🕐09.10.14 - 12:27 Uhr
SABLE MINING AFRICA LIMITED - MARKET UPDATE: NIMBA IRON ORE PROJECT CONTINUES TO STACK UP AS AN ASSET WITH THE POTENTIAL TO GENERATE CONSIDERABLE VALUE
Sable Mining Africa Ltd / Index: AIM / Epic: SBLM / Sector: Natural Resources
9 October 2014
Sable Mining Africa Limited (Sable Mining or the Company)
Market Update
Sable Mining Africa Limited, the AIM listed exploration company, announces a market update with regards to its high grade Nimba Iron Ore Project in south-east Guinea (Nimba).
* Nimba is a high grade bulk tonnage Direct Shipping Ore (DSO) Project with a current Resource of 181.8Mt @ 58.8% Fe and Maiden Reserve of 53.96Mt @ 61.6% Fe
* Existing rail infrastructure in close proximity to the mine and negotiations are on-going with the Governments of Guinea and Liberia regarding transportation of product
* Drilling at Nimba is now completed - metallurgical testwork currently being conducted by:
o Amdel, Perth - drop tower tests and ore characterisation
o Tunra, Perth - materials handling tests
o Metso, Brazil - screenability test work
o CSIRO, Perth - sinter test work, and testing of the lump ore
* Bankable Feasibility Study (BFS) due in H1 2015
* With the original planned drilling programme finished there is currently no activity on site and therefore the Company is not experiencing any delays as a result of the current Ebola outbreak in West Africa
* Current cash position of $11.3 million means the Company is fully financed to complete the BFS
* Fundamentals continue to be attractive with forecast low capex and Free On Board (FOB) operating costs of below US$50/ton providing competitive margins even at current iron ore prices
* The Company is debt free with sufficient funds to continue operating as a general concern into 2016 - no requirement to raise capital in the short term
Sable Mining CEO Andrew Groves said, "Nimba continues to stack up as an asset with the potential to generate considerable value for shareholders even in periods of depressed iron ore prices.
The Company has been effected by the negative sentiment around iron ore yet it has significant differentiators to its peers.
It is a high tonnage haematite asset with a hard lump product grading ~62% Fe, which is not subject to grade discounts and has no requirement to beneficiate, it is free of discounted offtakes and benefits from existing rail and port in the vicinity.
Importantly we have a strong cash treasury of $11.3 million which will continue to support our development objectives at Nimba including, and post-publication of, our BFS in H1 2015."
** ENDS **
For further information please visit www.sablemining.com or contact:
Andrew Groves
Sable Mining Africa Ltd
Tel: 020 7408 9200
David Foreman
Cantor Fitzgerald Europe
Tel: 020 7894 7000
Stewart Dickson
Cantor Fitzgerald Europe
Tel: 020 7894 7000
Richard Greenfield
GMP Securities
Tel: 020 7647 2836
Susie Geliher
St Brides Media & Finance Ltd
Tel: 020 7236 1177
Charlotte Heap
St Brides Media & Finance Ltd
Tel: 020 7236 1177
[cid:image002.png@01CECBDD.61F8A860]
Charlotte Heap
St Brides Media & Finance Ltd
3 St Michaels Alley, London, EC3V 9DS
www.stbridesmedia.co.uk
Tel: 020 7236 1177 | Mob: 07771862283 | Twitter: @StBrides1
Products & Services | Jobs
|