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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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From: LoneClone	11/17/2006 11:37:09 AM
	of 78411

Teal Study to Speed Extraction in Zambia By Charlotte Mathews 16 Nov 2006 at 07:05 AM EST resourceinvestor.com JOHANNESBURG (Business Day) -- Minerals explorer Teal Exploration and Mining [TSX:TL] was about to embark on a study of how to fast-track extraction of copper from its Konkola North project in Zambia, it said yesterday. Teal was established last year to house the non-South African exploration assets of African Rainbow Minerals [JSE:ARM], which is its biggest shareholder at 64.9%. It has four priority projects. In Zambia it is exploring the Konkola North and Mwambishi copper projects, in Namibia it is exploring the Otjikoto gold project and in the Democratic Republic of Congo it is exploring the Kalumines copper and cobalt project. The copper price has weakened in the past few weeks to below $3.10/lb from a peak of $3.80/lb in May but is still well above the $2/lb of a year ago. The price has been driven largely by demand from China on the back of infrastructure development but there has also been speculative activity. Teal president and CEO Rick Menell said the company had sent a team into the old mine workings at Konkola North and found underground conditions were better than expected. The feasibility study would also look at the possibility of extracting ore from the existing workings and toll-processing them. This “rapid entry” study would be completed early next year. Teal was recently awarded a mining licence for Mwambishi, which means its two Zambian copper projects and Kalumines in Congo have all secured long-term licences. At Mwambishi, Teal expects to establish a mine site and start open-pit prestripping next year. At Kalumines most of the informal miners on the property have been registered and are co-operating with Teal, so it now has full access to the site. In the September quarter Teal posted a net loss of $4.6 million, down from a loss of $5.4 million in the June quarter. It held $19.9 million in cash at the end of September, down from $26.6 million at the end of June after spending $3.9 million ($2.8 million) on exploration and development.

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