Company

Listed on the Australian Stock Exchange, the company is focused on developing its 100% owned Phillips River Project located near Ravensthorpe in southern Western Australia. Phillips River hosts a rich inventory of gold, silver and base metals, which are the target of the company's exploration and evaluation activities.

With a highly prospective, untapped location at Phillips River and a Board and management team of experienced and determined mining-industry professionals, Phillips River is well placed to realise returns for shareholders.

Phillips River has already proven its ability as a producer in the region, having successfully mined the RAV 8 nickel mine in the Ravensthorpe area until the reserve was exhausted in 2007.

Phillips River Project

Located 20 kilometers southeast of Raventhorpe, the Phillips River project includes two mining areas – Trilogy is a large polymetallic deposit with copper, gold, silver, lead, zinc, metals and Kundip is primarily gold and copper. A 1Mtpa processing facility to be established at Trilogy will generate around $1billion in revenue over an operating life of 10 years. Having completed the DFS earlier this year, PRM are currently targeting development in 2012 and production for 2013.

In the immediate furture, major milestones targetting 2011 calender year completion include -

• Concluding concentrate offtake arrangements,
• Selection of a preferred debt provider
• Submission of the PER documents to the EPA
• Selection of EPC contractor and recruitment of senior production team members.

Exploration Targets

The Phillips River region is one of the last remaining mining provinces in WA that is largely unexplored. However, many people might not know that this area was a significant producer of copper and gold prior to the 1920's. Phillips River has established a ten year reserve and is extremely optimistic about the potential of the area to grow the resource base. With around 2500km² of tenements and a number of appealing targets, the company is dedicated to ongoing exploration and development of the region.

The company has a number of targets within the region, some of which are presented above.

Growth Plans

With very encouraging progress with potential debt, offtake and permitting streams the Company is confident of achiving production in 2013. The Philips River Project will redefine the Company as an important gold and copper producer and will be one of the most significant projects in WA’s southern region

The Project generates roughly $100 million in revenue annually. Debt reduction will be the focus in the early years of the project balanced with substantial funds directed to exploration and assessment of other potential sources of feed for the Trilogy plant.. The operating life of the Phillips River Project is currently ten years but there is expectation that this will be considerably extended through further resource development and strategic acquisition.