London Mining Plc RESULTS OF BFS FOR ISUA -2-
March 27 2012 - 2:01AM
UK Regulatory
Next steps - permitting and financing
In order to apply for conversion of its existing exploration
licence to an exploitation licence, London Mining is also required
to complete an Environmental Impact Assessment, a Social Impact
Assessment and a Closure Plan which are prepared in parallel with
the BFS report. London Mining is preparing to commence the
permitting process, which includes the technical review and public
hearing by the Greenland Government. Once commenced this is
expected to take around 6 months to complete. At the same time,
London Mining will continue to look at all financing options to
develop the project. Once financing has been agreed, EPCM phase
will start and construction will begin.
For the purposes of the BFS, London Mining engaged an a team of
leading engineering and consulting firms, including:
-- SLII - Compilation of study components, process and
infrastructure engineering, cost estimating, and project
economics
-- Snowden Mining Industry Consultants ("Snowden"), together
with London Mining - Geology and resource estimating
-- Orbicon - Environmental Impact Assessment (EIA)
-- Grontmij a/s - Social Impact Assessment (SIA)
Each contributor is responsible for their respective
contributions to the study. SLII's mandate to compile the study
components did not include the verification or confirmation of the
information contained in the study components which were not under
its responsibility.
Russell Turner, Principal Consultant, Snowden, has reviewed and
approved the information that relates specifically to the resource
figures contained within this announcement.
Sam Buccitelli, P. Eng. the SLII project manager for ISUA
project has reviewed and approved the information that relates to
the engineering basis for the BFS.
For more information, please contact:
London Mining Plc
Graeme Hossie, Chief Executive Officer
Rachel Rhodes, Chief Financial Officer
Thomas Credland, Head of Investor
Relations +44 (0)20 7408 7500
Liberum Capital (Nominated Advisor/Broker)
Clayton Bush/Christopher Kololian +44 (0)20 3100 2000
J.P. Morgan Cazenove (Broker)
Neil Passmore / Ignacio Borrell +44 (0)20 7742 4000
Brunswick Group
Carole Cable / Rosheeka Field +44 (0)20 7404 5959
About London Mining
London Mining is focused on identifying, developing and
operating mines to become a mid-tier supplier to the global steel
industry. London Mining is producing high specification iron ore
from its Marampa Mine in Sierra Leone and developing two other iron
ore mines in Greenland and Saudi Arabia as well as a coking
operation in Colombia. All London Mining's assets have deliverable
production with potential for expansion. The Company listed on AIM
in London on 6 November 2009. It trades under the symbols LOND.L
(Reuters) and LOND LN (Bloomberg). More information about London
Mining can be found at www.londonmining.co.uk.
Background to the Isua Project
Isua is located in Greenland 150km Northeast of Nuuk and 100km
from a proposed deep seawater port providing excellent logistics.
Isua will produce a premium quality 70% Fe pellet feed concentrate
with low impurities. A pipeline will be constructed to the port
which benefits from its location in the warmer south-west corner of
the country which allows for year round shipping.
Glossary of Technical Terms
"Al2O3" Alumina.
"BIF" Banded Iron Formation
"Fe" Iron.
"highly weathered material" The portion of the orebody that
is often located at surface
that has been broken down in
situ by environmental processes.
This may result in the enrichment
of iron and removal of gangue
minerals. It typically requires
less processing than unweathered
material.
"inferred mineral resource" The part of a mineral resource
for which quantity and grade
or quality can be estimated
on the basis of geological evidence
and limited sampling and reasonably
assumed, but not verified, geological
and grade continuity. The estimate
is based on limited information
and sampling gathered through
appropriate techniques from
locations such as outcrops,
trenches, pits, workings and
drill holes.
"indicated mineral resource" The part of a mineral resource
for which quantity, grade or
quality, densities, shape and
physical characteristics can
be estimated with a level of
confidence sufficient to allow
the appropriate application
of technical and economic parameters,
to support mine planning and
evaluation of the economic viability
of the deposit. The estimate
is based on detailed and reliable
exploration and testing information
gathered through appropriate
techniques from locations, such
as outcrops, trenches, pits,
workings and drill holes that
are spaced closely enough for
geological and grade continuity
to be reasonably assumed.
"JORC" Australasian Institute of Mining
and Metallurgy Joint Ore Reserves
Committee (JORC) code on mineral
resources and ore reserves.
"Measured mineral resource" The part of a mineral resource
for which quantity, grade or
quality, densities, shape and
physical characteristics are
so well established that that
they can be estimated with confidence
sufficient to allow the appropriate
application of technical and
economic parameters, to support
production planning and evaluation
of the economic viability of
the deposit. The estimate is
based on detailed and reliable
exploration, sampling and testing
information gathered through
appropriate techniques from
locations such as outcrops,
trenches, pits, workings and
drill holes that are spaced
closely enough to confirm both
geological and grade continuity.
"mineral resource" A concentration or occurrence
of natural, solid, inorganic
or fossilised organic material
in or on the Earth's crust in
such form and quantity and of
such a grade or quality that
it has reasonable prospects
for economic extraction. The
location, quantity, grade, geological
characteristics and continuity
of a mineral resource are known,
estimated or interpreted from
specific geological evidence
and knowledge.
"Mt" Million metric tonnes.
"Mtpa" A million metric tonnes per
annum.
"ore" A natural aggregate of one or
more minerals which, at a specified
time and place, may be mined
and sold at a profit, or from
which some part may be profitably
separated.
"SiO2" Silica.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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