Business
Extension of Malelane Prospecting Right
Extension of Malelane Prospecting Right.
About this update from Keras Resources Plc
[{"type":"text","content":"\n \nRNS Number : 5429O Ferrex PLC 23 September 2013 \n \n\nFerrex plc / Index: AIM / Epic: FRX / Sector: Mining\n23 September 2013\nFerrex plc ('Ferrex' or 'the Company')\nExtension of Malelane Prospecting Right\n \nFerrex, the AIM quoted iron ore and manganese development company focused in Africa, is pleased to announce that the Prospecting Right covering the 4,192 hectare Malelane Iron Ore Project ('Malelane' or 'the Project'), located in the prospective Mpumalanga Province of South Africa has been extended and is now valid to 20 May of 2016.\n \nThe extension of the Prospecting Right is in line with the Company's strategy to continue to develop its Malelane project as a low-capex, initial 1.8Mtpa iron operation with a life of mine of 16.6 years. Malelane has a JORC code compliant Inferred Resource of 139 Mt @ 37% Fe which importantly is only modelled on 1.1 km of the 14 km of the BIF strike. The project has an upgraded total exploration target of 1.6bt to 2.0bt at 28-30 % Fe as announced on 4 June 2013. Additionally the project is well connected in terms of infrastructure with direct access to the port of Maputo in Mozambique. \n \nFerrex Managing Director, Dave Reeves said: \"The extension of the Prospecting Right over the Malelane project is an important step in Malelane's development, and will ensure sufficient time for the pre-feasibility and bankable feasibility to be completed as we advance Malelane towards production. We continue to work on the social and environmental aspects of the project and are currently preparing the mining permit application. We look forward to reporting on these developments in due course.\"\n \n**ENDS**\n \nFor further information and the full Admission document visit www.ferrexplc.com or contact the following:\n \n\n\n\n\nDave Reeves\n\n\nFerrex plc\n\n\n+ 61 (0) 420 372 740\n\n\n\n\nElizabeth Johnson / Joanna Weaving\n\n\nfinnCap (Broking)\n\n\n+44 (0)20 7220 0500\n\n\n\n\nMatthew Robinson / Ben Thompson\n\n\nfinnCap (Corporate Finance)\n\n\n+44 (0)20 7220 0500\n\n\n\n\nFelicity Edwards / Elisabeth Cowell\n\n\nSt Brides Media and Finance Ltd\n\n\n+44 (0) 20 7236 1177\n\n\n\n\n \nNotes\nFerrex plc is an AIM quoted, leading iron-ore and manganese exploration and development company in Africa. The Company is focussed on ad...