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Salisbury Resources assets comprise: 1) An option over Cattle Grid copper Mining Lease (ML 5599) at Mount Gunson, South Australia. 2) A joint venture with Metallica Minerals Limited (MLM) in three South Australian projects being, Toby, Merna Mora and Lake Torrens. SBY’s interest is 25% and is free carried for expenditure by MLM of up to $10,000,000 per project. 3) 100% interest in Lyndhurst Base metal project in the Northern Flinders Ranges. 4) 100% in Willouran base metal and gold project in the Northern Flinders Ranges. 5) 100% interest in three contiguous Palaeochannel Uranium leases at Murloocoppie near Coober Pedy. 6) 100% interest in eight Uranium lease applications on the Western Gawler Craton. 7) 90% interest in the Redcastle gold project near Leonora in Western Australia. 8) 100% interest in two exploration licences for gold in the Northern Territory. Growth objectives for Salisbury include the discovery of large scale copper, gold and uranium resources. These targets include the Cattle Grid Copper project and the Toby, Merna Mora, Lake Torrens IOCGU target projects which are subject to the JV with Metallica. Other exploration targets include Willouran Ranges and the Palaeochannel Uranium projects. Salisbury’s strategy on funding exploration of these large scale targets is to enter into free carried JV’s with other companies using a similar model to the existing JV Agreement with Metallica. The Willouran Ranges project is prospective for copper and previous drilling results on this property include an intersection of 28m @ 1.1% copper. Management also holds the view that there is likely be a medium to long term increased demand for uranium as global energy demand increases along with increasing pressure to reduce carbon emissions from fossil fuels. Management believes that nuclear energy offers a viable base-load alternative to fill the energy gap. The Company also has exploration licence and exploration licence application over a large area of prospective uranium palaeochannel exploration properties in South Australia with targets analogous to the Beverley and Honeymoon uranium deposits. In order to minimise exploration risks, management will examine all opportunities for funding these projects. The recent Federal Government announcement on its granting of approval for the development the major Four Mile Uranium Project (located about 10 kilometres from the existing Beverley Uranium Project) it likely to add new impetus to the uranium exploration effort in South Australia. Salisbury will also be seeking additional joint venture partners of its other South Australian tenements. Salisbury’s management is well connected within the Australian mining industry and internationally and will actively seek future joint venture andalliance opportunities. Management will assess these opportunities from a risk /reward point of view and selectively enter into commercial arrangements where it considers this will produce strong, sustainable growth for the Company. |
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