Guinea Election
December 06 2010 - 3:30AM
UK Regulatory
TIDMBZM
RNS Number : 4068X
Bellzone Mining PLC
06 December 2010
6 December 2010
Bellzone Mining plc
("Bellzone" or the "Company")
Guinea Election
Bellzone Mining plc (AIM:BZM), the iron ore and nickel/copper company developing
the Kalia Iron Mine in the Republic of Guinea, West Africa, would like to
congratulate Alphe Conde' on his appointment as President of Guinea and the
people of Guinea for successfully holding their first free and fair democratic
election:
· Alpha Conde' was officially appointed President of Guinea, by the Supreme
Court of Guinea, on the 3rd of December 2010. Alpha Conde', beat his rival
Cellou Dalein Diallo, in the Presidential election runoff by gaining 52.5% of
the country's vote.
· Cellou Dalein Diallo has conceded defeat and has continued to urge his
supporters to remain calm and peaceful and to respect the Supreme Court's
validation of the results.
· Post the Supreme Court announcement reports from our staff in Guinea are
that all is quiet and it was business as usual in the Conakry and the rest of
the country.
· The precautionary state of emergency and boarder closures, implemented
prior to the Supreme Court ruling, have been lifted.
Nik Zuks, Managing Director commented: "I would like to congratulate Alpha Conde
on his appointment as President of Guinea. This brings to closure the first
democratic election held in Guinea and writes an important step in Guinea's
history.
Bellzone is extremely excited and positive about the future of Guinea under the
leadership of Alpha Conde as we continue to develop the large Kalia iron ore
deposits and the nickel copper potential of our Sadeka licenses.
With our partners, the China International Fund Limited, who have commitment to
fund and build the much needed rail and port infrastructure to support the
export of the iron and bauxite resources in Guinea, Bellzone is proud to be an
integral part of the development of the country as we work together to bring
these large resources into operation."
Enquiries:
+---------------------------------+---------------------------------+
| Bellzone Mining plc | |
| Graham Fyfe/Terry Larkan | +61 8 9420 8900 |
+---------------------------------+---------------------------------+
| | |
| Canaccord Genuity Limited | +44 (0)20 7050 6500 |
| Nominated Adviser and Joint | |
| Broker to Bellzone | |
| Andrew Chubb/Tarica Mpinga | |
| | |
+---------------------------------+---------------------------------+
| Renaissance Capital Limited | |
| Joint Broker to Bellzone | +44 (0)20 7367 7777 |
| Simon Matthews/Thomas Beattie | |
| | |
| | |
+---------------------------------+---------------------------------+
| Conduit PR | |
| Jos Simson/Paul Youens | +44 (0)20 7429 6603 |
| | +44 (0)7843 260 623 |
| | |
+---------------------------------+---------------------------------+
Bellzone Mining plc
Bellzone Mining plc is an exploration and resource development company with iron
ore and nickel / copper permits in the Republic of Guinea, West Africa.
The Company's flagship project, the Kalia Iron Mine has a JORC resource of 3.74
billion tonnes, located on the Kalia I prospect. Drilling results and internal
estimates indicate that Kalia Prospect has the potential to host more than 10
billion tonnes of magnetite and 2.55 billion tonnes of oxide at surface.
Exploration work continues to further define the potential at Kalia I on both
the magnetite and oxide at surface.
Bellzone is committed to the staged development of the Kalia Iron Project, which
includes a 50mtpa iron ore facility, rail and port, with initial production
scheduled in 2014. Stage one is planned to bring online 20mtpa direct shipping
ore ('DSO') capacity in 2014 and a 10mtpa magnetite concentrator in 2015. Stage
two increasing the DSO output to 30mtpa in 2017 and doubling the concentrate
capacity to 20mtpa by 2018.
Bellzone signed an Infrastructure Accord with the Republic of Guinea giving the
Company exclusive rights to the designated port and rail areas for purposes of
conducting studies for the development of the infrastructure leading to the
signing of a convention and concession. The infrastructure forms a key part of
the Guinea Government's infrastructure strategy and will support the development
of iron ore, bauxite and other minerals in Guinea through its availability for
3rd party use.
On 2 August 2010, Bellzone signed definitive agreements with China International
Fund ('CIF'). CIF will finance and develop the rail and port infrastructure and
offer a finance package to Bellzone for the development of the Kalia Mine in
exchange for the first right to purchase 100% of the off-take of the Kalia Mine
at market price.
An exploration programme is currently underway at the Forecariah Iron Permits
that lie between 40 and 80kms from the Guinea coast. Bellzone and CIF will
jointly develop these permits which are prospective for oxide and magnetite.
The oxide has the potential to deliver cash flow from a Direct Shipping Ore
project in the short term.
Bellzone has competed an intensive mapping and surface sampling programme and
has defined highly prospective drilling targets at its Sadeka Nickel/Copper
Project and will commence a drilling programme on these targets in Q4 2010.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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