ABN Newswire

Archer Exploration Limited (ASX:AXE) Resignation of Hon John Dawkins and Peter Meers as Directors

newsroom@abnnewswire.net — Fri, 25 May 2012 10:26:00 GMT

Archer Exploration Limited (ASX:AXE) advises that following the sale of the remaining shares held in Archer by Hudson Resources Limited ("Hudson and related companies"), Mr. Peter Meers has resigned as a Director of Archer, effective immediately. The Honourable John Dawkins AO is currently overseas but has notified the Chairman that he intends to resign as a Director of Archer within the next week. Archer will notify ASX upon receiving a signed written resignation from John Dawkins. Both Directors were appointees of Hudson and their appointments were conditional on Hudson maintaining a substantial share holding in Archer.

The Board of Archer greatly appreciated and benefited from the skills and broad range of business experience that John and Peter bought to the Company during their Directorships.

Archer with its solid cash position is well placed to accelerate exploration and development of its key graphite projects at Campoona and Sugarloaf. Resource drilling to achieve a JORC Measured Resource at Campoona is underway and weather permitting, will be completed within three months. Given the importance of Campoona and the other emerging projects that the Company has, Archer will be commencing a search for a senior person with substantial mining experience to join the Company as a Director to assist in the transition from explorer to miner.

Archer Exploration Limited
T: +62-8-8272-3288
WWW: www.archerexploration.com.au

Archer Exploration Limited (ASX:AXE) Resource Drilling Recommences at Campoona Graphite Project

newsroom@abnnewswire.net — Thu, 24 May 2012 08:36:00 GMT

Archer Exploration Limited (ASX:AXE) advises that resource drilling recommenced on the 23rd May 2012 at the Company's 100% owned Campoona Graphite Project located approximately 12km north of the township of Cleve on Eyre Peninsula, South Australia.

Drilling by the Company in February and again in April 2012 confirmed the presence of visible flake graphite within a discrete intense graphitic shear zone hosted in low grade graphitic proto-gneiss (high grade metamorphosed sediments). The high grade graphite unit averages 10-50m in true width with the hangingwall section particularly high grade averaging over 15% graphitic carbon and carrying visible flake.

The current phase of drilling is the third and final phase of a staged resource drilling programme to identify a JORC Measured Resource at Campoona Shaft. It is expected that the drilling will take 8-12 weeks to complete with the assay results to be progressively reported.

Notes on Exploration Potential

Exploration Potential - Tonnage*

Drilling results at Campoona Shaft confirm that the graphitic-rich body consists of a discrete intense graphitic shear zone hosted in low grade graphitic proto-gneiss (high grade metamorphosed sediments). The high grade graphite unit averages 10-50m in true width with the hangingwall section particularly high grade averaging over 15% graphitic carbon and carrying visible flake. The drilling shows the graphite to extend to a vertical depth of at least 100m and there are no signs of thinning at depth. Drilling results are limited to a strike length of 600 metres however the deposit remains open along strike to the north. No density measurements have been conducted at this time but given the composition of the unit it is reasonable to ascribe a density of 2.2gm/cc.

The lower bound exploration potential assuming a strike length of 600m, an average width of 25m, a down-dip extent of 100m and a specific gravity of 2.2gm/cc is estimated at 3Mt.

The upper bound exploration target assumed a strike of 600m (despite the deposit being open to the north) and a vertical extent to the deposit of 150m is estimated at 5Mt.

Central Campoona has the same overall geology however the intense graphitic unit is narrower averaging 10m in true width. Drilling results are limited to a strike length of 1,400 metres however the deposit remains open along strike to the south. The lower bound exploration potential assuming a strike length of 1,400m an average width of 10m, a down-dip extent of 100m and a specific gravity of 2.2gm/cc is estimated at 3Mt.

The upper bound exploration target assumed a strike of 1,400m (despite the deposit being open to the south) and a vertical extent to the deposit of 150m is estimated at 5Mt.

