Zanaga Iron Regulatory News (ZIOC)

8 May 2014

Feasibility Study Confirms Attractive Project Economics for Zanaga Iron Ore Project

Zanaga Iron Ore Company Limited ("ZIOC") (AIM:ZIOC) is pleased to announce the results of the Feasibility Study ("FS") which confirms attractive economics of the Zanaga Iron Ore Project ("Zanaga" or "the Project"), located in the Republic of Congo ("RoC").

The FS, managed by ZIOC's joint venture partner Glencore Xstrata plc ("Glencore"), has been completed on the basis of a staged development of the Project. Stage One consists of a 12Mtpa operation, with Stage Two expanding the operation by a further 18Mtpa to produce a total 30Mtpa of high quality iron ore product over a 30 year mine life. Transportation to port will be via slurry pipeline in both stages, which facilitates the low cost delivery solution.

The Stage One development has been designed as a standalone business case, presenting highly attractive economics. The initial cashflows and project returns are maximised by commencing mining of the higher grade near surface ore for the first eight years of operation. The development of Stage Two has robust economics and has been nominally scheduled to suit the project mine development, construction timing and forecast cashflow generation.

The staged development approach adopted by Glencore in the FS has demonstrated significant advantages over the Pre-Feasibility Study ("PFS") announced in November 2012, which considered a single stage 30Mtpa development at a capital cost of $7.5bn. In comparison, the revised staged development approach has resulted in major improvements through substantial reductions in capital costs, lower capital and execution risk, and maximised capital returns. Development costs of the project have been reduced to $2.2bn for the Stage One operation, and $2.5bn for the Stage Two expansion, while ultimately achieving the same 30Mtpa production scale presented by the PFS. Bottom quartile operating costs presented by the PFS have been maintained. In addition, the Stage One operation demonstrates the potential to self-finance the Stage Two expansion through project cash flows, thereby limiting the level of additional equity required.

Highlights

· Stage One 12Mtpa initial operation

- $32/t FOB bottom quartile operating costs including royalty

- $2.2bn capital expenditure

- Premium quality 66% Fe content iron ore pellet feed product

· Stage Two expansion to 30Mtpa operation

- $2.5bn capital expenditure for additional 18Mtpa production

- $26/t FOB bottom quartile operating costs including royalty

- Premium quality 67.5% Fe content iron ore pellet feed product

· Benefits of Staged Development

- Lowers capital and execution risk

- Reduces financing requirements

- Maximises return on capital

· Mining Licence Application submitted

· Environmental Permit Application submitted, following completion of the Social and Environmental Impact Assessment

Clifford Elphick, Non-Executive Chairman of ZIOC, commented:

"The results of the Feasibility Study on the Zanaga Project clearly demonstrate a highly attractive and globally competitive iron ore project producing a high value premium product at bottom quartile operating costs over a long mine life.

Glencore's staged approach to development has yielded substantial value add for the Zanaga Project, significantly reducing financing requirements, lowering capital and execution risk, and maximising capital returns. This has enhanced the ability to finance the Stage One development of the Project, which offers compelling economics on a standalone basis. In addition, phasing the capital cost provides the potential to finance the Stage Two expansion through existing project cash flows to achieve a total 30Mtpa scale operation.

Following completion of the Feasibility Study, the Project team have submitted applications for a Mining Licence and Environmental Permit, are progressing with establishment of the Project's fiscal regime, and will shortly be engaging with international contractors in advance of commencing FEED engineering."

Feasibility Study Overview

The Stage One development has been designed as a standalone business case and does not rely on, or require, the Stage Two expansion. The Stage One operation will mine the higher grade upper hematite ores which supports a 12Mtpa operation over a 30 year mine life, producing a 66% Fe content, premium quality iron ore pellet feed product with low impurities.

The initial open pit mining operation will use contractor mining to exploit free dig material with a very low strip ratio, with simpler processing requirements resulting in low initial power demand. The ore will be upgraded into a high grade pellet feed using conventional gravity and flotation concentration methods before being pumped to the port via a slurry pipeline. The Project's "on-shore" port facilities and infrastructure will include a filter plant for dewatering of the concentrate and a covered ore storage facility located at a proposed new third party port to be constructed 9km north of the existing port of Pointe-Noire ("Pointe Indienne"). Operating costs are estimated at $32 per tonne FOB, including royalty, which would position Zanaga at the bottom quartile of the industry's cost curve. The capital cost is estimated at $2.2 billion including contingency.

