13th Sep 2013 08:43
LONDON (Alliance News) - Sable Mining Africa Limited Friday said samples of its iron-ore project in south-east Guinea demonstrated its potential as "one of the most commercially attractive undeveloped iron-ore assets in west Africa".
The project, known as Nimba, is now undergoing a pre-feasibility study to determine what it would take for production to get started. Sable said the increase in the quality of iron, as well as the amount, proves the commercial viability of the project because it now anticipates high margins and low capital expenditure for a high quality product.
The company said another drilling expansion will see another resource update in the fourth quarter, and Sable added that the grant of a mining licence, award of an export decree, and completion of the pre-feasibility study are "well advanced", with further updates to be given by the company "shortly".
"We remain in an enviable position of being independent, in so far that we are yet to sell our off-take, and with highly significant milestones set to be reached in the near future, including the grant of a Mining Licence, export decree and publication of Pre-Feasibility Study, we are well positioned to rapidly build value at Nimba," Chief Executive Andrew Groves said in a statement.
Sable Mining shares were Friday quoted at 5.35 pence, down 0.1 pence, or 1.8%.
By Samuel Agini; [email protected]; @samuelagini
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