Friday , 24 Jun 2011
HIGHLIGHTS
· JORC compliant Mineral Resource at the Iron Valley Project increased from 240Mt* to 259Mt (an 8% increase).
· The total Indicated Resource is now 216.3Mt (83% of total Resource) and the Inferred Resource is 42.8Mt, with an average grade over the deposit of 58.3% Fe at a 50% Fe cut-off grade.
· Metallurgical test work completed for the bedded Brockman mineralisation at Iron Valley indicates potential to deliver approximately 37% of production as lump ore, and for potential product upgrade by wet processing.
· This Mineral Resource increase and positive metallurgical test results will further support the mining pre-feasibility study activities currently underway.
· The total IOH Mineral Resource in the Central and Western Pilbara is now 709.1Mt.
(sourced :mineweb)
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At the "Horizon Group" here in Athens - www.horizontradegroup.com-
while we are pleased in our near-term and longer term "coal" exports from S. Africa and Indonesia to China and India, we share many industry relationships globally, thus very pleased to see subject resource upgrade and positive metallurgical results as reported by LUE.
At the "Horizon Group" with our core business focused in "coal sourcing and export" - often we are asked to supply iron ore and given the resources and global investment in mining ops, We remain quite positive in the near-term and particularly longer term in both coal and iron ore - the demand from Indian's and China's grwing economies will assure the necessity to increase subject exports and for even more expansion in port facilities globally -
Christopher Tingus
Managing Director, HITG Boston
chris.tingus@gmail.com
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