22nd Jul 2015 08:03
LONDON (Alliance News) - North River Resources PLC shares dropped on Wednesday despite saying its confidence in the Namib lead and zinc project in Namibia has "improved significantly" after it completed additional metallurgical testwork to optimise the project.
North River shares were down 30% to 0.221 pence per share on Wednesday morning.
The miner said it has reached a "critical milestone" as it moves toward the construction phase, which will ultimately lead to a 250,000 tonne per annum operation.
Lead concentrate grades are expected to be around 62.2% lead at 91.1% lead recovery, and zinc concentrate grades will be around 52.4% zinc at 89.2% zinc recovery.
North River said it has defined the ore-processing flow sheet for the project which "eliminates variability associated with the previously proposed process and ensures a robust operating environment for future planned production," it said.
"The improvement in operational control, that this process flow sheet provides, will add significant value to our preparations for Front End Engineering and Design ahead of a construction decision," said Chief executive James Beams.
"The optimisation work carried out by independent experts provides the company with a definitive and robust processing solution for our stand-out Namib Lead Zinc Mine in Namibia," said Beams.
By Joshua Warner; [email protected]; @JoshAlliance
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