13th Sep 2013 09:41
LONDON (Alliance News) - Bellzone Mining PLC Friday said a study at its Kalia Mine project has convinced the company of the mine's economic viability, after strong probable iron reserves were found in a maiden ore reserve.
Bellzone said a probable reserve, known as the economically mineable part of a reserve, of 59.8 million tonnes was found, with 54.1% iron within the mineral resource.
"The ore reserve statement is a key milestone for the Kalia Mine Project providing confidence in the economic viability of the Kalia Optimisation Study from only 59.8 million tonnes of the identified 124.2 million tonnes of high grade oxide material," Chief Executive Glenn Baldwin said in a statement.
"The delivery of the maiden ore reserve statement supports the Company's confidence in the quality, economic viability and business risk environment of the Kalia Mine Project," he added.
Bellzone Mining is an exploration and resource development company with iron ore and nickel/copper permits in the Republic of Guinea.
Bellzone shares were Friday quoted at 4.01 pence, down 0.09 pence, or 2.3%.
By Samuel Agini; [email protected]; @samuelagini
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