Announcement

International Base Metals Limited (‘IBML’) has signed an agreement with Antofagasta Minerals S.A. (‘Antofagasta Minerals’) over its Kopermyn tenement in northern Namibia.

The agreement envisages Antofagasta Minerals funding a 2 year exploration programme - to spend no less than US$ 500,000 on or before the first anniversary, with the right to withdraw, and a further US$ 1,300,000 before the second anniversary - in exchange for a 60% interest in the tenement. 

Kopermyn represents an initial 50 million tonnes at 1% stratabound copper target but the tenement covers a complete geological inlier with over 40 km of strike potential.

Antofagasta Minerals is a wholly owned subsidiary of Antofagasta plc, with interests in mining, transportation and water distribution, which is listed on the London Stock Exchange and is a constituent of the FTSE-100 index.

During 2009, its Chilean mining operations (comprising the Los Pelambres, El Tesoro and Michilla mines) are expected to produce approximately 447,000 tonnes of copper metal in concentrate and cathode and 7,200 tonnes of molybdenum in concentrate.

Antofagasta Minerals is currently carrying out a brownfield mine expansion at Los Pelambres and is also developing the greenfield Esperanza project in Chile. These projects, when operational, will increase total Group copper metal production to approximately 700,000 tonnes of copper per year by 2011.

Antofagasta Minerals also has projects at an exploration or feasibility level in Latin America, Asia, Europe and Africa; although this is its first venture in Namibia

IBML is pleased to announce that the Hunan Central South Biohydrometallurgy Company Ltd. of Beijing has taken up 6,250,000 shares in IBML for a sum of $500,000 under a shortfall placement. In addition, cornerstone investor West Minerals Pty Ltd. has invested a further A$2.5 million with the Company to take up 31,250,000 shares at 8c per share. This investment was approved by Shareholders at the EGM on 31 July 2009 and West Minerals Pty Ltd now owns 37.9% of the Company. 

Mr Alan Humphris was appointed a Non-Executive Director of the Company as a second nominee of West Minerals Pty Ltd. Mr Humphris is an investment banker with more than 25 years experience in Australia and offshore markets specialising in corporate finance and advisory services. Mr. Humphris has had significant experience in the resources sector.

IBML lodges the Notice of Extraordinary General Meeting

Click here to view the Notice online (970.22 KB)

IBML is pleased to announce that as at 29 June 2009 West Minerals Pty Ltd, its cornerstone investor, has again affirmed its support for the Company’s exploration initiatives. West Minerals exercised its 6,256,000 options resulting in additional funding of $312,500 and has at the same time converted its $850,000 secured convertible loan plus interest into 17,493,158 fully paid ordinary shares.

Both these transactions were approved by shareholders at an EGM on 5 February 2009 and West Minerals actions have occurred ahead of the termination dates in both instances.
 
The Company’s assets are no longer unencumbered.
 
The Company continues to seek additional funding to maintain its active exploration programmes.

A drilling programme to scope the regional potential of the Ekuja Dome started on 20 April 2009, following the closure of the Rights Issue. The 140,000km² Ekuja Dome hosts the existing Omitiomire deposit which currently has a JORC resource of 500,000 tonnes of contained copper.

Further to our advice, you would be aware that IBML has extended its Rights Issue closing date to 6 April to accommodate our cornerstone investor, West Minerals Pty Ltd, which has now delivered their pro-rata $800,000 contribution. This will facilitate the restarting of exploration in Namibia.

Please do not be limited by your pro-rata entitlement as you have all received shortfall application forms which you are welcome to use.   However, we must have your forms and your indicated interested by Monday 6 April 2009.