London Mining reveals BFS for Isua project
By BFN News | 08:32 AM | Tuesday 27 March, 2012
The bankable feasibility study for London Mining's Isua project in Greenland show 'extremely robust and attractive ecomomics under a number of scenarios'.
The BFS supports the results of a scoping study compiled by SNC Lavalin International for the Isua iron ore projectwhichn was released in February last year.
The scoping study considered a 15 year life mine with 15Mtpa open pit, processing plant, pipeline and a deep water port.
The BFS with AACE Class 3 estimates for a 15Mtpa operation considering a 10 year mine life based on the currently available amount of 'indicated' resources has now been completed.
A 15-year scenario was also evaluated to demonstrate the greater potential of the asset.
The BFS supports the initial findings of the scoping study, provides a more accurate estimate of cost and provides the foundation to finance and construct a mine at Isua.
Lomndon Mining chief executive Graeme Hossie said "The completion of the bankable feasibility study for Isua provides us with the basis to proceed with the permitting and financing process which will in turn allow London Mining to commence construction of the project.
"The results show that Isua has extremely robust and attractive ecomomics under a number of scenarios with potential for mine life extension from both the existing Inferred resource and from significant mineralisation potential that has been identified by the 2011 drilling campaign."
At 8:32am: (LON:LOND) share price was +3p at 281.5p
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