Exploration Potential - Grade*

At Campoona Shaft the arithmetic average of the graphitic schist in the 10 holes completed to date (sample size n=267; x 11.0%TGC) is 10-12%TGC. A lower grade cut-off of 5%TGC was used.

At Campoona Shaft the arithmetic average of the graphitic schist in the 6 holes completed to date (sample size n=72; x 12.4%TGC) is 11-13%TGC. A lower grade cut-off of 5%TGC was used.

The depth of oxidation at both areas is approximately 80m vertically below surface corresponding with the current water table.

*The potential quantities and grades presented are conceptual in nature, there has been insufficient exploration to define an overall Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource

Metallurgical Testwork

Samples from the April drilling have been submitted for petrological examination and for detailed metallurgical evaluation. Test results should be available within the next week and will be reported once collated.

For the full announcement including tables and charts, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-AXE-188120.pdf

Archer Exploration Limited
T: +62-8-8272-3288
WWW: www.archerexploration.com.au

FINANCE VIDEO: South Boulder Mines (ASX:STB) CEO and MD Lorry Hughes Speaks with ABN Newswire's CEO Tim Mckinnon at Hard Assets New York 2012.

newsroom@abnnewswire.net — Thu, 24 May 2012 05:28:47 GMT

FINANCE VIDEO: South Boulder Mines (ASX:STB) CEO and MD Lorry Hughes Speaks with ABN Newswire's CEO Tim Mckinnon at Hard Assets New York 2012.

Mr Lorry Hughes BSc. MAusIMM, is a Geologist with 20 years industry experience and has been South Boulder Mines' CEO and Managing Director since 2008. Mr Hughes has held senior management positions on exploration and operational mining projects for Energy Metals Ltd, CSA Australia Ltd and Energy Resources Australia Ltd.

Mr Hughes has broad mining and development experience from numerous mines in the north east goldfields of Western Australia and overseas, including; mining in Malaysia and exploration/development in Indonesia and Eritrea.

Mr Hughes's past management, mining, exploration & development operations include, peer review, geological resource interpretation/estimation, project generation, mine planning/optimisation, near mine resource development and environmental management. In addition Mr Hughes has been involved in highly innovative projects including ore beneficiation and ore sorting techniques.

View the video here:
http://www.abnnewswire.net/press/en/72721/Lorry-Hughes

South Boulder Mines Limited
T: +61-8-6315-1444
F: +61-8-9486-7093
WWW: www.southbouldermines.com.au

Queensland Mining Corporation (ASX:QMN) Appoints White Range Resource Development Manager

newsroom@abnnewswire.net — Fri, 18 May 2012 09:59:00 GMT

Queensland Mining Corporation (QMC) (ASX:QMN) announces the appointment of Doug McLean to the new position of Resource Development Manager for the White Range Project. Doug is a highly experienced geologist with over 35 years experience in the industry having extensive, multi-commodity experience over greenfields exploration, advanced projects and mine production. He has held senior project development positions with North Flinders Mines and East African Gold Mines for 17 years prior to acting as an independent consulting geologist over the past 9 years, focused on mineral resource development from conceptual evaluation through to feasibility study and project execution.

Recently, Doug was engaged as the senior project resource geologist at the Tropicana Gold Mine in WA for Anglogold Ashanti Ltd.

Doug's contribution will significantly enhance the QMC strength in resource assessment and evaluation. His principle role will be to work closely with the White Range QMC study project team and with the feasibility study consulting engineers, Calder Maloney, to prepare the White Range mineral resource base for copper production.

QMC has retained Golder Associates to provide resource estimation consultant support to the White Range project. Golder Associates primary responsibility will be to review and update the JORC compliant mineral resource estimates in the light of the feasibility resource delineation drill program due to commence in June 2012. This builds on previous work conducted by Golder Associates on the White Range project including resource estimation, pit optimization and mine planning.

