London Mining plans string of JORC-compliant updates by end of the year
12 November 2009
London Mining, the steel-feed specialist that listed on AIM last week, is planning to publish JORC-compliant resource estimates for its three main projects by the end of the year.
In a market update covering the third quarter of 2009, London said it was working on delivering the updated statements for its projects at Marampa in Sierra Leone, Wadi Sawawin in Saudi Arabia and Isua in Greenland. It is also planning to drill a further 22,000m in order to expand its existing resources.
London is aiming to become a mid-tier developer of mines for the steel industry. At its 100%-owned Marampa project a dispute with the Government of Sierra Leone and mining group African Minerals was recently resolved with the issue of a new 13.82 sq km mining licence. Apart from the anticipated JORC-compliant resource update, a construction decision for Marampa is expected by the end of 2009.
A the Wadi Sawawin 50% joint venture, London is aiming to deliver a bankable feasibility study by the end of the year. A 2,640m drilling campaign is underway with the aim of extending the mine life for the project from 14 to 17 years.
At the 100%-owned Isua project in Greenland the company has just completed 3,600m of drilling and a prefeasibility study is due in the first quarter of 2010.
Finally, London’s China Global Mining Resources joint venture is planning to start a drilling campaign towards the end of the year, with the aim of producing a resource statement to JORC standards in 2010.
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