African Metals Corporation is Pleased to Announce Delivery of DMS Plant, Spirals Bank and Ancillary Plant Equipment at the Lu...
08 Novembre 2011 - 1:23AM
Marketwired
African Metals Corporation ("AFR")(TSX VENTURE:AFR)(FRANKFURT:OWW)
is pleased to report the delivery of the Dense Media Separation
(DMS) plant, spirals bank and ancillary equipment (the DMS Plant)
to the Luisha South Project. Clarification of pre-existing import
documentation issues with DRC Customs caused a delay in the
transfer of ownership registration to Kundelungu Mineral Resources
Sprl (KMR), a subsidiary of AFR.
Delays
A discrepancy in the original importation documents associated
with the DMS Plant resulted in a delayed transfer of ownership
registration to KMR. The DMS Plant was originally imported under a
two year temporary importation certificate in 2010. A failure to
comply with importation protocols and procedures resulted in
Customs delaying transfer of registration of equipment to KMR until
the previous owners resolved the documentation issues. The issues
have since been resolved to the satisfaction of Customs, and all
necessary documentation for full registration of the DMS Plant with
KMR and the payment of due taxes by the previous owner have been
finalized.
Mobilisation and Construction
M&J Investments Sprl ("M&J") have successfully
decommissioned and mobilised the DMS Plant to the Luisha South
Project (Photos 1, 2, 3). M&J will complete site preparation
and commence construction during week 2 of November. Scheduling is
targeting dry commissioning of the Plant by mid-December.
Nigel Ferguson, CEO and President of African Metals Corp,
commented:
"The Company is very pleased to report the delivery of the DMS
plant. The delays with import documentation issues have been
unfortunate and beyond the Company's control, but with the
successful resolution of the issues the Company now has a clear way
forward for commercial operation. The experience of the M&J
team should enable efficient construction and commissioning of the
plant in a timely manner, targeting oxide copper concentrate
production by year end."
ON BEHALF OF THE BOARD OF DIRECTORS OF
AFRICAN METALS CORPORATION
Nigel Ferguson, President & CEO
Nigel Ferguson, AusIMM, President and CEO of the Company and a
qualified person under National Instrument 43-101, has verified
data disclosed in this release.
Photo 1: Delivery of DMS Unit; Luisha South Project.
To view Photo 1, please visit the following link:
http://media3.marketwire.com/docs/800Photo1.jpg
Photo 2: Delivery of DMS plant, 'scrubber' and spirals bank to
the Plant Site, Luisha South Project.
To view Photo 2, please visit the following link:
http://media3.marketwire.com/docs/800Photo2.jpg
Photo 3: DMS plant (foreground), and 'scrubber' (background);
Luisha South Project.
To view Photo 3, please visit the following link:
http://media3.marketwire.com/docs/800Photo3.jpg
This News Release contains forward-looking statements.
Forward-looking statements are statements which relate to future
events. These statements are only predictions and involve known and
unknown risks, uncertainties and other factors that may cause our
or our industry's actual results, levels of activity, performance
or achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or
implied by these forward-looking statements. While these
forward-looking statements, and any assumptions upon which they are
based, are made in good faith and reflect our current judgment
regarding the direction of our industry, actual results will almost
always vary, sometimes materially, from any estimates, predictions,
projections, assumptions or other future performance suggested
herein. Except as required by applicable law, the Company does not
intend to update any of the forward-looking statements to conform
these statements to actual results.
About African Metals Corporation.
African Metals Corporation (TSX VENTURE:AFR) is a Canadian
listed company focused on the discovery and development of Copper
and Cobalt deposits in the highly mineralized Katanga Copper Belt
of the world renowned Africa Copper Belt in the Democratic Republic
of Congo ("DRC").
AFR purchased all the assets of Chevalier Resources Inc. in
March 2010 including a 57% interest in the Luisha South Project
contained within licence PEPM 4881, Katanga Provence, Democratic
Republic of the Congo ("DRC") through subsidiaries incorporated in
the DRC. In July AFR negotiated a further 18% interest in the
project with the option to increase the equity interest to 90%
based on results. The project is located 75 kilometres northwest of
Lubumbashi, the capital of Katanga Province and consists of
approximately 16.2km2.
The Luisha South Project includes a small historical open pit
mine and associated stockpile and is underlain by Roan Group
sediments which host major Cu-Co deposits in the DRC. The Luisha
South ore body was explored between 1923 and 1928 and an oxide
deposit with an estimated pre-production tonnage of approximately
350,000 tonnes at 8.6% Cu was delineated (the resource estimate
non-compliant in terms of NI 43-101). The results of a 2,002 metre
RC percussion drilling program completed by Titan Drilling Sprl in
June 2010 enabled the estimation of a NI 43-101 compliant maiden
Inferred Resource of 5.8 Million tonnes at 1.3% Cu for 75,400
tonnes of contained copper metal and 0.4% Co for 23,200 tonnes of
contained cobalt metal (using 0.5% Cu cut-off). Rubaco Sprl and
DrillTek Sprl combined to complete a total of 1,538.73 metres of
diamond core drilling at the project in January 2011. The results
of the drilling program enabled a re-estimation of the resource to
produce a NI 43-101 compliant Inferred Resource of 14.7 Million
tonnes at 1.1% Cu for 161,700 tonnes of contained copper metal and
0.3% Co for 44,100 tonnes of contained cobalt metal (using a 0.5%
Cu cut-off). The revised resource represented an increase of 114%
and 90% respectively of the previous contained copper and cobalt
metal estimates.
The Luisha South Project also covers some three kilometres of
the Roan Group strike length which is favorable for Cu-Co
mineralization. AFR is targeting commencement of an oxide
concentrate production by the end of Q4 2011.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS NEW RELEASE.
Contacts: African Metals Corporation Jag Sandhu Corporate
Development 604-306-1950
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