LONDON MINING - FINAL PARLIAMENTARY APPROVAL RECEIVED FOR MARAMPA, SIERRA LEONE
(Thomson Reuters ONE) - · Final parliamentary approvals received for the Marampa Project, SierraLeone· Long lead items to be secured for 1.5Mtpa tailings starter operation· Full development to commence immediately· Full operations review to be released on 25 February 2010; preliminaryannual results scheduled for release on 18 March 2010.London Mining ("the Company") today announces that it has received the finalparliamentary approvals relating to: fiscal incentives; proposed mine andlogistics plan; and environmental permitting for the Marampa licence area(incorporating both tailings and primary ore) and is now commencing with fulldevelopment of the project.The Marampa Project is located 120km from Freetown in Sierra Leone and is 100%owned and operated by London Mining through its Sierra Leone subsidiary LondonMining Company Ltd. London Mining is developing a tailings reprocessingoperation and is defining the main primary resource to constrain the parametersof an enlarged operation with steady state capacity of 5-8Mtpa.The Marampa Project fiscal incentives package; mining and logistics plan; andenvironmental permitting have now been ratified by the Sierra Leone parliament.This is the first comprehensive mining agreement to have been passed inaccordance with the new Mines and Minerals Act, which was approved by the SierraLeone Parliament on 30 December 2009, and received cross-party support from boththe government and opposition.London Mining is commencing with full development of its 1.5Mtpa tailingsstarter operation for an initial capital cost of USD80m (including workingcapital and contingency) and will now work to secure the main long lead itemsincluding the wet high intensity magnetic separation (WHIMS) plant, barges andfloating cranes. The Company plans to give a full update on Marampa in itsoperational review on 25 February with its preliminary annual results nowscheduled for release on or around 18 March 2010. An updated financial calendarfor 2010 is attached as Appendix I to this announcement.Graeme Hossie, CEO of London Mining plc, said,"Today's announcement represents amajor step forward for London Mining. The cross-party support we received forthe incentives package is deeply encouraging for a continuing, long termrelationship between London Mining and Sierra Leone. We now look forward tocommencing development of the starter operation for the tailings as well ascontinuing our work on an expanded operation through development of the primaryore to reached a targeted 5-8Mtpa of production by the end of 2013. The Marampamine exemplifies LM's strategy: using simple and deliverable logistics to reachthe market, Marampa is being fast tracked into production to achieve near termcash flow and will then be expanded to significant scale. We are the firstmining company in Sierra Leone to have its Mining Agreement approved by Cabinetand ratified by the Sierra Leone parliament under the new mining act and we willbe implementing our construction and production plans immediately."Please see the full announcement, including Glossary of technical termsenclosed. For more information, please contact: London Mining Plc Graeme Hossie, Chief Executive Officer +44 20 7201 5000 Rachel Rhodes, Finance Director Thomas Credland, Head of Investor Relations Liberum Capital (Nominated Advisor/Broker) Clayton Bush/Ellen Francis +44 20 3100 2000 Crux Kommunikasjon AS Charlotte Knudsen +47 97 56 19 59 Threadneedle Communication (UK) Laurence Read/ Graham Herring +44 20 7653 9850The Company's website can be found at www.londonmining.co.uk
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Datum: 11.02.2010 - 02:04 Uhr
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