The Stage Two 18Mtpa expansion to 30Mtpa of total production will involve open pit mining of the magnetite orebody. The strip ratio will be lower than Stage One as the upper hematite cap will have been mined. The processing plant will be expanded with a second concentrator using magnetic separation to produce a blended 67.5% Fe content, premium quality iron ore pellet feed product. The increased power requirements are expected to be supplied by planned power generation expansion projects in RoC. A second slurry pipeline will be constructed to transport the ore to port where the port facilities will be expanded as part of the proposed deepwater port development.

Strengths of the Zanaga Project include:

· Bottom quartile operating costs and benchmark capital costs: Competitive CFR operating cost estimates over the two stage mine life of circa $50-57 per dry metric tonne assuming long term freight to China of $24.50 but excluding expected product premium received, as a result of the low strip ratio and low cost product delivery infrastructure. Capital costs in line with greenfield iron ore benchmarks.

· High grade pellet feed product: The Stage One pellet feed product will have an iron grade of 66%, similar to Brazilian supply. Impurities are expected to be low, including silica (3.0%), alumina (0.8%) and phosphorus (0.04%). It is anticipated that the product would command a price premium relative to the 62%Fe IODEX, both as a function of Fe content and low impurities, and will be attractive feed for pellet plants or as part of a sinter feed blend.

· Reduced technical risk and enhanced economics through staged development approach:

- Processing capability matched with sequential mining of the orebody layers provides technical efficiencies and reduced execution risk

- Mining of higher grade ores in the initial years enables a higher production rate of 13.2Mtpa for first five years of operation while maintaining bottom quartile operating costs

- Initial power requirements supplied by existing grid generation capacity, with the Stage Two development implemented in parallel with the timing of potential power generation projects

- Capital cost profile enables potential self-financing of Stage Two through existing project cash flows

· Mine life/operating scale upside: Production is underpinned by 6.9 billion tonnes ("Bt") of Mineral Resource and 2.5Bt of Probable Ore Reserves, therefore the mine life or operational scale is capable of extension beyond scheduled mine plans. Stage One will mine approximately 1Bt of ore, and the expansion to 30Mtpa will increase mined resource to 2Bt over the proposed 30 year mine life.

Permitting

The Mining Licence Application has been submitted to the RoC Ministry of Mines and the application for the Environmental Permit for Stage One has also been lodged with the RoC Ministry of Environment.

Potential DSO

An opportunity has been identified to supplement the Project's pipeline pellet feed production with up to 2Mtpa of direct shipping ore ("DSO"). The defined mineral resource includes some high grade material that can be classified as DSO and an area of the deposit has been identified that includes a concentration of material at surface which can be simply crushed and screened to produce a saleable iron ore lump and / or fines product without any requirement for beneficiation.

Further information on the DSO opportunity will be provided during H2 2014. Any decision to proceed will be dependent upon confirmation of a suitable transport solution, including obtaining access to rail and port infrastructure on acceptable terms.

Next Steps

The Project team have commenced the permitting phase and is progressing the establishment of the Project's fiscal regime. The Project team will shortly be engaging with international contractors in advance of commencing FEED engineering.

For further information please contact:

Zanaga Iron Ore

Corporate Development and Andrew Trahar

Investor Relations Manager +44 20 7399 1105

Liberum Capital Limited

Nominated Adviser, Financial Simon Atkinson

Adviser and Corporate Broker and Christopher Britton

+44 20 3100 2000

Bell Pottinger

Financial PR

Daniel Thöle and Marianna Bowes

+44 20 7861 3232

About us:

Zanaga Iron Ore Company Limited (AIM ticker: ZIOC) is the owner of 50% less one share in the Zanaga Iron Ore Project based in the Republic of Congo (Congo Brazzaville) through its joint venture partnership with Glencore. The Zanaga Iron Ore Project is one of the largest iron ore deposits in Africa and has the potential to become a world-class iron ore producer.

Executive Summary

Introduction

The Zanaga Project, located in the RoC, is planned to be a large scale iron ore mine, processing and infrastructure operation to produce 30Mtpa of high grade iron ore (pellet feed) concentrate.

