September 2011 quarterly report

QUARTERLY ACTIVITIES REPORT
ASX Release - 31 October 2011

CORPORATE

• Cash on hand $7.48 million at 30 September 2011

AUSTRALIAN ALUMINIUM OPERATIONS UPDATE

• Gross Quarterly Cash Receipts of $1,138,506
• Gross Quarterly Operating Cash Surplus of $40,094 with trade receivables of $1.48 million
• 3,694 tonnes of salt slag and non-salt slag, and 1,846 tonnes of dross received during the quarter
• Additional upgrade of the salt slag plant completed on enable recovery of additional aluminium
• Quarterly profitability impacted by higher operating costs associated with commissioning and plant upgrades
• 24-hour closed-loop operations underway
• Landfill mining to commence once current stockpile of partly-processed salt slag reduced
• First shipment of AL80 awaiting departure
• Salt crystalliser under construction, continued construction of additional salt evaporation ponds

US ALUMINIUM OPERATIONS UPDATE

• Continued negotiation of US salt slag and black dross supply contracts
• Capacity for the first plant expected to be 200,000-250,000 tonnes per annum
• Contract signed to acquire land for construction of MHM's first US plant
• Applications submitted to state and local governments to finalise project incentives and concessions results due mid-December 2011
• US trademark application lodged for 'Alreco' name and logo
• Permitting and engineering consultants have commenced project planning
• Advancing discussions with parties regarding non-dilutionary financing
• Continued engagement with parties interested in supplying salt slag to a second US recycling facility

SILICA PROJECT UPDATE

• Cape Sorell silica assays received, confirming suitability of material for silicon metal production. Other lump silica and silica flour sources under assessment
• Continued negotiation for offtake, silicon smelter discussions positive and ongoing
• No response to Tasmanian press speculation about project details

TASMANIAN EXPLORATION UPDATE

• Hill 99 VHMS copper-gold project drill results identified anomalous copper and zinc
• All significant field exploration expenditure curtailed until 2012. Focus is on aluminium business, and assessment of opportunities for mineral division spin-off and/or introduction of project development partners

... more

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MHM PROGRESS REPORT



ASX Release – 2 September 2011


AUSTRALIAN ALUMINIUM OPERATIONS UPDATE 

Operations in Geelong continue to progress. MHM Metals Ltd (ASX:MHM) subsidiary Alreco is pleased that 
aluminium recovery from recycled salt slag is far exceeding expectations.  This additional volume of recovered 
metal has led to refinements to optimise the process.  This is not uncommon with commissioning new 
processes.  
These refinements will soon be completed. Alreco will then commence re-processing the stockpile of stored
partly-processed salt slag, in addition to ongoing receipt of new salt slag, non-salt slag and dross.  The 
stockpiled partly-processed material was accrued by Alreco as part of the exercise to continue processing 
operations in Geelong concurrent with new plant construction.
When this stockpile is reduced Alreco will begin processing Alcoa’s 160,000 tonne salt slag landfill. Landfill 
processing will be used by Alreco to balance the throughput of the plant – processing the landfilled salt slag 
resource will vary according to the volumes received from Alcoa and Sims.  This will enable Alreco to maximise
plant throughput and efficiency.  It is expected that the landfill will be processed at about 35,000 tonnes per year 
over five years, in addition to the estimated 24,000 tonnes per year from Sims and Alcoa.  Alreco is also exploring
opportunities to increase the ‘non-landfill’ feedstock.

Construction of the salt crystalliser is underway, and the technology providers have indicated that the system 
will be commissioned at the end of this calendar year.
The first AL80 shipment is awaiting departure.
Alreco continues to host prospective future client visitors from the United States at the Geelong plant. The 
company’s priority is to keep building relationships and generate more supply contracts.  
US ALUMINIUM OPERATIONS UPDATE 
MHM Metals continues to advance salt slag recycling in the United States.  The appointment of John Pugh in an 
executive role has yielded positive results for MHM, and feedback also suggests this was well regarded by the 
US aluminium industry.
The company continues to engage with US salt slag producers.  It is evident that a major opportunity presents
to recycle another waste  stream from the aluminium industry, known as ‘black dross’.  Black dross is a byproduct from reverberatory furnace operations and generally has a similar composition to salt slag, albeit often
with a higher aluminium content.  Black dross recycling also presents an opportunity to recover aluminium, 
salt/potash and auminium oxides.  This product differs from the dross product that MHM has been processing 
for Sims in Australia, which does not contain salts.  MHM  is in dialogue with  a number of companies  that
produce large volumes of this material, and discussions for closed-loop recycling of black dross are continuing.



