9th Dec 2008 07:00
9 December 2008
For immediate release
African Minerals Limited
("AML" or the "Company")
Sierra Leone Mineral Rights Update
African Minerals Limited (AIM: AMI), the mineral exploration company with significant interests in Sierra Leone, West Africa, announces that further to the statement in its Interim Results announcement on 17 September 2008, the Company has now completed the relinquishment of mineral rights which it held over certain less attractive exploration areas in Sierra Leone.
Exploration work undertaken under licences in respect of those areas did not reveal significant mineral anomalies. As part of the relinquishment process, the Company has agreed to provide the Government of Sierra Leone with the geophysical and geochemical data collected by the Company in those areas for use by third parties.
As a consequence of the relinquishment, which is a requirement under the mining legislation of Sierra Leone, the Company retains mineral rights covering a total area of approximately 18,408 sq kms in Sierra Leone. This comprises prospecting licences over approximately 15,805 sq kms, exploration licences over approximately 2,441 sq kms and mining leases over approximately 162 sq kms.
AML is concentrating its financial, management and operational resources on the Company's flagship Tonkolili iron ore project, the Marampa iron ore project (in conjunction with Cape Lambert Iron Ore Limited) and the Pepel Port and Railway infrastructure project. This strategy, together with the challenging economic conditions being experienced by business in general, has resulted in the Company's decision to scale back temporarily activities at its diamond, base metals and uranium exploration projects.
Enquiries:
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African Minerals Limited |
Tel: +44 (0) 20 7849 3002 |
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Frank Timis |
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Canaccord Adams Limited |
Tel: +44 (0) 20 7050 6500 |
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Mike Jones |
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Mirabaud Securities Limited |
Tel: +44 (0) 20 7878 3360 |
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Rory Scott |
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Citigate Dewe Rogerson |
Tel: +44 (0) 20 7638 9571 |
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Martin Jackson |
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George Cazenove |
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