Beowulf announces positive study on iron ore mines in Sweden

Friday, 14 Oct 2011

A study on Beowulf Minings Ruoutevare and Kallak iron ore mines in Sweden revealed they could generate revenues of USD 9.1 billion and USD 8.4 billion respectively.

Updated economic estimates included in the report suggest that, over the first 15 years of mining, at a rate of 10 million tonnes per annum, Ruoutevare could generate gross revenues of USD 9.1 billion and Kallak could generate gross revenues of USD 8.4 billion based on an a long term high product price forecast of USD 126 FOB a tonne for iron ore concentrate from Ruoutevare and USD 132 FOB a tonne for iron ore concentrate from Kallak.

Based on management current unclassified resource estimate of 600 million tonnes for Kallak, the mine life could be up to 60 years and the forthcoming maiden independent JORC resource estimate will be utilised to complete the full updated conceptual study on Kallak in due course.

An updated conceptual economic model shows a payback period on total investment of as low as 2 years for Ruoutevare and 2.4 years for Kallak compared to the previous 2010 estimates of 3.1 years and 3.6 years respectively.

Argosy Minerals Limited: Bembeye Iron Ore Project

Mon, Mar07, 2011

Argosy Minerals Limited ("Argosy") (ASX:AGY) is pleased to announce that it has been granted three exploration licences, through its wholly owned subsidiary Argosy Exploration (SL) Limited, for iron ore in Sierra Leone known as the Bembeye Iron Ore Project (Argosy 93 Prospect).

The government of Sierra Leone has granted Argosy a four year exploration license to explore for iron ore in an area covering 136.2 square kilometres in the south of the country, 100 kilometres from the major city of Bo, the second largest city in Sierra Leone and 120 kilometres from the coast.

Argosy owns 100% of the exploration license.

Argosy's consultant and advisors have substantial experience and expertise in dealing with mineral prospects in Sierra Leone.

Argosy's Chief Consultant Geologist qualified at Durham University in England and upon his return to Sierra Leone joined the Geological Survey working for the government services in a senior capacity for several years. His unparalleled knowledge of the geology in Sierra Leone has enabled Argosy to make application for and be granted this exploration license.

Sierra Leone is a former British colony with a population of approximately 6.5 million.

The country has had a stable government since the end of the civil war in 2001. The last election was held in July 2007 and the country has remained stable under the present President Ernest Bai Karoma.

Argosy applied for the license on the basis of previous work on the tenement as follows:

1. A pronounced airborne magnetic anomaly shown by N.W. Wilson (1958/1959) of the S.L. Geological Survey to be caused near Bembeyema by a hard hypersthenes-quartz-magnetite.

2. The Bembeye is the southern mass of a range of hills that run in a north-easterly direction for about 30 kilometres. It is perceived that the magnetic lithology will run throughout the strike length of the range of hills, thus providing the possibility of substantial tonnage.

3. J. Middleton of the S.L. Geological Survey reported useful results from crushing and sieving a composite sample from selected high grade bands of the hard quartz-hyperthene-magnetite gneiss to determine the extractable percentages of magnetite. for more info visit

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