MHM is assessing a number of sites in the US for construction of the first salt slag and black dross recycling 
plant.  This will depend on a number of factors, most importantly the proximity to salt slag and black dross 
suppliers.  Recent discussions for black dross recycling may have some bearing on site determination.   The 
company  will determine the potential of these additional feedstocks prior to making an unconditional site 
acquisition.  Irrespective, site due diligence including purchase price and negotiation of acquisition terms 
continues on a number of sites.
MHM has identified additional landfilled/stockpiled salt slag that may present opportunities for recycling and 
has begun research and entered discussions to assess viability.
MHM recently engaged with a number of companies with operations in  the north  eastern United States and 
south eastern Canada, to assess a further region for salt slag and black dross recycling.  A substantial volume of 
material has been identified in this region as well as companies that are supportive of MHM’s business and that 
share the imperative to cease landfilling.
MHM  is also communicating with major US aluminium  users such as the beverage can and automobile 
manufacturers to encourage support and participation. MHM is evidently creating substantial impact in parts of 
the US aluminium industry and receiving some very strong support.








MHM COMPANY UPDATE


ASX Release – 7 October 2011


This is the first of a series of MHM Metals Limited (ASX:MHM) monthly company progress reports. The reports
will strengthen communication with shareholders and hopefully increase stability in the MHM share price by
spreading the confidence and enthusiasm that company management has for MHM’s future. This will give
shareholders a regular and detailed company information source, especially on month-to-month progress.


AUSTRALIAN ALUMINIUM OPERATIONS UPDATE


An important upgrade of the salt slag plant has been successfully completed in order to recover additional
metal. The upgrade enables this additional metal to be removed from the aluminium oxide fraction, thereby
benefitting the quality of MHM’s AL80 product. The upgrade was completed on 23 September except for the
delivery of screens, which were delivered and installed this week. With the upgrade now complete it is expected
that 24-hour production of this section of the plant will commence next week.
Importantly, the plant at Moolap has continued to be operational processing salt slag and dross on a tolling
basis for its customers Alcoa and Sims during the upgrade period.
Upon commencement of 24-hour operations, Alreco will commence re-processing the stockpile of partlyprocessed salt slag, in addition to ongoing delivery of new salt slag, non-salt slag and dross.
When this stockpile is reduced Alreco will begin processing Alcoa’s 160,000 tonne salt slag landfill. Landfill
processing will be used to balance the throughput of the plant – processing the landfilled salt slag resource will
vary according to volumes received from Alcoa and Sims. This will enable Alreco to maximise plant throughput
and efficiency. It is expected that the landfill will be processed at about 35,000 tonnes per year over five years, in
addition to the estimated 24,000 tonnes per year delivered from Sims and Alcoa. Alreco is also exploring
opportunities to increase ‘non-landfill’ feedstock.


Additional salt evaporation ponds continue to be constructed as required with one pond completed and in use
and two other ponds close to completion. Ponds will continue to be constructed over the next 12 months to
provide for salt recovery from the landfill operations.
The order for the salt crystallisation plant has been placed and the design of the building is now underway.
Upon approval by Council, construction of the crystalliser plant and salt storage building will commence.
The first shipment of AL80 is currently awaiting Customs clearance, which has taken longer than anticipated by
Impex, on account of the AL80 being a new product. The timing of this clearance is outside the control of MHM.




US ALUMINIUM OPERATIONS UPDATE


Contract negotiation
Salt slag supply negotiations in the United States are well advanced. MHM has also recently engaged with a
number of additional companies that produce salt slag and black dross.


