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Balamara’s primary objective is to deliver long-term shareholder value by rapidly becoming a mid-tier resource company. The company strives to achieve this through the discovery, acquisition and development of new economic mineral deposits.
In addition to existing projects, Balamara is presently seeking new assets to add to its growing consolidation of quality resource projects in the Central Europe region. Balamara’s Board of Directors and management team have extensive global industry experience. They are well qualified and resourced to steer the company to achieve the Company’s goals and objectives.
Balamara (ASX Code: BMB) is an ASX listed Company which aims to deliver long-term shareholder value by:
- Building an asset base with a focus on base metals; and
- Employing best practice to develop the properties and projects that are under our control.
More specifically, Balamara aims to establish itself as a mid-tier metal miner/producer by:
- Developing our current portfolio of assets, located in Australia, Poland and Montenegro.
- Adding in further quality resource projects as and when they present, on terms favorable to the Company.
- Conducting applicable work on all projects to add value, including exploration, feasibility studies, commercial analysis and ultimately construction of plant and production where possible.
- Marketing the Company to the wider audience.
MONTY PROJECT (100%)
ZINC-LEAD-COPPER-SILVER DEPOSIT IN MONTENEGRO
The Monty Project is in the eastern part of Montenegro located near to the town of Mojkovac and approximately 100km from the capital city of Podgorica. Mojkovac is linked by rail and road between Podgorica and Belgrade, Serbia.
Balamara received a 25 year exploration and mining lease of the Brskovo Lead and Zinc Complex (Monty Project) in 2010 on favorable acquisition terms. Since then Balamara has developed a JORC defined resource at Monty and completed further drilling in 2011 for metallurgical samples. Currently work is progressing on the feasibility study as the Company is targeting to bring Monty into production in 2013.
- 9.2 Million Tonnes of Zn-Pb-Cu-Ag Mineralisation;
- Total Acquisition Cost 120,000 Euro;
- Monty Project contains 5 Large Already Defined Deposits;
- Excellent Potential to make New Discoveries;
- Company Tax in Montenegro is set at only 9%; and
- Low sovereign risk.
The acquisition of the Monty Project significantly enhances Balamara’s assets. It offers Balamara immediate potential for commercial exploitation due to its previous mining history and infrastructure already being partially established.
BOGDAN PROJECT (85%)
HIGHLY PROSPECTIVE BASE METALS EXPLORATION PROJECT IN POLAND
Located in the Upper Silesia region of South-Western Poland, close to the town of Lubin. Bogdan is a tenement of approximately 42 square kilometers bordering the significant area of established copper/silver mines owned and operated by KGHM Polska Miedz, one of the largest copper producers in Europe.
Balamara acquired an 85% ownership in “Polmetal”, a local Polish company holding the Bogdan tenement. The acquisition occurred in September 2011 with acquisition costs totalling $1.5 million, across a 3 year period. Over 75% of this cost will be spent in either developing the project in terms of exploration costs, or payable at a later stage at Balamara’s discretion, thus making Bogdan a low entry cost asset with significant upside potential, two of the main criteria chosen by Balamara in assessing new resource projects.
Historically this area sits in a region that has produced over 20 million tonnes of copper over the past 40 years, most of it produced by KGHM. The area is defined by a large fault system that runs south-east and a vast tabular mineralised zone is associated with this fault, covering an area of some 200-300 square kilometres. KGHM have developed a mature, end-to-end mining and smelting operation in this region since the 1960’s that has built it into one of the largest listed companies on the Warsaw Stock Exchange. In 2010 KGHM produced over 500,000 tonnes of copper.
Balamara is looking to develop the Bogdan concession as soon as possible and an initial three holes deep exploration drilling programme has been developed.
PEELWOOD PROJECT (100%)
COPPER – ZINC PROJECT IN NEW SOUTH WALES, AUSTRALIA
Balamara Resources Limited is 100% owner of the six exploration licences (EL’s) located in the Lachlan Fold Belt of eastern New South Wales, Australia.
The seven exploration licenses are:
- EL2934 – Peelwood North
- EL2934 – Peelwood South
- EL6081 – Single Tree Hill
- EL6082 – Junction Point
- EL6767 – Elsienora
- EL6831 – Black Springs
- EL6955 – Mount Costigan
All tenements form a contiguous package that is located from around 50-80 kilometres (km) south of the City of Bathurst in eastern New South Wales.
Balamara’s main asset at Peelwood is the Peelwood North deposit (formerly known as John Fardy).
In addition, the Peelwood Copper-Zinc project has several historical mines and prospects with zinc-rich volcanic-hosed sulphide-style mineralization. Each of these old mines or prospects has the potential for similar style of mineralization to that at Peelwood North deposits.
ELSIENORA – EL676
The Elsienora Project lies mainly within EL6767 and covers an area 37km2. It is contiguous with and immediately to the south of EL6082 and contains the extensions of the historical Elsienora prospects. The geology consists of Ordovician sediments, volcanic and intrusive in addition to the Late Silurian and Early Devonian sediments and volcanics of the Peelwood area.
PREVIOUS EXPLORATION AND MINING
The Elsienora Lode was discovered in the 1860’s, when many gold prospectors were active in the Junction Point-Tuena area. Most of the mining was carried out between 1890 and 1911, when a number of small shafts, drives and adits were sunk along the main lode and on adjacent quartz reefs and gossans. Modern exploration was conducted in the early 1970’s, mostly by Planet Metals. There has been little recent activity.
