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Licence Update

22nd Mar 2010 07:00

RNS Number : 9117I
Frontier Mining Ltd
22 March 2010
 



 

 

 

 

 

FRONTIER MINING LTD

("Frontier" or "the Company")

 

Licence Update

 

Frontier Mining Ltd "Frontier" (AIM: FML), the AIM listed gold and copper exploration and development company focused on Kazakhstan, today confirms that the Ministry of Energy and Mineral Resources ("MEMR") of the Republic of Kazakhstan has extended the licence period and allocated the Company 12 months to confirm its reserves into the State Reserve Balances and to submit its development working programme for those reserves.

 

This extension covers the Koskuduk, Baitimir, Naimanjal, Beschoku and associated satellite deposits and enables Frontier to continue test production at all deposits.

 

Frontier has appointed the National Centre of Earth Science, Metallurgy and Concentration to undertake supervision of the associated scientific and technical work programme required at each of the aforementioned deposits.

 

 

Erlan Sagadiev, CEO of Frontier commented: "We are especially pleased that this licence extension was achieved during the reorganisation of the MEMR as it will provide our new management with sufficient time to undertake more thorough development work, particularly in the promising Baitimir copper deposit."

 

 

 

Enquiries:

Frontier Mining Ltd
George Cole
+44 (0)20 7898 9019
Libertas Capital
Sandy Jamieson
+44 (0)20 7569 9695
Walbrook PR
Louise Goodeve / Leah Kramer
+44 (0)20 7933 8780

 

Notes to Editors:

 

About Frontier Mining Ltd: 

Frontier Mining Ltd. is a mineral exploration and development Company that was incorporated in the state of Delaware, USA, on 5 August 1998 for the purpose of exploring and developing gold and copper deposits in the Republic of Kazakhstan. Through its subsidiaries and affiliates, Frontier locates, evaluates, acquires, explores and develops mineral properties.

 

Frontier currently owns two licenses in Kazakhstan. They are the Naimanjal exploration and mining licence, held by FML Kazakhstan, and, 50% of U.S. Megatech BVI which holds the Benkala licence. FML Kazakhstan is a wholly-owned subsidiary of Frontier Mining Ltd. Frontier has one producing gold mine, Naimanjal; one pre-feasibility stage gold project, Koskuduk; and the recently acquired 50% interest in the Benkala copper mine.

 

Frontier also has a potential copper porphyry deposit with associated gold and molybdenum, Baitimir; and several copper/gold prospects along a 25-km trend including both VMS and porphyry types. Metallurgical tests on its Beschoku and Yubileiny copper projects confirm the oxide copper ore is amenable to extraction using low cost SX-EW technology.

 

Frontier owns a 50% interest in KazCopper LLP, the joint venture company that owns the Benkala copper-molybdenum-gold deposit located in north-western Kazakhstan within the Urals gold/copper ore belt. A Competent Persons Report ("CPR") on the Benkala project completed by Wardell Armstrong International ("WAI") in March 2007 estimated 47.75 Mt at an average grade of 0.36% Copper ("Cu") for the oxide mineralization, and 873.75 Mt at an average grade of 0.30% Cu for the sulphide mineralisation, representing some 2.8 million tonnes of contained copper, and at a 10% Discount Rate and a $1.5/lb Cu price, the Benkala Project has an NPV approaching $500M. A conceptual study team and advisory team have both been appointed to fast track the development of this project forward towards a pre- feasibility study, with a view to beginning production in 2011.

 

Issued Share Capital

Frontier Mining's shares are traded on the AIM market of the London Stock Exchange.

Frontier now has 917,336,219 issued and 21,812,009 reserved options giving 939,148,228 fully diluted ordinary shares. 

 

For further information please visit; www.frontiermining.com

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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