AMI.L Regulatory News (AMI)

25 Jul 2008 07:20



African Minerals Limited

("African Minerals" or the "Company")

Mineral Licences and Marampa Iron Ore Project Update

African Minerals Limited (AIM:AMI), the mineral exploration company with interests principally in Sierra Leone, West Africa, is pleased to provide the following update in respect of its mineral licences and the Marampa Iron Ore Project.

Highlights

Government of Sierra Leone confirms validity of the Company's licence position

Four diamond drill holes completed at the Marampa iron ore project

Disseminated and sub-massive specular hematite mineralisation intersected at Marampa, with significant intervals ranging from 23% to 30% Fe 

Results confirm extension of hematite mineralisation from the historical Marampa mine, where export records show 64% Fe product grades 

Mineral Licence Update

African Minerals confirms that, following a review by the Government of Sierra Leone ("GoSL") of all mineral rights holdings within the country, the Company has received written confirmation from the GoSL that all the Company's mineral rights are valid and all its licences are in good standing.

Marampa Iron Ore Exploration Update

African Minerals is focusing on defining a JORC compliant resource at Marampa within the next 12 months, including the implementation of a drilling programme targeted at defining the optimal resource within the Company's licence area.

African Minerals conducted magnetic and gravity geophysical surveys and interpretations over the Marampa prospect area in 2007. The follow-up diamond drilling targeted anomalous gravity geophysical highs which were interpreted to correlate with hematite mineralisation extending from the former Marampa mining area into African Minerals' adjacent EXPL 09/06 exploration licence. 

http://www.african-minerals.com/I/Images/News/RNS/Location_Map_of_Marampa_and.gif

Commenting on the update, Frank Timis, Executive Chairman of African Minerals said:

"I am grateful to the Government of Sierra Leone for their recent licence review which has brought clarity and certainty to licence holdings in the country. This enables us to proceed with our exploration and development plans with confidence."

"The early exploration results at Marampa are encouraging and suggest the potential for significant iron mineralisation."

NOTES

It should be noted that there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. The grades of the drill holes presently reported may not necessarily reflect the ultimate grade of the potential target.

Enquiries: 

TABLE 1

Marampa Iron Ore Prospect, Sierra Leone

Diamond Drill Hole Summary Analyses

At 20thJuly 2008