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Namib Project Work Programme Update
North River Resources plc, the AIM quoted resource company focused on the Namib Lead-Zinc Project in Namibia, has outlined its operational and corporate plans for the Project.
This update follows the announcement dated 30 October 2015, in which the Company stated that it would review its short term operational strategy to ensure that the benefit of the US$4 million raised in October 2015 can be maximised in light of the fact that the Mining Licence for Namib had not been received by the end of October 2015.
Highlights
· Active and constructive dialogue with the Namibian Ministry of Mines and Energy is continuing and discussions on the Mining Licence application and related conditions are advancing;
· Preparations for project financing and a construction decision continue;
· Focus on keeping corporate overheads to a minimum given the lengthening timescale for a mining licence decision;
· Front End Engineering Design proceeding – confirming the Project’s final technical, operating and cost parameters is a critical workstream in reaching a construction decision and securing project financing;
· Drilling campaign to increase Resource and Reserve base which will support a longer mine life and in turn, is expected to positively impact financing negotiations for project construction; and
· Shareholder call to be held on Tuesday 17 November 2016 at 11am
North River CEO James Beams said, “I would like to thank shareholders for their patience whilst we have closely analysed and streamlined the activities planned at Namib following receipt of the US$4 million. Our focus is to ensure we pursue workstreams that advance the project towards a construction decision and facilitate effective construction funding negotiations. With this in mind, we see the FEED process (and related overall operating and capital cost update), and resource and reserve drilling as top priorities. An increase in reserves and the mine life will, we believe, be a major positive in securing an appropriate funding package for the construction of the mine and ultimately to deliver enhanced value to all of our shareholders. I am also encouraged by the real progress being made in our discussions with the MME and remain confident that the Mining Licence will be granted in due course.
“The revised work plan will lead to an increased level of operational news flow over the next six months with initial results from exploration and resource and reserve drilling expected in Q1 2016 ahead of a resource upgrade towards the end of Q2 2016. Results of the FEED process are also expected to be available in Q1 2016. I welcome any questions on these activities ahead of our call, which I hope shareholders will understand it made sense to reschedule to fit with ongoing Board debate on the business plan and discussions with the MME on the mining licence application. I look forward to communicating the results of our activities regularly as they come into fruition over what is set to be a very busy and exciting period for North River.”
