10 Oct 2011 11:49
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10 October 2011
Bellzone Mining plc
("Bellzone" or the "Company")
Directorate Change and Directors Dealings
Bellzone Mining plc (AIM: BZM) today announces the resignation of Mr Simon Farrell, aged 60, a non-executive Director of the Company with immediate effect.
In addition, Bellzone received notification on 10 October 2011 that Simon Farrell, has on 4, 5 and 6 October 2011 sold 820,000 ordinary shares of no par value in the Company ("Ordinary Shares"). The shares were sold at an average price of 25 pence per share. The sale was necessitated as a result of a requirement of Mr. Farrell to satisfy a margin call on a maturing debt facility.
Following the disposal, Mr. Farrell now has a beneficial interest of 1,130,477 Ordinary Shares representing 0.16 per cent. of the total issued share capital of the Company.
Nik Zuks, Chief Executive Officer, commented, "On behalf of the Board of Directors, I would like to thank Simon for his contribution to date. Simon has been involved with Bellzone since pre-listing and has provided insightful advice during the last 18 months. We wish him all the best for the future.
The Company has undergone significant growth since its admission to AIM and is reviewing a number of potential new additions to the Board as we move towards becoming a major iron ore producer, with initial production Q1 2012."
Enquiries: | |
Bellzone Mining plc | |
Terry Larkan | +61 (0) 8 9420 8900 |
Canaccord Genuity Limited | |
Nominated Adviser and Joint Broker to Bellzone | +44 (0)20 7050 6500 |
Andrew Chubb/Tarica Mpinga | |
Renaissance Capital Limited | |
Joint Broker to Bellzone | +44 (0)20 7367 7777 |
Jeremy Wrathall | |
Tavistock (UK) | |
Jos Simson/Paul Youens | +44 (0)20 7 9203 150 / +44 (0)7899 870 450 |
PPR (Australia) | |
David Ikin | +61 (0) 8 9388 0944 / +61 (0) 408 438 772 |
About Bellzone Mining Plc
Bellzone Mining plc is an exploration and resource development company with iron ore and nickel / copper permits in the Republic of Guinea, West Africa.
Kalia Mine
The Company's flagship project, the Kalia Mine Project, is planned to commence production in 2014 and be producing iron ore and iron ore concentrate at a rate of 50 million tonnes per annum in 2018. The Kalia Mine Project has a 6.16 billion tonnes magnetite JORC resource and an oxide JORC resource of 193 million tonnes. A Supergene BIF JORC resource of 92.5 million tonnes at 36.5% Fe has been delineated and shows the potential to upgrade to produce 37 million tonnes of 63% Fe material. The oxide and Supergene BIF resources have been established from just 10.5% of the 55km2 of the mapped surface oxides on the Kalia permit. Drilling results and internal estimates indicate that the Kalia Mine Project has the potential to host more than 10 billion tonnes of magnetite and 2 billion tonnes of oxide.
CIF - Project, Financing & Infrastructure Partner
Bellzone has a Definitive Agreement ("Agreement") with China International Fund Limited ("CIF"). The Agreement gives CIF right of first refusal to purchase the Kalia Mine Project's production at market rates and CIF commits to providing Bellzone commercially related funding for the development of the Kalia Mine Project.
The Agreement contains CIF's commitment to fund and build commercially operated rail and port infrastructure that will enable Bellzone to export production from the Kalia Mine Project. The infrastructure is being developed by Kalia Horizon Minerals Pte Limited, an entity that is 90% owned by CIF with Bellzone having a 10% carried interest. The Agreement provides for Bellzone to be the lowest cost user with permanent priority access.
Forécariah JV
Bellzone and CIF also have fully funded a joint venture to undertake the accelerated exploration and development programme at CIF's Forécariah iron permits that lie between 30 and 80 kilometres from the Guinea coast. Production is scheduled to start in Q1 2012 with an initial production rate of 3-4 mtpa of oxide ore, ramping to a rate of 10 mtpa in 2013.
Other activities
Bellzone has completed a mapping and surface sampling programme identifying highly prospective targets at its Sadeka Nickel/Copper Project. A VTEM aerial survey is currently being conducted to further define areas for a targeted drilling programme.
Bellzone has acquired the rights to buy 70% of Compagnie Miniere de L'Ouest Africain SA, incorporated and holding tenements in Mali. The company is undertaking geological studies on the tenements which are prospective for iron ore before making an investment decision.