www.bassmetals.com.au
Bass Metals (ASX: BSM) is a growth focused and profitable Australian base and precious metal producer with a portfolio of high quality zinc, lead, copper and gold assets in the rich Mount Read Volcanic mineral belt in northwest Tasmania. Listing in 2005, Bass delivered its maiden profit in 2008 from its profitable base metals production hub at Que River in Tasmania, which has generated $25 million in cash flow over the last two years.
The Company also has an active and successful exploration programme and is currently following up on recent discoveries at Switchback and Fossey East which are high-grade and located in close proximity to existing mines and milling infrastructure. Bass has an experienced Board and operating team who have a strong track record of delivering profitable production underpinned by exploration success and are highly motivated to improve on that record.
The Company’s growth strategy centres on the development of a ‘pipeline’ of production, near-production and exploration assets in this prolific mineral belt, with strong leverage to a substantial new discovery through its extensive regional ground holding.
Bass Metals locks in high silver price selling 558,000 ounces at A$26.04
To lock in decade high silver prices, Bass Metals (ASX:BSM) has sold forward 558,000 ounces of silver at an effective price of A$26.04 per ounce.
The hedging program equates to 27% of the payable silver planned to be recovered to concentrates, and sold from the Fossey deposit.
The hedging program, which is with RMB Resources Ltd, includes a A$5 million cash prepayment, with these funds used to support the Hellyer Mine Project, with a focus on near term growth initiatives.
The sale price is a 33% above the A$19.54 per ounce silver price assumed in the definitive feasibility study for the Fossey mine development.
Spot silver is currently around A$23.80.
Gold and silver is estimated to represent 32% of the overall sales revenue from the Fossey deposit.



















