MLN's 631 to 636 inclusive MLN 1108 Redbank Annual Report for the period 1 January 2014 to 31 December 2014

Abstract

Redbank Copper Limited a company listed on the Australian Stock Exchange is the owner of leases MLN 631-636 and MLN 1108. The tenements form the core of the company's Redbank Copper Project which comprises 24 mineral titles covering and area of approximately 4,300 sq. km in the central section of the McArthur River Basin. The Mining leases cover the Sandy Flat Mining Operation located on MLN's 631-633, 636 and 1108, which comprises an open cut pit and associated milling plant, and advanced targets at Redbank and Bluff on MLN's 634 and 635, respectively. Previous operation on the site have been directed toward producing copper for either direct shipping or leaching through the plant to produce various copper concentrate products. The operation was placed on care and maintenance in 2009 whilst the company completed exploration to define sufficient oxide and sulphide resources within the project area to sustain a 6,000 - 10,000 tpa copper metal production. Previous site operations going back some 20 years have left a significant environmental legacy issue that is currently being addressed by the company with the assistance of the Northern Territory Government. The company was placed under suspension by the Australian Stock Exchange in March 2011. During 2012 - 2013 the company underwent a corporate restructure, and relisted on the exchange in May 2013 with approximately $3.9 million of fresh equity after expenses. The company has a new board of directors and senior management team. During the reporting period 972m of RC drilling in 12 holes (REDRC1 to REDRC7, and REDRC 9 to REDRCD12), and 163.6m of diamond core drilling in a single drill hole (REDRCD12) was undertaken at Redbank, targeting the Bluff and Redbank prospects. Drilling statistics by tenement are given in Table 3, and significant drill results are presented in Table 4. Drill hole locations are given in figures 4 to 6. Drilling targeted plunge and strike extensions of known mineralisation, or tested veracity of historic drilling and model interpretation.