21 Aug 2013 07:00
21 August 2013
International Ferro Metals Limited
("IFL" or the "Company")
Resource and Reserve Statement for 30 June 2013 and Banking Facility Update
IFL is pleased to announce the completion of an updated Resource and Reserve Statement for the financial year ended 30 June 2013. The results of the new Statement for the Company's Sky Chrome and Lesedi mines in the Bushveld Igneous Complex in South Africa's North West province demonstrate positive increases in tonnages and in some cases, grades as well.
The total resource has increased significantly by 64% from 125 million tonnes to 206 million tonnes and the average chrome oxide (Cr2O3) grade has increased from 34.49% to 37.57%.
In addition, the total reserves have increased by approximately 6% from 87 million tonnes to 92 million tonnes with the average Cr2O3 grade having reduced marginally from 28.11% to 27.85%.
The improvements in resource grade and tonnages largely reflect the re-modelling of the resources at Sky Chrome and Lesedi Mine as well as the conversion and the addition of the inferred resources at Sky Chrome Mine.
In addition to this, and as previously announced, the Company has been awarded the rights to the platinum group minerals (PGM's) in the Middle Group (MG) chrome seams at its Sky Chrome mine. The Resource Statement for the PGM's has been completed and resulted in an estimated inferred resource of 1.34g/t of PGM's in the 181 million tonnes of total chrome ore resource at Sky Chrome.
The Company also confirms that its ZAR500 million loan facility with the Bank of China is expected to be renewed for a further one year in September 2013. The facility, which has been in place since June 2009, has been provisionally extended to 25 September to allow sufficient time for the Bank of China head office approval process to be completed. A further announcement will be made when the renewal becomes effective.
Chief Executive Chris Jordaan commented:
"The increase in both tonnages and grades in our latest Resource and Reserve statement demonstrates the quality of IFL's assets, and underlines the long term value inherent in the Company. Combined with our successful cost cutting and improved operational stability, we are continuing to position IFL well for the future."
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For further information please visit www.ifml.com or contact:
International Ferro Metals Limited Chris Jordaan, Chief Executive Officer | +27 (0) 82 653 1463 |
Brunswick Group Clemmie Raynsford / Kate Boothman-Meier | +44 (0) 20 7404 5959 |
Numis Securities Limited James Black / Stuart Skinner / John Prior | +44 (0) 20 7260 1000 |
About International Ferro Metals:
International Ferro Metals produces ferrochrome, the essential ingredient in stainless steel, from its integrated chromite mine and ferrochrome processing operations in South Africa. International Ferro Metals is listed on the London Stock Exchange under the symbol IFL.
Forward Looking Statements
This announcement contains certain forward looking statements which by nature, contain risk and uncertainty because they relate to future events and depend on circumstances that occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements.