Diggers N Dealers Presentation 2010
latest news...
August 24, 2010
Barrambie - NFC Update
Reed Resources has extended exclusivity period with China Non-ferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd (“NFC”) until 30 September 2010.
The discussions to date specifically cover an engineering procurement & construction contract and project financing.
August 12, 2010
Mineral Resource Estimate at Mt Marion Lithium Project increased by 18%
A re-estimation has increased resource classification.
Total Resources increase a further 18% to 10.5Mt @ 1.4% Li2O.
2.1Mt @ 1.5% Li2O now in Measured Resource.
All deposits remain open along-strike and down-dip.
July 29, 2010
Successful completion of A$7.5m capital raising
Reed completes Placement to institutional and sophisticated investors raising A$7.5 million, following closure of oversubscribed book build.
Funds raised to:
- Accelerate assessment of Lithium Carbonate downstream processing and by-product production
- Complete scoping studies for expansion and optimisation of the Barrambie Vanadium Study
- Complete detailed engineering for the refurbishment of the Nimbus Processing plant
- Drill test extensions and parallel repetitions of the Sand George lodes at the Comet Vale Gold Project
Patersons Securities Limited acted as Lead Manager to the Placement.
July 16, 2010
Mt Marion Lithium Project ‐ Decision to Mine
Reed has received “Commencement of Operations” notice from Mineral Resources Limited.
Mt Marion Lithium Project to commence production by March 2011 – subject to receipt of approvals.
Initial production rate of 200,000tpa of spodumene concentrate will make Mt Marion the world’s second largest hard rock lithium operation.
Scope of Joint Venture expanded to cover potential by-products of mica, tantalum and potash feldspars.
Reed has exercised its option to acquire 100% of the granted mining leases which cover the project.
Clearing permit approved. Mining proposal and works approvals submitted.
Discussions are continuing with domestic and international parties on toll conversion and joint venture arrangements for downstreaming to battery grade lithium carbonate.
July 1, 2010
Extension of Earn-In Period
Release of Operations Commencement Notice due within approximately two weeks.
Clearing permit approved. Mining proposal and works approvals near completion.
“This project is in an exciting stage and, following receipt of the outstanding approvals, we are looking forward to progress with the operational phase and working further with Reed to establish Australia’s premier lithium project” said Mineral Resources Ltd Managing Director, Mr Peter Wade.
July 1, 2010
Reed improves access for North American investors thru ADR's
North American investors are now able to invest in Reed Resources in their own currency and timezone with the introduction of Sponsored American Depository Receipts.
June 30, 2010
Director exercises 1 million options at 50c
The Company wishes to advise that 1,000,000 unlisted options in the Company with an exercise price of $0.50 were exercised today by its Managing Director Chris Reed.
June 15, 2010
Positive Results from Lithium Carbonate Pre-feasibility Study, New Exploration Target and Project Update
Independent consultants, Hatch, have completed a Pre-feasibility Study into the processing of lithium concentrates to battery-grade lithium carbonate.
The preferred case Net Present Value is around US$400 million based on various key commercial and operating assumptions. Using a 12% discount rate the project would deliver an Internal Rate of Return of around 68%.
China and Malaysia have been identified as the preferred options for the location of the lithium carbonate plant based on operating and capital costs and taxation regimes.
There has been strong interest from domestic and Asian parties seeking toll-conversion and standalone lithium carbonate joint venture arrangements.
A new exploration target of an additional 10 – 15 Mt of 1.1 – 1.4% Li2O has been identified.
May 17, 2010
NFC granted exclusivity period to assess Barrambie Vanadium Project
Reed Resources has entered into discussions with China Non-ferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd (“NFC”) which, if successfully concluded, would allow for the development of Reed’s Barrambie Vanadium Project,
The discussions to date specifically covers an engineering procurement & construction contract and project financing,
The approach to Reed Resources has been facilitated by Western Australian engineering and construction company Arccon (WA) Pty Ltd (Arccon), and
Reed has agreed to deal exclusively with NFC and Arccon until 31 August 2010.
May 6, 2010
Sand Queen to go on Care and Maintenance from June 2010
Operations at the Sand Queen Gold Mine will be placed on hold in June 2010.
Decision made due to lack of assured toll processing capacity.
A Pre-Feasibility Study evaluating refurbishment of the Nimbus Gold Plant is due to be completed by June 2010.
