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Rum Jungle Resources Ltd's (ASX:RUM) strategic intent is to find, develop and operate fertiliser minerals, base metals and gold projects, located in close proximity to existing transport infrastructure, with a geographical focus centred on the Northern Territory, Australia.
Rum Jungle Resources Ltd is the only company with significant resources of both phosphate and potash in Australia. The company has the backing of large institutional investors and has cash at bank of $5.2 million to complete the takeover of Central Australian Phosphate and facilitate progression of its projects.
HIGHLIGHTS
HEALTH, SAFETY, ENVIRONMENT AND COMMUNITY
- 10,362 hours were worked in the field during the quarter
- Three injuries (one LTI, one Alt Duties, one MTI) are reported below
- There were no reportable environmental incidents
CORPORATE
- The off-market takeover offer for Central Australian Phosphate (CEN) continued. At 30 June 2013, RUM had acceptances for 26% of CEN shares. RUM held 78.03% of CEN as of the 30 September 2013 and had paid out $4.8 million to secure CEN shares during the quarter
- Acceptances had increased to 88% by 28 October 2013
- RUM Directors visited the Barrow Creek and Karinga Lakes projects during August
PHOSPHATE
- RUM now has a controlling interest in CEN and a management services agreement was signed in September. It is intended to combine RUM's Barrow Creek 1 resource and CEN's Arganara resource into a single exploration and development project known as the Ammaroo Phosphate Project
- Worley Parsons was engaged as the study lead for the Ammaroo Phosphate project's pre-feasibility study. Site and lab visits from Worley Parson's expert geological and metallurgical consultants were undertaken during September
- A phase-one workshop was undertaken to review the outcomes of the scoping study, conduct a gap analysis and complete the design the scope of the second phase of the study. This phase of study will focus primarily on lab scale metallurgical test work, flow sheet development, production of sample products to support future marketing efforts, a comprehensive regional phosphate market and pricing study and optimisation of transport solutions and economics
- A draft Notice of Intent (NOI) for mining the Ammaroo Phosphate project was completed in conjunction with EcOz Environmental Services. This draft is being reviewed with a view of issuing the NOI in order to commence the environmental approval process before the end of the year
To view the complete quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-RUM-397227.pdf
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