Matrix Metals | Copper Production and Exploration

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Matrix Metals Limited

Leichhardt Copper Project

 Leichhardt Copper Processing Plant

 “Matrix is in production”! Just a few words, but they epitomise why Matrix was formed and why mining companies exist. To achieve production and provide returns to shareholders. There are 550 mining companies listed on the ASX and less than 10%of them are in production. Your company is one of those producers.

The Leichhardt plant is producing copper cathode, utilising the proven heap-leach - solvent extraction - electrowinning process ("SX/EW"). From July 2008, production from Leichhardt will produce copper cathode at a rate of 9,000 tonnes per annum copper cathode, by treating ore mined from the nearby Mt Watson orebody.

The Leichhardt Project was developed accoring to the following time-table:

October 2006
The decision to commence mining operations at Leichhardt, at a produciton rate of 5,500 tonnes per annum of copper cathode.
October 2006
Construction commenced
April 2007
Mining commenced
July 2007
First copper sales achieved
August 2007
Cash was received from July sales
August 2007
Commissioning of the plant completed

Expansion of the Leichhardt Copper Cathode Production Plant

The company commenced production at the Leichhardt plant in June 2007 at the rate of 5,500 tonnes per annum of copper cathode. In December 2007, the company decided to upgrade the production facility by increasing throughput to 9,000 tonnes per annum. Commissioning of the expanded plant will occur in July 2008 and it is expected that the expanded production rate will be achieved during the September quarter 2008.

Mining will be staged, with Stage One mining from two areas of the greater resource, creating two smaller pits in the East and West of the potentially larger Stage Two pit. Stage One is represented in blue colour, while Stage Two is represented in brown colour. In addition, there are previously identified prospects at the Hidden Treasure, Mt Earl, Mt Wonder, Tewinga and Boomerang (all within the vicinity of Mt Watson) and Mighty Atom and Prospector (within the vicinity of the Leichhardt Processing Plant) which may provide the opportunity for further life extensions.

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MATRIX METALS LIMITED

Liquidators
Ernst and Young
11 Mounts Bay Road
PERTH WA 6000

Phone: +61 8 9429 2222
Fax: +61 8 9429 2436

Receivers and Managers
Deloitte Touche Tohmatsu
240 St Georges Terrace
PERTH WA 6000

Phone: +61 8 9365 7000
Fax: +61 8 9365 7001
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