Last checked at 13 May 2019 07:36
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector: Mining
13 May 2019
Jangada Mines plc ('Jangada' or the 'Company')
Completion of Social, Legal and Environmental Reviewas Bankable Feasibility Study Nears Completion
Jangada Mines plc, a natural resources company developing the Pedra Branca project, South America's largest and most advanced platinum group metals ('PGM') and nickel project (the "Project"), and the Ptombeiras West vanadium project, is pleased to provide an update on the bankable feasibility study ('BFS') that is nearing completion at the Project in north-eastern Brazil.
Highlights
· On track with completion of BFS to confirm the technical and economic viability of the Project
· Completed verification of the environmental, legal and social components of the BFS
o No environmental, legal and social risks that could impact development identified
· Verification of the metallurgy component of the BFS underway and close to completion, following which, the final mine design process can commence
Brian McMaster, Executive Chairman of Jangada said, "The delivery of a combined BFS for the PGM and nickel assets to further confirm Pedra Branca's technical and economic viability will represent a significant milestone in the development of the Project, and we are delighted that we are close to achieving this. The assessment of relevant environmental, legal and social factors is a key consideration and it is reassuring that no red flags have been identified in this process or in the earlier work completed for the environmental licence application that we were awarded in October 2018.
"The findings from this verification stage of the BFS, across all the various components, have consistently demonstrated both the potential and the feasibility of the Project"
Further Information
The Company is close to completing a BFS at its 48,000 hectare Pedra Branca PGM-nickel project, which has a JORC (2012) Compliant Resource of 2.2 million oz of PGM+Au, 298 Mlb of nickel, 50 Mlb of copper and 15 Mlb of cobalt.
The Company is currently focused on the initial verification phase of the BFS, which on completion will enable the Company to move towards the mine design process - see summary below:
Component | Expected Completion Date |
Preliminary Flow Sheet | Completed |
Nickel Resource Estimation | Completed |
PGM Resource Review | Completed |
Hydrology Study | Completed |
Legal, Environmental and Social Factors | Completed |
Metallurgy Test Work Verification | Nearing completion |
The Company has reviewed the environmental and social context of the Project with a detailed study completed as part of the environmental license application for trial mining. The Company was awarded the license, as announced, on 1 October 2018. The legal and tenement standing of the Project has also been reviewed in the light of the current development strategy as well as potential exploration growth in the future.
The Company currently holds 45 tenements at Pedra Branca, of which three have approved final reserves reports. The environmental permit has been issued for the Esbarro target, which contains 20 million tonnes of ore, 520 000 oz of PGM+Au, and is currently envisaged as the first production target at full operation.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
* ENDS *
For further information, please visit www.jangadamines.com or contact:
Jangada Mines plc | Brian McMaster (Chairman) | Tel: +44 (0) 20 7317 6629 |
Strand Hanson Limited (Nominated & Financial Adviser) | James Spinney Ritchie Balmer Jack Botros | Tel: +44 (0)20 7409 3494 |
Brandon Hill Capital (Broker) | Jonathan Evans Oliver Stansfield | Tel: +44 (0)20 3463 5000 |
St Brides Partners Ltd (Financial PR) | Isabel de Salis Gaby Jenner | Tel: +44 (0)20 7236 1177 |