5th August 2005
Australian Stock Exchange
Company Announcements Office
10th Floor
20 Bond Street
SYDNEY NSW 2000
Dear Sir
Final Settlement to Mining Contractor
Yours faithfully
Brett Young
Company Secretary
Australian Stock Exchange
Company Announcements Office
10th Floor
20 Bond Street
SYDNEY NSW 2000
Dear Sir
Final Settlement to Mining Contractor
The company is pleased to announce that due to the excellent June quarter production results from the Blair Mine and achieving budget production in July that final settlement to Barminco (the previous mining contractor) will now be via cash and not the issue of additional 35,000,000 shares.
Settlement of the $1,141,260 outstanding amount will occur in two payments. The initial payment of $500,000 was paid today from proceeds of the entitlement issue as detailed in the prospectus.
The remaining balance of $641,260 will be paid from working capital in two instalments of $320,630 today and the remainder ($320,630) is due on the 31 August 2005.
The company reserves its right to issue 17,500,000 shares as full payment for the second installment.
Settlement of the $1,141,260 outstanding amount will occur in two payments. The initial payment of $500,000 was paid today from proceeds of the entitlement issue as detailed in the prospectus.
The remaining balance of $641,260 will be paid from working capital in two instalments of $320,630 today and the remainder ($320,630) is due on the 31 August 2005.
The company reserves its right to issue 17,500,000 shares as full payment for the second installment.
Yours faithfully
Brett Young
Company Secretary
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Latest News
Production Increases Significantly
Australian Mines has achieved its best quarterly production result since the June 2005 quarter at the 100%-owned Blair Mine, located 32 kms from Kalgoorlie in W.A.
Australian Mines has achieved its best quarterly production result since the June 2005 quarter at the 100%-owned Blair Mine, located 32 kms from Kalgoorlie in W.A.
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Australian Mines continues to intersect significant mineralisation in its 2008 resource drilling at Blair Deeps at the Blair Mine, located 32km from Kalgoorlie WA.
Australian Mines continues to intersect significant mineralisation in its 2008 resource drilling at Blair Deeps at the Blair Mine, located 32km from Kalgoorlie WA.
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Australian Mines (ASX:AUZ) has recommenced 2008 resource definition drilling at Blair Deeps with drilling initially targeting the high grade E03C shoot below current workings at the Blair Nickel Mine located 32kms from Kalgoorlie.
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Australian Mines Limited (ASX: AUZ) is pleased to announce another impressive high grade intercept from resource definition diamond drilling at the Marriott's nickel project, which is 65 km from Leinster in W.A.
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