InterMet Resources Limited (ASX:ITT) is a dedicated uranium, copper, gold, nickel and base metals exploration and development company.
We are mindful that we are operating in and around local landowners and communities and it is our greatest wish to see all benefit from our presence.
InterMet Resources Limited (ASX:ITT) is owned 84.8% by Hillgrove and is a dedicated uranium, copper, gold, nickel and base metals exploration and development company, focused on its assets in the world class mineral deposits area of the Gawler Craton in South Australia and holds an impressive exploration portfolio in northern Queensland.
Since September 2008, considerable time has been spent reviewing the extensive InterMet portfolio with a view to reducing it to a manageable size and defining a number of key projects on which to focus exploration efforts. This work saw a large reduction in tenement holdings and two key focus areas identified – the Mt. Garnet area in Queensland and Lake Gilles area in South Australia.
With the review largely completed the focus has shifted to field exploration once more with on ground exploration having commenced at Munderra in late 2009.
In 2005 the South Australian Government released a large area of highly prospective tenements in the Gawler Craton with several key holdings acquired by a joint venture with Hillgrove. To facilitate future exploration a A$4 million capital raising was proposed late that year. Hillgrove listed their 30% owned subsidiary (down from 77%), InterMet Resources Limited on the Australian Stock Exchange (ASX) on the 20 April 2006. The initial public offering closed oversubscribed by approximately $2 million due to strong support from brokers and Hillgrove shareholders, under a priority shareholder allocation offer.
InterMet ran its highly prospective uranium, gold and base metals tenement portfolio under the watchful eye of an experienced Board for two years until 2008 when the global financial crisis arrived in earnest. Then Chairman, David Archer felt that remaining synergies between the companies provided a series of compelling benefits for their re-merging. Bringing together InterMet’s predominantly gold and iron ore exploration assets with Hillgrove’s copper/gold development, base metals/gold exploration and investment assets would create a more diverse resources group.
Hillgrove successively concluded the takeover of InterMet and its associates on the 30 August 2008, reaching an 84.8% relevant interest. With Hillgrove’s controlling interest it has no plans to acquire the remaining portion of the company, but this is reviewed regularly by the Board in terms of the best interests for Hillgrove shareholders.
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