Tamaya Resources

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An emerging mid-tier mining house

The transition of Australian miner Tamaya Resources Limited (ASX: TMR) from a single mine operation to a junior with a diverse portfolio and the potential to develop into a mid-tier mining company is well underway.

In addition to its original copper-gold assets in Chile, Tamaya is now the majority shareholder in the private mining company Iberian Resources Ltd (86.2%) and has doubled its copper resource in Chile through a strategic acquisition from AIM - listed Latitude Resources plc. In August 2007, the company entered into a Sale and Purchase Agreement with Latitude to acquire a 100% interest in Latin American Copper Chile SA, a wholly owned subsidiary of Latitude Resources plc. The acquisition was completed on 5 September 2007.

As with the Iberian Resources acquisition in 2007, the Board of Tamaya are confident that the Latitude transaction has the potential to be company transforming.

The acquisition of Latin American Copper Chile SA from Latitude doubles the group’s copper resource in Chile and consolidates the group’s tenement holdings in a highly prospective copper belt in Chile. At least two of the projects lie in the highly prospective IOCG (Iron Oxide Copper Gold) formations of the Andean belt and are considered likely to result in mid - tier mines.

Prospects remain excellent for the Group to continue this transition in 2008, and as part of this change the Board will shortly advise shareholders of its plans regarding the proposed dual-listing on the Toronto main board (“TSX”). Initial visits to Canada have indicated a strong level of support for the Tamaya within the professional investment community, and the board is in the process of finalising its review of the preparatory stages of this move; including the impact on shareholder value and the composition of the share register following the dual-listing.

Increased production and extended resource base

Tamaya now has an extensive portfolio of producing, near production and advanced exploration projects in addition to prospective exploration tenements.

As a result of the recent acquisitions, Tamaya has moved from being a single copper mine operation to a group with a global portfolio that comprises a copper mine in production (Chile), a gold mine near production (Armenia), a number of advanced gold exploration projects (Portugal) and a portfolio of copper and gold exploration tenements in four countries (Chile, Armenia, Portugal and Australia).

 

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