Business
Moves to 74 per cent of Leinster Manganese Deposit
Moves to 74 per cent of Leinster Manganese Deposit.
About this update from Keras Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2974Z Ferrex PLC 14 March 2012 \n \n\nFerrex plc / Index: AIM / Epic: FRX / Sector: Mining\n14 March 2012\nFerrex plc ('Ferrex' or 'the Company')\nFerrex moves to 74% of Leinster Manganese Deposit \n \nFerrex plc, the AIM quoted iron ore and manganese development company focused in Africa, has now received approval from the Department of Mineral Resources of South Africa under Section 11 of the MPRDA to take control of Umbono Minerals Holdings (Pty) Limited, which holds exploration rights over the Leinster Manganese Project ('Leinster') in the Northern Cape Province, South Africa. Accordingly the Group's interest in Leinster has increased from 49% to 74%. No further consideration is payable by Ferrex in respect of the acquisition of this further 25% interest as the full consideration was paid previously. \n \nOverview\n· 46,868 hectare project located in the Leinster Basin, an erosional outlier of the Kalahari Manganese Field, the world's largest metallogenic province of manganese mineralisation \n· Increased ownership from 49 to 74% at no additional expenditure \n· Significant previous exploration undertaken at the project by Anglo American Corporation \n· Total JORC Code compliant exploration target of 5.5 to 8.7Mt at 28.6% to 31.3% manganese defined by Coffey Mining \n· Exploration and infill drilling to commence Q2 2012 to define a maiden JORC Code compliant resource targeted for Q3 2012\n \nFerrex Managing Director Mr. Dave Reeves said, \"The granting of the Section 11 approval that allows Ferrex to move to a 74% ownership is a timely consent considering the recent grant of the final prospecting licence in the Leinster Project over the Tweed farm earlier this year. Exploration drilling to twin historic drill holes is due to commence Q2 2012 to define a maiden resource by Q3 2012, and in turn assess the economic potential of the project now that we have a majority interest in it.\"\n \nFurther information\n \nLeinster consists of two Prospecting Rights covering ten farms totalling 46,868 hectares, located in South Africa, which hosts the largest metallogenic province of manganese mineralisation in the world. It c...