Black dross is a by-product from reverberatory furnace operations and has a similar composition to salt slag,
albeit often with a higher aluminium content. Black dross would be recycled in the same way as salt slag, using
the same plant and equipment to recover aluminium, salt/potash and AL80. The appointment of US aluminium
industry veteran John Pugh as MHM’s Director of Operations, North America, initiated MHM’s examination of
black dross recycling opportunities. John’s identification of this complementary opportunity and introduction to
additional salt slag producers are of substantial value to MHM in the US.
The opportunity to recycle black dross is entirely complementary to salt slag recycling and is produced by
companies that operate in the same sector as salt slag producers. In some cases the producers of salt slag also
produce black dross. Investigations of opportunities to recycle black dross should not be viewed as a shift of
focus, but as a potentially substantial additional revenue generator for MHM with minimal investment of extra
resources. The recycling of salt slag and black dross go hand in hand.
Company management acknowledges that finalisation of US supply contracts has taken longer than anticipated
and every effort is being made to finish these. The timeframe for contract completion does not undermine the
compelling business case for salt slag recycling in the US. MHM has limited control of contract signing
timeframes but will persist in advancing finalisation as soon as we can.
Dynamics of the US aluminium industry
It is important that investors not lose sight of the magnitude of the opportunity that lies before MHM. Part of
the challenge is that MHM will bring wholesale change to long-standing industry waste disposal practices.
MHM’s task is made more challenging by the fact that companies have tried to recycle salt slag in the past and
failed. This means that it takes time to establish relationships and trust and MHM is making steady progress in
this regard. Another challenge is to convince companies of the volume of aluminium in their salt slag. MHM
has been advocating a ‘tolling’ engagement with most companies, charging a fixed price per tonne, as in
Australia. Without having a plant to run trials and demonstrate the quality of the recovered aluminium and salt
/potash flux, it takes more time to build confidence.
Executive Director Ben Mead is satisfied with MHM’s US progress and is very confident that salt slag and black
dross recycling is the way of the future in the US. At a recent industry conference in Chicago Ben was informed
that the EPA is considering the regulation of salt slag as a hazardous waste at a federal level in the US – this
would be a huge boost to MHM’s business. Regardless, management is very confident that the opportunity
presented to MHM in the US is immense and MHM’s expansion into the US does not depend on changing
regulations.
Site Selection
MHM is assessing a number of sites in the US for construction of the first salt slag and black dross recycling
plant. Site selection is dependent on a number of factors, most importantly the proximity to salt slag and black
dross suppliers. Detailed site due diligence – including purchase price and negotiation of acquisition terms –
continues on a number of sites and final acquisition will be based on completion of supply contract negotiation.
There is more than one potential site for MHM’s first US plant and management will carefully assess the short
list. Management is aware that both supply contract completion and site determination should help stablise
the share price.
Salt slag landfills / stockpiles
MHM has identified additional landfilled/stockpiled salt slag that may present opportunities for recycling and
has begun research and entered discussions to assess viability.
Additional plant location opportunities
MHM continues to engage with a number of companies with operations in north eastern United States and
south eastern Canada, to assess further salt slag and black dross recycling opportunities. A substantial volume
of material has been identified in this region as well as companies supportive of MHM’s business that recognise
the imperative to cease landfilling.
Government grants and incentives
MHM is engaged in advanced discussions on government grants and incentives. However a package will not be
finalised until plant location has been determined as the scope of financial support depends on ultimate plant
location.