The FS provides for the Zanaga Project to be developed in two stages to lower technical and capital risks while maximising project returns, and is based on a 30 year life of mine ("LOM"), however the identified mineral resource has the potential to support significant mine life extension or future expanded capacity.

· Stage One - 12Mtpa of pellet feed

· Stage Two - 18Mtpa expansion to 30Mtpa of pellet feed

The primary facilities for the Project will include:

· An open pit mining operation and associated process plant and mine infrastructure

· Slurry pipeline for transport of iron ore concentrate from the mine to the port facilities

· Port facilities and infrastructure for dewatering and handling of the iron ore products for export to the global sea-borne iron ore market located within a proposed third party constructed port facility

Mining

The mining process will be a conventional excavator and truck operation using contractor mining. For the initial years the operation will be free dig, after which both waste and ore will require drilling and blasting prior to excavation. A very low strip ratio contributes significantly to the low operating costs of the Project.

The Stage One operation will mine the higher grade upper hematite ores with a strip ratio of 0.47 over 30 years. During the first 8 years of operation the strip ratio is less than 0.2 with greater than 50% process plant recovery. The hematite ore types in the defined mineral resource will support the Stage One process plant for approximately 30 years.

The Stage Two expansion to 30Mtpa of total production will involve mining of the magnetite orebody at a reduced average strip ratio of 0.37. There is sufficient magnetite ore within the defined mineral resource to extend the mine life beyond the planned 30 years, which only consumes approximately 2Bt of the Project's 2.5Bt Ore Reserves and 6.9Bt Mineral Resource.

Process Plant

The Zanaga deposit is composed of shallow and friable hematite zones and deeper more competent magnetite zones. The staged development of the process plants allows for the sequential treatment of the upper hematite zones in Stage One, followed by the treatment of the magnetite zones in the Stage Two expansion through the construction of a separate plant. The sequencing of the processing of the different ores provides advantages in the allocation of capital as well as the reduction of technical risk.

Stage One Process Plant

A single process plant has been designed to treat the shallow hematite ore types to produce 12Mtpa of a 66% Fe content pellet feed concentrate with low impurities (approximately 4% combined silica and alumina). The plant will utilise a gravity separation circuit with flotation to treat feed grades of 30% to 50% iron. The base case flowsheet consists of semi-autogenous mills and two spiral circuits, followed by further size reduction and final separation through flotation. Due to the fact that the operation will be processing higher grade ores in the initial years the Stage One plant will be able to produce at a rate of 13.2Mtpa during the first 5 years of operation, which will subsequently reduce to 12Mtpa for the remaining mine life (see pipeline section below).

Stage Two Process Plant

Stage Two targets the treatment of the deeper magnetite ore types/layers using an autogenous milling circuit followed by regrinding and magnetic separation using low intensity magnetic separation equipment. The second process plant will produce an additional 18Mpta of 68.5% Fe content pellet feed concentrate with similarly low impurities as Stage One. It is envisaged that this will be blended with the Stage One product to produce a total 30Mtpa of 67.5% Fe pellet feed, however there is an option to sell two distinct products.

Tailings

The design of the Project's tailings storage facility accommodates both international best practice and requirements for the safe, efficient, and environmentally acceptable disposal of the tailings waste products.

Two main tailings dams will be constructed during the Project's 30 year LOM, the timing and scale of which will be dependent on the decision to proceed with the Stage Two expansion. In Stage One the two dams will provide storage for a tailings mine life tonnage of 664Mt. In a scenario where Stage Two is developed the two dams will contain a tailings mine life tonnage of 1,338Mt.

Pipeline

The transport option considered in the FS is a 366km slurry pipeline from the Project site to a port facility at Pointe Indienne. Stages One and Two of the Project will involve the construction of separate pipelines, running along the same pipeline route.

The Stage One pipeline will have a diameter of 500mm which will be sufficient to transport 12Mtpa over the 30 year mine life. The Stage One pipeline has been designed to accommodate a higher production level of 13.2Mtpa in the first 5 years of operation through the inclusion of a corrosion allowance and thicker initial pipeline wall to accommodate the increased pumping pressure associated with this capacity. This is in line with the higher initial production rate of the Stage One process plant.

To pump the slurry from the mine site to the port, one primary pumping station at the mine site and a further intermediate pumping station will be constructed, the capacities of which will be increased for the Stage Two expansion.

