29th Jan 2015 11:08
LONDON (Alliance News) - Ferrum Crescent Ltd Thursday said it will be progressing the Moonlight iron ore project in South Africa in the first quarter as it prepares the mine plan, financing and the bankable feasibility study for the site.
"The last quarter of 2014 saw Ferrum Crescent appoint a senior study manager for the Moonlight iron ore project and complete key tasks that will allow us to progress the bankable feasibility study early in 2015 with the commencement of a new drilling program," said Managing Director Tom Revy.
The drilling programme is also set to be completed in the first quarter, which will prepare the mine plan and define sample locations for definitive metallurgical test work, said Ferrum Crescent.
"During the first quarter of 2015 we shall be working with a number of groups on site at Moonlight to secure a new investment partner to complete the bankable feasibility study," he added.
It said a number of groups who may want to invest in the project will be visiting the project in the first quarter and Ferrum Crescent is also talking to study managers and engineering partners to identify efficiencies for the key beneficiation plant for the project, which will extract ore from mining and separate it into iron.
At the end of December, the company reported a cash balance of AUD1.1 million.
Ferrum Crescent shares were untraded on Thursday, last trading at 0.350 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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