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Breakfast Briefing: Adelaide Resources, IMX Resources & Rex Minerals

Mr Chris Drown, Managing Director, Adelaide Resources, discussed the company's focus on the discovery of copper and gold deposits, with interests in 20 exploration tenements across South Australia, the Northern Territory and Queensland. The company’s flagship asset is its Moonta Copper-Gold project on the Yorke Peninsula. Mr Drown provided an overview of the company’s activities and the Yorke Peninsula project, including the exciting Alford West prospect which has delivered outstanding exploration results this year and has the potential to become a major mineral resource.

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Mr Stewart Watkins, General Manager, Projects, IMX Resources, discussed the company's Mount Woods Magnetite Project, located approximately 15km from the Cairn Hill Mine which is currently exporting 1.8 Mtpa of magnetite/copper ore. Mr Watkins described how the proposed mine would use the rail and port solutions in place already from Cairn Hill along with other nearby infrastructure. He said the company has the opportunity to develop a modest sized magnetite project with a low capital intensity to commence production. Mr Watkins gave an overview of the operations at Cairn Hill and the planned development of Mount Woods to demonstrate why Mount Woods is different from the majority of Australian Magnetite Projects.

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Mr Mark Parry, Managing Director, Rex Minerals Limited, spoke about the Hillside Project located on the Yorke Peninsula, South Australia. The Hillside Project is one of Australia’s largest copper discoveries in the past decade. Following completion of a Pre-Feasibility Study, a +15 year mine life is proposed with a development cost of approximately $850m, producing 75,000tpa Cu, 60,000 oz pa Au and 1.2Mtpa iron ore. Mr Parry discussed the company’s plans for the next few months, which will include the completion of the Bankable Feasibility Study and closure of finance for the Hillside project. He also discussed the Ore Reserve Statement and plans to construct an open pit mine with a fixed price construction contract.

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