Director's Dealings (6179G)
May 16 2011 - 2:00AM
UK Regulatory
TIDMBZM
RNS Number : 6179G
Bellzone Mining PLC
16 May 2011
7.00 am - 16 May 2011
Bellzone Mining plc
("Bellzone" or the "Company")
Director's Dealings
The Company (AIM: BZM) was notified on 13 May 2011 by Simon
Farrell, a non-Executive Director of the Company, of the completion
of the disposal of 2,232,939 ordinary shares of no par value in the
Company ("Ordinary Shares"). The shares were disposed between 26
and 28 April at an average price of 66.31p per Ordinary Share.
Following this disposal, Mr. Farrell now has a beneficial interest
of 2,767,061 Ordinary Shares representing 0.38 per cent. of the
total issued share capital of the Company.
Mr. Farrell disposed of this interest in Bellzone, along with
significant other financial interests in other entities of which he
has a management interest, in order to fund the purchase of
properties in Australia and in the UK.
Enquiries:
Bellzone Mining plc
Terry Larkan +61 8 9420 8900
Canaccord Genuity Limited
Nominated Adviser and Joint Broker
to Bellzone +44 (0)20 7050 6500
Andrew Chubb/Tarica Mpinga
Renaissance Capital Limited
Joint Broker to Bellzone +44 (0)20 7367 7777
Simon Matthews/Thomas Beattie
Tavistock
Jos Simson/Paul Youens +44 (0)20 7 9203 150
+44 (0)7899 870 450
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 Mine Project has a
JORC resource of 3.74 billion tonnes, located on the Kalia I
prospect. Drilling results and internal estimates indicate that the
Kalia Prospect has the potential to host more than 10 billion
tonnes of magnetite and over 2 billion tonnes of oxide at
surface.
In addition to the Kalia iron mine, an exploration and
development programme is currently underway at the China
International Fund ('CIF') held Forecariah iron permits that lie
between 60 and 80 kms from the Guinea coast. Bellzone and CIF are
jointly developing these permits which are prospective for oxide
and magnetite. The development plan is designed to support an
initial production target rate of 3-4 mtpa of direct shipping ore
('DSO') in Q1 2012 ramping up to a target rate of 10 mtpa by
2013.
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 a 20mtpa oxide online in 2014 and a 10mtpa
magnetite concentrator in 2015. Stage two increasing the oxide
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 Limited ('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.
Bellzone has competed an intensive mapping and surface sampling
programme and has defined highly prospective drilling targets at
its Sadeka Nickel/Copper Project and has commenced a drilling
programme on these targets.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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