Business
Letter of Intent to Combine Licences
Letter of Intent to Combine Licences.
About this update from Rome Resources Plc
[{"type":"text","content":"\n \nRNS Number : 7584H Pathfinder Minerals PLC 02 June 2011 \n\nFor immediate release: 2 June 2011\n \nPathfinder Minerals Plc\n(\"Pathfinder Minerals\" or the \"Company\")\n \nLetter of Intent to Combine Licences\n \nPathfinder Minerals (AIM: PFP), the natural resources company with licences to mine heavy minerals sands in Mozambique, announces that it has received a Letter of Intent, from the Ministry of Mineral Resource, Natural Directorate of Mines of Mozambique (the \"Ministry\"), to combine Licence 73L (\"Moebase\") with Licence 760C (\"Naburi\"), thereby forming a single Mining Concession licence. \n \nThe Moebase licence, previously for Exploration and Research will be unified with the Naburi licence and mirror the existing terms of Naburi's 25 year Mining Concession issued on 13 September 2004. The Company will make a further announcement on receipt of the mining title, which the Ministry has confirmed is being processed and will be issued soon.\n \nThe Moebase and Naburi licences span 32,780 hectares of land near the Indian Ocean coast of the Zambezia province of Mozambique, known to contain the heavy minerals, ilmenite, rutile and zircon. A Scoping Study was recently carried out by URS/Scott Wilson on the licences, formerly belonging to subsidiaries of BHP Billiton, which confirmed an historic mineral resource estimate of 2.02 billion tonnes, with 3.55% heavy mineral content and areas of significantly higher heavy mineral content. The Scoping Study estimated a run of mine production of 47 million tonnes per annum (tpa), yielding approximately 1,245,000 tpa of ilmenite, 24,000 tpa of rutile and 65,000 tpa of zircon.\n \nPathfinder Minerals intends to undertake a confirmatory drilling and metallurgical test work programme to allow conversion of the historic mineral resource into a current estimate. \n \nNick Trew, Chief Executive, commented:\n \n\"The Ministry's decision to unify our licences to form a single Mining Concession enables Pathfinder Minerals to move forward with certainty of tenure on this world class asset.\"\n \nEnquiries:\n \nPathfinder Minerals Plc\nNick Trew, Chief Executive\nTel. +44 (0)20 7399 4371\n \nDaniel Stewart & Company Plc\nOliver Rigby or James Thomas\nTel: +44 (0)20 7776 6550\n \nM: Communications\nBen Simons o...