DRILLING RESULTS FROM HILL 99

DRILLING RESULTS FROM HILL 99 COPPER GOLD PROJ ECT


ASX Release – 25 August 2011


Anomalous copper – zinc suppor ting high gr ade copper-gold tar get with geological similar ities
t o Nor th Lyell style miner alisation f ur ther to the nor th


• Highly encouraging first-stage drilling at Hill 99 VHMS copper-gold project
• Anomalous copper-zinc supporting high grade copper – gold mineralisation with geological similarities
to North Lyell style mineralisation further to the north (4.7Mt @ 5.28% Cu, 0.4 g/t Au and 34.3 g/t Ag)
• Best results Hole H99-4: 0.3m @ 10.55% copper, 15 g/t Ag, 0.244% zinc from 177.6m
• Best results Hole H99-5: 1m @ 0.165% copper, from 169.5m



MHM Metals Limited (ASX:MHM) is pleased to announce the results of two diamond drillholes completed at its 
100% owned Hill 99  copper  – lead  - zinc prospect in Western Tasmania.   Hill 99 lies within the Noddy Creek 
Volcanics, believed to be the southerly extension of the Mount Read Volcanics, host to several world class gold 
and base metal mines.  The drill holes were completed in July and are shown on Figure 1, below.   
Three copper (+ minor gold) zones are apparent (see Figures 1 to 3 below).  These are defined by previous soil 
samples (shown as dots on Figure 1) and intersections drawn on the cross sections.  All are hosted by highly 
altered volcanics that have strong affinities with alteration assemblages at the North Lyell (previous production 
listed as 4.7Mt @ 5.28% Cu, 0.4 g/t Au and 34.3 g/t Ag) and Henty (reserves: 2.8Mt @ 12.5g/t Au) mines further 
to the north of Hill 99. 


Drilling by MHM Metals identified strong chlorite, white mica, carbonate and localised quartz-albite 
assemblages, similar to the North Lyell deposit. The intense alteration mineralogy from the current drilling 
comprises strong (replacement) silica-white mica assemblages with pyrite and various copper sulphide 
minerals, very similar to the mineralogy found at the North Lyell deposit. 


A second mineralisation model for Hill 99 is the Henty gold deposit.  The high grade gold at Henty occurs in a 
silicified, structurally altered zone with adjacent copper mineralisation. Current drilling and a geological review of 
previous drilling at Hill 99 has found zones of silicification similar to those at Henty.  A mixed zone of pervasive 
quartz and sericite alteration from hole H99-4 shows anomalous gold, nickel and zinc values (from 155m to 
173m). The Henty gold deposit was discovered by assaying similarly silicified core for gold some 10 years after 
the holes had been drilled. Similar low grade assays such as found in hole H99-4 also occur in the periphery at 
Henty (Figure 3). 


Significant historical information for Henty/Rosebery style VMS mineralization and Mount Lyell style coppergold-zinc provides an excellent drill core library for MHM Metals to apply its new exploration techniques to focus 
the second-stage drilling, targeting the mineralization potential at depth.  The results are sufficiently 
encouraging that a second stage drilling program of three diamond drill holes totaling 1,200m has been 
recommended, to test along strike and deeper than the existing drilling.  The timeframe for the second stage 
program has not yet been determined.



Company management believes the drilling program has added value to the Hill 99 project, and that it is an 
attractive prospect for further development as the company continues to assess opportunities to engage with 
project development partners, divest or spin-off the mineral assets of the company at a time that maximises 
returns to shareholders.


Link

July 2011 Top40 List

June quarterly 2011

QUARTERLY ACTIVITIES REPORT  
ASX Release – 29 July 2011


CORPORATE 
• Cash on hand $9.021 million at 30 June 2011

AUSTRALIAN ALUMINIUM OPERATIONS UPDATE 
• Gross Quarterly Cash Receipts of $1,133,000
• Gross Quarterly Operating Cash Surplus of $46,851 with trade receivables of $1.2 million at 30 June 
• Closed-loop salt slag operations underway
• Landfill mining to commence once current stockpile of partly-processed salt slag reduced
• First shipment of AL80 awaiting departure
• Salt crystalliser under construction
• Engagement with Federal Government regarding carbon tax benefits for MHM’s recycling operations


US ALUMINIUM OPERATIONS UPDATE 
• MHM progressing with expansion into the US, targeting commencement of operations in 2012 
• Processing throughput for the first plant expected to be 200,000 to 250,000 tonnes per annum 
• Appointment of Senior US Executive – Director of Operations, North America 
• Salt slag supply contract discussions well advanced
• Engagement with parties showing interest in supplying a second salt slag recycling facility
• Decision for location of first US salt slag plant is imminent
• Testing program of 350,000 salt slag mono-fill completed, awaiting feedback from Government 
regarding reprocessing
• Permitting and engineering consultants have commenced project planning activities
• Positive meetings with senior government officials for project support, incentives and concessions
• Preliminary discussions with parties regarding non-dilutionary financing mechanisms


