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20 Nov 2009 10:02
Noventa Limited
("Noventa" or the "Company")
Trading Statement
20 November 2009
The Company is continuing its thorough evaluation of the ore body, mining equipment and metallurgical plant at the Marrapino mine to maximize the recovery of tantalum oxide (tantalite) from the ore body. The evaluation includes extensive and ongoing laboratory testing of ore body samples and metallurgical production equipment. The feasibility of processing and recovering tantalite from stockpiles of the oversized material and tailings generated by previous mining and processing operations is also being evaluated. The Board of Noventa retains its prudent approach in these matters.
The Company is actively looking to recruit key members of staff including Metallurgists and Engineers for its future plans. This will also include a new Chief Financial Officer, as Martin Hinxman has decided to pursue alternative opportunities following the decision to relocate the operational headquarters of Noventa to Maputo, Mozambique. Martin will remain in his current role until a suitable replacement can be identified and appointed.
It is the intention of the Board of Noventa at this time that production at the Marropino mine will restart on or around March or April 2010. In addition, an exploration program is being designed to evaluate the Company's other license areas in Mozambique it is the intention of the Board that this work is expected to start in the first half of 2010.
For further information please contact:
Eric F. Kohn TD
Chairman
Noventa Limited
+41 22 8500560
+41 79 5030150
www.noventa.net
Nick Harriss/Emily Staples
Blomfield Corporate Finance Limited (Nomad)
+44 20 7444 0800
Daniel Briggs Religare Hichens, Harrison plc (Broker) +44 20 7444 0500
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