Sable Mining Africa Share News (SBLM)

LONDON (Alliance News) - Sable Mining Africa Ltd. Monday said it has increased its JORC compliant total resource at the Nimba Iron ore Project in south-east Guinea by 32%.

The AIM-listed iron-ore exploration mining company with operations in the Republic of Guinea and South Africa said its compliant mineral resource at Nimba increased to 178.4 million tonnes with a revised in-situ grade of 59% iron ore after exploration drilling.

The company said the results represent a significant increase from its previous 135.5 million tonne estimate and is a significant step towards proving up a total exploration target of 200 million tonnes.

Sable said it has now commenced a further drilling campaign focussed on upgrading the resource confidence to measured ahead of the publication of a maiden reserve for the project.

"The +38 million tonne addition is in line with the company?s stated target of +35-70 million tonnes, but most importantly, and verified by our site visit last week, we firmly expect the company to exceed its own 200 million tonne target,? the company's broker GMP Securities said in a statement.

Sable Mining shares were up 0.5% to 9.60 pence Monday.

By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1

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