SILICA PROJ ECT UPDATE 
• Drilling program over Cape Sorell completed, awaiting assays
• Continued negotiation for offtake, silicon smelter discussions positive and ongoing


TASMANIAN EXPLORATION UPDATE 
• Highly encouraging first-stage drilling at Hill 99 VHMS copper-gold project
• Assays expected by end of August 2011
• Drill core studies showing stratigraphy, alteration and age of the rocks at Hill 99 comparable with 
Hellier-Fosse-Roseberry group of mines further to the north.  







AUSTRALIAN ALUMINIUM OPERATIONS UPDATE 
Financial r esults 
MHM’s Australian aluminium subsidiary, Alreco Pty Ltd delivered Gross Quarterly Cash Receipts of $1,133,000
million with a Gross Quarterly Operating Surplus of $46,851.  Alreco also had trade receivables of $1.2 million at 
30 June 2011.


Closed-loop oper ations continuing 
Closed-loop salt slag recycling operations have commenced.  This is a significant milestone for the company, 
paving the way for the global expansion of the technology.  Alreco’s profits are expected to substantially 
increase once reprocessing of Alcoa’s 160,000 tonne salt slag landfill commences.  This will occur once the 
stockpile of partly-processed salt slag on MHM’s site is reduced.


First AL80 shipment 
Alreco’s first shipment of AL80, an aluminium oxide product, has been prepared and is awaiting departure.  The 
first shipment is 800 tonnes and will be followed by monthly shipments of a minimum of 1,500 tonnes.  Alreco’s 
contract with Impex Minerals Pty Ltd provides no upper limit to the amount of AL80 that can be sold to Impex.  
During the quarter, Alreco also received additional enquiries for offtake of a substantial monthly tonnage of 
AL80 from another party. 


"Large portion of the estimated $8.6m EBIT p.a. is from the aluminium oxide sales, the first shipment is due in July then followed by minimum 1,500 tonnes per month, so September quarter will have minimum 3,800 tonnes of AL80 shipped to Impex, and if MHM receive another offtake agreement from the other interested party the revenue should increase significantly." IMO


Alreco’s AL80 product is produced from aluminium oxide, one of the commodities recovered from salt slag 
recycling.  Finding viable applications for aluminium oxide has been a major hurdle for salt slag processing.  The 
aluminium industry unsuccessfully tried for a number of years to source a high value, high volume application 
for aluminium oxide.  AL80 is produced when aluminium oxide recovered from Alreco’s salt slag operations is 
value added using an additional proprietary process.  Alreco’s off take agreement for AL80 is an event of 
significance for the global aluminium industry and its importance should not be underestimated.
MHM believes there is opportunity for additional value-adding of the AL80, to be addressed in due course.
This is a major milestone for the company as it completes MHM’s closed-loop, landfill-free salt slag processing 
technology.  MHM is seeking additional aluminium oxide for treatment with the company’s proprietary process 
to produce AL80, to sell under the off take agreement with Impex Minerals.


Salt crystalliser construction underway 
Alreco has completed an order for a salt crystallisation system to be installed at Moolap.  The system will 
recover substantial volumes of water as compared to Alreco’s current system of solar evaporation.  The 
crystalliser technology provider has indicated that the system will be operational by the end of December 2011.


Potential Carbon Tax benefits to MHM 
Alreco has  commenced  discussions with the Federal Government regarding potential benefits for salt slag 
recycling under the proposed carbon tax.


Continuing to process material f or Sims under original contract terms 
An updated processing agreement for salt slag, non-salt slag, and aluminium dross with Sims Aluminium Pty 
Ltd has not yet been finalised.  Alreco continues to receive material from Sims under the terms of the initial 
contract. 


