Business
First Day of Dealings
First Day of Dealings.
About this update from Rome Resources Plc
[{"type":"text","content":"\n RNS Number : 9825A Pathfinder Minerals PLC 10 February 2011 \n\nEmbargoed: 0700hrs 10 February 2011\n \nPathfinder Minerals Plc\n(\"Pathfinder Minerals\" or the \"Company\")\n \nFirst Day of Dealings\n \nPathfinder Minerals (AIM: PFP), the natural resources company with licences to mine heavy minerals sands in Mozambique, announces that shares in the enlarged Company will begin trading today on AIM.\n \nPathfinder Minerals, through a wholly owned subsidiary, holds two licences to mine heavy minerals sands on and near the Indian Ocean coast of Mozambique, containing a potential titanium dioxide ore resource. The Company holds an extraction licence on the Naburi block and an exploration license on the adjacent Moebase block. Exploration work conducted on the licences from the mid-1980s through to 2002 has identified significant mineralisation. Bulk sampling and metallurgical test work conducted in support of prefeasibility and feasibility studies in the mid-1990s indicates that the valuable heavy minerals can be recovered using conventional dredge mining, wet concentration and dry mineral separation processes.\n \nThe valuable components of these sand deposits include the titanium oxide minerals ilmenite, rutile and zircon. Ilmenite and rutile are used to produce titanium dioxide pigment used in the production of paint, paper, plastic, textiles, rubber and pharmaceutical products. Zircons are commercially mined for the metal zirconium, and are used for abrasive and insulating purposes.\n \nHistorical reported mineral resources on the property are estimated at 2.02 billion tonnes grading 3.55% total heavy mineral, which is equivalent to approximately 71.7 million tonnes of contained heavy minerals. Confirmatory drilling and metallurgical test work will be required to upgrade the classification of the Mineral Resources in accordance with current AusIMM, SAMREC or CIM resource classification codes.\n \nLocal Partners\n \nThe local partners and senior management of Pathfinder Minerals' Mozambique subsidiary include Major-General Jacinto Veloso. General Veloso is well connected at government level having held government posts as Minister of State Security, General Director of the Intelligence Services, Minister of Economic Affairs and Minister of International Cooperation.\nHe is joined ...