Zanaga Iron Ore Co Resource Upgraded To 4.3 Billion Tons

Zanaga Iron Ore Co. Ltd. (ZIOC.LN), the joint venture partner of Xstrata PLC (XTA.LN) in the Zanaga Iron Ore Project based in the Republic of Congo, said Wednesday that the iron resource has increased by around 7.5%.

The iron ore resource increased to 4.3 billion metric tons at an average grade of 33.0% iron from 4.0 billion tons at an average grade of 33.9% iron.

Zanaga, which holds a 50% less-one-share interest in the project with Xstrata said the increase was due to improvements in the classification of the iron resource, as continued drilling confirmed the location and grades of the iron deposits.

The company said the upgraded resource is based on drilling up to August 26 and includes an additional 59,618 meters and 951 holes carried out for the previous resource statement.

Non-Executive Chairman of Zanaga Iron Ore Co. Clifford Elphick said: "A significant drilling program has been conducted on the Zanaga Project and today's results provide further confidence in the large scale ore-body."

Shares closed Tuesday at 97 pence.

-By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; iain.packham@dowjones.com

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