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ALLOTMENT OF SECURITIES The Directors advise that the Company has issued a total of 24,820 fully paid ordinary shares. The shares were issued as follows: • 24,820 at $0.25 per share pursuant to the exercise of MMNO listed options. An Appendix 3B form (New issue announcement, application for quotation of additional securities and agreement) detailing the issue is attached. Yours faithfully, Garry Edwards
APPENDIX 3Y, CHANGE OF DIRECTOR'S INTEREST NOTICE - robert Donald MCNEIL
PROPOSED ISSUE OF SHARES The Company has advised YA Global Investments, LP (trading as Cornell Capital Partners Offshore, LP) that the first repayment of US$1.5M of the Convertible Note (announced 19 September 2007) is to be by the issue of shares as provided for in the Convertible Note. Shares will be issued in five tranches over 5 months and the price will be calculated by reference to the weighted average price of the shares in the period prior to each tranche. Once the number of shares is determined this will be announced and an Appendix 3B lodged with ASX. The first issue will occur on 3 June 2008 and subsequent issues will be announced as and when they occur.
Yours faithfully, Garry Edwards The Company Macmin Silver Ltd is a silver focused company that has been listed on the ASX since 1993, whose primary projects are the Texas Silver Project, South-East Queensland, Australia where the Twin Hills Silver Mine is located, and the Tally Ho and Mt Scott Projects near Mackay, Central Queensland. The Company aims to utilise its accumulated knowledge and skilled team of staff to consolidate a position as the premier silver focussed company in Australia. This objective is based on our belief that rising silver prices herald a recognition that silver in the 21st Century will be a fundamental metal in technological advances and an important investment asset.
Macmin has exposure to gold by way of an investment of 17.8 million shares in New Guinea Gold Corporation (NGG) and a 1% NSR royalty on production by NGG. In addition, Macmin maintains equity investments in junior Australian explorers, Malachite Resources NL and Frontier Resources Ltd.
Further information is available at www.macmin.com.au.
ALLotment of securities The Directors advise that the Company has issued a total of 909 fully paid ordinary shares. The shares were issued as follows:
An Appendix 3B form (New issue announcement, application for quotation of additional securities and agreement) detailing the issue is attached. Yours faithfully, Garry Edwards TALLY HO SILVER PROJECT - UPDATE Earthworks, comprising track and pad construction and the associated cultural heritage clearance will begin next week to provide access for the next phase of drilling on the Tally Ho Project. A contract for 3,000m of Reverse Circulation (RC) drilling was awarded to Aqua Drilling of Melbourne, to commence drilling at the beginning of June. The aim of the drilling is to test at least five new targeted areas that have been generated by the recently completed soil geochemical and rock sampling programmes (Figure 1). This recently investigated area comprises 1.5km by 1.5km and has revealed mineralised breccia zones and basemetal and precious metal anomalism extending off the margins of the area. One of the target areas to be drilled occurs in the south-west corner of the area (approximately 750m south-west of the initial drill area) where rock chip sampling of 2 breccia outcrops (75m apart) produced results of 8m at 14g/t silver, 0.94g/t gold and 4m at 22g/t silver and 1.57g/t gold. These are the first outcrops where gold has been found associated with silver and base metals in surface outcrops. Groundwork EMS Pty Ltd, the resource consultancy contracted to complete a reserve estimate at Tally Ho, has advised that it is unable to complete the resource modeling in the agreed timeframe due to serious health issues associated with their resource consultant. Macmin sincerely regrets this delay in completing the Tally Ho resource estimate but unfortunately the delay is completely out of our control. Macmin has appointed F.J. Hughes and Associates to undertake this resource estimation work. Based on the consultant’s advice we expect to be able to announce this estimate in June. The aim of the drilling is to test at least five new targeted areas that have been generated by the recently completed soil geochemical and rock sampling programmes (Figure 1). This recently investigated area comprises 1.5km by 1.5km and has revealed mineralised breccia zones and basemetal and precious metal anomalism extending off the margins of the area. One of the target areas to be drilled occurs in the south-west corner of the area (approximately 750m south-west of the initial drill area) where rock chip sampling of 2 breccia outcrops (75m apart) produced results of 8m at 14g/t silver, 0.94g/t gold and 4m at 22g/t silver and 1.57g/t gold. These are the first outcrops where gold has been found associated with silver and base metals in surface outcrops. Groundwork EMS Pty Ltd, the resource consultancy contracted to complete a reserve estimate at Tally Ho, has advised that it is unable to complete the resource modeling in the agreed timeframe due to serious health issues associated with their resource consultant. Macmin sincerely regrets this delay in completing the Tally Ho resource estimate but unfortunately the delay is completely out of our control. Macmin has appointed F.J. Hughes and Associates to undertake this resource estimation work. Based on the consultant’s advice we expect to be able to announce this estimate in June. Yours faithfully, Garry Edwards The information in this report that relates to Exploration Results is based on information compiled by Denis O’Neill, who is a Member of The Australasian Institute of Mining and Metallurgy. Denis O’Neill is employed by Macmin Silver Ltd. Denis O’Neill has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Denis O’Neill consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. 
