Last checked at 29 Oct 2015 07:00
29 October 2015
Ferrum Crescent Limited
("Ferrum Crescent", the "Company" or the "Group")(ASX: FCR, AIM: FCR, JSE: FCR)
Mail-out of Notice of Annual General Meeting
Ferrum Crescent today announces that it has today mailed and submitted to the Australian Securities Exchange a copy of the notice of meeting and associated documentation relating to its Annual General Meeting of shareholders to be held at The Hovia Room, Metro Hotel Perth, 61 Canning Highway, South Perth, Western Australia 6151 at 11.00 a.m. (Perth time) on 30 November 2015.
For further information on the Company, please visit www.ferrumcrescent.com or contact:
Australia enquiries: | UK enquiries: |
Ferrum Crescent Limited Tom Revy T: +61 8 9474 2995 Managing Director
| Ferrum Crescent Limited Laurence Read (UK representative) T: +44 7557672432 Strand Hanson Limited (Nominated Adviser) Rory Murphy/Matthew Chandler T: +44 20 7409 3494 Beaufort Securities (Broker) Elliott Hance T: +44 20 7382 8416
|
South Africa enquiries: | Bravura Capital (Pty) Ltd (JSE Sponsor) Doné HattinghT (direct): +27 11 459 5037
|
Notes to Editors:
Ferrum Crescent's principal project is the Moonlight Iron Project located in Limpopo Province in the north of South Africa. The Moonlight Deposit (upon which the Project is based) is a magnetite deposit located on the Moonlight, Gouda Fontein and Julietta farms and is the main operational focus for the Company. Iscor Limited ("Iscor"), which explored the Project in the 1980s and '90s, reported mineralisation capable of producing a concentrate grading at 68.7% iron. At that time, Iscor concluded that the deposit, which was described as being comparable to the world's best, was easily mineable due to its low waste-to-ore ratio. The beneficiation attributes of Moonlight ore are extremely impressive, with low-intensity magnetic separation considered suitable for optimum concentration.
Metallurgical tests on Moonlight material, undertaken since by Ferrum Crescent, suggest that Iscor's historical results are conservative, that good metal recoveries can be achieved, and that the resulting concentrates have a high iron content and only negligible impurities, at grind sizes considered to be industry standard (P80 of 75 - 125 microns).
Key features of the Project to date are:
Ø JORC (2012) compliant Mineral Resource;
Ø Historical drilling, drilling by the Group, geological modelling and a high density geophysical survey conducted by the Company confirm tonnage upside potential;
Ø 30 year Mining Right granted;
Ø Environmental licence (EIA) in place for the Moonlight mining area (approved 4 April 2013);
Ø Metallurgical test work indicates the potential for high quality concentrate and or pellets in excess of 69% iron with low deleterious elements (DR grade pellets for use in direct reduction iron/electric arc steel-making processes);
Ø The quality of product that can be potentially produced at Moonlight is a clear differentiator against its industry peers, as is the access to infrastructure (port, power and rail);
Ø Duferco offtake partner (4.5 Mtpa plus first right on a further 1.5 Mtpa if not sold domestically); South Africa currently has a growing demand for high grade iron concentrate and or pellets for its steel industry;
Ø Independent valuation by The Mineral Corporation completed in June 2014; this valuation served as the basis for the recent BVI (Ovation Capital) deal;
Ø BEE compliant South African investment company (BVI) will provide a completed BFS to the Group by 2017/18 at no expense to the Group in return for a 39-43% equity position in the Project;
Ø Located near Kumba railhead at Thabazimbi (Kumba operation depleting in grade), Limpopo Province, northern South Africa;
Ø New Eskom power plant (4,800MW) commissioning first 800MW module;
Ø Richards Bay port expansion for iron ore products;
Ø Local community, Ga-Seleka, has an effective 3% carried interest in the Project.