Blue Ridge Project
July 29 2002 - 7:00AM
UK Regulatory
RNS Number:2221Z
Cluff Mining PLC
29 July 2002
CLUFF MINING PLC
Further Upgrade to Resources at the Blue Ridge West Platinum Project
• Measured and Indicated Resources up 21% at 3.4 million ounces 5PGE+Au
• Increased PGE grade up from 3.6 g/t (5PGE+Au) to 3.9g/t
Following additional infill drilling over the past four months, Cluff Mining PLC
("the Company") announces the upgrading of resources on the UG2-chromitite
orebody at its 100% owned Blue Ridge West Platinum Project, on the eastern limb
of the Bushveld Complex in South Africa.
The revised Mineral Resource been estimated using the terminology, definitions
and guidelines of the JORC Code and has been audited by independent consultants
SRK Consulting:
Blue Ridge West Platinum Project - Audited Resource Estimate
Category Tonnes Channel Width Grade Contained
(millions) (cm) (g/t 5PGE+Au) 5PGE+Au
(million oz)
Measured Mineral Resource 12.3 142 3.9 1.5
Indicated Mineral Resource 15.3 141 3.9 1.9
Inferred Mineral Resource 2.0 145 4.0 0.3
Total Mineral Resource 29.6 142 3.9 3.7
The revised Measured and Indicated Mineral Resource of 27.6 million tonnes at a
grade of 3.9g/t containing 3.4 million ounces 5PGE+Au represents a 5% increase
in grade and a 21% increase in contained metal when compared with the Measured
and Indicated Mineral Resource of 23.6 million tonnes at a grade of 3.7g/t
containing 2.8 million ounces 5PGE+Au announced for Blue Ridge West in April
this year.
The recent drilling at Blue Ridge has confirmed the Company's confidence
regarding the continuity and grade of the UG2 and enabled it to transfer a
significant portion of the previously reported Inferred Mineral Resource to the
Measured and Indicated categories. This, therefore, has significantly increased
the resource base available for the feasibility study.
In line with the Sperrylite acquisition agreement dated 21 December 2000 the
target audited resource has been achieved for Blue Ridge. Accordingly, 1.25
million new ordinary shares will be issued to Rosario International Investments
Limited pursuant to the sale of rights, outlined in the prospectus to
shareholders dated 4 July 2002.
Mr J. G. Cluff, Chairman and Chief Executive, commented:
"This upgraded Mineral Resource continues to justify our decision to undertake a
full feasibility study into a mine producing approximately 200,000 ounces PGM at
Blue Ridge West, which we expect to complete in the next six months. In addition
we have recently commenced drilling at Blue East and at Sheba's Ridge and expect
to release results from these projects later in the year"
29 July 2002
ENQUIRIES:
Cluff Mining PLC Tel: +44 20 7495 2030
J.G.Cluff (Chairman & Chief Executive)
Terence Wilkinson (Group Operations Director)
College Hill Associates Tel: +44 20 7457 2020
Nicholas Williams
Michael Spriggs
This information is provided by RNS
The company news service from the London Stock Exchange