"The appointments of Doug McLean and Golder Associates to the White Range feasibility study team is another important step in the development of our significant JORC resources towards production" Howard Renshaw, Managing Director of QMC said.

Queensland Mining Corporation
T: +61-2-9251-6730
F: +61-2-9251-6326
WWW: www.qmcl.com.au

Alara Resources Limited (ASX:AUQ) Drilling Update at the Khnaiguiyah Zinc Copper Project

newsroom@abnnewswire.net — Wed, 16 May 2012 12:50:25 GMT

Australian-based minerals exploration and development company Alara Resources Limited (ASX:AUQ) (Alara) is pleased to report the results from an ongoing drilling programme at its flagship Khnaiguiyah Zinc-Copper Project in Saudi Arabia.

The drilling results announced today confirm the presence of significant additional mineralisation to the maiden Khnaiguiyah JORC Resource announced on 21 February 20121.

These results represent a progressive update on Alara's 10,000m backlog of additional drilling, conducted since the drilling cut-off date of 22 November 2011 for the JORC Resource estimation.

The drilling results cover a total of 19 holes, including a third batch of results from Zone 1 comprising 8 holes and an additional 7 holes from Zone 2. These results are outside the previously defined JORC Resource area and confirm additional mineralisation in Zone 1 and Zone 2 (North extension). In addition to this, 4 holes from Zone 3 covered in this announcement are previously drilled geotechnical holes for which analysis was carried out after completing a related geotechnical study.

Assay results from completed drilling, together with results from drilling continuing in Zones 1 and 2 to confirm mineralised extensions, will be announced over the coming months.

DRILLING HIGHLIGHTS

ZONE 1:
- Hole K1DD12_221 from 24-30.8m: 6.8m at 6.02% Zn; 0.49% Cu
- Hole K1DD12_222 from 63-66m: 3m at 7.51% Zn; 0.95% Cu
- Hole K1DD12_245 from 25.45-34m: 8.55m at 10.91% Zn; 0.19% Cu
including 25.45-28m 2.55m at 21.80% Zn; 0.34% Cu
and 42-47.1m: 5.1m at 10.97% Zn; 0.21% Cu
including 45-46m: 1m at 31.56% Zn; 0.70% Cu

ZONE 2:
- Hole K2DD12_233 from 80.8-86m: 5.2m at 7.15% Zn; 0.14% Cu
- Hole K2DD12_237 from 157-162m: 5m at 8.40% Zn; 0.38% Cu
- Hole K2DD12_239 from 177-188m: 11m at 6.42% Zn; 0.12% Cu
- Hole K2DD12_240 from 91-101m: 10m at 10.90% Zn; 0.31% Cu

ZONE 2 (Copper Rich Zone):
- Hole K2DD12_237 from 164-168m: 4m at 1.09% Cu
- Hole K2DD12_238 from 193.4-203m: 9.6m at 1.47% Cu

ZONE 3:
- Hole K3DD11_037 from 78-82m: 4m at 11.02% Zn; 0.07% Cu
- Hole K3DD11_044 from 187-209.1m: 22.1m at 6.87% Zn; 0.14% Cu
and 214-221m: 7m at 6.69% Zn; 0.65% Cu
- Hole K3DD11_052 from 20-31m: 11m at 5.62% Zn; 0.22% Cu

The results from Zone 1 continue to confirm mineralisation at shallow depths and similar in grade as that found in Zones 2 and 3. In particular, Hole K2DD12_240 drilled in the southernmost edge of Zone 2 intersected 10m at 10.90% Zn. This confirms the mineralisation open in a southern direction positioned along the shear zone.

A complete tabulation of intersection results along with maps indicating the location of these holes in Zones 1, 2 and 3 are attached (refer Appendix - Summary of Intersection Results and Drill-Hole Locations).