HIGH SILVER PRODUCTION AND SILVER POWDER UPGRADED Silver Powder Production of silver powder from the Twin Hills Mine at Texas, Queensland, for the quarter to March was the highest to date, at 2,820kg (containing approx 73,000oz of silver) (December 2007 Quarter 48,000oz). In January the Company announced that it was investigating processes to upgrade the silver powder product to widen its market appeal. A successful trial has now been completed in Melbourne which has removed most of the impurities. Marketing and smelting trials of the upgraded powder will now be undertaken and approximately 3,000kg of raw powder (approx. 78,000oz contained silver) will be shipped to Melbourne to undergo the same upgrade process. Marketing and Product Development Manager, Bill Guthrie, noted that the upgrade of the powder opens up much greater marketing avenues for the Twin Hills production. Cost of the powder upgrade process is estimated at approximately 2% of the silver content value. Sales of powder in raw form continue, with orders for 800kg of powder (approximately 21,000oz contained silver) currently being prepared for consignment. Electrowinning
Crushing Circuit
Merrill Crowe Plant
Tally Ho Project Resource Estimate
Opes Prime
Based on information obtained from the Receiver and Manager of OPES, less than 0.01% of Macmin’s securities on issue were the subject of agreements between OPES and its customers. Yours faithfully, Garry Edwards
ALLOTMENT OF SECURITIES The Directors advise that the under the terms and conditions of the Convertible Note funding announced on 19th September 2007, the Company has issued the subscriber a total of 5,000,000 48 cent unlisted non transferable Options exercisable on or before 9 November 2012. The Company has also issued a total of 1,058 fully paid ordinary shares at $0.25 per share pursuant to the exercise of MMNO listed options. An Appendix 3B form (New issue announcement, application for quotation of additional securities and agreement) detailing the issue is attached. Yours faithfully, Garry Edwards
FINAL ALLOTMENT, ENTITLEMENTS ISSUE As advised to ASX on 22 February 2008, the Entitlements Issue (Prospectus dated 20 December 2007) that closed on Wednesday 20 February 2008 received applications for 17,791,943 shares with 8,895,941 free attaching options, raising a total of $3,558,388.60. An interim allotment of 7,088,400 shares and 3,544,200 options was processed on 6 February 2008. A final allotment of 10,703,543 shares and 5,351,741 options has been processed today and holding statements will be despatched today as scheduled. An Appendix 3B in relation to the Entitlements Issue was lodged on 20 December 2007.
