Exciting Acquisition and Share Purchase Plan
Highlights include:
- Phoenix Copper to acquire Leigh Creek Copper Mine Pty Ltd and become a copper producer
- Phoenix Copper has assessed its investment in LCCM's Mountain of Light mine as having an internal rate of return of greater than 300% before tax, with LCCM also having available significant tax losses to offset project tax liabilities once the Mountain of Light mine attains projected profits.
- JORC compliant Indicated Resource estimates of greater than 20,000 tonnes of contained copper in LCCM Mining Leases (see table in full story for cut off grades and tonnage.)
- Cash component of the consideration for LCCM and Phoenix Copper's other short term cash requirements to be funded by a Share Purchase Plan giving Shareholders the opportunity to acquire Phoenix Shares at $0.16 each.
- Subscription Agreement in place to raise up to $1,900,000, if required.
- Acquisition will enable Phoenix Copper to execute a strategy to become a near surface non-sulphide copper miner with a pipeline of projects at varying stages of exploration and development.
“Slow burn Phoenix sure of its intentions”
Read the four page article (depicted at right) featured in February 2010 issue of Paydirt.
Click to download in PDF format.
Tenement purchase
Phoenix Copper Limited will expand its tenement holdings in the Burra region in northern South Australia when it completes the purchase of a significant tenement directly adjacent to its Spalding Project.
The company has agreed, subject to necessary ministerial approval, to purchase tenement EL3244 from Flinders Mines Limited (FMS). The 209 km2 tenement is in two parts, the western part of which lies immediately north of the Company's Spalding tenement, EL3686. Read more ...
Activities report to shareholders
Extract from Phoenix Copper Limited Report to Shareholders June Quarter 2009:
“At Princess Royal - 1,957 FPXRF analyses and 12 rock chip samples were taken during the period. This work defined a 3 km long NNW trending anomaly centered on the old Princess Royal Mine. This recent sampling has covered most of the prospective stratigraphy between the old workings at the Burra Monster Mine and Princess Royal and has identified two new copper anomalies:
- Stein Hill, a two km long north north west striking anomaly with copper values to 2200ppm centred 1km south of Stein Hill; and
- Burra Creek, a 5km long north north west striking anomaly with copper values to 2022ppm in the creek between Burra and the Princess Royal homestead.”
Tenement holdings continue to increase
When Phoenix Copper first listed on the ASX with 5 Exploration Licences and 2 Exploration Licence Applications in South Australia covering 1,573 sq kms your Board had a great deal of confidence in the unique package of tenements that had been acquired.
Phoenix Copper now has eight tenements and three exploration license applications covering an area in excess of 2450 km2 in the historically significant and highly prospective Burra and Yorke Peninsula regions of South Australia.
| EL No | EL Name | Registered Holder / Applicant | Area km2 |
Application / Grant Date |
| 4226 | Burra Central | Phoenix Copper Limited | 84 | 24/02/09 |
| 3604 | Burra West | Phoenix Copper Limited | 86 | 25/07/06 |
| 3716 | Burra North | Phoenix Copper Limited | 300 | 6/03/07 |
| 4233 | Mongolata | Phoenix Copper Limited | 283 | 10/03/09 |
| 3686 | Spalding | Phoenix Copper Limited | 157 | 2/01/07 |
| 4031 | Minlaton | Wellington Exploration Pty Ltd | 547 | 21/01/08 |
| 4032 | Mount Bryan | Wellington Exploration Pty Ltd | 116 | 21/01/08 |
| 3549 | Princess Royal | Phoenix Copper Limited | 314 | 1/05/06 |
| ELA 33/09 | Mt Tinline | Phoenix Copper Limited (Application) |
197 | 27/12/08 |
| 4291 | Bagot Well | Phoenix Copper Limited | 114 | 2/04/09 |
| ELA 155/09 | Koolywurtie | Phoenix Copper Limited (Application) |
255 | 3/06/09 |
| ELA 255/09 |
Redbanks | Phoenix Copper Limited (Application) |
Prospectus
Phoenix Copper Limited listed on the ASX on the 12th of February 2008. To view the document which helped us raise the $6.7 million please click on the download button to view the Company’s Prospectus.
Phoenix Copper Limited was delighted that so many people wanted to be part of the resurgence of the Burra region, one of Australia’s premier mining addresses.