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Sable Mining set to fast track iron ore project – Money Matters

August 24, 2012 No Comments »

Sable Mining Africa Ltd, the AIM listed company, has reported a pre-tax loss on continuing activities of US$43 million, however the Group has a strong treasury and as at 31 March 2012 cash balances were US$37.9 million.

Sable Mining is aiming to fast track into production its world class haematite iron ore project Nimba. With large tonnage DSO potential, low contaminants and access to infrastructure, which all translate into relatively low capital expenditure; the company says Nimba sets itself apart from many of the other large scale African iron ore projects. 

The company said it is maintaining a tight control on finances and is well capitalised to advance primary projects.   The year ahead is set to be extremely exciting and the company expects a significant re-rating in its share price as it de-risks its project portfolio and investors realise the true potential of our assets. 

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CEO Andrew Groves said, “The results that we have received to date from our Nimba Iron Ore Project have highlighted its position as one of the most exciting projects being developed globally. For this reason, we have re-focused our exploration activities on to this project, and have so far been rewarded with outstanding haematite bearing intersections of up to 33.4m from surface with grades of up to 69.1% iron.

“Our rapid exploration programme is set to continue over the coming months with a near term objective of delivering a JORC resource by the end of 2012. “Importantly, Nimba benefits from established proximal infrastructure which should enable us to bring the project up the value curve with an ambitious production schedule.  With the upcoming JORC resource and further value trigger developments at Nimba anticipated in the coming months, I look forward to providing shareholders with further news in due course.” 

The report also highlighted the company’s significant Zimbabwean coal assets with an attributable resource of 1.75 billion tonnes.

Key corporate appointments have helped to strengthen the Board – West African mining and finance specialist Aboubacar Sampil and high profile southern African coal specialist Peet.

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