31/01/2008 - 11:06

Wedgetail Mining switches focus to molybdenum

31/01/2008 - 11:06

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Wedgetail Mining Ltd is aiming to become a diversified molybdenum and gold company, by focusing its exploration efforts on the delineation of a molybdenum deposit in the East Pilbara region and changing its name to Millennium Minerals Ltd.

Wedgetail Mining switches focus to molybdenum

Wedgetail Mining Ltd is aiming to become a diversified molybdenum and gold company, by focusing its exploration efforts on the delineation of a molybdenum deposit in the East Pilbara region and changing its name to Millennium Minerals Ltd.

The Perth-based resources group said it would seek shareholder approval at a general meeting scheduled for Monday 25 February for the name change, which reflects the discovery of a potentially large molybdenum deposit at the Millennium Project last year.

"Our new strategic direction is based on repositioning the company from an exclusively gold focus to a diversified molybdenum and gold company," said Wedgetail's managing director, Andrew Law.

The company - which is chaired by Australian mining executive Barry Eldridge - last week reported further encouraging results from drilling at the Millennium Molybdenum Project, which is located 200 km south east of Port Hedland within Wedgetail's extensive East Pilbara tenement package.

Mr Law said the East Pilbara was increasingly being recognised as a new world-class molybdenum province evidenced with the 20 million tonne per annum Spinifex Ridge deposit - located 115 km north of Millennium and owned by ASX-listed Moly Mines - moving towards construction and production.  

"The East Pilbara region is gaining a fantastic reputation as an emerging Molybdenum province and the fact that the Spinefex Ridge Deposit is in such close proximity to our own tenements is obviously very encouraging as we ramp-up our exploration activities," said Mr Law.

"Our focus during the quarter, and indeed for the rest of the 2008 exploration season will be the Millennium Project.

"The results achieved to date have been extremely encouraging and further testing to establish the extent of mineralisation across the full 11 km2 of the Millennium aeromagnetic anomaly is definitely warranted. Already the three-dimensional model has highlighted a number of compelling exploration targets for more intensive geophysical surveying and drilling."  

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