🕐13.06.11 - 10:27 Uhr
SABLE MINING AFRICA ACQUIRES MAJORITY INTEREST IN THE KPO RANGE EXPLORATION TARGETS IN LIBERIA
Sable Mining Africa Ltd/ Index: AIM / Epic: SBLM / Sector: Natural Resources
13 June 2011
Sable Mining Africa Limited (Sable Mining or the Company)
Acquires 60% interest in the Kpo Iron Ore Exploration targets in Liberia
Sable Mining Africa Limited, the AIM listed resource company, is pleased to announce that it has acquired a 60% interest in Salmec Resources, holder of the 531.9 sq km Kpo Range (MEL 12001) exploration concession (the Project) in the Kpo mountain range in the Gbarpolu and Lofa counties in western Liberia.
The Project, which has an identified strike of approximately 60km, is contiguous to the Companys Bopulu reconnaissance licence which is also in the prospective metamorphosed Archaean granitoid-gneiss-greenstone terrain of the Kenema-Man domain on the West African Shield in Liberia.
The Kenema-Man domain is a well known iron ore province which is being explored by mining majors including BHP Billiton, Arcelor Mittal, Severstal and BSG Resources.
A helicopter based airborne magnetic survey has already been completed by the Company on the Project and analysis of this data is currently being undertaken.
On first pass, the Project area appears to host significant magnetic anomalies which coincide with the geologically mapped itabarite occurrences.
Accordingly, a detailed geological exploration programme is being finalised, including drilling, which will investigate the potential of these targets testing the iron content of the anomalies.
The Project is situated within 60km of the existing Bong railway line and in close proximity to the proposed Bomi railway line, which will provide access routes to the ports of Monrovia and Buchanan.
Additionally there is acceptable road infrastructure servicing the area.
Sable Mining CEO Andrew Groves said, "This area of Liberia represents one of the most exciting iron ore provinces globally, and this majority interest in the Kpo Range, together with our interest in the Bopulu Project, will provide Sable Mining with a considerable mineral footprint in the region.
With a current strike length of 60km and first pass aeromagnetics indicating significant anomalies, Kpo is a high priority target for Sable Mining and we intend to commence a comprehensive work programme, which will include drilling, as soon as practicable in order to gain a better understanding of the scale and quality of this significant new asset."
** ENDS **
For further information please visit www.sablemining.com or contact:
Andrew Groves
Sable Mining Africa Ltd
Tel: 020 7408 9200
Jonathan Wright
Seymour Pierce Ltd
Tel: 020 7107 8000
David Foreman
Seymour Pierce Ltd
Tel: 020 7107 8000
Robin Henshall
Matrix Corporate Capital
Tel: 020 3206 7000
Nick Stone
Matrix Corporate Capital
Tel: 020 3206 7000
Richard Greenfield
GMP Securities
Tel: 020 7647 2836
Hugo de Salis
St Brides Media & Finance Ltd
Tel: 020 7236 1177
Susie Geliher
St Brides Media & Finance Ltd
Tel: 020 7236 1177
Susie Geliher
St Brides Media & Finance Ltd
Chaucer House
38 Bow Lane
London EC4M 9AY
T: +44 (0) 207 236 1177 | M: +44 (0) 7976 749 561 | F: +44 (0) 207 236 1188 | www.stbridesmedia.co.uk
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