Minemakers retains an indirect interest in the Sandpiper Project through its 13.81% shareholding in UCL Resources Limited providing Minemakers shareholders with exposure to the value upside from the project.
1. JDCPHOSPHATE INC.
Refer to earlier in this report.
2. UCL RESOURCES LIMITED (ASX: UCL)
Minemakers holds 13.81% equity in UCL Resources Limited, worth approximately $2 million at the end of the Quarter.
3. AUSTRALIA MINERALS & MINING GROUP LIMITED (ASX: AKA)
Minemakers holds 4.65% of Australia Minerals & Mining Group Ltd worth approximately $0.4 million.
4. TNT MINES LIMITED (19% equity)
Minemakers was not supportive of TNT Mines' recent desire to consolidate its shares and is encouraging TNT Mines to seek a corporate solution to ensure its ongoing viability. Minemakers does not believe a potential ASX listing via IPO is realistic in the foreseeable future.
BOARD AND MANAGEMENT CHANGES
During the December Quarter 2012 Minemakers announced that Mr Andrew Drummond would retire as Executive Chairman and become Non-Executive Chairman of the Company effective 31 December 2012.
Founding Director, Mr Dennis Wilkins retired from the Board of the Company on 4 December 2012 and Mr Ian McCubbing joined the Board as Non-Executive Director on 21 December 2012.
At the end of the December 2012 Quarter Minemakers had cash of A$27.3 million. Refer to the December 2012 Quarterly Cashflow Report of today's date.
Cliff Lawrenson, Managing Director
Competent Persons' Statement
The qualified person in relation to this press release is Andrew Drummond, who is Chairman of the Company and a Fellow of the Australian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists, and who has reviewed and approved the information in this press release. Mr Drummond has sufficient experience deemed relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' and a 'Qualified Person' as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr Drummond consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Information in this report related to the current Mineral Resource estimates reflects information compiled by Jonathon Abbott who is a full time employee of MPR Geological Consultants Pty Ltd. Mr Abbott, a Member of the Australian Institute of Geoscientists, has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is reporting to qualify as a Competent Person as defined in the 2004 edition of the "Australasia n Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Abbott consents to the inclusion in the report of the matters based on the information compiled by them, in the form and context in which it appears.
With respect to the JORC, Clause 18, and in respect of some targets the potential quantity and grade of them are conceptual in nature, and there may have been insufficient exploration to date to define a Mineral Resource and is uncertainty if further exploration would result in the determination of a Mineral Resource.
For further information on Wonarah, please refer to Minemakers' NI 43-101 compliant technical report entitled "Technical Report Preliminary Economic Assessment for Wonarah Phosphate Project, Northern Territory, Australia", dated January 2012 and available on SEDAR at www.sedar.com. An updated Mineral Resource estimate is being prepared for SEDAR.
Cautionary Statement Regarding Forward-Looking Information
All statements, trend analysis and other information contained in this report relative to markets for Minemakers' trends in resources, recoveries, production and anticipated expense levels, as well as other statements about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Minemakers does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
Mr Cliff Lawrenson
Managing Director and CEO
+61 8 9264 7000
+61 8 9264 7099 (FAX)
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