RMLA Rusina Mining

 

TIDMRMLA 
 
RNS Number : 6427W 
Rusina Mining NL 
31 July 2009 
 

FOR IMMEDIATE RELEASE 
                                              31 July 2009 
 
 
 
 
Rusina Mining NL 
("Rusina" or the "Company") 
 
 
QUARTERLY REPORT 
FOR THE PERIOD ENDED 30 JUNE 2009 
 
 
The Company announces that is has released its Quarterly Report to the ASX 
today. A copy of the document is available from the Company's website - 
www.rusina.com.au 
 
 
HIGHLIGHTS DURING THE QUARTER 
 
 
  *  Cost reduction on Acoje Heap Leach Project identified by Chinese Engineering 
  group 
  *  Construction of Acoje Trial Leach Pads completed 
  *  Agreement reached to acquire additional Acoje project interest 
 
 
 
RUSINA CORPORATE 
 
 
The Company's cash balance at the end of the quarter was A$3.01m as compared to 
A$4.4M at the end of the prior quarter. Receivables from our Heap Leach joint 
venture partner, European Nickel plc (EN), increased to $0.55m due to work being 
undertaken by Rusina employees on the Definitive Feasibility Study (DFS). $0.45m 
has been paid subsequent to the end of the quarter.The average Rusina operating 
cash expenses continues to be as forecast in the vicinity of A$220k per month. 
 
 
The Company has entered into a verbal agreement with its Philippines partner, 
DMCI Mining (DMCI), to reacquire, at cost, the incomplete 8% underlying economic 
interest in the Acoje project and 20% interest in Zambales Chromite Mining 
Corporation, through the Philippine entity Montemina Resource Corporation 
(Montemina), which currently holds a 12% interest in the Acoje property. 
Ownership of the Acoje project remains unchanged at 40% Rusina, 40% EN and 20% 
Philippine Parties. With the cessation of the Direct Shipping Ore agreement DMCI 
have elected not to continue with their planned investment. Montemina, which is 
a 40% owned related party of the Company is in the process of preparing an 
initial public offering on the Philippine Stock Exchange. The net affect of 
these transactions is positive to the Company with inter-group loans able to be 
repaid and a broader more liquid Philippine ownership structure. The Philippine 
entity will also have an enhanced ability to fund its way through the Acoje 
Project development. 
 
 
In addition to the above transactions the Company, Montemina and DMCI have 
entered into discussions for the acquisition of the DMCI owned port at Santa 
Cruz for use by the Acoje Heap Leach Project. Details of this significant and 
important asset will be provided upon conclusion of these discussions. 
 
 
During April EN completed the acquisition of a 10% underlying economic interest 
in the Acoje project for US$3.33 million taking its interest in Acoje to 20%. 
The funds received by the Company were expended on the DFS. 
 
 
As a result of additional corporate changes within the Philippine group 
structure during the quarter certain associated entities will now be 
consolidated rather than equity accounted. This has resulted in additional 
expenditure that has been reflected in the Appendix 5B statement. 
 
 
The Company has continued to discuss with other industry participants the 
possibility of undertaking strategic consolidation within the industry sector 
and remains committed to pursuing all opportunities to create greater 
shareholder wealth. 
 
 
There were no share issues during the quarter. A total of 1,050,000 unquoted 
options expired unexercised during the quarter. Since the end of the quarter a 
further 10,005,889 unquoted options have expired. The total number of ordinary 
shares on issue as of 30 June 2009 was 245,202,715. 
 
 
ACOJE HEAP LEACH TRIAL AND TEST CENTRE 
 
 
The Acoje Heap Leach Trial (HLT) is now mechanically complete. 3,000 tonnes of 
laterite ore is in the process of being crushed for the first 3m high Pad. The 
contracted crusher was unable to reduce the final product to the specified size 
and dimensions and a rolls-crusher is being transferred from EN's Caldag site in 
Turkey. The sizing of the ore for agglomeration is critical and a two month 
delay to commencement of irrigation has resulted. 
 
 
Construction continues on a 30m x 15m steel roof structure to house the 2m3 / hr 
downstream Resin in Pulp / Ion Exchange facility and is scheduled to be 
operational late this year. 
 
 
China Tianchen Engineering Corporation (TCC) has recently completed the 
re-costing of the PFS using Chinese construction and material costs. Overall 
they believe they could reduce the capital costs by 15%. TCC will now be 
appointed to complete the DFS engineering study commencing in October. 
 
 
Environmental permitting for the Full Scale Heap Leach is well underway with the 
Environmental Impact Assessment already submitted and all requisite permits to 
construct expected to be completed by November 2009, well ahead of the 
anticipated disruption of the 2010 Presidential Elections. 
 
 
OTHER TENEMENTS 
 
 
There was no meaningful work undertaken at the Company's other projects and 
tenements during the quarter 
 
 
A copy of the Quarterly Activities report and associated Quarterly cashflow is 
attached as a link to this announcement: 
 
http://www.rns-pdf.londonstockexchange.com/rns/6427W_-2009-7-31.pdf 
 
http:/ 
www.rns-pdf.londonstockexchange.com/rns/6427W_1-2009-7-31.pdf 
 
 
 
 
Contacts:Mark Hanlon                             Rusina MiningTel: +61 8 9226 
1111 
 Roland CornishBeaumont CornishTel: +44 (0) 207 628 3396 
 
 
 
 
 
 
The information in this report that relates to Mineral Resources is based on 
information compiled by Mr Scott Robson, who is a Member of The Australasian 
Institute of Mining and Metallurgy, and has sufficient experience which is 
relevant to the style of mineralisation and type of deposit under consideration 
and to the activity which he is undertaking to qualify as a Competent Person as 
defined in the 2004 Edition of the "Australasian Code for Reporting of 
Exploration results, Mineral Resources and Ore Reserves". The information in 
this report that relates to other exploration matters is based on information 
compiled by Robert Gregory, who is a member of the Australasian Institute of 
Mining and Metallurgy and has the relevant experience to qualify as a Competent 
Person as defined in the 2004 Edition of the "Australasian Code for Reporting of 
Exploration results, Mineral Resources and Ore Reserves". Mr Robson and Mr 
Gregory consents to the inclusion in this report of the matters based on his 
information in the form and context in which it appears. 
 
 
 
 
 
 
For further information please visit our website - www.rusina.com.au 
 
 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCCKDKPFBKKFON 
 

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