Yours faithfully, Garry M. Edward CHIEF EXECUTIVE OFFICER ENTITLEMENTS ISSUE RAISES $3.5 MILLION The Entitlements Issue (Prospectus dated 20 December 2007) that closed on Wednesday 20 February 2008 received applications for 17,791,943 shares, with approx. 8,895,971 (subject to rounding) free attaching options, raising a total of $3,558,388.60. An interim allotment of 7,088,400 shares and 3,544,200 options was processed on 6 February 2008. The final allotment of 10,703,543 shares and approx. 5,351,771 options will be processed on 27 February 2008, subject to clearance of funds. Holding statements will be despatched by the Share Registry the same day. The capital raised will enable the Company to increase production at the Twin Hills Silver Mine and fund exploration/mine development activity in the areas surrounding the Twin Hills Silver Mine and in new prospective areas such as Tally Ho. Appendix 3Y Change of Directors Interest Notices� for 3 directors are attached. Bob McNeil, Chairman, commented �These funds further enhance Macmin�s financial position and will assist in the completion of the Twin Hills Mine plant upgrade and increased exploration in the Texas area and at Tally Ho. The plant upgrade, which is underway, is expected to lead to substantially increased silver powder production by the end of the second quarter 2008. Macmin�s associate company, New Guinea Gold Corporation (NGG), in which Macmin owns 17.8 million shares, is also in a strong financial position with increasing gold production in Papua New Guinea and having raised approximately CAD$8 million since 1st January 2008 by exercise of warrants. NGG�s share price closed at approximately AUD$0.50 on 21st February 2008. I would also like to thank shareholders who subscribed to the issue for their ongoing support for the Company.� Yours faithfully, Garry M. Edward CHIEF EXECUTIVE OFFICER
APPENDIX 3Y - CHANGE OF DIRECTOR'S INTEREST NOTICE - DENIS MICHAEL O'NEILL APPENDIX 3Y - CHANGE OF DIRECTOR'S INTEREST NOTICE - ROBERT DONALD MCNEIL ROCK CHIP SAMPLES TO 1,660g/t SILVER, 8.19g/t GOLD AND 13.55% LEAD AT RIVERTREE
Rivertree is located in northern NSW, Australia and forms part of a joint venture between Macmin (75%) and Malachite Resources NL (25%). Stream Sampling Results from the stream sediment sampling programme completed late last year have recently been received. The results highlight a north-east trending zone approximately 3km wide and 8km long of coincident metal anomalism associated with the historic lodes and workings of the Rivertree mineral field. Areas outside of this zone have returned low order metal values. One stream on the southern margin of the northeast trending zone, which drains an area of no known historic workings has returned a very anomalous gold result of 256ppb (the next highest gold result being 61ppb coming from an area of historic workings). Within the dataset gold values greater than 10ppb are considered to be highly anomalous, and have only been returned (other than the above discussed sample) from streams which drain areas of known historic workings. Follow-up stream sediment sampling, rock chip sampling and prospecting will be undertaken in this area over the coming months. Rock Sampling As part of the above stream sediment sampling programme, a number of rock chip samples were also collected; some from historic workings/lodes and others from previously un-sampled areas. The best results are displayed in Table 1, with the best silver result of 1660g/t coming from the Phoenix North workings and the best gold result of 8.19g/t coming from the Phillipines Lode. Table 1: Rock chip samples with Silver values >30g/t and Gold values >0.5g/t
There are at least 8 workings/diggings, over a strike length of 700m associated with the Phillipines Lode. All samples from these have returned very encouraging silver and gold values, with some samples also showing strong zinc and lead values (samples numbers 100206, 100207, 100209 & 100210). One sample collected from the Phoenix North workings has returned an extremely strong silver value of 1660g/t, with a second sample returning strong values for both silver (701g/t) and gold (5.07g/t). In the coming months further prospecting and mapping of these areas will be undertaken with the view to drill test these prospects and the Big Block prospect. The Company Macmin Silver Ltd is a silver focused company that has been listed on the ASX since 1993, whose primary projects are the Texas Silver Project, South-East Queensland, Australia where the Twin Hills Silver Mine is located, and the Tally Ho and Mt Scott Projects near Mackay, Central Queensland.� The Company aims to utilise its accumulated knowledge and skilled team of staff to consolidate a position as the premier silver focussed company in Australia.� This objective is based on our belief that rising silver prices herald a recognition that silver in the 21st Century will be a fundamental metal in technological advances and an important investment asset.� Macmin has exposure to gold by way of an 14% equity in New Guinea Gold Corporation (NGG) and a 1% NSR royalty on production by NGG.� In addition, Macmin maintains equity investments in junior Australian explorers, Malachite Resources NL and Frontier Resources Ltd. Further information is available at www.macmin.com.au. Yours faithfully, MACMIN SILVER LTD
Garry M. Edward CHIEF EXECUTIVE OFFICER Stream & Rock Sampling & Assaying Details Stream sediment samples consist of approximately 100g of 180�m material collected from the fine silt fraction of the active drainage. Rock samples are typically 1-2kg in size. Assaying is carried out by ALS Chemex in Brisbane using an aqua regia digest which is analysed with the ICP technique for silver, copper, lead, zinc, arsenic and antimony and analysed by the ICPMS technique for Gold. The information in this report that relates to Exploration Results is based on information compiled by Denis O’Neill, who is a Member of The Australasian Institute of Mining and Metallurgy. Denis O’Neill is employed by Macmin Silver Ltd.
