Directorate Change and Directors Dealings (8842P)
October 10 2011 - 6:49AM
UK Regulatory
TIDMBZM
RNS Number : 8842P
Bellzone Mining PLC
10 October 2011
10 October 2011
Bellzone Mining plc
("Bellzone" or the "Company")
Directorate Change and Directors Dealings
Bellzone Mining plc (AIM: BZM) today announces the resignation
of Mr Simon Farrell, aged 60, a non-executive Director of the
Company with immediate effect.
In addition, Bellzone received notification on 10 October 2011
that Simon Farrell, has on 4, 5 and 6 October 2011 sold 820,000
ordinary shares of no par value in the Company ("Ordinary Shares").
The shares were sold at an average price of 25 pence per share. The
sale was necessitated as a result of a requirement of Mr. Farrell
to satisfy a margin call on a maturing debt facility.
Following the disposal, Mr. Farrell now has a beneficial
interest of 1,130,477 Ordinary Shares representing 0.16 per cent.
of the total issued share capital of the Company.
Nik Zuks, Chief Executive Officer, commented, "On behalf of the
Board of Directors, I would like to thank Simon for his
contribution to date. Simon has been involved with Bellzone since
pre-listing and has provided insightful advice during the last 18
months. We wish him all the best for the future.
The Company has undergone significant growth since its admission
to AIM and is reviewing a number of potential new additions to the
Board as we move towards becoming a major iron ore producer, with
initial production Q1 2012."
Enquiries:
Bellzone Mining plc
Terry Larkan +61 (0) 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
Jeremy Wrathall
Tavistock (UK)
Jos Simson/Paul Youens +44 (0)20 7 9203 150 / +44 (0)7899
870 450
PPR (Australia)
David Ikin +61 (0) 8 9388 0944 / +61 (0)
408 438 772
About 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.
Kalia Mine
The Company's flagship project, the Kalia Mine Project, is
planned to commence production in 2014 and be producing iron ore
and iron ore concentrate at a rate of 50 million tonnes per annum
in 2018. The Kalia Mine Project has a 6.16 billion tonnes magnetite
JORC resource and an oxide JORC resource of 193 million tonnes. A
Supergene BIF JORC resource of 92.5 million tonnes at 36.5% Fe has
been delineated and shows the potential to upgrade to produce 37
million tonnes of 63% Fe material. The oxide and Supergene BIF
resources have been established from just 10.5% of the 55km(2) of
the mapped surface oxides on the Kalia permit. Drilling results and
internal estimates indicate that the Kalia Mine Project has the
potential to host more than 10 billion tonnes of magnetite and 2
billion tonnes of oxide.
CIF - Project, Financing & Infrastructure Partner
Bellzone has a Definitive Agreement ("Agreement") with China
International Fund Limited ("CIF"). The Agreement gives CIF right
of first refusal to purchase the Kalia Mine Project's production at
market rates and CIF commits to providing Bellzone commercially
related funding for the development of the Kalia Mine Project.
The Agreement contains CIF's commitment to fund and build
commercially operated rail and port infrastructure that will enable
Bellzone to export production from the Kalia Mine Project. The
infrastructure is being developed by Kalia Horizon Minerals Pte
Limited, an entity that is 90% owned by CIF with Bellzone having a
10% carried interest. The Agreement provides for Bellzone to be the
lowest cost user with permanent priority access.
Forecariah JV
Bellzone and CIF also have fully funded a joint venture to
undertake the accelerated exploration and development programme at
CIF's Forecariah iron permits that lie between 30 and 80 kilometres
from the Guinea coast. Production is scheduled to start in Q1 2012
with an initial production rate of 3-4 mtpa of oxide ore, ramping
to a rate of 10 mtpa in 2013.
Other activities
Bellzone has completed a mapping and surface sampling programme
identifying highly prospective targets at its Sadeka Nickel/Copper
Project. A VTEM aerial survey is currently being conducted to
further define areas for a targeted drilling programme.
Bellzone has acquired the rights to buy 70% of Compagnie Miniere
de L'Ouest Africain SA, incorporated and holding tenements in Mali.
The company is undertaking geological studies on the tenements
which are prospective for iron ore before making an investment
decision.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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