It is noted that drill intercepts are reported as drilled; true thicknesses will be calculated at the interpretation and resource modelling stage. The drill intersections are almost perpendicular to mineralisation and no significant difference is expected in true and intersection thickness.

Alara Resources' Managing Director, Shanker Madan, said: "These latest results confirm the presence of additional mineralisation within Zones 1 to 3 and give us further confidence surrounding the feasibility and scale of the Khnaiguiyah Zinc Copper Project."

"The Khnaiguiyah Definitive Feasibility Study (DFS) is nearing completion and is expected to be finalised by the end of June 2012. Once the DFS is complete, Alara will move to the design and construction phase of the Khnaiguiyah Project," added Mr Madan.

DRILLING STATUS

Alara is continuing the infill and step-out drilling to extend mineralisation in
Alara is continuing the infill and step-out drilling to extend mineralisation in Zone 1 and Zone 2 with a view to identifying additional mineralisation prior to the completion of the Khnaiguiyah DFS in Q2 2012. Since the commencement of the Khnaiguiyah Zinc-Copper Project drilling programme, Alara has completed a total of 290 holes to 35,155 metres.

For the full announcement including tables and charts please visit:
http://media.abnnewswire.net/media/en/docs/72641-AUQ-ASX-Release_16May12.pdf

Shanker Madan 
Managing Director
T | +61 8 9214 9787 
E | smadan@alararesources.com

David Loch
Unicus
T | +61 3 9654 8300 
M | +61 411 144 787
E | david@unicusgroup.com.au

Archer Exploration Limited (ASX:AXE) Share Purchase Plan Allotment and Return Cheques

newsroom@abnnewswire.net — Mon, 14 May 2012 13:47:00 GMT

As advised in the release to the ASX on 3 May 2012, the Archer Exploration Limited (ASX:AXE) Share Purchase Plan (SPP) was oversubscribed and closed early with applications received by mail postmarked 3 May 2012 or earlier, or BPay up to 6.00 pm on 3 May 2012 to be accepted. Application monies received after the close will be fully refunded.

Even though the SPP was closed early, there was a significant oversubscription and all valid applications received from entitled holders prior to the amended closing date will be scaled back. Successful applicants will receive approximately 70% of the number of shares applied for with the remaining application monies to be refunded.

The original Key Dates for the SPP have not changed and the maximum 5,000,000 shares to be issued under the SPP will be allotted on 16 May 2012. The Despatch Date for the confirmation of transaction and refund cheques will be mailed to applicants on 18 May 2012.

The Directors wish to thank all shareholders who have participated in the SPP for the continued confidence they have shown in the Company.

Archer Exploration Limited
T: +62-8-8272-3288
WWW: www.archerexploration.com.au

Venus Metals Corporation Limited (ASX:VMC) Processing of Diamondiferous Gravels Commences

newsroom@abnnewswire.net — Fri, 11 May 2012 09:04:00 GMT

The Directors of Venus Metals Corporation Limited (ASX:VMC) are pleased to report that processing of diamondiferous gravels at the Argyle Smoke Creek Alluvial Diamond project has commenced for economic evaluation.

Venus' Argyle Smoke Creek Alluvial Diamond Project lies adjacent to the Argyle diamond mine (Figure 1).

The Smoke Creek Alluvial Diamond Project has a JORC Inferred Diamond Resource of 6,000,000 carats.

After economic and resource confidence consideration, with a cut-off of 10 CPHT applied, the Inferred Resource has been estimated at 21.5 Mt at an average grade of 28 CPHT for a total of 6,000,000 carats (refer ASX announcement 7 September 2011).

The 1979 discovery of alluvial diamonds in Smoke Creek led to the discovery of the world-class Argyle diamond deposit.

