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3 Jun 2010 07:30
Noventa Limited
("Noventa" or the "Company")
Noventa Updates on Operations at Marropino
3 June 2010
Noventa is pleased to announce results from its plant at its Marropino mine (the "Mine") following the first month of successful operations.
The concentration of tantalum in the Mine's tailings ore has proven to be significantly higher than the previously expected 115 parts per million (based on samples of the entire tailings dump); these results have been verified by an independent laboratory. Further, the choice of liberation process and technique has now proven to be successful at an industrial scale. Analysis concluded in January 2010 suggested the optimum liberation of tantalum to be in the range 1mm to 38 microns, in three sub-fractions; the actual results achieved since re-start have confirmed two of the fractions using existing equipment. The third fraction will be confirmed once production from the higher grade run of mine material commences in the future.
To date, the Mine's single shift has delivered plant availability of 90%, utilization of 90%, and 18,000 tons of tailings that have been processed, delivering a tantalum concentrate from its dry mill of circa 33% grade at 250 microns from the re-processed material. This is compared with a 26% concentrate that was demonstrated through lab testing and historically delivered by the plant using higher grade run of mine material as the feedstock. These results exceed expectations in both grade and recovery by a significant margin. This augurs well for the further expansion of Noventa's mining activity in Zambezia Province, Mozambique, both at Marropino and at the Company's other sites. The Board's confidence in current progress has been enhanced by the establishment of a new laboratory on site at Marropino. The purchase of new equipment and the recruitment of highly skilled personnel are contributing to the Company's progress towards a world-class facility.
Noventa recently hosted a visit at Marropino Mine from the Chief Union Representative of SINTIM, the regional major trades union, who professed himself delighted by all that Noventa had achieved since its start up. Noventa has also recently been admitted to the Electronic Industry Citizen Coalition (EICC), where it is represented by its Chairman, Mr Eric F Kohn TD. Noventa is actively supporting the Mozambique Government's bid to achieve full compliance by May 2011 with the World Bank's Extractive Industry Transparency Initiative. All of this reinforces Noventa's zero tolerance of corruption, the high value it places on the mining and production of tantalum, including the training and well-being of all employees and staff.
Mr Eric F Kohn TD commented, "With the successful initial testing of the plant, Noventa will be increasing throughput over the following months whilst continuing to test and optimise to maximise Ta2O5 concentrate output. These results exceed expectations by a significant margin and give the Board great confidence as it continues to make investment at the mine to take it to profitable and sustainable production."
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
Religare Capital Markets (Nomad)
+44 20 7444 0800
Daniel Briggs Religare Capital Markets (Broker) +44 20 7444 0500
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