Metals X Limited Stock Market Press Releases and Company Profile
Quarterly Activities Report
Quarterly Activities Report

Perth, July 23, 2014 AEST (ABN Newswire) - Metals X Limited (googlechartASX:MLX) (googlechartMTXXY:OTCMKTS) provide the quarterly report for the period ending June 30, 2014. Significant outputs during the quarter were reported and the executive summary is below.

CORPORATE

- Metals X completed the acquisition of the Meekatharra Gold Operations (formerly Reed Resources Limited) during the quarter adding a nominal 2.0 Mtpa CIP production ready process plant and a large gold resource inventory to our existing Central Murchison Gold Project (CMGP).

- Strong fiscal performance continued for the quarter with all operations generating EBITDA of $26.2M.

- Metals X closed the quarter with cash and working capital increasing by 4% over the previous quarter to $76.1M, after acquiring the additional Murchison assets for $9.8M. The Company has no corporate debt.

- Annual Mineral Resource and Ore Reserves Estimates pursuant to JORC 2012 released to market on July 23 2014.

GOLD DIVISION

- Quarterly consolidated operating performance (imputed for sales) from the gold operations outperformed previous productivity guidance (35,000 oz) and had the following key outputs:

- Tonnes mined were 247,629 t @ 4.86g/t Au.

- Tonnes processed were 336,205 t @ 3.78g/t Au (including low grade stocks).

- Average metallurgical recovery was 91.1%.

- Gold metal produced was 38,434 oz.

- Total cash cost of sales was $845 /oz.

- EBITDA (unaudited) was $21.3M.

TIN DIVISION

- Quarterly operating performance (imputed) from the tin operations had the following key outputs for the quarter:

- Tonnes mined were 173,754 t @1.43% Sn.

- Tonnes processed were 172,350 t@ 1.45% Sn.

- Tin metal in concentrates were 19% to1,685 t.

- Cash cost of sales were $19,521/t Sn.

- EBITDA (unaudited) was $4.9M.

NICKEL DIVISION

- Metals X continued to move forward with the development and approvals of its 100% owned undeveloped massive Wingellina Nickel-Cobalt-Iron Project receiving approval for its updated Environmental Scoping document on 23 May 2014. The first draft of the Public Environmental Review document will be submitted by the end of the following quarter, which is the final documentation process step required for EPA approval.

To view the complete quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-MLX-684798.pdf


About Metals X Limited

Metals X Limited (ASX:MLX)Metals X Limited (ASX:MLX) (OTCMKTS:MTXXY) is a Diversified Resource Company. Australia's largest tin and one of Australia's top 10 gold producers. Considerable cashflow is generated from its two operating gold mines at South Kalgoorlie and Higginsville in WA and from its 50% owned high grade tin mine in Tasmania which is also one of the largest hard rock tin mines in the world. The company boasts resources of over 14 Moz of gold, 140,000 tonnes of contained tin and over 2 million tonnes of contained nickel. The company also has a considerable portfolio of growth assets, including one production ready and one development ready gold project and one of the world's largest undeveloped nickel and cobalt projects.

The Central Murchison Gold Project consists of a fully refurbished 2.0Mtpa gold plant and resource containing over 8.6 Mozs of gold in a combination of high grade underground mines and lower grade open pits, expected to be in production in early 2015. The Company's Rover 1 iron-oxide-copper-gold discovery contains 1.2Moz of gold equivalence which is targeted for production in 2016.

The 100% owned world class Wingellina Nickel and Cobalt Project hosts a global resource of over 180Mt at 1% nickel that includes 167Mt as a probable reserve.  Metals X has joined with one of the World's largest companies, Samsung C and T, to work together to finance and develop the Wingellina project.

abnnewswire.com 


Contact

Peter Cook
Executive Director & CEO
e: peter.cook@metalsx.com.au

Warren Hallam
Executive Director
e: warren.hallam@metalsx.com.au



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