US ALUMINIUM OPERATIONS UPDATE 
MHM’s expansion into the United States continues to advance.  The Company is extremely confident of 
establishing salt slag recycling operations in Tennessee, and will commence construction-related activities 
following finalisation of salt slag supply contracts and land acquisition.  It is expected that this first plant will 
have a throughput of 200,000 to 250,000 tonnes per annum, representing an estimated 20-25% of the salt slag 
produced by the entire US aluminium industry.  It is understood that an additional two to four salt slag recycling 
plants could be justified in the United States.




The establishment of closed-loop salt slag recycling operations in the United States will be an immensely 
positive development for the US aluminium industry, welcomed by industry stakeholders, government and 
community alike.


MHM is targeting commencement of operations during the second-half of 2012.  The exact timeframe will 
depend on the time taken to finalise supply contracts and the specifics of the chosen plant site.  MHM’s 
permitting, engineering and construction management consultants have prepared a detailed timeline for 
construction and commissioning, the details of which will be made available once all variables have been 
resolved.


MHM has also recently engaged with aluminium companies that are showing keen interest to supply salt cake  to a second salt slag recycling facility in a region to service the north-eastern United States and parts of Canada.


Appointment of Director of Operations, North America 
MHM Metals Corporation, the company’s US operating subsidiary, has appointed a Director of Operations, North 
America.  Mr John Pugh, formerly Vice President of Business Development and Vice President of Operations for 
Smelter Service Corporation, has been appointed to the role. 


Mr Pugh is widely regarded as one of the leading operations executives in the US aluminium industry and will be 
a great asset for MHM.  Smelter Service Corporation and MHM agreed that Mr Pugh’s appointment to MHM is in 
the best interests of the ongoing cooperation between the companies.  Mr Pugh holds a degree in business 
management and has 31 years management experience in the metals industries.  This includes five years with 
a manganese alloy foundry and 26 years in secondary aluminium recycling, including 21 years with Smelter 
Service Corporation. 


Salt slag supply contract negotiations  
MHM is advancing contract negotiations, with draft terms, conditions and pricing being circulated and finalised.  
MHM is hoping that the first of the contracts may be signed by the end of August 2011, and has recently hosted 
a number of potential US salt slag suppliers for site visits in Geelong.  


Tennessee site acquisition due diligence 
MHM continues to progress due diligence for Tennessee site selection, and is well advanced in the process.  
Proximity to salt slag suppliers, zoning and permitting requirements, transportation options (road, rail) and 
government incentives are all important considerations in the selection of the site.  It is anticipated that news 
regarding site acquisition should be forthcoming in the near future.


Site acquisition has taken a little longer than initially anticipated.  In May and June, MHM conducted extensive 
due diligence, agreed a purchase price and finalized terms for a property purchase contract for an 80-acre site in 
Tennessee that showed great potential.  However, sub-surface environmental assessment by MHM indicated 
that the site contained some geotechnical issues and consequently it was decided to seek alternatives.  Whilst 
this has resulted in a longer than anticipated timeframe for site acquisition, the timing has not affected MHM’s 
overall development timetable as salt slag supply contracts are still in the final stages of completion.


Government support 
MHM is positively engaged with the Tennessee state and local governments regarding concessions and 
incentives for salt slag recycling.  MHM has general terms of a financial support package, however the final 
details will depend on site selection.  A detailed overview of the incentives and concessions available to MHM 
will be provided after this time.  


Smelter Service Corp landfill testing 
The first-stage testing program of Smelter Service Corporation’s 350,000 tonne salt slag mono-fill has 
concluded.  Whilst MHM does not believe that the entire landfill can be remediated, as with the Alcoa landfill in 
Geelong, there appears to be potential to recover material.  The SSC mono-fill has some issues with soil and clay 
contamination of some finer portions of salt slag, and separation of the soils from aluminium oxides can be 
challenging.  


MHM and SSC have approached the Tennessee Department of Environment and Conservation with a number of 
proposals for remediation, which are being considered.US investor relations roadshow 


A number of meetings and presentations with US investors were held during the quarter, which were well 
received.  Additional presentations are planned in due course, particularly following execution of US salt slag 
supply contracts and Tennessee land acquisition.  As always, management efforts are best directed to achieving 
maximum return for effort and investment, and it is believed that the next US roadshow will be most effective 
following tangible contractual developments in the United States.  