In mid-2011 Balamara conducted a shallow drilling programme at Elsienora to determine whether gold and base metal mineralisation similar to the large-scale McPhillamy’s deposit, located 50km to the north, is present on this tenement. McPhillamy’s is a joint venture between Newmont and Alkane Resources and has a stated resource (2012) of 3 million ounces of gold and 60,000 tonnes of copper.
This initial programme confirmed the presence of both gold and zinc mineralisation at Elsienora and, particularly, strong similarities in the structures between Elsienora and McPhillamy’s. These results gave the Company the confidence to continue with further exploration to focus on potential targets for resource development.
Balamara’s drilling programme confirmed very strong geological similarities between the Elsienora prospect and McPhillamy’s. This drilling combined with historical drilling has outlined a consistent zone of 0.2% Zn that is 500 meters long and up to 100 meters wide, and it is open to the north and at depth.
MR DEREK LENARTOWICZ - EXECUTIVE CHAIRMAN
Mr Lenartowicz has been with the company since the 2nd of May 2007 as an Executive Director, and recently appointed as Executive Chairman from the 1st of August 2011. He brings to the company extensive project development and mining experience, from previous positions within major Australian resources companies at a senior management level. As an executive chairman, he will focus primarily on bringing new projects into the company and assisting with the development of these projects moving forward.
Mr Lenartowicz is a mining engineer with significant experience in developing and operating large scale resource projects such as Western Mining’s flagship nickel operation at Mt Keith in Western Australia (1.7 million tones of nickel). Prior to his engagement with Western Mining, he held senior positions at North Limited and Dominion Mining. Most recently, Mr. Lenartowicz was the Managing Director of View Resources Limited.
MR MIKE RALSTON - MANAGING DIRECTOR
Mr Ralston was appointed to the board as a Non-Executive Director on 1 March 2011, and quickly became Managing Diretor as of the 1st of August 2011. Mike has been a Senior Executive Manager with extensive international experience over the last 20 years, working in both private and public companies in Australia, Africa and the United Kingdom. He has spent the past 7 years living in Australia, and he is now an Australian citizen, residing in Perth with his family. He has worked as Chief Finance Officer for four junior ASX-listed resource companies over that period, covering both senior management and board roles. Mr Ralston has 15 years experience working in senior corporate and finance roles across the world and has held both executive management and Director positions with several ASX-listed resource companies since his move to Australia. As CFO of Kangaroo Resources, Mr Ralston was part of the management team which helped drive the company in the space of two years from a $5 million shell company with minimal value or assets to a company with a current market capitalisation of $600 million which is poised to become one of Indonesia’s big coal producers.
Mike is an aggressive, ambitious and energetic driver of the business with a strong delivery record and he is most suited to a dynamic growth environment. He is a team player but is also entrepreneurial by nature and he has wide commercial and management experience, particularly in the mining sector.
He can fulfil a wide scope of executive management functions including general management, financial management, corporate and strategy, reporting, fund raising, business development, company secretarial and shareholder relations.
MR MILOS BOSNJAKOVIC - EXECUTIVE DIRECTOR
Mr Bosnjakovic has been with the Company since the 2nd of June 2009 as an Executive Director. Milos is currently the Managing Director of MBL Construction (residential development); Executive Chairman of MB Point Pty Ltd (building construction) and was the former Managing Director of Globe Trade (New Zealand). He has developed MBL Construction from ground level into a company with a net worth of $5 million, annual turnover of $60 million and employing over 100 contractors and permanent staff. Mr Bosnjakovic possesses extensive knowledge in project development/management, financial control and contract negotiations. As a former practising Lawyer, he has a high level of competency in all aspects of business and company law.
MR ALASTAIR CLAYTON - NON-EXECUTIVE DIRECTOR
B.Sc (Hons) B.Sc (Geology) UWA
Alastair Clayton, who is based in London, was appointed as the Non-Executive Director on the 15th of May 2012. He has a wealth of experience in the resources sector having held senior executive and board positions with a range of successful ASX100, ASX200, AIM (LSE) and other listed and un-listed resource companies over a 16 year career.
Until it’s takeover in March of 2012 by CGNPC for ~A$2.2B in cash, Alastair was a Non-executive Director of a major Namibian focused uranium company Extract Resources Ltd, (ASX: EXT). In this role he represented major shareholder Kalahari Minerals PLC, which itself was taken over for £635m in cash in Q1 of 2012.
In addition, he was previously Chairman of Bannerman Resources Limited (ASX: BMN) also a uranium exploration company focused in Namibia. He helped build the company from a $15m market capitalization to a +$150m company when he departed in 2009.
Prior to this he was extensively involved in delimitation, development and the optimisation and construction of the A$1b Murrin Murrin nickel project in Western Australia.
Mr Clayton maintains a high-profile network of financial and professional contacts in the UK, Europe and the United States.
MR MICHAEL HALE - INDEPENDENT NON-EXECUTIVE DIRECTOR
Mr Hale was appointed as the Independent Non-Executive Director on the 12th of April 2011. Michael is a former public servant within the Cabinet Office for the state Government of Western Australia, with strong public and administration skills and experience. His role at Balamara is primarily with governance, strategy and other corporate office affairs. He also plays a key role as an independent Director on the board.
BALAMARA RESOURCES LIMITED
Level 1, 350 Hay Street Subiaco WA 6008
PO Box 222, Subiaco, Western Australia, 6008
P +61 8 6365 4519
F: +61 8 9388 6040
Dalmatinska 176 Podgorica, Montenegro
Telephone: +382 20 265 717
Mobile: +382 67 811 855
Link Market Services Limited
178 St Georges Terrace
Perth WA 6000
Telephone: 1300 554 474 or 08 9211 6670
Outside of Australia: +61 2 8280 7761