Argyle Diamonds Ltd has operated its Argyle diamond mine in WA since 1985 although it had commenced alluvial diamond mining at nearby Smoke Creek in 1983. Argyle was the largest diamond mine in the world for many years, peaking at approximately 42.8m carats in 1994. Argyle Diamond Mines (ADM) operated an alluvial mine in upper Smoke Creek for many years, supplementing the hard rock AK1 production with the alluvial product which had a better quality distribution than AK1 and included the rare pink diamonds.

ADM's bulk sampling within the Venus ground recorded the presence of diamonds within all the samples taken (sample size was typically around 30 tonnes). The highest grade ADM recorded was from bulk sample SC24-6 which returned 200 carats/hundred tonnes (CPHT) from the sample depth interval 5-6 metres. Other encouraging results included bulk sample SC22-1 which returned 186 CPHT from surface to one metre depth, and sample SC31-3 which returned 185 CPHT from 2-3 metres.

In February 2012 Rio Tinto announced that it had discovered Australia's biggest rough pink diamond at Argyle weighing 12.76 carats with an estimated value of around $20million. Indeed, one report in the Daily Mail (UK) speculated it could fetch as much as GBP25m at auction. This stone is currently being cut & polished at Argyle and may be included in Argyle's Pink Diamonds Tender. This stone, while it is rare, demonstrates that the AK1 pipe can produce some very special stones.

The Venus Smoke Creek Alluvial Diamond Project contains the same diamondiferous gravels as those already mined by Argyle in upper Smoke Creek and are derived from the Argyle (AK1) lamproite pipe at the head of Smoke Creek.
Tom Albanese, Chief Executive Officer of Rio Tinto was quoted in the company's "Rare and Collectable" press release (July 2010) saying:

"Thirty years ago there were very few people who believed Australia could hold the secret of diamonds - even fewer could foresee the discovery of the rarest of all diamonds - the Argyle pink diamond."

The release further stated "...with only a decade of remaining mine life at Argyle, these rare pink diamonds are becoming rarer".

Another Rio Tinto press release (September 14, 2010) states that: "the Argyle Diamond Mine... produces virtually the entire supply of the world's pink diamonds". Also - "Pink diamonds are among the most intriguing and highly valued gems in the world both because of their richness, colour and rarity".

Venus' Argyle Smoke Creek Alluvial Diamond Deposit potentially provides a new source of genuine, Kimberley Process compliant, issue-free Australian diamonds including the rare pinks.

The purpose of Venus' bulk sampling and diamond recovery program is to establish the quality and value distributions of diamonds recovered for economic modelling for international marketing and funding proposals and commercialisation strategies.

Diamond results from the program will be announced to ASX as soon as they become available.

To view the complete Venus Metals announcement including Figures, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-VMC-589476.pdf

Venus Metals Corporation Limited
T: +61-8-9321-7541
F: +61-8-9486-9587
WWW: www.venusmetals.com.au

Indochine Mining Limited (ASX:IDC) Very High Gold and Silver Assays from Mt Kare, Papua New Guinea

newsroom@abnnewswire.net — Fri, 4 May 2012 10:03:00 GMT

Indochine Mining Limited (ASX:IDC) Intercepts Very High Grade Gold and Silver at Mt Kare, PNG. Large intercepts of very high grade gold/silver assays have been returned from the mineralised zones in a further 3 drillholes, and highlight the potential at Indochine Mining's (ASX:IDC) major gold/silver project at Mt Kare, in Papua New Guinea (PNG).

Best results include:

17.7 metres(m) at 100.3 grams/tonne(g/t) gold, 134 g/t silver from 59m, including
4 m at 420 g/t gold, 170 g/t silver from 67m, (Drillhole 122SD11; twinned hole);

in comparison to prior results of 34m at 7.2g/t gold in MK98-132
27 m at 3.1 g/t gold, 4.3 g/t silver from 77m, including
7 m at 6.5 g/t gold, 7.8 g/t silver from 85m, (Drillhole 125SD12; new hole);
16.9 m at 3.9 g/t gold, 20g/t silver from 19.1 g/t, including
8 m at 7.5 g/t gold, 21 g/t silver from 26m, and including
1 m at 50g/t gold, (Drillhole 127SD12; new hole).

