Last checked at 30 Sep 2021 09:16
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector: Mining
30 September 2021
Jangada Mines plc ('Jangada' or 'the Company')
Pitombeiras Project Definitive Feasibility Study Update
Jangada Mines plc, a natural resources company, is pleased to provide an update on the preparation of the Definitive Feasibility Study ('FS') of the Pitombeiras Ferrovanadium Project located in the state of Ceará, Brazil ('the Project').
Brian McMaster, Executive Chairman of Jangada, said: "Since its discovery in 2019, we have made significant progress in developing this exciting ferrovanadium deposit and have a high level of confidence in fast-tracking the Project to production. With the Project substantially de-risked and having demonstrated its robust economics during the Preliminary Economic Assessment stage, we are now working on the final details of the FS and look forward to providing further updates in due course."
Details
The Company continues to advance the development of its Pitombeiras Ferrovanadium Project in Brazil, where it recently announced an updated National Instrument 43-101 ('NI 43-101') compliant resource estimate highlighting Measured & Indicated Resources of 5.10Mt at 0.46% V2O5, 9.04 % TiO2 and 46.06% of Fe2O3, and Inferred resource of 3.16Mt at 0.44% V2O5, 9.00% TiO2 and 45.86% of Fe2O3.
Having been granted a trial mining license to initiate the extraction of FeV from the Project through an open pit mine operation, the Company hopes to fast-track the Project to early production. Accordingly, the Company appointed independent engineering advisory company GE21 Consultoria Mineral ("GE21") to prepare a NI 43-101 FS rather than an upgraded Preliminary Economic Study ('PEA'). While much of the work for the FS has been completed as planned, additional work has been undertaken and a few workstreams have been slowed due to COVID-19; the completion date for the FS has therefore move into Q4 2021.
Earlier in the year, the Company completed an initial PEA, which confirmed the Project's robust economics: US$106.5 million post-tax Net Present Value; 317.8% post-tax Internal Rate of Return; and three-month payback (RNS dated 16 February 2021). It is anticipated that the completed FS will further strengthen these already strong economics.
**ENDS**
For further information please visit www.jangadamines.com or contact:
Jangada Mines plc | Brian McMaster (Chairman) | Tel: +44 (0) 20 7317 6629 |
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Strand Hanson Limited (Nominated & Financial Adviser) | James Spinney Ritchie Balmer
| Tel: +44 (0)20 7409 3494 |
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Brandon Hill Capital (Broker) | Jonathan Evans Oliver Stansfield | Tel: +44 (0)20 3463 5000 |
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St Brides Partners Ltd (Financial PR) | Isabel de Salis
| E: info@stbridespartners.co.uk |