S&P Capital IQ Initiates Coverage on Australian American Mining Corp Ltd Standard & Poor’s Factual Stock Reports
Australian Amer Mng S/ADR (QX) (USOTC:MNOMY)
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Today : Thursday 26 January 2012
S&P Capital IQ announced today that it has commenced Standard & Poor’s Factual Stock Report coverage on Australian American Mining Corp Ltd
Australian American Mining Corporation Ltd (OTCQX: MNOMY; ASX: AIW) is an international exploration and development company, developing a number of rare earth, specialty metal, uranium and gold projects in the U.S. The company's principal projects are the La Paz rare earth project in Arizona, the San Marcos gold project in Arizona, uranium projects in New Mexico (Rio Puerco), Nevada (Apex/Lowboy project), Texas (Lone Star JV) and Arizona (The Apache Basin project) and a specialty metal (lithium, rubidium, tantalum and Niobium) project in Arizona (White Picacho).
The La Paz Rare Earth Elements Project is located in Arizona and 100% owned by the company. An independent NI 43-101 has recently been completed. An initial resource estimate of 128 million tonnes grading 0.03715% (371.5 ppm) REE (using a 0.03% (300 ppm) cut-off for 95.6 million pounds REE is estimated. Of this resource approximately 12.5% is in the "indicated category" with the remaining 87.5% in the inferred category. Based on area drilled and the return of assay data, mineralization covers a total area 2500 meters by 1500 meters and 30 meters deep. The La Paz Heavy and medium REEs comprise 24% (HREE 17%) of the total rare earth content. Initial metallurgical test work was completed by SRC in Saskatchewan.
This test work, although preliminary was successful in increasing the grade of the pre concentrated REE and the company is confident further test work will continue to see an increase in the concentrate grade. The report outlines the many favorable characteristics of the project in comparison to its peers especially in regard to current and potential size (it remains open at depth and laterally in three directions), location, mineralogy, geology, infrastructure and low levels < than 10 ppm of thorium and uranium and recommends further drilling and metallurgical test work.
In December 2011, an independent NI 43-101 technical report was completed for the Rio Puerco project in New Mexico. This project is 100% owned by Australian American Mining. The report verified the previous inferred resource estimate of 11.4 million pounds grading 0.09% U3O8 (900 ppm) using a 0.03% (300 ppm) cut-off. The report also outlined the considerable potential of the project in terms of potential increase in the resource as well as potential for in situ recovery (ISR) mining techniques. A works program was also recommended which includes a drilling program to validate and confirm historic data, convert the resource from its current inferred status into the measured and indicated categories, provide core for metallurgical test work, and to test soil gas hydrocarbon programme that was conducted on the project in 2011.
Standard & Poor’s Factual Stock Report coverage on Australian American Mining Corp Ltd will also be accessible on an ongoing basis to the investment community by scores of buy-side institutions and sell-side firms that utilize S&P Capital IQ research and information platforms daily. Millions of self-directed investors also have access to the report via their e-brokerage accounts. Please visit www.ausamerican.com for additional information.
About Standard & Poor's Factual Stock Reports
Currently profiling over 500 issuers, Standard & Poor’s Factual Stock Reports, produced by S&P Capital IQ, increase market awareness of issuers in the investment community with insightful commentary and key statistics and information. Standard & Poor’s Factual Stock Reports provide factual research coverage about company fundamentals and business prospects, thereby enabling information about covered companies to reach a wide investor audience of Buy and Sell-side investors. Updated weekly with the latest pricing, trading volume, and other data, the reports include recent developments, a financial review, key operating information, industry and peer comparisons, institutional holdings analysis, Street Consensus and opinions, performance charts, business summary, fundamental data, and news. Because coverage of these reports is underwritten by the issuer, S&P Capital IQ does not offer investment opinions concerning the advisability of investing in these stocks.
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