Mining Commences at Phillips Find – Newminster Pit (Jan 2013)

Welcome to Barra Resources Limited,

an exploration and mining company targeting gold and base metal projects in Western Australia.

Barra currently has three projects comprising two gold projects, Burbanks and Phillips Find and one base metal project, Mt Thirsty.

Our gold projects are situated near Coolgardie, WA within the Coolgardie Greenstone Belt. The Mt Thirsty Co-Ni Project is located about 20km north of Norseman, WA within the Noresman – Wiluna Greenstone Belt.

Barra continues to develop these projects with the aim of building growth and investment returns for our shareholders. In addition, we are continuing our search for new projects that fit our investment criteria.

In this current era of volatile gold prices and tight access to capital, Barra’s immediate strategy lies in growing its gold assets with the lowest possible risk and quickest route to production.

In 2013, Barra signed an agreement with Blue Tiger Mining Pty Ltd (Blue Tiger) to mine the Newminsiter deposit. Newminster is part of Barra’s 100% owned Phillips Find Project. Blue Tiger successfully extracted the mining reserve and recovered an additional 20% of the budgeted ounces. The partnership provided risk free cash flow to Barra and proved the presence of high-grade, shallow gold mineralisation at Phillips Find.

Exploration at Phillips Find has been highly encouraging and technical staff remain confident that existing resources will be extended and new discoveries made.

Building on the success at Newminster, Barra entered an agreement to sell the Birthday Gift Mine to Blue Tiger for a total of $2M plus a $25 an ounce royalty after 6,000oz of production. Blue Tiger began mining Birthday Gift in late 2013. This agreement provides Barra with ongoing capital to develop its more prospective deposits such as Burbanks North and Salmon at its Burbanks Project and the Newminster and Newhaven deposits at Phillips Find.

Barra also holds 50% of the Mt Thirsty Project (50% Conico Ltd, ASX:CNJ). Initial studies indicate the Mt Thirsty Cobalt- Nickel-Oxide Deposit has the potential to be one of the world’s top ten cobalt suppliers with the capacity to deliver 3,000 tonnes of cobalt, 9,000 tonnes of nickel and 13,000 tonnes of manganese per annum during the first 3 years of production. The Mt Thirsty Project also has the potential for nickel sulphide deposits.

 
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