11 Sep 2013 07:00
11 September 2013
Bellzone Mining plc
("Bellzone" or "the Company")
Forécariah Joint Venture Update
Further to the 26 July AGM statement in which Bellzone (AIM: BZM) advised shareholders that it would continue to monitor shipping targets carefully and update the market accordingly, it is now clear that previously expected shipping targets are no longer achievable. This is due to the issues outlined in that statement as well as the performance of the trans-shipping contractor and weather conditions.
The operations have shipped some 270,000 tonnes to date and have approximately 250,000 tonnes of partially and fully processed stockpiles. The JV will continue to mine and stockpile material while the shipping issues continue to be resolved. In the short term, a small technical team from Bellzone is assisting at the JV operation while additional expertise is being brought into the management team.
Bellzone will update the market as soon as further information becomes available.
Enquiries:
Bellzone Mining plc |
|
Peta Baldwin, Corporate Affairs | +44 (0)1534 513 500 |
|
|
Canaccord Genuity Limited |
|
Nominated Adviser and Broker |
|
Andrew Chubb/Neil Elliot | +44 (0)20 7523 8000 |
|
|
Investec Securities |
|
Broker |
|
Chris Sim/George Price | +44 (0)20 7597 5970 |
|
|
Tavistock Communications (UK) |
|
Financial Public Relations |
|
Jos Simson/Mike Bartlett/Emily Fenton | +44 (0)20 7920 3150/+44 (0)7788 554 035 |
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 Project is the Company's flagship project with a globally significant magnetite resource of 4.72 billion tonnes and some 913.2 million tonnes of oxide and supergene banded iron formation.
Bellzone and China International Fund each hold a 50% investment interest in the joint venture operations at the Forécariah iron ore mine which commenced production in May 2012.