PROSPECTIVE AREA AT TALLY HO SUBSTANTIALLY ENHANCED
Macmin Silver Ltd has recently engaged Groundwork EMS Pty Ltd, a resource consultancy based in Brisbane, to complete a resource estimate at our Tally Ho Project. This work will utilise drilling data generated from our programmes completed in 2006/2007 [Figure 1]. Groundwork EMS Pty Ltd has given an undertaking to have this work completed by the end of March 2008 and will employ suitably qualified staff to complete the resource estimate in accordance with the guidelines of the JORC Code (2004). It should be pointed out that the area on which the resource estimation will be conducted only represents a small portion of the total area which has been subjected to the recent soil sampling and mapping (ASX release dated 16 January 2008). The geochemical survey and mapping have significantly expanded the prospective area of interest and identified additional zones of coincident metal anomalism of similar magnitude to that seen over the central Tally Ho prospect (the area drilled to date) thus providing drill targets to be drill tested once the wet season has abated. Recently received rock chip results from newly identified outcrops of breccia have also returned some very encouraging results. Table 1 displays results of rock chip samples with greater than 1g/t silver. Samples (650977, 650978, 650981 & 650982) collected 750m south-west of the drill area have similar magnitude silver values but much stronger gold values (up to 2.58g/t gold) to that seen in samples returned from the central Tally Ho prospect area. This area along with a number of coincident soil anomalies, as mentioned above will be drill tested once the wet season is over. Additional mapping, soil sampling and rock chip sampling will also be carried out beyond the area sampled and mapped to date. Yours faithfully, MACMIN SILVER LTD
Garry M. Edward CHIEF EXECUTIVE OFFICER TABLE 1 : Rock chip samples with silver values greater than 1 g/t
Rock Sampling & Assaying Details Rock samples are typically 1-2kg in size. Assaying is carried out by ALS Chemex in Brisbane using an aqua regia digest which is analysed with the ICP technique for silver, copper, lead, zinc, arsenic and antimony and analysed by the ICPMS technique for Gold
LETTER TO SHAREHOLDERS The following letter will be printed and mailed to shareholders. Dear Shareholder, I have enclosed an ASX Release dated 7th February 2008 which summarises progress in the silver production upgrade at the Twin Hills Silver Mine . As you are probably aware the Macmin Silver Entitlements Issue closes on 20 February 2008.� We do not intend to extend this closing date.� The purpose of the Entitlements Issue and the Convertible Note referred to in the ASX Release is two-fold:
I suggest you read the prospectus for the Entitlements Issue (see www.macmin.com.au or call Coralie on (07) 5592 2274 to receive another copy) and that you can see your way clear to subscribe. � I am aware that shareholders have been very supportive in the past and I hope you will support us again now to enable your Company to be successful at both silver mining and further exploration/development. I will be personally supporting the Issue as will some of the other directors and senior management. Again, thank you for your support, it is much appreciated. Yours sincerely, MACMIN SILVER LTD R.D.McNeil CHAIRMAN FUNDING TO ASSIST IN SILVER PRODUCTION UPGRADE
As reported on the 15th October 2007, the plant commissioning process in 2007 revealed a number of areas where further capital would need to be deployed before the stated silver production could be achieved. 1. Crushing and Screening Upgrade The initial upgrade, announced 19th December 2007 is on schedule for completion in May 2008. Originally, it was anticipated that this upgrade could be achieved by March 2008, but the tight market for such equipment meant the completion date was unfortunately pushed out to May 2008. A senior crushing expert, supplied by the crushing upgrade contractor, will commence duties on site this week. In addition to preparing for the installation of the initial upgrade, he will review existing crushing operations with the objective of increasing the crushing rate using the existing crushing circuit. When sufficient funds are available a further upgrade to allow production to exceed 180,000ozs silver/month may be implemented. 