Business
Reserves Announcement
Reserves Announcement.
About this update from Ferrexpo Plc
[{"type":"text","content":"\n RNS Number : 1434C Ferrexpo PLC 28 August 2008 \n \n\n\n28 August 2008\n\n\nFerrexpo announces an additional 464 million tonnes of reserves at GPL\n\nFerrexpo plc ('Ferrexpo' or the 'Group') is pleased to announce a 95% increase in proved and probable reserves within its Gorishne-Plavninskoye and Lavrikovskoye ('GPL') deposits. The results are based on mine design and optimisation undertaken to a pre-feasibility level as part of the project to expand and extend the Group's existing GPL operations. \n\nFurther to the resource announcement of June 3rd 2008, the Group engaged Turgis (Pty) Ltd ('Turgis') to assist it in revising the GPL mine plan. This work is now completed and Turgis have confirmed that the proved and probable reserves associated with the GPL mine have been increased by 95% to 955mt, from 491mt at the time of the Group's Listing.\n\nAs previously reported, the resources associated with the GPL mine in the measured, indicated and inferred categories have been increased by 127.4% to 3,704mt, from 1,629mt at the time of the Group's listing. The primary reason for the increase in resources is due to an extension in the depth limit to which resources have been declared in accordance with the JORC code.\n\nMike Oppenheimer, Ferrexpo's Chief Executive Officer, said:\n\n'We have delivered on the promise we made at our listing to complete the engineering review and optimisation of our GPL mining operations. This has resulted in an almost doubling of proven and probable reserves and the production expansion project already announced. We expect to complete the Feasibility Studies for the upgrade of our GPL beneficiation plants by the end of next month. Together, these initiatives provide a robust underpinning for our operating cashflows and reinforce our confidence in our financial capacity to move ahead with our new mining projects.'\n\nRevised reserve statement \n\n\n\n\n\nGorishne-\n\n\n1 January 2008\n\n\n1 January 2007\n\n\n\n\n\n\n\nPlavninskoye\n\n\nTonnage (mt)\n\n\nGrade Fe Total (%)\n\n\nTonnage (mt)\n\n\nGrade Fe Total (%)\n\n\nChange\n\n\n\n\nProved\n\n\n251\n\n\n27\n\n\n239\n\n\n30\n\n\n5%\n\n\n\n\nProbable\n\n\n547\n\n\n30\n\n\n160\n\n\n30\n\n\n242%\n\n\n\n\nT...