Business
Resource Upgrade at Nayega Manganese Togo
Resource Upgrade at Nayega Manganese Togo.
About this update from Keras Resources Plc
[{"type":"text","content":"\n \nRNS Number : 4721N Ferrex PLC 09 September 2013 \n \n\nFerrex plc / Index: AIM / Epic: FRX / Sector: Mining\n9th September 2013\nFerrex plc ('Ferrex' or 'the Company')\nMeasured Resource and Resource Increase at Nayega Manganese Project Togo\n \nFerrex plc, the AIM quoted iron ore and manganese development company focused in Africa, is pleased to announce that it has upgraded and increased its JORC Code compliant Resource at its 85% owned 92,390Ha Nayega Manganese Project ('Nayega' or 'the Project') located in northern Togo. The Board believes that the Project, which has direct access to the regionally important deep water port of Lome, has the potential to be developed into a low capital and operating cost open pit manganese mine in the near term. \n \nOverview\n· Measured Resource of 2.0Mt @ 17.1% manganese ('Mn') declared to cover first three years of proposed mine life based on results of 39 pits dug in a triangular offset pattern along 50m infill lines\n· Nayega total Resource increased to 11.0Mt @ 13.1% Mn in the Indicated and Measured categories representing a 51% increase in tonnage and 44% increase in contained Mn tonnes from the last resource update\n· Deposit is amenable to development as a shallow open pit operation with no waste stripping required facilitating low capex and opex costs\n· Ore easily beneficiable via low cost process of screening and gravity concentration to produce a markatable 38% Mn product \n· Nayega has access to good infrastructure - direct road access to the regionally important deep water port of Lome 600km to the south of the deposit\n· Definitive Feasibility Study ('DFS') is progressing well \n \nFerrex Managing Director Mr. Dave Reeves said, \"The publication of a Measured Resource is an essential milestone as we work towards the completion of the DFS at our Nayega Manganese Project in Togo. Not only will it enable us to generate proven reserves over the first three years of production at the Project, but the 44% increase in contained manganese will increase the amount of cashflow generated over Nayega's life and the high grade Measured Resource will assist with rapid pr...