2. Silver Powder Production Silver powder is produced by an electrowinning process (EM-EW Plant) from “pregnant” solutions derived from the heap leaching extraction process of the silver ore.� The heap leach process produces solutions which contain between 50 and 150g/t silver, depending on the grade of ore and the length of time a heap has been leached. Commissioning of the EM-EW plant resulted in a number of modifications which, coupled with running the plant on a 24 hour/7 day schedule, has led to considerable improvement in silver powder production. As announced on 19th December 2007, to strip the remaining silver (less than 50g/t solution from the pregnant solutions after electrowinning), a Merrill Crowe plant is being installed. This should allow the pregnant solution to be stripped to less than 10g/t before being re-circulated through the heap. The construction of the first module of the Merrill Crowe plant is on schedule for completion in March 2008, which will be followed by commissioning. 3. Additional Leach Pads A new pad for approximately 400,000t of ore is approaching completion and loading will begin in the near future. The existing pad, to a height of 8m, has a capacity of 200,000t of ore. Both pads can hold more ore than the figures above as it is anticipated they will be extended to their approved height of 16m. 4. Silver Powder Sale Approximately 2,650kg of silver powder, estimated to contain 69,000ozs of silver has been produced. The silver powder is a unique product and can be immediately sold for some applications. However, to obtain maximum benefit and price for the product, the Company is conducting further tests to determine possible upgrading processes for the silver powder. To date 15,500ozs of silver have been sold and further sales will be made in the near future. As mentioned above, in addition to the 69,000ozs of silver produced, a further 39,000ozs of silver are in solution at site and it is anticipated most of this silver will be recovered through the Merrill Crowe plant. Bob McNeil commented: “The commissioning identified a number of areas where improvements were needed, some of which we are still researching. In particular it has become obvious that for the project to reach a satisfactory production rate additional capital would need to be raised and expended. This is one of the reasons for the convertible note financing and the current Entitlements Issue. The other reason is that we would, in the current high silver price regime, like to fast track some of our exploration projects in the immediate Texas area and the Tally Ho project in Central Queensland. The Entitlements Issue to shareholders gives existing shareholders access to additional equity in Macmin at a reduced share price. The Company is in a sound financial position and expects to achieve the stated plant upgrade by May 2008. Once this upgrade is commissioned the Company will consider a further upgrade to raise production levels above 180,000 ozs/month of silver. The silver price continues to enhance the project with the current price in Australian dollars at a 27 year high.” The Company Macmin Silver Ltd is a silver focused company that has been listed on the ASX since 1993, whose primary projects are the Texas Silver Project, South-East Queensland, Australia where the Twin Hills Silver Mine is located, and the Tally Ho and Mt Scott Projects near Mackay, Central Queensland. The Company aims to utilise its accumulated knowledge and skilled team of staff to consolidate a position as the premier silver focussed company in Australia. This objective is based on our belief that rising silver prices herald a recognition that silver in the 21st Century will be a fundamental metal in technological advances and an important investment asset. Macmin has exposure to gold by way of an 14% equity in New Guinea Gold Corporation (NGG) and a 1% NSR royalty on production by NGG. In addition, Macmin maintains equity investments in junior Australian explorers, Malachite Resources NL and Frontier Resources Ltd. Further information is available at www.macmin.com.au. Yours faithfully,
