Last checked at 31 Mar 2016 07:00
Savannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining
31 March 2016
Savannah Resources Plc
Rio Tinto and Savannah Mutamba/Jangamo Joint Venture Update
Savannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'), the AIM quoted resource development company, advises that the Rio Tinto Group and Savannah have agreed to extend the long stop date for fulfillment of the conditions precedent of the joint venture (announced on 22 June 20151) from 31 March 2016 until 30 June 2016 (or such later date as may be agreed in writing between the parties) to enable further time to fulfil the applicable approval processes.
1 http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12397113.html
**ENDS**
For further information please visit www.savannahresources.com or contact:
David Archer | Savannah Resources plc | Tel: +44 20 7117 2489 |
David Hignell / Gerry Beaney (Nominated Adviser) | Northland Capital Partners Ltd | Tel: +44 20 3861 6625 |
Jon Belliss / Elliot Hance (Corporate Broker) | Beaufort Securities Ltd | Tel: +44 20 7382 8300 |
Charlotte Heap / Lottie Brocklehurst | St Brides Partners Ltd | Tel: +44 20 7236 1177 |
Notes
Savannah Resources Plc (AIM: SAV) is a growth oriented, multi-commodity, development company.
Savannah has agreed to acquire 100% of Matilda Minerals Limitada which currently operates the Jangamo exploration project, and has agreed with Rio Tinto to form a joint venture in Mozambique to develop the combined Mutamba/Jangamo Project. Formation of the joint venture remains subject to approval by the Ministry of Mineral Resources and Energy of the Republic of Mozambique. Jangamo has a 65Mt Inferred Mineral Resource @4.2% total heavy minerals ("THM") at a 2.5% cut-off grade. The Mutamba, Dongane and Chilubane deposits have a combined exploration target of 7-12Bn tonnes at 3-4.5% THM (published in 2008).
Savannah has interests in three copper blocks in the highly prospective Semail Ophiolite Belt in Oman. The projects, which have an Indicated and Inferred Mineral Resource of 1.7Mt @ 2.2% copper and high grade intercepts of up to 56.35m at 6.21% Cu, with additional gold upside potential, provide Savannah with an excellent opportunity to potentially evolve into a mid-tier copper and gold producer in a relatively short time frame. Together with its Omani partners, Savannah aims to outline further mineral resources to provide the critical mass for a central operating plant to develop the deposits, and in December 2015 outlined exploration targets of between 10,700,000 and 29,250,000 tonnes grading between 1.4% and 2.4% copper.