Business
Grangesberg NI 43-101 Resource Estimate
Grangesberg NI 43-101 Resource Estimate.
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n \nAnglesey Mining plc\n\n29 September 2014 LSE:AYM\n\nGrangesberg NI 43-101 Resource Estimate\n\nAnglesey Mining plc (\"Anglesey\") is pleased to report that Grangesberg Iron AB\n(\"GIAB\") has received an NI 43-101 Technical Report from Roscoe Postle\nAssociates Inc (\"RPA\") showing a compliant resource estimate for the\nGrangesberg Mine.\n\nIn May 2014 Anglesey announced that it had entered into agreements giving it\nthe right to acquire a controlling interest in the Grangesberg Iron project in\ncentral Sweden including a direct 6% interest in GIAB and an option exercisable\nuntil 30th June 2015 to acquire an additional 51% in GIAB. Anglesey also\nentered into shareholder and cooperation agreements such that during the term\nof the option Anglesey holds management control and operatorship of GIAB and\nhas appointed three out of five directors to the board of GIAB including the\nChairman.\n\nThe Technical Report which was prepared by RPA and was dated 26th September\ncontains the following summary table:\n\n\nMineral Resource Estimate Summary - August 22, 2014\n\nGrängesberg Iron AB - Grängesberg Iron Mine\n\nCategory Tonnes %Fe %P Contained Fe \n (tonnes) \n \nIndicated 115,200,000 40.2 0.78 46,300,000 \n \nInferred 33,100,000 45.2 0.91 15,000,000 \n\nNotes:\n\nCIM definitions were followed for Mineral Resources.\n\nThe values for tonnages, grades and contained iron have been rounded.\n\nMineral Resources are estimated at a cut-off grade of approximately 20% Fe.\n\nA minimum mining width of approximately 10 m was used.\n\n\nRPA concluded that the Grängesberg iron ore deposit hosts a significant iron\nresource that has excellent potential for expansion at depth. Geophysical\ninterpretations from the 1960s suggest that the ore body continues to at least\n1,700 m below surface. Diamond drill holes confirm the mineralization continues\nto at least 1,100 m to 1,200 m below surface. In RPA's opinion, more\ngeotechnical, metallurgical, and other engineering studies are warranted to\nadvance this Project.\n\n\"We are very pleased with the compliant resource estimate contained within the\nRPA report\", said Bill Hooley, Chief Executive of Anglesey, \"This confirms our\nbelief in the inherent fundamentals of Grangesberg and we look forward to\nmoving the project through the next development stages with a target of\nrestarting pro...