Business
Resource Update
Resource Update.
About this update from Ferrexpo Plc
[{"type":"text","content":"\n RNS Number : 0194W Ferrexpo PLC 05 June 2008 \n \n\n\n05 June 2008\n\n \nFerrexpo reports an additional 2 billion tonnes of iron ore resource at GPL\n\nFerrexpo plc ('Ferrexpo' or the 'Group') is pleased to announce the results of a review of the iron ore resources contained within its Gorishne-Plavninskoye and Lavrikovskoye deposits undertaken as part of the project to expand and extend its existing Gorishne-Plavninskoye Lavrikovskoye ('GPL') mine. \n\nThe 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 increase in resources is primarily due to an extension in the depth limit to which resources have been declared. The review of the resources was undertaken by SRK Consulting (UK) Ltd ('SRK'), which also performed the original resource assessment for the Group's listing. SRK has confirmed that both the original and restated resources are reported in accordance with the JORC code.\n\nThe SRK report containing the full resource statement is available on the Group's website (www.ferrexpo.com).\n\nThe Group has engaged Turgis (Pty) Ltd to assist it in revising the long term GPL mine plan based on the updated SRK resource model and to investigate further options for nearer term mine optimisation. The Group is confident that this work is likely to show a significant increase in the economically recoverable iron ore reserves associated with the GPL mine.\n\nDave Webster, Ferrexpo's Interim Chief Operating Officer, said:\n\n'We at Ferrexpo remain focused on maximising the value of our resource through continued exploration and efficient mine planning. This positive restatement of the resources contained within the Gorishne-Plavninskoye and Lavrikovskoye iron ore deposits associated with our GPL mine gives us added confidence in the Group's ability to expand production at the mine and to extend its life beyond 2035. We are pleased that SRK has independently verified the extent of t...