1st Apr 2015 09:44
LONDON (Alliance News) - Ferrex PLC on Wednesday said the resource estimate for the Nayega Manganese project in Togo has been increased following recent pitting and sampling tests.
Ferrex said the total resource estimate for the site has been increased to 14 million tonnes of ore at 12.4% manganese.
"These newly defined JORC Code compliant resources have the potential to significantly enhance the already robust economics of our Nayega mining operation. Both resources are within easy trucking distance of the main Nayega deposit and proposed processing plant and should see the total minable material increase," said Ferrex Managing Director Dave Reeves.
"We will now complete additional pitting and metallurgical testing to determine beneficiation characteristics of the ore and in turn increase confidence in the resources," Reeves added.
Still, Ferrex shares were down 4.5% to 0.573 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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