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World Class Heavy Minerals Sands - Mozambique
World Class Heavy Minerals Sands - Mozambique.
About this update from Savannah Resources Plc
[{"type":"text","content":"\n \nRNS Number : 4739N African Mining & Exploration PLC 09 September 2013 \n \n\nAfrican Mining and Exploration / Index: AIM / Epic: AME / Sector: Mining\n9 September 2013\n \nAfrican Mining and Exploration plc ('AME' or 'the Company')\nAME Secures Entry into World Class Heavy Mineral Sands Province, Mozambique\n \nAfrican Mining and Exploration plc (AIM: AME), the AIM listed exploration company, is pleased to announce that it has entered into an agreement to acquire an 80% interest in Matilda Minerals Limitada ('Matilda'), a privately owned Mozambican heavy mineral sands explorer. Matilda holds the highly prospective 180km2 Jangamo tenement ('Jangamo' or 'the Project') which is located in a world class mineral sands province in Southern Mozambique, and scout sampling by AME has returned results of up to 18.1% total heavy minerals ('THM'), with ilmenite, rutile and zircon recorded in the mineral concentrate. To view the press release with maps please see the following link.\nhttp://www.rns-pdf.londonstockexchange.com/rns/4739N_1-2013-9-8.pdf \n\n \nHighlights:\n· Acquisition in line with the strategy of building a multi-commodity resources group \n· Jangamo is adjacent to Rio Tinto's major Mutamba1 mineral sands deposit, which along with another licence area in Mozambique have an exploration target of 7-12 billion tonnes at 3-4.5% THM \n· Defined exploration programme in place to realise value in near term - drilling programme scheduled to commence in November 2013, funded from existing resources\n· Excellent infrastructure with grid power and main highway established in Project area\n· Acquisition principally for shares and deferred share consideration based on key exploration milestones\n· Investment complements current portfolio of gold assets in Mali \n \nAME's CEO, David Archer, said \"With a highly prospective project located in a world-class major mineral sands province, Matilda and the Jangamo tenement represent a compelling investment opportunity. Initial regional scout sampling returning results of up to 18.1% THM, with ilmenite, rutile and zircon recorded in the mineral concentrate. With Rio Tinto's major mineral sands deposit adjacent to Jangamo, which, toge...