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Gold/Mining/Energy : Houston Lake Mining [HLM-ASE] -- Ignore unavailable to you. Want to Upgrade?

To: DRT who wrote (234)	10/15/1999 8:51:00 PM
From: DRT	Read Replies (2) \| Respond to of 364

Sons of Gwalia: Quarterly Report For Three Months Ending 30 September 1999 Minerals Division The Company is the world?s largest producer of tantalum, accounting for approximately 50 per cent of primary tantalum concentrates produced on a global basis. Tantalum is used in the electronics and metal cutting industries, the development of super alloys and the manufacture of defence electronic systems and jet aero engines. The Company is a significant participant in the global lithium minerals industry. Lithium minerals are used in the glass and ceramics industries for the production of pyroceramics, TV tubes, computer monitors and many types of container glass. The Company also produces and markets tin and kaolin and produces silica sand in joint venture with Itochu Corporation and Tochu Co. Ltd. Tantalum Total tantalum production for the quarter from the Greenbushes and Wodgina Mines was 202,683 lbs. with sales of 186,241 lbs. As a major producer of tantalum, the Company will host more than 150 international guests from the world tantalum industry at a conference to be held in Perth from 24 to 26 October. Greenbushes Mine, Western Australia (100%) Tantalum production for the quarter from the Greenbushes Mine was 162,834 lbs. Production of both tantalum (Ta2O5) and tin for the quarter was in line with budget. During the quarter, research and development was directed towards improving the metallurgical recovery of tantalum. Advanced research with the introduction of flotation technology was commissioned and regrind trials on bulk samples were conducted. Results are encouraging, with ongoing work directed both on the technology and the commercial feasibility of its implementation. By 2003, the mining of the high grade Cornwall open pit will be completed and operations will be focussed on the lower grade Central Lode to the south. Ta2O5 production levels will be maintained by increasing plant throughput capacity. The high grade Cornwall ore zone is open-ended at depth but it is beyond the reach of open cut mining. It has the potential to improve production economics and boost the already planned production levels of around 600,000 lbs. of Ta2O5 per annum from the Central Lode beyond 2003. An Underground Feasibility Study is currently being carried out on behalf of Sons of Gwalia by Australian Mining Consultants, which incorporates the results of the most recent diamond drilling campaign. Wodgina Mine, Western Australia (100%) Tantalum production for the quarter from the Wodgina Mine was 39,849 lbs. Production was slightly ahead of budget for the quarter. The new processing plant was fully commissioned and achieved its nameplate capacity of 650,000 tonnes per annum. Efforts are being directed towards de-bottle necking of the plant, and optimisation of metallurgical recovery, in order to achieve maximum productivity from the new installation. Production forecasts for the Wodgina Mine, for the financial year, have now been increased to 470,000 lbs. Lithium Minerals Sales and production of lithium minerals were 5,887 tonnes and 7,128 tonnes respectively for the quarter. Production was constrained during the quarter so that a build up in stocks could be reduced. Normal production levels will resume next quarter. While the processing plant was available, it was utilised in conducting research activities on bulk samples for the tantalum division. ______ Re. HLM, I guess the market tells all - its starting to look a lot like this thread... DRT