Company Information for Magnesium Int'l Ltd

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Company Statement

MIL Resources Limited (“MIL”) is an Australian public company listed on the Australian Securities Exchange (“ASX”) – ASX Code: MGK

MIL is a resources investment and development company with a number of activities:

• 25% interest (and earning up to 90%) of the Amazon Bay ironsands project in Papua New Guinea;
• global exclusive license to the MIL-Dow electrolytic magnesium process technology;
• 100% ownership of magnesite resources near Leigh Creek, South Australia.

MIL is actively seeking to expand its interests in a range of resource areas

Current Operations

Amazon Bay Ironsands Project
During the quarter the company agreed to acquire up to a 90% interest in the Amazon Bay ironsands project in Papua New Guinea. The transactions terms were approved by shareholders on 24th October, 2007.

The key aspects of the Amazon Bay ironsands project include:

• ironsands are a steelmaking feedstock showing strong growth in demand especially from Chinese steel mills;
• previous exploration work reported that the project may contain (non JORC measurements) up to 445 million tonnes of ironsands to approximately 9 metres deep of +10% magnetics;
• MIL expects to add significant value through a work program aimed at better defining the likely resource target; metallurgical work to establish the most effective process flowsheet and completing initial feasibility studies.

Under the Amazon Bay agreements MIL has established an Operating Committee and the work program is underway. An aeromagnetic survey to define detailed drilling targets is being negotiated and is planned to be completed early in 2008. A bulk sample has been prepared and a metallurgical testing program is expected to commence in the current quarter.

MIL-DOW Magnesium Process Technology
Features of Magnesium Smelter Technology

• Dow process knowledge
• MIL engineered for magnesite and productivity improvements
• Principal’s Project Requirements (PPR)
• Feasibility studies by MIL
• Marketing studies

Leigh Creek Magnesite, Mt Hutton
MIL Resources ltd is considering options for development of the Mt Hutton magnesite resource to sell magnesite and caustic calcined magnesia to the regional industrial and agricultural markets and to export caustic calcined magnesia to international markets

Mt Hutton Resource
In 2001, MIL acquired the mining tenements in the Leigh Creek-Willouran area which cover the magnesite resources at Myrtle Springs, Camel Flat, Mt Hutton and Mt Playfair.  With a resource of 579 million tonnes at 42% MgO a decision was made to define a reserve at Mount Hutton that offered high–grade, low-calcium magnesite close to transport and with low environmental impact. 

Geographical Spread

Egypt Flinders Ranges - magnesite deposits

Board of Directors and Key Management

Mr Patrick JD Elliott (Chairman, Managing Director)

Mr James D Beecher (Director)

Mr Malcolm R Richmond (Non Exec. Director)

Captain Ossama Al Sharif (Non Exec. Director)

Mr Peter Edward Sydney-Smith (Finance Director)

Company Address Level 6 210 George Street Sydney, New South Wales, Australia 2000 Telephone: (02) 9252 1505 Facsimile: 02) 9252 1507 Email: info[at]mgil.com.au Website: http://www.mgil.com.au

Capital Primary Options - exp 31/5/2012 - 52, 829, 111

Annual General Meeting October, Sydney

Year End 30 June

Nominated Brokers Evolution Securities

Nominated Advisors Nabarro Wells

Broker/Analyst Reports

17/11/06 - First Berlin Securities

Major Shareholders

ANZ Nominees Limited	8,833,997
Clapsy Pty Ltd	4,000,000
Bestfield Company	3,466,400
HSBC Custody Nominees (Aust) Limited	2,856,369
Redcliff Pty Ltd Superannuation Fund	2,850,000
Amiral Magnesium Overseas Ltd	2,500,000
Ossama Fathi Rabah Al Sharif	2,300,000
Bestfield Company	2,053,000
Bannaby Investments Pty Ltd	2,000,000
Budberth Pty Ltd	2,000,000

Most Recent Statement

18/12/07 - Amazon Bay Ironsands Evaluation Work Commencing
23/09/07 - Notice of AGM/Proxy form/Other distribution to shareholders
18/09/07 - MIL Acqires interest in PNG Ironsands Project
17/09/07 - MIL ACQUIRES INTEREST IN PNG IRONSANDS PROJECT
29/08/07 - Annual report 2007
30/07/07 - QUARTERLY REPORT – PERIOD TO 30 JUNE 2007