TIDMSKR
RNS Number : 1062F
Sunkar Resources PLC
20 May 2013
20 May 2013
SUNKAR RESOURCES PLC
("Sunkar" or the "Company")
Chilisai Phosphate Project Ore Reserve Update
Sunkar Resources plc (AIM: SKR) is pleased to announce an ore
reserve update for the Chilisai Phosphate Project in Kazakhstan
(the "Project").
This ore reserve update estimate, as with the mineral resource
update announced by the Company on 26 April 2013, has been prepared
in accordance with the guidelines of the Australasian Code for
Reporting Exploration Results, Mineral Reserves and Ore Reserves,
2004 ("JORC").
Wardell Armstrong International Limited ("WAI") has produced the
ore reserve estimate, with the application of a 99.5% mining
recovery and 11% grade dilution over the entire Licence Area.
Ore Reserve Estimate
Chilisai Phosphate Ore Reserve Estimate
(WAI, 2013 in accordance with JORC 2004)
--------------------------------------------------------------------
6% Cut-off Grade, Overburden Thickness <=6m, Recovery 99.5%,
Dilution 11%
--------------------------------------------------------------------
Classification Tonnage (Mt) Grade (% P(2) P(2) O(5) (Mt)
O(5) )
------------------ -------------- -------------- ----------------
Proved 106.1 9.66 10.2
------------------ -------------- -------------- ----------------
Probable 399.1 9.48 37.8
------------------ -------------- -------------- ----------------
Total 505.1 9.52 48.1
------------------ -------------- -------------- ----------------
HIGHLIGHTS
-- Total Proved and Probable reserves of 505.1 million tonnes at
a grade of 9.52% P(2) O(5) (at a 6% cut-off grade), giving a total
of 48.1 million tonnes contained P(2) O(5) .
-- Tonnage of Proved and Probable reserves increased by 92% (at
a 6% cut-off grade) from the previous reserves estimate which was
over 40% of the Licence Area.
-- Increase of 74% contained P(2) O(5) in total reserves (Proved
and Probable), at a 6% cut-off grade, compared to previous reserves
estimate which was over 40% of the Licence Area.
-- Ore density: 2.1t/m3
-- Processing Recovery: 78.5%
-- Mining Cost (Ore & Waste): $1.87/t
-- Processing Cost: $7.60/t
The ore reserve update is an integral part of the Mineral
Resource and Ore Reserve Update Report that has been prepared for
the Company by WAI, in accordance with JORC.
The Company announced its first ore reserve estimate of 265
million tonnes for the Project in March 2011. It covered 40% of the
Licence Area and was based on the digitised data for that part of
the deposit only.
The 2013 Mineral Resource calculations are based on the latest
database, in particular the mineral resource estimation prepared by
Kazakhstan Mineral Company in 2011 and on the Detailed Feasibility
Study ("DFS") prepared by SNC Lavalin and announced by the Company
in February 2013 and covers 100% of the Licence Area.
Serik Utegen, CEO of Sunkar, commented:
"The reserve estimate for the entire Chilisai licence area
demonstrates the true scale of the deposit. With established
reserve of 48 million tonnes of recoverable P(2) O(5) , target
output capacity of 0.87 million tonnes of P(2) O(5) , and DAP/MAP
manufacturing technology fully endorsed by leading engineering
firms, upon implementation, the Project is well positioned to
become a significant player in the world phosphate fertilisers
market.
The economic parameters of mining have been derived from the
Company's operations in 2008-2011, so the Board believes that the
reserves assessment is of very high reliability. This assessment
also supports our view that Sunkar can become one of the lowest
costs producers of phosphate fertilisers in the world."
Review by Qualified Person
Dr Phil Newall, Managing Director of WAI has reviewed and
approved the contents of this announcement as a Qualified Person as
defined in the AIM Rules. Dr Newall, BSc (ARSM), PhD (ACSM), CEng,
FIMM has nearly 30 years' experience of providing consultancy
services to minerals companies throughout the world.
For further information, please contact:
Sunkar Resources plc
Teck Soon Kong, Chairman Tel: +44 20 7397 3730
Serikjan Utegen, CEO
Strand Hanson Limited
Simon Raggett Tel: +44 20 7409 3494
Stuart Faulkner
David Altberg
Bankside Consultants
Simon Rothschild Tel: +44 20 7367 8888
or visit: www.sunkarresources.com
Notes to Editors:
1. Sunkar Resources plc
Sunkar Resources plc, through its wholly owned subsidiary Temir
Service LLP, operates a phosphate rock mine in Aktobe Oblast, North
West Kazakhstan. Temir Service LLP holds a Subsoil Use Contract to
part of the Chilisai Phosphate Rock Deposit. The contract area is
estimated to contain 1,128 million tonnes of phosphate ore.
Sunkar's strategy is to build a world class integrated
ammoniated phosphate fertilizer plant with low operating costs.
Sunkar's low cost base derives from its near surface phosphate rock
deposit and access to sulphur from the nearby North Caspian oil and
gas fields.
2. Previous resource and reserve estimates for the Chilisai
phosphate deposit
1975 - The Reserves for the Chilisai Phosphate deposit were
approved by the State Reserves Commission of the USSR. (See the
Competent Person's Report at
http://www.sunkarresources.com/en/pages/admission_documents).
2009 - WAI estimates mineral resource for the Chilisai Deposit's
central area covering 40% of the Licence Area.
2011 - WAI provides a mineral reserve estimate for 40% of the
Licence Area; the reserve on this part of the Licence Area is
expected to be sufficient for 25 years of ore extraction at a rate
of 10 million tonnes per annum.
3. JORC Code, Resource Definitions:
DEFINITIONS OF EXPLORATION RESULTS, RESOURCES & RESERVES
EXTRACTED FROM THE JORC CODE: (December 2004) (www.jorc.org)
A 'Mineral Resource' is a concentration or occurrence of
material of intrinsic economic interest in or on the Earth's crust
in such form, quality and quantity that there are reasonable
prospects for eventual economic extraction. The location, quantity,
grade, geological characteristics and continuity of a Mineral
Resource are known, estimated or interpreted from specific
geological evidence and knowledge. Mineral Resources are
sub-divided, in order of increasing geological confidence, into
Inferred, Indicated and Measured categories.
An 'Ore Reserve' is the economically mineable part of a Measured
and/or Indicated Mineral Resource. It includes diluting materials
and allowances for losses which may occur when the material is
mined. Appropriate assessments and studies have been carried out,
and include consideration of and modification by realistically
assumed mining, metallurgical, economic, marketing, legal,
environmental, social and governmental factors. These assessments
demonstrate at the time of reporting that extraction could
reasonably be justified. Ore Reserves are sub-divided in order of
increasing confidence into Probable Ore Reserves and Proved Ore
Reserves.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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