Basin Minerals

Basin Minerals offers exposure to the highly promising Murray Basin area on the border of South Australia, Victoria and New South Wales. The company is developing an exceptional high-grade resource in the region, which resembles Eneabba of 30 years ago. The deposits have the same characteristics in that there is low capital start up, high returns and a potentially long mine life.

The shares are currently trading at 69 cents, with options due to expire on March 31 2003 trading currently at 47.5 cents. The share structure is particularly tight, with 47 million shares on issue and management control more than 53 per cent of the share capital. This makes the market capitalisation $32.5 million undiluted.

There are some important announcements due on the company in the next few months with an indicated resource figure due shortly, a bankable feasibility study on the Douglas Project due around February 2002 and off-take agreements in the pipeline.

Basin Minerals controls a large portfolio of strategically located resources in the Murray Basin. The company is poised to undertake a major transition from explorer to producer, and the nature of the Douglas project is expected to mitigate any risks related to the finance and marketing progressing to development. The company has $500,000 in cash reserves after completing a placement at 65 cents per share in September, with most stock going to institutions and other shareholders.

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