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Annual Results
Sable Mining, the AIM-listed exploration and development company, has presented its results for the year ended 31 March 2015.
Highlights:
· Operations focussed on advancing iron ore and coal portfolios in Africa
· Nimba iron ore project in south-east Guinea continues to reach key milestones and demonstrate value as a high-grade, high-margin, low-capital asset
· Nimba total JORC Resource raised to 205.2 million tonnes at an average in-situ grade of 57.8% iron at a 40% cut-off
· Improved resource confidence during the period, with the measured and indicated portion increasing by 31% to 195.0Mt
· Landmark 25 year infrastructure development agreement with the Government of Liberia to facilitate the export of iron ore from Nimba through Liberia utilising the established rail line from Yekepa to the port of Buchanan
· Technical studies underway to update the operational and economic viability of Nimba, taking into account ongoing detailed studies relating to mine and haul road design in Guinea, and metallurgical work
· Full Bankable Feasibility Study to be issued following technical studies
· Evaluating opportunities to monetise strategic coal portfolio in light of energy and power dynamic in southern Africa
Sable Mining Chief Executive Andrew Groves said, “In spite of the general back drop to resource development being tough, projects such as our Nimba Iron Project retain considerable commercial value and we believe warrant advancement. We have therefore continued to invest to reach development milestones, which have included resource expansion, the granting of an export licence, government backed infrastructure agreements and the advancement of a bankable feasibility study.
“Furthermore, we are evaluating the potential of our coal assets, which again, we believe have long term value especially considering the energy and power dynamic in southern Africa. We will continue to look at how best to build value and will keep the market abreast of developments in the coming months as we advance our portfolio.”
