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(Sharecast News) - Mineral resource company Keras Resources updated the market on progress at the Diamond Creek high-grade direct shipping ore organic phosphate mine in Utah, and the Nayéga Manganese mine in Togo on Thursday.
The AIM-traded firm has the right to earn into a controlling 51% interest in Diamond Creek following its acquisition of Falcon Isle Holdings in July, and has an 85% interest in Société Générale de Mines, which holds the Nayéga exploration permit.
At Diamond Creek, the US Department of Labor's Mine Safety and Health Administration (MSHA) completed a two-day inspection and audit on 1 September on site, with no safety concerns or violations issued.
The first commercial production of -10 mesh organic phosphate product had been dispatched to a customer, the board said, with the access roads to be fully upgraded and a lay-down area for run-of-mine ore to be completed by 7 September.
First year run-of-mine production was set to increase by 50% to 7,500 short tons, to ensure that product was available through the winter.
A new crushing, milling and screening plant, to be owned and operated by Falcon, had been ordered, and fabrication had now started.
Tranche 2a of the $0.6m loaned to Falcon had been transmitted, increasing the company's current interest in Falcon to 30%.
At Nayega, Keras said a management trip to Togo was planned for 10 September, with exploration at the Ogaro prospect to restart on 7 September.
"We are now a month into the Diamond Creek acquisition and during that month, in addition to the significant progress on infrastructure, we have mined, toll-processed and dispatched our first high-grade DSO organic phosphate," said chief executive officer Russell Lamming.
"The successful and swift dispatch of this first commercial material is testament to the quality of Diamond Creek in terms of accessibility, simple processing technology and the quality of the on-site management team.
"With regards to Nayéga, we are very encouraged by the reopening of Togo to international business post the Covid-19 lockdown period."
Lamming said the company planned to restart exploration activities within the next week at the Ogaro prospect, which previously returned "highly encouraging" results, and was looking forward to a "positive and constructive" trip to Lomé from 10 September.
"I will be leading the Keras management team, which will meet key government officials to agree a way forward to production at Nayéga.
"I look forward to updating the market with developments relating to both our Diamond Creek Mine and Nayéga Manganese Project in due course."
At 1208 BST, shares in Keras Resources were up 8.93% at 0.15p.
7 Jul 2016 11:11