16 May 2011 07:00
|
7.00 am - 16 May 2011
Bellzone Mining plc
("Bellzone" or the "Company")
Director's Dealings
The Company (AIM: BZM) was notified on 13 May 2011 by Simon Farrell, a non-Executive Director of the Company, of the completion of the disposal of 2,232,939 ordinary shares of no par value in the Company ("Ordinary Shares"). The shares were disposed between 26 and 28 April at an average price of 66.31p per Ordinary Share. Following this disposal, Mr. Farrell now has a beneficial interest of 2,767,061 Ordinary Shares representing 0.38 per cent. of the total issued share capital of the Company.
Mr. Farrell disposed of this interest in Bellzone, along with significant other financial interests in other entities of which he has a management interest, in order to fund the purchase of properties in Australia and in the UK.
Enquiries: | |
Bellzone Mining plc | |
Terry Larkan | +61 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 |
Simon Matthews/Thomas Beattie | |
Tavistock | |
Jos Simson/Paul Youens | +44 (0)20 7 9203 150 |
+44 (0)7899 870 450 | |
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.
The Company's flagship project, the Kalia Mine Project has a JORC resource of 3.74 billion tonnes, located on the Kalia I prospect. Drilling results and internal estimates indicate that the Kalia Prospect has the potential to host more than 10 billion tonnes of magnetite and over 2 billion tonnes of oxide at surface.
In addition to the Kalia iron mine, an exploration and development programme is currently underway at the China International Fund ('CIF') held Forécariah iron permits that lie between 60 and 80 kms from the Guinea coast. Bellzone and CIF are jointly developing these permits which are prospective for oxide and magnetite. The development plan is designed to support an initial production target rate of 3-4 mtpa of direct shipping ore ('DSO') in Q1 2012 ramping up to a target rate of 10 mtpa by 2013.
Bellzone is committed to the staged development of the Kalia Iron Project, which includes a 50mtpa iron ore facility, rail and port, with initial production scheduled in 2014. Stage one is planned to bring a 20mtpa oxide online in 2014 and a 10mtpa magnetite concentrator in 2015. Stage two increasing the oxide output to 30mtpa in 2017 and doubling the concentrate capacity to 20mtpa by 2018
Bellzone signed an Infrastructure Accord with the Republic of Guinea giving the Company exclusive rights to the designated port and rail areas for purposes of conducting studies for the development of the infrastructure leading to the signing of a convention and concession. The infrastructure forms a key part of the Guinea Government's infrastructure strategy and will support the development of iron ore, bauxite and other minerals in Guinea through its availability for 3rd party use.
On 2 August 2010, Bellzone signed definitive agreements with China International Fund Limited ('CIF'). CIF will finance and develop the rail and port infrastructure and offer a finance package to Bellzone for the development of the Kalia Mine in exchange for the first right to purchase 100% of the off‐take of the Kalia Mine at market price.
Bellzone has competed an intensive mapping and surface sampling programme and has defined highly prospective drilling targets at its Sadeka Nickel/Copper Project and has commenced a drilling programme on these targets.