10,000 Tonne Bulk Sample Completed
Keras Resources plc / Index: AIM / Epic: KRS / Sector: Mining
05 March 2019
Keras Resources plc ('Keras' or the 'Company')
10,000 Tonne Bulk Sample Completed
Keras Resources plc, the AIM listed mineral resource company, is pleased to announce that it has completed the 10,000-tonne bulk sample at its Nayega Manganese ('Mn') Project in northern Togo ('Nayega' or 'the Project') and all the necessary authorisations to export the 10,000-tonne bulk sample for metallurgical testwork have been received. The 10,000 tonnes of manganese ore have been transported to a secure location in close proximity to the deep-water port of Lomé awaiting shipment in mid-March by the end-user.
Highlights
· Successful completion of the 10,000-tonne bulk sample has proved up both the technical and logistical parameters of the Nayega project
· Export authorisation granted by Togolese authorities to ship 10,000 tonnes of manganese ore produced at Nayega Project for metallurgical testwork
· All 10,000 tonnes stockpiled in Lomé with shipment expected mid-March 2019
· Bulk sample, including equipment, operating and logistics costs as well as management fees fully funded by the end user; a major producer of manganese-based alloys
· Installed mine capacity to produce ~6,500 tonnes per month of +35% Mn ore at Nayega
Russell Lamming, Chief Executive Officer of Keras, commented, "I am delighted to announce that we have completed the bulk sample and received all the required authorisations to begin shipping the 10,000-tonne bulk sample for metallurgical testwork at the third-party ferromanganese smelter facility. The shipping, which has been scheduled for mid-March, is the final part of the bulk sampling process which has proven up the robust economics of the Nayega project.
"The substantial progress Keras has made at fast tracking the Nayega project into the first stages of production is a credit to our team and a significant step as we look to progress towards long term sustainable cashflows.
"In addition to these significant developments at Nayega, Keras is able to offer its shareholders the tangible benefits of a diversified portfolio of interests, highlighted by Calidus Resources' recently upgraded Mineral Resource at the Warrawoona Gold Project in Western Australia to 21.2Mt at 1.83 g/t Au for 1.25 million ounces, a 75% increase from the previously announced Mineral Resource. Keras currently holds 458 million shares in Calidus, representing approximately 32.3% of the current issued share capital of the company, and is due to be allotted a further 265 million on completion of a Pre-Feasibility Study, currently scheduled for Q3 2019."
Further Details
In August 2018, a 10,000-tonne bulk sampling metallurgical testwork programme commenced at Nayega to prove up the internal feasibility study previously conducted at the Project. The current programme is fully funded by a major producer of manganese-based alloys, which aims to confirm the suitability of the ore in its smelting facilities. The trucking of the processed ore to a secure site adjacent to the deep-water port of Lomé began at the end of January 2019. A 20 tonne per hour scrubber plant was commissioned in late December 2018, reaching steady state production of 230 saleable tonnes per day in early January.
Installed mining and processing plant equipment at Nayega has the capacity to produce ~6,500 tonnes per month of +35% Mn ore, with recent exploration testwork results having returned grades of 40%+ Mn, suggesting further potential upside to the operation as announced on 16 January 2019.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
**ENDS**
For further information please visit www.kerasplc.com, follow us on Twitter @kerasplc or contact the following:
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Russell Lamming |
Keras Resources plc |
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Nominated Adviser / Joint Broker Ewan Leggat / Charlie Bouverat
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SP Angel Corporate Finance LLP |
+44 (0) 20 3470 0470
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Financial PR Isabel de Salis / Cosima Akerman |
St Brides Partners Ltd |
+44 (0) 20 7236 1177 |
Notes
Keras Resources plc is focused on building a strategic portfolio of resource assets. The Company provides investors with exposure to a portfolio of development assets, including manganese, cobalt and nickel in Togo, West Africa. It also has a significant interest in Calidus Resources Limited ('Calidus'), a highly prospective gold exploration and development company in Australia, which is currently undertaking a Pre-Feasibility Study at its Warrawoona gold project. Keras benefits from a highly skilled management team, which has extensive operational experience in Africa and Australia and proven success in advancing assets up the value curve.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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