Garry M. Edward CHIEF EXECUTIVE OFFICER INTERIM ALLOTMENT, ENTITLEMENTS ISSUE Pursuant to the Entitlements Issue (prospectus dated 20 December 2007), an interim allotment, to those shareholders who applied for New Shares prior to 5pm on 30 January 2008, of 7,088,400 shares and 3,544,200 free attaching 25 cent, 30 October 2008 options has been processed today. These securities are not able to trade until 21 February (on a deferred settlement basis). Holding statements will be despatched today. An Appendix 3B in relation to the Entitlements Issue was lodged on 20 December 2007. A final allotment of securities, for those shareholders who apply for New Shares between 31 January and 20 February 2008, pursuant to the Entitlements Offer, will be processed on 27 February 2008. Yours faithfully,
Garry M. Edward CHIEF EXECUTIVE OFFICER FINANCIAL REPORT FOR THE QUARTER ENDED DEC 2007
ALLOTMENT OF SECURITIES The Directors advise that the Company has issued a total of 5,066 fully paid ordinary shares. The shares were issued as follows:
An Appendix 3B form (New issue announcement, application for quotation of additional securities and agreement) detailing the issue is attached. Yours faithfully, Garry M. Edward CHIEF EXECUTIVE OFFICER REVISED TIMETABLE FOR ENTITLEMENTS ISSUE As previously advised, the Entitlements Offer dated 20 December 2007, which was scheduled to close on 30 January, has been extended to close on Wednesday 20 February 2008. A revised timetable is as follows: Allotment of New Shares and New Options applied for prior to 30 January* 6 February 2008 Entitlement Issue Closes: 20 February 2008 Last day for allotment of New Shares and New Options: 27 February 2008 Despatch of holding statements for New Shares and Options : 27 February 2008 Normal trading commences for New Shares and New Options on ASX: 28 February 2008
*New Shares and New Options allotted on 6 February 2008 are not able to trade until 21 February (on a deferred settlement basis). Yours faithfully,
Garry M. Edward CHIEF EXECUTIVE OFFICER EXTENSION OF OFFER CLOSING DATE The Entitlements Offer dated 20 December 2007, which was scheduled to close on 30 January, has been extended to close on Wednesday 20 February 2008. Extreme overall market conditions have overshadowed the rising silver price and an extension will allow investors further time to assess the offer, hopefully in a more stable market context. All applications received by 30 January will be processed in the interim, and the shares with free attaching options will be allotted within the original timeframe. Yours faithfully,
Garry M. Edward CHIEF EXECUTIVE OFFICER
The following letter will be printed and mailed to shareholders. Dear Shareholder
By now you should have received a prospectus and entitlements form in relation to the issue which will close on 30 January 2008. The new shares have been offered at a discount to market and the issue includes the added incentive of one free option for every two new shares subscribed for. I believe the pricing of the offer represents a favourable opportunity for existing shareholders to participate further in the future of the Company at a time when the price of silver is at a 27-year high and the outlook for silver in 2008 is very positive. In this context, I encourage you to take up your entitlement and to consider applying for shares in excess of your entitlement. A copy of the December Quarterly Report* is attached for your information. If you have not received an offer document please call Registries Limited on +61 (0) 2 9290 9600 to have a replacement copy mailed to you. Yours faithfully,
Garry M. Edward CHIEF EXECUTIVE OFFICER
SUMMARY
TEXAS PROJECT Mt Gunyan Prospect Macmin Silver Ltd has recently received assay results for 4 drill holes as part of our ongoing resource definition drilling programme at Mt Gunyan. Diamond drilling in the northern portion of the Mt Gunyan prospect has confirmed the previously interpolated strike length of the northern mineralised zone. Highlights of the drill holes are as follows: MGD004 2m (16-18m) @ 106g/t silver and 0.16% lead 1m (95-96m) @ 116 g/t silver and 3.16 g/t gold MGD007 6m (40-46m) @ 60 g/t silver, 0.1g/t gold, 0.14% lead and 0.11% zinc Table 1 shows the better results from the four holes. Further drilling, targeting the shallow areas of mineralisation at Mt Gunyan, will be ongoing in the January-March 2008 quarter. The style of mineralisation encountered in the shallow areas of the Mt Gunyan prospect show some similarities to the ore material currently being mined at Twin Hills. Follow-up deep diamond drilling targeting the massive sulphide mineralisation recently encountered at Mt Gunyan (ASX release dated 13 November 2007) is also planned for the upcoming quarter. TABLE 1 Best Intercepts
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