Altona Mining Limited Stock Market Press Releases and Company Profile
Universal Resources Limited (ASX:URL) Quarterly Activities Report For June 2009
Universal Resources Limited (ASX:URL) Quarterly Activities Report For June 2009

Perth, Aug 4, 2009 AEST (ABN Newswire) - Universal Resources Limited (ASX:URL) is an Australian public listed company with substantial tenement holdings in two of Australia's major base and precious metal provinces.

- the Mt Isa Inlier in Queensland; and
- the Lachlan Fold Belt in NSW.

Universal's major asset is the Roseby Copper Project, one of Australia's largest undeveloped open pit copper resources, with 128.54 million tonnes of JORC compliant resources containing 878kT of copper and 239kOz of gold (refer to the tables on pages 9 and 17 for details).

A detailed feasibility study (DFS) of a 5 million tonnes per annum (Mtpa) mine, mill, concentrator and associated infrastructure was completed in September 2008. That study indicated the Project was both technically feasible and economically viable based on the financial assumptions used in the study.

With the almost total collapse of credit markets around the world by late 2008, there was an associated major decline in metal prices, including copper. As a result, the Company deferred financing and development of the Roseby Project.

Recently announced improvements in economic conditions in Australia, China and, at least tentatively, in the USA, have seen copper prices perform more strongly. At the date of writing, the LME copper price is around US$2.50/lb (A$3.10/lb). As a result, a number of financiers have renewed discussions with the Company about possible financing of the Project. Roseby is in a fortunate position relative to many competing projects seeking development finance, having:

- A completed feasibility study to bankable standard;

- Its location in Australia, with its stable political and social environment;

- Access to a highly skilled mining workforce within easy transport distance of Roseby;

- Well established infrastructure in the general vicinity; and

- The extremely favourable geological setting of the Mt Isa Inlier, which is host to many world class ore bodies, including deposits of copper, copper-gold, lead-zincsilver and phosphate.

CORPORATE

Appointment of Director

The board of directors of the Company welcome the appointment of Mr Kevin Maloney as a non-executive director and Chairman of the Company, effective from 20 July 2009. Mr Ingram, formerly both Chairman and Managing Director, will continue in the role of Managing Director.

Mr Maloney, who is Chairman of the Tulla Resources Group, one of the Company's largest shareholders (8.66%), brings to the Company a wealth of experience in the resources industry, including the finalisation of feasibility studies and the financing of resource projects. Mr Maloney issued the following statement following his appointment.

"I am extremely pleased to accept the offer of appointment as a Director of Universal Resources and the role of Non-Executive Chairman.

Universal is in a transitional stage from that of explorer to producer and it is relevant that the composition of the Board reflect the skills and experience appropriate to this new phase.

I have been responsible for arranging project financing for coal, copper, gold, oil and gas resource projects through my past involvement with Elders Resources Finance, as well as having served as a Director of a number of listed resource companies. Furthermore, I have had extensive experience in dealing with contractors and technical consultants in all facets of finalising feasibility studies.

In recent times, in my role as Executive Chairman of The MAC Services Group Limited, I have overseen the successful listing of that ASX Top 300 company. The MAC is a leading provider of services to the mining industry.

I believe that Universal, with its proven resources and successful completion of its bankable feasibility study is ideally placed to capitalise on the hard work that has been completed to date and I am pleased to be involved in guiding the company through its transition."

The current directors welcome Mr Maloney as a director and believe his appointment will be of great benefit to the Company.

New Share Issues

A total of 119,542,350 new fully paid ordinary shares have been issued since the March Quarterly Report, including;

- 40,639,163 shares placed on 2 June 2009 to sophisticated investors at an issue price of 1.9c per share, to raise A$772,144.08 before costs; and

- 78,903,187 shares were issued, at an issue price of 1.607c per share, upon the conversion at Maturity of 12,680 5% Converting Notes.

Issued Capital

At the conclusion of the share issues listed above, the issued capital of the Company is as follows:
FPO Shares------------------------------------------Previous                       552,799,450New issues                     119,542,350TOTAL                          672,341,800Options------------------------------------------Directors and employee options  18,835,000
Note: These options expire on various dates up to 23 December 2013. All options have an exercise price of 15c per share.

Committed Equity Facility (CET)

During the Quarter, an Indicative Terms Sheet (ITS) was entered into with Trafalgar Capital Specialised Investment Fund SICA, a Luxemburg fund managed out of the UK and the USA. The CET will allow for periodic draw-down of funds (Advances) to a total of A$20 million over a maximum period of 36 months. The ITS is subject to formal documentation, which is currently being negotiated, and satisfactory due diligence by the fund. Either party may terminate the ITS at any time prior to executing the formal agreement by giving 10 days notice to the other party.

Payment Due To Oz Minerals Limited

The Company has been negotiating with Oz Minerals Limited (OML) to defer payment of the final cash payment of A$2 million for the completion of the purchase of the Roseby Copper Project. Legal documentation and finalisation of the terms of the agreement are at an advanced stage.

For the complete Universal Resources Quarterly Activities Report for June 2009, please click the link below:

http://www.abnnewswire.net/media/en/docs/61194-ASX-URL-455352.pdf

About Altona Mining Limited

Altona is a cashed up ASX listed company with a record of shareholder returns. It is focussed on the Cloncurry Copper Project in Queensland, Australia.

The Cloncurry Copper Project has resources containing some 1.65 million tonnes of copper and 0.43 million ounces of gold. The first development envisaged is the 7 million tonnes per annum Little Eva open pit copper-gold mine and concentrator.

abnnewswire.com 


Contact

Peter Ingram
Universal Resources Limited
Tel: +61-8-9486-8400

Desmond Kelly
Universal Resources Limited
Tel: +61-8-9486-8400



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