international base metals ltd

IBML is an unlisted Australian-registered mineral exploration and development company, with a primary focus on investing in and operating on gold and copper mines. IBML has a major investment in Macquarie Gold Limited (MGL) and its Challenger Gold Mine in Adelong, New South Wales, Australia. MGL has been constructing facilities capable of handling 100,000 tonnes of ore per annum and producing gold at a rate of 12,000oz to 15,000oz per year from MGLs existing JORC defined resource in the Challenger Deposit. A test run of the crusher unit was carried out successfully in late May 2016 and mining and production are expected to commence in late August 2016. Through IBMLs wholly-owned Namibian subsidiary, Craton Mining and Exploration (Pty) Ltd ('Craton'), IBML holds the Omitiomire copper deposit which contains a resource of almost 750,000 tonnes of contained copper metal. IBML plans a two-stage approach to bring Omitiomire into production: Phase 1 - a modest-sized project based on near-surface oxide copper and mixed oxide-sulphide copper; Phase 2 - a larger project based on the deeper sulphide copper resource. The Company completed a Definitive Feasibility Study for the Phase 1 operation in late 2013 and is awaiting the grant of a Mining Licence. IBML has additional exploration projects in Namibia and Australia.