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21 Oct 2011 12:35
For immediate release: 21 October 2011
Pathfinder Minerals Plc
(the "Company")
Directors' Share Purchases
Pathfinder Minerals Plc, the natural resources company with licences to mine heavy minerals sands in Mozambique, announces the following purchases on 21 October 2011 of ordinary 1p shares by directors of the Company:
Name | Position | Shares purchased | Price paid per share | Resultant total holding | % of issued Share capital |
John McKeon | Chairman | 1,000,000 | 3.3p | 122,209,700* | 11.78% |
James Normand | Finance Director | 100,000 | 4p | 128,000 | 0.01% |
*note: 75,245,000 ordinary shares shown against the name of John McKeon are registered in the name of Old Church Street Holdings Limited. Old Church Street Holdings Limited is owned by Equinox Trustees for a trust for which John McKeon is the primary discretionary beneficiary.
Enquiries:
Pathfinder Minerals Plc
Nick Trew, Chief Executive
Tel. +44 (0)20 7399 4371
Daniel Stewart & Company Plc
Oliver Rigby or James Thomas
Tel: +44 (0)20 7776 6550
M: Communications
Ben Simons or Maria Souvorov
Tel: +44 (0)20 7920 2340 /2327
Notes to Editors
About Pathfinder Minerals
Pathfinder Minerals has mining concessions covering approximately 32,000 hectares of land, on the Indian Ocean coast of the Zambezia province of Mozambique, known to contain the heavy minerals, ilmenite, rutile and zircon.
The concessions, known as Naburi and Moebase and formerly held by BHP Billiton, are over land located near the Indian Ocean coast of Mozambique. Historical reported mineral resources on the assets are estimated at 2.02 billion tonnes with a 3.55% total heavy mineral content, which is equivalent to approximately 71.7 million tonnes of contained heavy minerals. Confirmatory drilling and metallurgical test work will be required to upgrade the classification of the mineral resources.
Exploration work conducted on the licences from the mid-1980s through to 2002 has identified significant mineralisation. Bulk sampling and metallurgical test work conducted in support of prefeasibility and feasibility studies in the mid-1990s indicates that valuable heavy minerals can be recovered using conventional dredge mining, wet concentration and dry mineral separation processes.
The Company is undertaking a detailed feasibility study with a view to developing a mine for commercial extraction.
www.pathfinderminerals.com
Heavy Minerals Sands
The more valuable components of a heavy minerals sands deposit include the titanium oxide minerals ilmenite and rutile and, in addition, zircon. Ilmenite and rutile are used to produce titanium dioxide pigment used in the production of paint, paper, plastic, textiles, rubber and pharmaceutical products. Zircons are commercially mined for the metal zirconium and are used for abrasive and insulating purposes.
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