Cape Lambert - Marampa Iron Ore Project Update

ID: 1553027
recent pressrelease next pressrelease

(businesspress24) -
11 October 2019 - Further to announcements released by Cape Lambert Resources Limited (ASX: CFE) (Cape Lambert or the Company) on 14 August 2019 and 23 August 2019, Cape Lambert advises that after recent positive meetings with officials from Government of Sierra Leone (GoSL), the Company have developed a clear way forward and are progressing the licensing application process.

As announced recently and given the current iron ore price the Company is now focused on the development of its previously owned Marampa iron ore project located 90km northeast of Freetown, Sierra Leone, West Africa (Marampa Project or Marampa), which has been under care and maintenance since April 2015. In 2014, the Marampa Project was granted its mining licence ML05/2014 and also achieved the issuance of its environmental licence.

In October 2014, the Company announced that it had entered into a funding agreement with Timis Mining Corporation (Timis Mining), which had acquired the assets of London Mining Marampa Mine Assets (Marampa Mine) located on the adjacent mining licence ML02/09 (refer ASX announcement dated 22 October 2014), which included an agreement for Timis Mining to have exclusive rights to purchase and exploit, at their own expense, up to 100,000,000 tonnes or any other greater amount as defined by further drilling of oxidised ore from the Companys Marampa Project. Timis Mining later fell into administration due in part to the Ebola outbreak and consequential dramatic fall in the iron ore price (to as low as $US38/ tonne) at the time.

In 2017, Gerald Metals obtained a new licence over ML02/09 and undertook refurbishment work on the process plant to recommence production. On 3 August 2019, the GoSL announced that it had temporarily suspended Gerald Metals Marampa Mine licence. The GoSL has now confirmed that on 9 October 2019, it cancelled Geralds licence with respect to the Marampa Mine.

Commenting on this, Executive Chairman Tony Sage said Cape Lambert is focused on the development of the Marampa Project to bring it to its long-awaited production for the benefit of our shareholders as well as the people of Sierra Leone. We look forward to working with interested parties and the GoSL to mine and process the oxidised ore on the Marampa Project licence that the Company are reapplying for. We will also work with all parties that have the rights to the existing plant, rail and port which to this day lay idle.



Yours faithfully
Cape Lambert Resources Limited

Tony Sage
Executive Chairman

For further information please contact:

Investor Relations
Tel.: +61 (0) 8 9380 9555
Email: ir(at)capelam.com.au

Follow us
Twitter: (at)Cape_Lambert
linkedIn: cape-lambert-resources-limited

Cape Lambert Resources Limited ABN 71 095 047 920
32 Harrogate Street, West Leederville WA 6007
Phone: +61 8 9380 9555
Email: admin(at)capelam.com.au
www.capelam.com.au




More information:
https://www.drivemate.asia/th/เช่ารถ/ภูเก็ต http://192.254.236.33/hobiqq78/



Keywords (optional):



Company information / Profile:

PressRelease by

Requests:





PressContact / Agency:



published by: irw
print pressrelease  send to a friend  

Date: 10/11/2019 - 06:18
Language: English
News-ID 1553027
Character count: 34547
Kontakt-Informationen:
Firma: Cape Lambert Resources Limited
Ansprechpartner: Feedback to businesspress24.com about Pressrelease-id:
Stadt: Wien
Telefon:

Meldungsart:
Versandart:
Freigabedatum:
Comments:



Number of hits: 255

Linking-Tips:



Direct Link to this PressRelease:






We would appreciate a link in your News-, Press- or Partner-Site.

Comments on this PressRelease






All members: 9 428
Register today: 0
Register yesterday: 0
Members online: 0
Guests online: 47


Don't have an account yet? You can create one. As registered user you have some advantages like theme manager, comments configuration and post comments with your name.