30th Jun 2014 11:28
LONDON (Alliance News) - North River Resources PLC Monday said a mine development plan for its Naimb Lead and Zinc Project in Namibia has shown a good payback period of just over a year.
The company recently completed a mine development plan prepared to the same standards as a feasibility study to show the economics of developing the mine.
The plan sets out an estimated payback on the project for a 250 kilo tonnes per year plant of just 1.4 years, based on mineral inventory of 425 kilo tonnes of indicated resource and 234 kilo tonnes of inferred resource.
North River said drilling underground has been delayed by a series of mechanical breakdowns of the larger of the two drill, however a third has now been mobilised. The company also said an exploration tunnel is also being excavated 150 metres below the surface to provide additional drill pad locations.
North River shares were quoted down 9.1% at 0.500 pence Monday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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