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Resource Increase at Nayega Manganese Togo
Ferrex, an AIM quoted manganese development and iron ore exploration company focused in Africa, has announced that total JORC Code compliant resources have increased to 14Mt @ 12.4% manganese at the Nayega Manganese Project in Northern Togo, held through its 85% owned subsidiary SGM SARL.
This is a significant milestone for the Company as it continues to develop Nayega into a 250,000tpa Mn mining operation providing cash flow to the Company within a year following receipt of the Mining Licence.
Highlights:
· Additional JORC Code compliant resources defined at two target areas <7km from the main Nayega deposit and planned processing plant
· Maiden Inferred Resource at T48 target of 220,000t @ 15.57% Mn
o <1km north of the Nayega deposit
o Easily-accessible high grade ore to feed the initial 250,000tpa development
· Maiden Inferred Resource at 27 target of 2.75Mt @ 9.21% Mn
o 6.5km east of the Nayega deposit
o Potential feed to extend the life of mine
· Nayega total JORC Code compliant resource for all categories is now 14Mt @12.4% Mn
Ferrex Managing Director Mr. Dave Reeves said, "These newly defined JORC Code compliant resources have the potential to significantly enhance the already robust economics of our Nayega mining operation. Both resources are within easy trucking distance of the main Nayega deposit and proposed processing plant and should see the total minable material increase. We will now complete additional pitting and metallurgical testing to determine beneficiation characteristics of the ore and in turn increase confidence in the resources.
"In conjunction with the recently-concluded Mining Convention negotiations with the Government of Togo and pending completion of modelling and documentation for the accelerated start-up option for the 250,000tpa manganese operation, this is just one of a number of positive developments for the Company. I look forward to reporting on our continuing progress in due course as we move closer to commencing first production and cash generation at Nayega."
