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Alexander Mining surges after securing patent in Australia

Last updated: 09:04 12 Jan 2012 GMT, First published: 10:04 12 Jan 2012 GMT

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Alexander Mining (LON:AXM) has been granted a patent for its copper containing ore leaching method, which the company called a significant step in protecting its AmmLeach technology.

The markets cheered the update as shares in the firm jumped 13.5 percent to 5.25 pence in early deals, giving it a market cap of £7.15 million.

The twenty year patent covers the leaching of copper from ore with a curing agent to produce a cured ore which is leached with an ammonium carbonate solution containing free ammonia.

“It is particularly noteworthy given Australia's robust patenting regime and status as having one of the world's biggest mining industries, and with significant potential for our AmmLeach technology,” said chief executive of Alexander Mining Martin Rosser.

“The new patent is core to our portfolio of patents and patent applications designed to protect the company's development of unique intellectual property and inventions.”

Broker Ambrian Capital welcomed the update, repeating its “speculative buy” rating for the stock.

Analyst Nick Mellor noted that the start-up of new copper projects is currently “very limited” with companies looking to get the most from their existing deposits, which bodes well for Alexander Mining.

The company is currently conducting three investigations into the use of this technology, specifically with copper containing ore with Anvil Mining, Tiger Resources and Altona Mining. According to Mellor, updates on these development projects will be the main news flow for the comany this year.

“Clearly, for liquidity reasons, Alexander as an investment opportunity is not for everyone, but one can not help but speculate that, in the event of a successful trial at one of its partners’ operations, the stock could rally hard,” said Mellor.

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