LONDON MINING - RESOURCE FOR ISUA PROJECT, GREENLAND
(Thomson Reuters ONE) -
Highlights
* Total resource for Isua Project of 951Mt grading 36% at a 20% Fe cut-off
grade reported within a new optimised pit shell comprising:
* 114 Mt of Indicated Resource grading 37% Fe
* 837 Mt of Inferred Resource grading 36% Fe
London Mining, the UK based developer of mines to supply the global steel
industry, today announces that Snowden Mining Industry Consultants ("Snowden")
has confirmed an Indicated Resource of 114 Mt and Inferred Resource of 837 Mt
for its Isua Project in Greenland. Resources have been reported using the
guidelines of the JORC Code (JORC, 2004), based on a cut-off of 20% Fe.
Isua is located 150km Northeast of Nuuk and is 100% owned by London Mining Plc
and operated through London Mining Greenland A/S. Isua is one of London Mining's
four principal iron ore projects together with Marampa, Sierra Leone; Wadi
Sawawin, Saudi Arabia; and the CGMR joint venture in China.
Further to the Mineral Resource of 574 Mt at 37% Fe reported in December 2009,
today's announcement considers parts of the Isua ore body that could potentially
be mined within an expanded pit shell. This pit shell has been generated by SNC
Lavalin using appropriate cost and processing parameters reflecting the proposed
scale of the Isua Project. London Mining plans additional infill and extensional
drilling at Isua in 2010 and expects a revised prefeasibility study in Q2 2010.
London Mining completed a programme of Davis Tube testwork on 100 drill core
samples from Isua. The bulk of the samples (91) were sourced from within a pit
shell which approximates the first 5 years of production from Isua and are
presented in the table below. The testwork confirms that the Isua BIF resource
can produce a high grade Fe concentrate using magnetic separation. A further
flotation stage may be used to obtain the final product specification with
reduced impurities and increased Fe content.
Average Davis Tube results from within initial 5 year pit shell
+-----+------+-------+----+----+----+----------------+-------------+
|Fe % |SiO2 %|Al2O3 %|Mg %|Ca %|S % |Mass Recovery % |Fe Recovery %|
+-----+------+-------+----+----+----+----------------+-------------+
|67.63|6.05 |0.06 |0.26|0.17|0.16|51.55 |91.15 |
+-----+------+-------+----+----+----+----------------+-------------+
Michael Andrew, Divisional Manager Applied Geosciences of Snowden Mining
Industry Consultants, BSc, MAUSIMM, and who meets the criteria of a qualified
person under the AIM Rules - Guidance for Mining, Oil and Gas Companies, has
reviewed and approved the technical information contained within this
announcement. This document has also been reviewed by Ghislain Prevost,
Principle Mining Engineer, P. Eng., M.A.Sc., Mining and Metallurgy Division of
SNC Lavalin.
Isua open pit resource as at March 2010, reported at a 20 % Fe cut-off
+--------------------------------+--------------------------+
|Indicated |Inferred |
+------+----+-----+----+----+----+------+----+-----+----+-+-+
|Tonnes| Fe |Al2O3|SiO2|S |P |Tonnes| Fe |Al2O3|SiO2|S|P|
| | | | | | | | | | | | |
|(Mt) |% |% |% |% |% |(Mt) |% |% |% |%|%|
+------+----+-----+----+----+----+------+----+-----+----+-+-+
|114 |37.1|0.40 |41.1|0.17|0.03|837 |36.4|- |- |-|-|
+------+----+-----+----+----+----+------+----+-----+----+-+-+
Graeme Hossie, CEO of London Mining plc, said, "The delineation of additional
resources at Isua for a total of 951Mt is a further step towards defining the
technical parameters and potential of the project. Isua is ideally equipped to
take advantage of the growing seaborne iron ore market by virtue of its
substantial size, premium grade product and close proximity to a section of the
Greenland coast that permits year round shipping. We look forward to reporting
on the results of the 10Mtpa pre-feasibility study for Isua in Q2 2010".
The full announcement, including a glossary of technical terms, is attached and
can also be found at www.londonmining.co.uk
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
Brunswick Group
Carole Cable/ Daniel Thöle +44 20 7404 5959
Crux Kommunikasjon AS
Charlotte Knudsen +47 97 56 19 59
The Company's website can be found at www.londonmining.co.uk
About London Mining
London Mining is focused on identifying, developing and operating scaleable
mines to become a mid-tier supplier to the global steel industry. Its four
principal assets in Sierra Leone, Saudi Arabia, Greenland and China all have
deliverable production with potential for expansion. The Company listed on the
Oslo Axess on 9 October 2007 and on AIM in London on 6 November 2009. It trades
under the symbols LOND.L and LOND.NO (Reuters) and LOND LN and LOND NO
(Bloomberg).
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1392072]
Full announcement re. resource for Isua project, Greenland: http://hugin.info/137683/R/1392072/349764.pdf
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Datum: 09.03.2010 - 06:41 Uhr
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