RMLA Rusina Mining

 

TIDMRMLA 
 
RNS Number : 6630B 
Rusina Mining NL 
30 October 2009 
 

FOR IMMEDIATE RELEASE 
                                        30 October 2009 
 
 
 
 
Rusina Mining NL 
("Rusina" or the "Company") 
 
 
QUARTERLY REPORT 
FOR THE PERIOD ENDED 30 SEPTEMBER 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 
 
 
  *  Rolls Crusher arrives at Acoje and commissioning commences 
  *  Local partner changes now substantially complete 
  *  Placement to UK institutions raises c. $5.7 million 
  *  DSO shipments under review for re-commencement 
 
 
 
RUSINA CORPORATE 
 
 
In mid September the Company announced the raising of approximately $5.7 million 
through the placement of 57,760,800 ordinary shares at 5.25 pence per share to 
clients of UK broker Mirabaud Securities Limited. The placement was in two 
tranches with the first tranche completed under the 15% rule while the second 
tranche of 21,000,000 shares will be completed early next week after being 
passed by a vote of shareholders at a general meeting of the Company yesterday. 
 
 
As at 30 September the Company's cash on hand was $5.0 million. An additional 
$2.0 million will be received next week from the finalization of the placement. 
In addition to cash on hand, receivables owed by our joint venture partner on 
the Acoje nickel heap leach project totaled $0.36 million at quarter end. 
 
 
During the quarter Montemina Resource Corporation, an associate entity of the 
Company concluded an agreement with DMCI Mining to acquire DMCI's economic 
interest in the Acoje and Zambales Chromite Mining Corporation properties. In 
addition Montemina has entered into an agreement to purchase the DMCI owned port 
at Santa Cruz. DMCI will continue as a partner to the Direct Shipping Ore 
operation and are currently reviewing the economics of undertaking a number of 
selective 2%+ nickel laterite ore shipments. 
 
 
The Company has continued to further its discussions with other industry 
participants over the possibility of entering into arrangements to consolidate 
assets and projects within the Company's industry sector with a view to creating 
greater opportunities for all shareholders to share in the benefits of 
consolidation. 
 
 
A total of 11,755,889 unquoted options expired unexercised during the quarter. 
The total number of ordinary shares on issue as of 30 September 2009 was 
281,963,515. The total number of unquoted options on issue as of 30 September 
2009 was 22,604,000 of which 8,600,000 expire on 30 October 2009. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ACOJE HEAP LEACH TRIAL and TEST CENTRE 
 
 
During September the rolls crusher arrived from joint venture partner European 
Nickels Caldag project in Turkey. The crusher has had its motors refurbished and 
is now mechanically complete and erected in situ. The electrical system is 
currently being replaced and the crusher is anticipated to be fully operational 
within the next few weeks. 
 
 
Once the crusher is operational approximately 3,000 tonnes of laterite ore will 
be crushed, agglomerated and stacked on the trial leach pad. The irrigation 
pipes will be placed and a HDPE raincoat will cover both the pad and the ponds. 
Leaching is on schedule to commence shortly before Christmas. 
 
 
The trial heap will be constructed at the same height as the full commercial 
operation and is designed to prove the heap percolation and leach rates on a 
full scale basis as well as demonstrating the rain control methodology's. In 
addition the trial facility will showcase the clean, safe and environmentally 
friendly nature of the process to the government and local stakeholders. 
 
 
Several typhoons made landfall in the Philippines during the quarter making this 
wet season one of the wettest in recent history. Many people in Metro Manila and 
Luzon were quite severely affected. The company supported the relief operation 
through the Philippine Red Cross. For further information on how you could help 
please contact  http://www.redcross.org.ph/Site/PNRC/wtd.aspx  or visit our 
website. Despite the heavy rainfalls, no problems were encountered at the Acoje 
Heap Leach Operations or at the Santa Cruz Port. 
 
 
 
 
 
Contacts:Mark Hanlon                     Rusina Mining 
Tel: +61 8 9226 1111 
    Roland Cornish Beaumont Cornish                    Tel: +44 (0) 207 628 3396 
 
 
 
 
 
 
 
 
 
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 
 
 MSCFDIFSSSUSESS 
 

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