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MENAFN - ProactiveInvestors - Australia - 24/02/2013

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(MENAFN - ProactiveInvestors - Australia) Aeon Metals (ASX: AQR) is continuing to hit new heights on the ASX, marking a fresh intra-day high of A0.28 today, a 367% increase over the low of 0.06 the company was trading at in mid-December.

The new high is a further 33% increase over Wednesday's closing price of 0.21, which prompted the ASX to issue a speeding ticket.

Aeon controls a large contiguous tenement holding within an extensive copper and molybdenum porphyry province in Queensland, 150 kilometres by road/rail to the port of Gladstone.

Aeon's principal project is the Greater Whitewash Project, which hosts a Resource of 242 million tonnes comprising 138.9 million pounds of molybdenum, 284,000 tonnes of copper and over 12 million ounces of silver.

The Resource remains open at depth, along strike and across strike in many places. Importantly, additional drilling could materially increase the Resource.

Conceptual project parameters for the current Resource include an open pit operation supporting a 13 year life of mine.

Estimated annual production is 20,000 tonnes of copper, 4,500 tonnes of molybdenum and 800,000 ounces of silver.

Aeon is working to add tonnes to extend the mine life and the economics.

The company was granted a mineral development licence (MDL) covering the Greater Whitewash Project in December.

The granting of the MDL is an important step in the development of Greater Whitewash as it allows Aeon to refine the project's metallurgy by use of bulk sampling and corresponding pilot plant work.

 






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