Wednesday, 13 Jul 2011
Afferro Mining has reported a 36% increase in its 38.5% owned Putu iron ore project in Liberia. The resource has now been upgraded to 3.24 billion tonnes at 34.3% Fe and the pre feasibility study has been accelerated to complete in six to eight months with the definitive feasibility study now expected in the first quarter of 2013.
Mr Luis da Silva CEO of Afferro Mining said that "This is another fantastic result for the company and our JV partner, Severstal Resources. Afferro now has close to 2.7 billion tonnes of attributable iron ore equating to more than 900 million tonnes of contained iron in the ground."
He added that "With this tonnage justifying the base case investment outlined by the two shareholders, the JV is now in a position to concentrate on the exploration of the oxide cap during the pre feasibility study."
(sourced from stockmarketwire)
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