The Stage Two pipeline will require a diameter of 600mm to transport an additional 18Mtpa, increasing total production capacity to 30Mtpa.

Port Infrastructure and Development

Currently there is no suitable bulk material handling port facility in the RoC. In March 2013 the RoC signed a Memorandum of Understanding with China Communications Construction Company (CCCC), and its subsidiary China Road and Bridge Corporation (CRBC), for development of a new multi-user port facility 9km north of the existing port of Pointe-Noire at Pointe Indienne, including a deepwater bulk export facility for the iron ore industry. CRBC is in the process of completing a feasibility study on this port development.

The FS provides for the construction of new "on-shore" portside facilities and infrastructure at Pointe Indienne, including filter plant and stockyard, which will be owned and operated by the Zanaga Project and will be located within the proposed new multi-user port facility. The FS economics have been based on the "marine" port area and infrastructure required by the Zanaga Project being a third party facility with a capital charge based upon the estimated capital for the construction of such required port area.

In the absence of firm information about the new port development, and to take account of the possibility that it will not be available within the proposed timescale, the Zanaga Project FS also incorporates a design for a staged "marine" port development to suit the Project's production profile. This includes a Stage One transhipping solution and Stage Two direct loading port solution, which are described below.

In the event that the "marine" infrastructure is constructed by the Zanaga Project, and not by a third party, the capital charge and associated return would be transferred to the Zanaga Project, with minimal change to overall economics.

In either scenario, finalisation of a port access agreement with the RoC will be a key objective prior to taking a construction decision

Stage One Port and Facilities

The basis for the "marine" infrastructure required for Stage One is a relatively shallow berth jetty for self-unloading shuttle ships to serve a transhipping operation for loading of capesize ocean going vessels in deeper water.

The shuttle distance to deepwater suitable for capesize vessels up to 250k DWT is 3 nautical miles. The complete transhipping cycle is approximately 10 hours which enables a loading rate of up to 60,000 tonnes per day.

The Project's planned "on-shore" port facilities consist of three main areas: process plant and ponds, stockyard and support infrastructure. The filter plant and stockyard is designed to dewater the pipeline concentrate to 8% moisture before stockpiling ready for export. The stockpile is covered to ensure that the pellet feed product is not exposed to rain and will not exceed transportable moisture limit.

Stage Two Port and Facilities

To handle the increased production from Stage Two, the Project envisages that the "marine" facility will be expanded into a deep water port with direct loading capability of capesize ocean going vessels.

The relevant "on-shore" portside facilities would be expanded to accommodate the 30Mtpa capacity, including the installation of a second covered stockpile. Such facilities will be expanded to de-water and handle an additional 18Mtpa of concentrate.

Additionally, space has been proposed within the port boundary area design for the development of possible future pelletisation plants, which may be considered an opportunity by potential partners for the Project.

Power

The power sector in the RoC has seen significant investment over the past five years, including construction of new power plants and extension and rehabilitation of the transmission grid. ENI has constructed and commissioned the first 300MW phase of a gas fired power station at Djeno, near Pointe-Noire. Plans are in place to expand capacity to 450MW, and ultimately 900MW.

In addition to this, there are multiple options for new hydro-electric generation projects. The RoC has potential for up to 3,000MW of power generated from hydro-electric schemes and the Government has confirmed its intention to develop these as the next stage of generation.

Power Supply

The initial Stage One power demand totals 100MW, with 90MW at the mine site, mostly consumed by the process plant facilities, and 10MW for the Project's port site facilities which can be supplied by existing and planned power generation capacity in the country. The intermediary slurry pump station is assumed to include a local diesel power generation plant, however there remains the opportunity that this could also be connected to the grid in the future.

Connection points to the current 220kV transmission network are available within 160km and 200km of a proposed new transmission line to the east and south of the mine site respectively. The proposed new port site area at Pointe Indienne lies within 15km of a potential connection point to the existing 220kV network. For Stage One the options exist for a power offtake agreement to be concluded directly with the government power agency (SNE) or with an existing or new power provider.

The FS is based upon power being supplied at the mine site based on the current national electrical tariff rates. This is considered a conservative assumption given the significance of the Zanaga Project as a base load consumer. The strategy to connect the Project to the national network gives the potential for provision of regional power in the vicinity of the mine area. The Zanaga Project is committed to cooperate with the RoC government to ensure the Project's development is coordinated with regional power development.

