40% Increase in Resource at Moma Titanium Minerals Project, Mozambique
March 27 2006 - 9:25AM
UK Regulatory
* Total ilmenite resource increased to 101 million tonnes (up from
72 million tonnes)
* This includes the adjacent Nataka zone where inferred ilmenite
resource increased to 49 million tonnes from 20 million tonnes
* Project facility 81% complete - handover anticipated 2006
Kenmare today announces significant progress at its Moma Titanium
Minerals Project in Mozambique, including increases in inferred
resources and construction of the plant.
Exploration drilling, which resumed in late 2005 and early 2006, has
resulted in a substantial increase in the resource base at Moma. At
the Nataka zone, which is close to the mineral processing plant, the
inferred resource has been increased from 20 million tonnes to 49
million tonnes of contained ilmenite, the main economic mineral, at a
grade of 3.3% total heavy minerals. The Nataka resource also
contains 3 million tonnes of zircon and 1 million tonnes of rutile.
The resource at Nataka benefits from a similar set of parameters to
that of the Proven Reserve at the Namalope zone on which mining is
due to commence later this year, and which indicates that Moma will
be one of the lowest cost producers in the world.
The total resource at Moma has therefore increased from 72 million
tonnes to 101 million tonnes of ilmenite plus associated co-products,
making Moma one of the largest titanium resources in the world.
Ilmenite is used in the production of titanium dioxide pigment, which
is largely used in paint, paper and plastic production. The primary
applications for zircon are in the manufacture of opacifiers for
ceramic tile production and for refractory products used in the steel
and foundry industries.
The project is now 81% complete and the project contractor, a joint
venture between Multiplex and Bateman, is indicating a handover to
Kenmare towards the end of 2006.
Kenmare has also made substantial progress in the recruitment of a
highly experienced team to manage the operation after handover.
General Manager Wayne Knott, previously Operations Manager for the
Iluka Resources Florida/Georgia operations, joined Kenmare in
February 2006. Knott, who has previously served in mineral sands
operations in South Africa and Australia, brings a wealth of
experience to the Moma Project. Kenmare has also recently appointed a
Mining Manager and a Resident Geologist, both formerly of TiWest's
Cooljarloo operation in Western Australia, while a Mine Planning
Manager, a Process Manager and an Engineering Manager have been
recruited from various mining operations in South Africa and will
join the operations team during April and May. Their wealth of
technical and managerial experience is complemented by an
Administration Manager and a Human Resource Manager, both of whom are
Mozambican-born and add balance to the management team through their
detailed knowledge of local protocols and cultures. Kenmare
recognised the importance of a strong management team at an early
stage and is confident that this has now been achieved.
Commenting today Kenmare's Chairman, Charles Carvill said: "We are
delighted with the results from our resumed exploration drilling
which make Moma one of the largest exploitable titanium feedstock
deposits in the world. We are also delighted that construction has
achieved such an advanced stage of completion without any significant
delays. The onset of production is now only just around the corner
and with the highly experienced team we have on board we are looking
forward to a smooth start."
For more information:
Kenmare Resources plc
Tony McCluskey, Financial Director
Tel: + 353 1 671 0411
Mob: + 353 87 674 0346
Dr Chris Gilchrist, Chief Operations Director
Tel: + 353 1 671 0411
Mob: + 353 87 9925027
Conduit PR Ltd
Leesa Peters
Tel: +44 (0) 207 429 6600
Mob: + 44 (0) 781 215 9885
Murray Consultants Ltd
Elizabeth Headon
Tel: + 353 1 498 0300
Mob: + 353 87 989 7234
www.kenmareresources.com
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Copyright � Hugin ASA 2006. All rights reserved.
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