Nyhetstips

LONDON MINING - RESOURCE UPDATE FOR ISUA IRON ORE PROJECT, GREENLAND

Pressemelding   •   des 09, 2009 09:33 CET


  • 574Mt at 37% Fe resource reported in accordance with JORC standards
    • 114Mt at 37% Fe Indicated Resources
    • 460 Mt at 37% Fe Inferred Resources
  • Metallurgical work underway to confirm nature and quality of high grade Fe concentrate
  • Pre-feasibility study due to be completed by end of February 2010
London Mining, the UK based developer of mines to supply the global steel industry, today announces that Snowden Mining Industry Consultants ("Snowden") has confirmed a total resource for its Isua project of 574Mt at 37% Fe, including 114Mt at 37% Fe of Indicated Resources. All resources are reported in accordance with the JORC Code 2004, based on a cut-off of 20% Fe.  Isua is located 150km Northeast of Nuuk and is 100% owned by London Mining Plc through London Mining Greenland A/S. Isua is one of London Mining's four principal iron ore projects together with Marampa, Sierra Leone; Wadi Sawawin, Saudi Arabia; and the CGMR joint venture in China. The resource as reported has been constrained by a pit shell that is considered to represent the ultimate extent of any surface operation at Isua, based on the current understanding of the Isua resource. Initial metallurgical testwork undertaken by SGA in 2006 has shown that a concentrate of 71% Fe with less than 1.5% Si02 plus Al203 can be produced from Isua ore and work is currently ongoing to confirm that high grade Fe concentrate can be produced consistently from the Isua resource. London Mining also plans additional infill and extensional drilling at Isua in 2010. Snowden has reported the Isua resource to reflect the addition of new data by London Mining which has allowed other elements besides Fe to be estimated, as the historic data on which previous estimates were based did not have a full suite of geochemical analyses. As the recent London Mining drilling was undertaken over the northern half of the Isua resource Snowden has reported the north and south of the resource separately to reflect this (Table 2). Michael Andrew, Divisional Manager Applied Geosciences of Snowden Mining Industry Consultants, B Sc, MAUSIMM, who meets the criteria of a qualified person under the AIM Rules - Guidance for Mining, Oil and Gas Companies, has reviewed and approved the technical information contained within this announcement. Graeme Hossie, CEO of London Mining plc, said, "The delineation of additional resources at Isua is a further step towards defining the economic parameters of the project. Isua is ideally equipped to take advantage of the seaborne iron ore market by virtue of its size, grade, and proximity to a section of the Greenland coast that permits year round shipping. Isua stands out because of its potential to supply a product suitable for the direct reduction iron market. We look forward to reporting on the results of the pre-feasibility study for Isua early in 2010" Please see the full announcement, including tables with details of the Isua resource enclosed. For more information, please contact: London Mining Plc Graeme Hossie, Chief Executive Officer+44 20 7201 5000Rachel Rhodes, Finance DirectorThomas Credland, Head of Investor Relations   Liberum Capital (Nominated Advisor/Broker) Clayton Bush/Ellen Francis+44 20 3100 2000 GMP Securities Europe (Broker) Jeremy Wrathall+44 20 7647 2800 Crux Kommunikasjon AS Charlotte Knudsen+47 97 56 19 59 Threadneedle Communication (UK) Laurence Read/ Beth Harris+44 20 7653 9850 The Company's website can be found at www.londonmining.co.uk. About London MiningLondon Mining is focused on identifying, developing and operating scaleable mines to become a mid-tier supplier to the global steel industry. Its four principal assets in Sierra Leone, Saudi Arabia, Greenland and China all have deliverable production with potential for expansion. The Company listed on the Oslo Axess on 9 October 2007 and on AIM in London on 6 November 2009. It trades under the symbols LOND.L and LOND.NO (Reuters) and LOND LN and LOND NO (Bloomberg).