The Stage Two development increases the power demand to approximately 230MW at the mine site and 16MW for the Project's facilities at the proposed new port. The increased mine site demand cannot be supported by the existing network and will require significant new generation and transmission infrastructure. The timing of the Stage Two development will need to be co-ordinated with the availability of power and aligned with the envisaged major power infrastructure developments that are planned. If the required power is not available for Stage Two, alternative solutions, including the construction of a separate power plant will be required.

Capital Costs

The FS has demonstrated significant advantages from the staged development approach. A major outcome is the reduction in upfront capital for the initial development, leading to reduced financing requirements and capital risk. Total Stage One capital expenditures are estimated to be $2.2 billion, with $1.2 billion of direct costs and $1 billion of indirect costs and contingency.

Total Stage Two capital expenditures are estimated to be $2.5 billion, with $1.5 billion of direct costs and $1 billion of indirect costs and contingency.

The sequential development of the Project and resultant staged capital profile provides major improvements on the previous PFS capital cost estimate of $7.5bn for a single stage 30Mtpa development, announced in November 2012. The staged development FS has reduced initial development costs to $2.2bn and significantly lowered capital and execution risk, while providing a pathway to achieving the same 30Mtpa production scale presented by the PFS.

Capital cost estimate ($m)

Notes: Stage One capital costs have been estimated to an FS level of definition. The Stage Two costs are supported by a lower level of engineering (PFS level) but significantly leverages the work completed for the Stage One development. Cost escalation is excluded from the capital cost estimate. The capital cost estimate assumes the use of a third party port facility at Pointe-Indienne.

Operating Costs

The average LOM production costs of the Zanaga Project are highly competitive for both Stage One on a standalone basis and Stage Two. The LOM annual cash cost is $30 per dry metric tonne excluding royalties and freight. Cash costs are lower in years 1 - 8 at $28 per dry metric tonne FOB (including royalty) driven by the very low strip ratio, higher feed grade and higher plant recovery.

Stage One LOM CFR costs to China are estimated at $57/t, ensuring robust free cash flow generation even in a low price environment. Stage One CFR costs for years 1 - 8 are estimated at $53/dmt. If the Stage Two expansion production commences in Year 9 unit operating costs decrease. The increased efficiency of the expansion case is attributable to economies of scale in all the supporting areas and infrastructure. Average Stage Two cash cost is $23 per dry metric tonne excluding royalties and freight, with average CFR costs to China, including royalty, estimated at $50/t.

The Project's forecast low operating costs would place Zanaga in a highly competitive position on the seaborne iron ore trade cost curve, especially given the high iron grade of the products. The ability to maintain the Project's bottom quartile operating cost position, presented by the previous PFS estimates, under the revised staged development approach, has been a significant outcome of the FS.

Operating cost estimate ($/dmt)

Notes: The figures shown are rounded; they may not sum to the subtotals shown due to the rounding used.

The capital cost estimate assumes the port is built by a third party with a capital charge being included in the operating cost. The capital charge is based on the capital cost of the port development and allows for a theoretical 12% unlevered real rate of return to the port investor over the life of the Project.

Economic returns

The Zanaga Project economic outcomes have been reviewed across a range of long term IODEX 62%Fe prices from US$80/dmt to US$140/dmt. A summary of the unlevered internal rates of return (IRR) is presented below.

The staged development approach has demonstrated compelling advantages through maximisation of project returns. The FS outcomes presented below show significantly enhanced returns versus the PFS outcomes announced in November 2012.

In addition, the Stage One operation demonstrates the potential to self-finance the Stage Two expansion through project cash flows, thereby limiting the level of additional equity required from the Project owners, while ultimately resulting in the same 30Mtpa production scale outlined by the PFS.

Stage One returns

Stage One and Two returns

Zanaga Project Product Specification

The indicative product specifications, which will vary over the LOM, for the Zanaga Project are as follows:

Pellet Feed Specification

Product size : approximately 80% passing 45 microns (suitable for direct feed to pellet plants)

The Stage One operation will produce a hematite concentrate, while the Stage Two expansion will produce 18Mtpa of incremental magnetite concentrate. While the intention is to market a blended product, it will be possible to keep all or part of the products separate.

