Exploration

Leveraging from its strong operating experience and technical knowledge in Asia, MMG is exploring for gold and base metals, both in its own right and in partnerships with other companies. Similarly, in Australia, the America’s and Europe-Africa, MMG is actively seeking to increase its presence through sole or joint initiatives to discover new resources.
 
Asia

China

MMG is looking to discover and develop large scale mineral deposits through partnerships with Chinese companies and organisations. MMG is currently involved in the following exploration joint ventures in China:

Sichuan Yangtze Minerals Joint Venture
MMG and the Chengdu Geology and Mineral Resources Development Institute operating through a joint venture company Sichuan Yangtze Minerals, have applied for a package of tenements that are considered prospective for gold and base metals in Sichuan province. MMG can earn up to 85% as part of this joint venture.

Rexing JV
MMG has earned a 25% interest from Rexing Minerals Co in a base metals property in South-Western Yunnan province. Work completed by MMG indicates that deposits on the property are unlikely to meet size criteria and our interest in the project is currently being divested.

Laos

Laos is a very under explored country and is considered to offer excellent potential for the discovery of high quality mineral systems.

MMG’s primary focus within Laos is the Sepon Mineral District, a highly mineralised 400 square kilometre area which encompasses the Sepon gold and copper mines. This district lies central to the broader 1,250km2 area covered by the Sepon Mineral Exploration and Production Agreement (MEPA) with the Government of Lao P.D.R.

MMG is focused on maximising its investment in the Sepon project through continuous exploration and incremental expansion of its gold and copper mining operations over time. New discoveries continue to be made and exploration for both gold and copper is ongoing with many targets remaining to be assessed.

MMG has also independently identified several areas which are considered to be highly prospective for base metals mineralisation and tenement applications have been submitted.

Thailand

Iron Ore Projects (MMG 100%)
Several tenements have been granted over areas prospective for iron ore, and additional applications are being progressed through the statutory approvals process. Preliminary drilling has intersected skarn-hosted magnetite and sulphides. Surface exploration and ground geophysical surveys have identified several priority areas for further drill testing.

Niche opportunities in other bulk commodities are being pursued and tenement applications have been submitted over an area in eastern Thailand prospective for phosphate mineralisation.
 
North America

Canada

MMG holds 2,600 square kilometres of highly prospective exploration tenements in the Slave Region of the Nunavut Territories.

In addition, the Izok Lake and High Lake projects have significant potential for further discovery including the Gondor and Hood deposits that are potential supplementary ore sources for the Izok Lake mill. Gondor in particular has the potential to be a substantial deposit in its own right.

There is also potential for the discovery of other base metal deposits in the region, along with gold and diamond bearing kimberlites. Aerial geophysical survey work has identified over 45 targets for ground follow-up in 2008.

High Lake and Izok Lake
MMG became the owner of the High Lake and Izok Lake projects through the acquisition of Wolfden Resources Limited in mid 2007.

Initial indications from the preliminary feasibility study indicates, that at current prices, the current resource base is not large enough to support the volume of captial expenditure necessary to build a producing mine.

As part of the the revised exploration program, MMG will undetake a focussed drilling program in Northern Canada.
 
Australia

In Australia, MMG has active exploration programs around the Century, Golden Grove, Rosebery, Avebury and Prominent Hill mines and is also undertaking regional exploration activities throughout Australia.

Mount Isa
MMG has a well-established exploration group operating in the Mount Isa Inlier of north-west Queensland. In the north-west of the Mount Isa Inlier, MMG holds interests and manages exploration over 4,603 square kilometres of the Lawn Hill Platform. Joint venture partners include Smarttrans Holdings Limited at Wangunda, and Icon Resources at Constance Range.

The tenements in the vicinity of our Century Mine have potential to host Century-style deposits. Numerous vein-style zinc, lead and silver deposits in the region are also under investigation. The copper potential of this region is also of interest.

We are also exploring 406 square kilometres of leases in the eastern succession of the Inlier, at Dugald River and Boomera.

Menninnie Dam
MMG holds a 76 per cent interest in the Menninnie Dam zinc project in South Australia. In October 2008, MMG indicated that it will seek to dispose of its interest in Menninnie Dam as part of a global review of the company's exploration program.
The project encompasses a large lead-zinc-silver system and copper-gold targets. Extensive drilling over the central portion of the prospect has intersected economic grades of lead-zinc-silver mineralisation.

Wagga Tank
MMG is conducting Exploration for copper-gold targets in Central-Western New South Wales, south of Cobar. The project area is subject of a joint venture agreement with Golden Cross Resources on their tenement and a 100% owned MMG tenement.

Wiluna
Through the 2007 acquisition of Agincourt Resources Limited, MMG acquired the Wiluna gold mine and a surrounding exploration tenement package in Western Australia. The Wiluna mine leases were sold in 2007, but a large package of exploration tenements retained. Of particular interest at Wiluna is the nickel potential. A laterite hosted Resource comprising 81Mt at 0.8% nickel is present on these tenements and testing to upgrade and extend this property is a focus.

Exploration alliances

MMG has an alliance in place with Newgenco. Newgenco is a private Australian-based project generation group with considerable expertise in targeting Ni-Cu PGE systems. The Newgenco alliance is focused on generating new Ni-Cu PGE opportunities in North America.

 
Africa

Tunisia

A joint venture between Albidon Limited and MMG is active over the 4,992 square kilometres of the Nefza and Haffouz exploration concessions in northern and central Tunisia. MMG may earn up to 70 per cent of the project through staged expenditure and a series of cash payments.