Metallica Minerals Limited (ASX:MLM)
Brisbane, April 29, 2009 AEST (ABN Newswire) - Metallica Minerals Limited's (ASX:MLM) consolidated cash was A$19.95 million (17.4 cents per share) including interest income of A$650,000 received during the March Quarter, and including Metallica's 84% owned subsidiary MetroCoal Ltd cash of approximately A$440,000.
Current consolidated cash position at 29 April 2009 is A$19.4 million (~17 cents/share).
Exploration and evaluation expenditure totalled A$0.67 million, production A$0.12 million (Ootann) and administration expenditure was A$0.747 million for the quarter to 31 March 2009. The total combined March quarterly expenditure was A$1.55 million.
The estimated exploration and evaluation expenditure by Metallica for the June 2009 quarter is A$900,000. In addition to this, MetroCoal has forecast expenditure of approximately A$750,000. Significant additional project expenditure was completed in the December quarter by MetroCoal (84% holding) as well as through Metallica's shareholding in Cape Alumina (Weipa bauxite project).
MLM has lent A$300,000 to MetroCoal during the quarter. Metrocoal is using these funds towards the current drilling programme on the Wandoan coal UCG project.
No Directors or Management Unlisted Performance Options were issued during the quarter. One million options expired on 21 March 2009.
The Company's significant cash reserves will be utilised to advance Metallica's key NORNICO nickel-cobalt project, its holdings in coal (MetroCoal) and significant Queensland-based exploration interests in zircon, rutile, gold, scandium, limestone and other minerals. In addition to its current take over bid for QOL, and its position in QGM, Metallica continues to assess corporate and project opportunities that are compatible to the Company's core operations.
For the Complete Metallica Minerals Quarterly Report, please see the link below;
http://www.abnnewswire.net/media/en/docs/60552-ASX-MLM-209877.pdf
Contact
Mr Andrew Gillies
Managing Director
Metallica Minerals Ltd
Tel: +61-7-3891-9611
Mr John Haley
Company Secretary/Chief Financial Officer
Metallica Minerals Ltd
Tel: +61-7-3891-9611
Mob: +61-414-018-831
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