Product Pricing and Adjustments

The Zanaga pellet feed product is expected to receive a significant price premium relative to the 62% Fe IODEX reference price. This will be supported by its superior iron grade, low level of impurities, and its product sizing being suitable for direct feed to pellet plants.

Shipping

The Stage One transhipping solution and the Stage Two direct loading port solution as proposed by the FS will be able to load capesize vessels up to 250kDWT. It has been assumed that the average size vessel will be approximately 180kDWT.

The shipping distance between Pointe-Noire and Qingdao is approximately 9,700 nautical miles. Based on the above vessel and port assumptions a cost of $22.50 per wet metric tonne has been assumed which is equivalent to approximately $24.50 on a dry basis for the pellet feed product at 8% moisture. By way of comparison the distance from Tubarao, Brazil to Qingdao is approximately 11,100 nautical miles.

Project Schedule

The indicative Stage One Development Project Schedule is shown below, subject to a positive investment decision at the appropriate time.

The Stage Two development is subject to a separate investment decision and, if proceeded with, has a similar three year construction period to the Stage One development. The Stage Two development has nominally been scheduled to commence five years following first production from Stage One. Based on this nominal schedule, production from Stage Two is targeted to commence in Q1 2027 and, depending on prevailing iron ore prices, this expansion demonstrates the potential to be self-financed by existing project cash flows.

Feasibility Study Methodology

In relation to the FS, the work carried out on the Stage One development, including work on engineering designs and associated capital and operating costs, is in-line with feasibility level standards. The Stage Two development is to a lower level of accuracy commensurate with the timing of the expansion but significantly leverages the work completed for the Stage One development, and the Stage Two results should be regarded as being at PFS level.

A mine design and schedule has been completed for the Stage One development to allow this to be evaluated as a stand-alone business case. A second set of designs and schedules have then been developed incorporating the Stage Two expansion. This allows for evaluation of the combined development stages as well as the incremental value of Stage Two.

Feasibility Study Consultants

The FS has been managed by the Glencore Project team with the support of a number of highly regarded consultants. A number of these consultants are listed below:

Mineral Resource Statement

As part of the FS, CSA Global (UK) Ltd, has produced an updated Mineral Resource Estimate ("MRE") for the Zanaga Project as at 30 September 2013. In comparison to the results of the previous MRE announced on 4 September 2012:

· Total resource has increased by 2% to 6,900Mt;

· Measured resource has decreased by 3% to 2,330Mt;

· Indicated resource has increased by 8% to 2,460Mt; and

· There has been no change to the Inferred Resource.

This positions the Zanaga Project as one of the largest iron ore deposits globally. In addition, it should be noted that the Mineral Resource has been defined from only 25km of the 47km identified magnetic anomaly.

Data used in the preparation of the Mineral Resource Estimate was sourced from all available information from diamond and RC drilling completed at the Zanaga Project, to a cut-off date of 10 September 2013. This includes a total 178,052 metres (1,231 holes) drilled to date, with 80,961 assays (XRF analyses) used to model the mineral resource.

Zanaga Project Mineral Resource Estimate as at 30 September 2013

Notes: In-situ dry bulk density has been calculated on the basis of mineralised material type. Densities presented in this table are weighted average values. The Mineral Resource was estimated as a block model within constraining wireframes based upon logged geological boundaries. Tonnages and grades have been rounded to reflect appropriate confidence levels and for this reason may not sum to totals stated.

Resource modelling for the Zanaga Project has been updated for the entire resource area using additional drilling data and geological interpretation to produce a resource within a lithological boundary (and therefore at a 0% Fe cut-off) as at 30th September 2013.

The Mineral Resource statement set out above is reported in accordance with the terms and definitions included in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2004 edition) as at 30 September 2013. The information in this Report that relates to Mineral Resources is based on information compiled by Malcolm Titley, BSc MAusIMM MAIG, of CSA Global (UK) Ltd. Malcolm Titley takes overall responsibility for the Report as Competent Person. He is a Member of the Australasian Institute of Mining and Metallurgy (AUSIMM) and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person in terms of the JORC Code. The Competent Person, Malcolm Titley has reviewed this Mineral Resource statement and given his permission for the publication of this information in the form and context within which it appears.

Glossary