareholders' loyalty.
View the full quarterly report here:
http://media.abnnewswire.net/media/en/docs/ASX-WMN-611665.pdf
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About Western Mining Limited
Western Manganese Limited (ASX:WMN) was incorporated on 4th June 2010 for the purpose of acquiring resource based projects, primarily in Indonesia.
WMN currently hold the rights to two promising manganese exploration tenements near Atembua in West Timor, an area regarded as an emerging manganese province. The two tenements cover an area of 4258ha. Both tenements are within 30km of Atapupu harbour.
Manganese mining in West Timor is an embryonic business with mining currently conducted along very primitive lines. There has been no systematic exploration carried out over any of the known manganese deposits. WMN plans to be the first company to utilise best practice exploration techniques to explore manganese deposits of West Timor. The Company’s objective is to be the first company to delineate a JORC Code compliant Resource in West Timor.
WMN is well positioned to secure additional tenements on West Timor. During the next six months WMN will identify other tenements with above average potential. Agreements will be signed with all owners with whom WMN manage to negotiate favourable terms. WMN’s objective is to acquire three more tenements during the next six months.
Three of the company’s directors are based in Jakarta. Due to our Indonesian presence, members of the board are regularly introduced to iron ore, coal, base metals and gold projects. WMN is also aggressively pursuing all projects that have economic potential, particularly iron ore projects.
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