SILICA PROJECT UPDATE 

High  Purity  Silica  Drilling 
MHM’s first-phase diamond drilling at the Cape Sorell High Purity Silica Project has been completed. A total of 
six short holes intersected white quartzite over a thickness of approximately 12m based on visual appearance. 
The silica rich quartzite dips approximately 50° west, and drilling was designed to test the true thickness of the 
quartzite at the North Escarpment prospect and the potential for a more extensive silica cap over mixed 
sediments including sandstone and siltstone.  Sampling and assaying of the drill core is continuing.


Of ftake Negotiation 
MHM continues to work with a number of parties concerning offtake of lump silica and silica flour, both for 
export and for utilisation in a proposed Tasmanian silicon smelter.


TASMANIAN EXPLORATION UPDATE 

Drilling of  Hi l l 99 Co p p e r-Le a d-Zinc  Prospect 
The two-hole 369 metre diamond-drilling program at MHM’s Hill 99 copper-lead-zinc prospect has completed, 
with preliminary inspection and sampling of the core by Niton XFR analyser showing highly encouraging levels
of mineralisation. The target was for copper mineralisation with zinc and gold credits in either a structural or
VHMS setting. The results to hand are extremely positive and the core is now being prepared for assay.
Hole H99-04 intersected strong quartz veining from 158m to 183m within highly altered intermediate and mafic 
volcanic rocks with disseminated chalcopyrite (copper sulphide) though parts of this section.
Hole H99-05 intersected strongly altered mafic volcanics throughout the hole. Intense quartz-carbonate veining 
is present from 118m to the end of the hole at 173m. Patchy, disseminated lead and zinc sulphides are 
associated with some of the veins. The intensity of the alteration and veining in both drill holes indicates that 
strong, mineralised hydrothermal systems have been intersected and will require follow up drilling.
Detailed studies on drill core from this and previous drill holes have shown that the stratigraphy, alteration and 
age of the rocks at Hill 99 are comparable with mineralised horizons at the Hellier-Fosse-Roseberry group of 
mines further to the north.


MHM’s ongoing exploration is consistent with the company’s strategy to continue to progress the mineral 
projects while assessing opportunities to engage with project development partners, divest or spin-off the 
mineral assets of the company at a time that maximises returns to shareholders.



Link

Chart as at 29th of July 2011

MHMO Conversion

660 options has been converted into fully paid ordinary shares at $0.20 each

Appendix 3B

---

Daily chart as at 28/7/2011

Share price $1.04 as at 28th July 2011 

M/C $106.34m

MHM                                                                         102,252,570

MHMO expiry 31 August 2012                                  25,520,600

Unlisted Options $0.20 expiry 31 August 2012            2,131,225

                          $0.20 expiry 28 November 2013      1,100,000

                          $0.20 expiry 14 December 2013       1,000,000

                          $0.25 expiry 9 October 2014              370,000

                          $0.28 expiry 30 November 2014       1,900,000

                          $0.28 expiry 4 January 2015                100,000

                          $0.85 expiry 6 October 2015               300,000

                          $1.80 expiry 20 June 2016                   300,000

Total                                                                            134,974,395

MHMO Conversion

17,500 options has been converted into fully paid ordinary shares at $0.20 each

Appendix 3B

---

MHM                                                                         102,251,910

MHMO expiry 31 August 2012                                  25,521,260

Unlisted Options $0.20 expiry 31 August 2012            2,131,225

                          $0.20 expiry 28 November 2013      1,100,000

                          $0.20 expiry 14 December 2013       1,000,000

                          $0.25 expiry 9 October 2014              370,000

                          $0.28 expiry 30 November 2014       1,900,000

                          $0.28 expiry 4 January 2015                100,000

                          $0.85 expiry 6 October 2015               300,000

                          $1.80 expiry 20 June 2016                   300,000

Total                                                                            134,974,395