Over 25 holes are pending assays, the results of which will be released when available.

The results above are mineralised intervals selected for metallurgical testwork in Perth. The currently unsampled portions of the holes are a lower priority, are expected to be less mineralised and not considered of consequence, and will be assayed in due course.

Additional results were received from the previously reported drillhole 126SD12, including:
23.2m at 2.0g/t gold, 33g/t silver from 26.8m,
16 m at 2.9g/t gold, 6g/t silver from 26.8m,
including 10 m at 4.4 g/t gold from 74m, and
21 m at 5.5 g/t gold, 625 g/t silver from 99m (Drillhole 122SD11; twinned hole).

Drillhole 122SD11 was designed to 'twin' a past hole, MK98-132, for metallurgical test work, while Drillholes 125SD12 and 127SD12 were within the mineralised zone identified for the pre-feasibility study (PFS), scheduled for completion in August 2012. No further significant results were received from Drillhole 123SD11, apart from the previously reported:

36.4 metres at 6.2 g/t gold, 232 g/t silver from 56.8m (Drillhole 123SD11).

Indochine Mining Limited is progressing one of the largest, near term gold projects in Papua New Guinea (PNG), the Mt Kare gold/silver deposit within EL1093 ('The Project'). The Project is located 15 kilometres from one of the world's Top 10 gold mines, Barrick's giant 28Moz Porgera gold mine, which has produced over 500,000 ounces of gold per year for 21 years. Mt Kare shares similar geology, ore types, structures and age of mineralisation to Porgera, which has significant infrastructure (road & power).

Mt Kare has the potential for a high grade, large open cut mine, operating at 125-150,000 ozs gold & silver per year, which is being investigated in the PFS. Ongoing drilling is anticipated to both improve the quality and increase the current resource. The Project is developing as one of the next major gold projects in PNG.

Commenting on the results, Indochine's CEO Stephen Promnitz said, "These results support our confidence in the potential of the Mt Kare gold/silver project. As each new drillhole comes in, our confidence is elevated further."

View the Full Release including tables and charts here:
http://media.abnnewswire.net/media/en/docs/ASX-IDC-677533.pdf

Indochine Mining Limited
T: +61-2-8246-7007
F: +61-2-8246-7005
WWW: www.indochinemining.com

Archer Exploration Limited (ASX:AXE) Further Graphite Intervals at Campoona

newsroom@abnnewswire.net — Fri, 4 May 2012 08:30:00 GMT

On the 15th March 2012 Archer Exploration Limited (ASX:AXE) announced that it had commenced a staged resource drilling programme at the Company's 100% owned Campoona Graphite Deposit located approximately 12km north of the township of Cleve on Eyre Peninsula, South Australia.

The first stage of drilling was conducted between 14th March and 7th April 2012 and consisted of thirty RC and RC aircore drill holes aggregating 1,528 drill metres. Drilling was conducted to test the consistency of the Campoona Graphite Deposit along strike.

The drilling was concentrated in two main areas around the northern portion of the deposit immediately south of the Campoona Shaft and in the Campoona Central area north of the Campoona outcrop. Most holes intersected significant graphite which occurs either as an intense graphitic schist unit or as graphitic proto-gneiss.

All drill intervals have now been reported to Archer for the Campoona Shaft area. Figure 1 below shows the extent of the 2012 drilling and the visual potential of the drill holes.

Campoona Shaft Area Drill Results

The assay results for holes CSRC12_014 - CSRC12_028, which were drilled in April 2012, have been received and are reported below. The results show the continued performance of the Campoona graphitic schist structure.

Assays for holes CSRC12_014 - CSRC12_016 complete the first pass drilling of the Campoona Shaft area. Figure 3 is shows in cross section the graphitic intervals.

