Monax placed about 10.5m shares at $0.075 to raise $790,000 from Chinese and Australian sophisticated investors, lifting shares on issue to 81.18m before the SPP. Funds go to Kohinoor, Punt Hill gravity, Waddikee working capital and new opportunities.
What it means for a shareholder
10.5m new shares at $0.075 to raise about $790,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Marmota reports a new uranium prospect at Mulyungarie from its 24-hole program: 18 holes showed gamma anomalies, six at 100ppm eU3O8 or more, best 256ppm. Follow-up drilling is planned for October 2009. Marmota is earning 70% of uranium rights from Monax.
New MD Gary Ferris's presentation repeats known facts: 70.6m shares on issue, market value $4.9m, the SPP terms, and the Melton, Punt Hill, Waddikee and Kangaroo Island projects. It says a Punt Hill joint venture is one funding option being discussed.
Monax announced a Share Purchase Plan at $0.075 a share, up to 21.19m shares (about $1.59m), a 25% discount to the prior close. Funds go to Kohinoor drilling and Punt Hill gravity; the company is reviewing all projects to streamline spending, and Waddikee work is fee-for-service.
Marmota's release: an airborne geophysical survey started on the Melton project, which it is earning 50% of from Monax. Drilling is planned from late November 2009 to February 2010, depending on harvest. No drilling results yet.
OM Holdings' own release of the Waddikee farm-in, matching Monax's terms: $2m over four years for 60% of ferrous minerals, subject to conditions precedent. It adds that OMM would manage any later joint venture. Duplicates ref 11 from the partner's side.
Monax's own release of the Waddikee farm-in: OM (Manganese) can earn 60% of ferrous minerals for $2m over four years, minimum $250,000 in year one, subject to due diligence. Repeats the partner's announcements already seen; Monax's chairman cites up to 42.5% Mn at 88% recovery.
OM (Manganese), a subsidiary of OM Holdings, can earn 60% of ferrous minerals at Waddikee by spending $2m over four years, with $250,000 minimum in year one. Subject to 90-day due diligence. Monax stays operator. Follows the 2008 beneficiation results.
10 Aug 2009director officer appointment● NeutralMajor
Gary Ferris becomes Managing Director from 1 September 2009, replacing Michael Schwarz. He is a geologist with 18+ years' experience, formerly MD of InterMet Resources. The company says it will focus on strategic alliances and joint ventures. This resolves the leadership vacancy.
Monax's cover note forwarding Marmota's release on the Melton joint venture (Marmota earning 50% for $400,000 over two years). No new content beyond the Marmota announcement.
Marmota can earn 50% of Monax's Melton copper-gold-uranium project on Yorke Peninsula (two tenements) by spending $400,000 over two years. It is a new joint venture, adding to the existing Marmota deals with Monax.
Marmota began its first copper-gold-uranium basement drilling at Ambrosia, on ground it is earning 50% of from Monax. The program is expected to take several weeks. It follows the earlier 25% earn-in, and no results yet.
Marmota completed its first 25% earn-in on Ambrosia from Monax, and is on track for 50% during the 2nd and 3rd quarters of 2009. Basement drilling is to start in April 2009. Carbonaceous muds showed some oil-shale potential (up to 24.1 kg/tonne). This is Marmota's announcement, not Monax's.
Half-year to 31 December 2008: net loss $406,592, down from $701,925 a year earlier. Cash was $7.49m (June 2008: $7.07m) plus $4.0m of financial assets, with total liabilities of $0.46m. Waddikee beneficiation final results are expected early 2009.
Monax issued a competent person statement to accompany its annual report, which it says was lodged on 14 October 2008. Administrative; no new results or figures.
Early lab tests on two Jamieson Tank samples lifted manganese from about 20% to 42.5% (80% recovery) and 18.7% to 34.7% (88% recovery). Laboratory conditions, not plant-scale. Spiral testing and a Pollinga sample test are still to come.
Punt Hill hole GHDD6 returned 159m @ 0.47% Cu, with 17m @ 1.1% Cu within it. The extended GHDD2 also hit copper over its extension. Described as the best results to date there; the company is now reviewing data to plan next steps. Resolves the pending Groundhog results.
The managing director's AGM address reviews known results: Waddikee manganese beneficiation under way, Punt Hill assays due shortly, and all eight Bonaventura holes hit sulphides to 230m with assays pending. Mostly repeats known facts.
Waddikee drill assays confirm manganese in all eight Jamieson Tank traverses, with intercepts of 1-22m above 10% Mn and 1-4m above 20% Mn. Unexpectedly strong iron of 20-34.8% Fe over 12-24m. Mineralisation extends over 2.5km; beneficiation testing has begun. Resolves the pending assays.
Monax lodged its 30 June 2008 annual financial report. The visible text covers the corporate directory and directors' biographies only; no financial figures are in the text shown. Dr Neville Alley is listed as a director alongside the previously noted board.
Marmota finished its first drilling phase at Ambrosia-Mulgathing: 75 holes, several with above-background gamma readings and lignite layers. Lab assays are due early October, with Phase 2 planned later in 2008. This is Marmota's work on ground it is earning into from Monax.
Seven May rock chips gave the highest manganese grades yet: up to 54.1% at Jamieson Tank and 39.3% at Pollinga. Surface samples only. Drill assays, thicknesses and grades are now expected in 2-3 weeks.
Drilling has started on new copper targets at Punt Hill's Groundhog prospect, picked from an induced polarisation survey. Angled holes will test a suspected mineralised fault between GHDD1 (126m @ 0.4% Cu) and GHDD2. This is the follow-up drilling promised for mid-2008.
Marmota's Ambrosia drilling intersected lignite with above-background gamma readings in two holes 500m apart at Dusty Bore. Marmota calls this a potential uranium system; lab assays are pending. Final results are now expected by end of September, a month later than first said.
Nine March rock chips from Pollinga returned up to 41.9% manganese. This is surface sampling, not drilling, and adds to the earlier Jamieson Tank results. Drill assays are still expected in about 8 weeks.
Marmota started drilling 70-80 rotary-mud holes at Ambrosia-Mulgathing, the ground it is earning into from Monax. Final results are expected by end of August 2008. Marmota's program, not Monax spending; no results yet.
First-stage Waddikee drilling hit manganese in all eight Jamieson Tank traverses (2-15m down hole, preliminary logging) and in one Pollinga hole (10m). Grades are unknown until assays arrive in about 8 weeks. An inferred resource is the goal if results are good.
Option holders were reminded that unlisted options with a 25-cent exercise price expire on 30 June 2008. The shares last traded at 30.5 cents on 28 May. Administrative notice.
Rock chips from the historic Kohinoor gold mine on Kangaroo Island returned up to 28 g/t gold from the first level of the old workings. Results from the 150m diamond hole drilled in February are expected within 8 weeks.