Results for the Campoona Shaft area included:

CSRC12_014              15m @ 10.2%C from 75m downhole
                        Including 8m @ 11.7%C from 79m

CSRC12_015              3m @ 10.6%C from 0m downhole
                        and 2m @ 11.6%C from 12m

CSRC12_016              11m @ 10.8%C from 62m downhole

Campoona Central Drill Results

Results for the Central Campoona area (north of the Campoona South Outcrop) included:

CSRC12_019              11m @ 14.9%C from 0m downhole

CSRC12_020              8m @ 9.0%C from 25m downhole
                        and 11m @ 16.7%C from 38m

CSRC12_023              17m @ 12.2%C from 39m downhole
                        including 4m @ 17.7%C from 44m

CSRC12_028              25m @ 9.3%C from 6m downhole
                        including 10m @ 14.8%C from 8m

The latest drilling confirms that the graphitic schist pinches and swells along strike. At least two sections of continuous graphitic schist have been defined. The first, Campoona Central, is from the Campoona outcrop and runs continuously for at least 1,400m to the north and is open along strike to the south. The second is the area immediately south of the Campoona Shaft and runs for at least 600m. This second section is open to the north along strike.

Further results for holes CSRC12_029 - CSRC12_037 are pending however they are only expected to report low grade graphitic gneiss.

Immediate Exploration Plan

Archer has secured landowner consent to drill the graphite immediately south of the Campoona Shaft. The Company has submitted a EWA to PIRSA and expects, weather permitting, to resume Resource drilling once PIRSA has approved the work. The EWA also proposes campaigns of diamond drilling and RC drilling through the sub-cropping graphite.

Exploration has covered less that 1% of the total area under tenure. Several graphite prospects are already known through historic work conducted by many exploration and mining companies in the 1980s and 1990s. Archer is planning to augment the above programs with a far more detailed and extensive airborne EM survey aimed at identifying all the major graphite targets in the tenement holding as a precursor to drill testing each prospect.

To view the complete Archer Exploration announcement including Figures, please refer to the following link beow:
http://media.abnnewswire.net/media/en/docs/ASX-AXE-187954.pdf

Archer Exploration Limited
T: +62-8-8272-3288
WWW: www.archerexploration.com.au

Indochine Mining Limited (ASX:IDC) Quarterly Activities and Cashflow Report March 2012

newsroom@abnnewswire.net — Mon, 30 Apr 2012 17:48:00 GMT

Indochine Mining Limited (ASX:IDC) is pleased to provide its Quarterly Activity Report for the quarter ended 31 March 2012.

Highlights & Achievements

PNG Project Development - Drilling Confirms High Grade

- High grade gold & silver mineralisation confirmed; Assays up to 12 metres (m) at 10 grams/tonne (g/t) gold within a 36m zone at 6 g/t gold, 232 g/t silver; 27 holes with assays pending.

- First phase PFS drill campaign completed for 3450 metres (29 holes), mainly for metallurgical test work; Second phase infill & extension drilling commenced; Three drill rigs currently operating.

- Pre-Feasibility Study (PFS) well advanced with initial mine plans, pit shells and infrastructure, due for completion August 2012.

- Potential for high grade open cut gold mine being investigated.

Cambodia - Gold in Vein Samples

- Rockchip assays from gold-bearing veins in the Kratie North area returned 10 - 114 g/t gold in 30 samples.

Corporate

- Cash position: $3.4 million at 31 March 2012.

- Discovery Award - Asia Mining Awards, Hong Kong, in recognition of gold veins discovered in Cambodia & the re-awakening of Mt Kare.

To view the complete Indochine Mining Quarterly Report, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-IDC-676791.pdf

Indochine Mining Limited
T: +61-2-8246-7007
F: +61-2-8246-7005
WWW: www.indochinemining.com