Reserves Announcement
28 8월 2008 - 3:07PM
UK Regulatory
RNS Number : 1434C
Ferrexpo PLC
28 August 2008
28 August 2008
Ferrexpo announces an additional 464 million tonnes of reserves at GPL
Ferrexpo plc ("Ferrexpo" or the "Group") is pleased to announce a 95% increase in proved and probable reserves within its
Gorishne-Plavninskoye and Lavrikovskoye ("GPL") deposits. The results are based on mine design and optimisation undertaken to a
pre-feasibility level as part of the project to expand and extend the Group's existing GPL operations.
Further to the resource announcement of June 3rd 2008, the Group engaged Turgis (Pty) Ltd ("Turgis") to assist it in revising the GPL
mine plan. This work is now completed and Turgis have confirmed that the proved and probable reserves associated with the GPL mine have been
increased by 95% to 955mt, from 491mt at the time of the Group's Listing.
As previously reported, the resources associated with the GPL mine in the measured, indicated and inferred categories have been
increased by 127.4% to 3,704mt, from 1,629mt at the time of the Group's listing. The primary reason for the increase in resources is due to
an extension in the depth limit to which resources have been declared in accordance with the JORC code.
Mike Oppenheimer, Ferrexpo's Chief Executive Officer, said:
"We have delivered on the promise we made at our listing to complete the engineering review and optimisation of our GPL mining
operations. This has resulted in an almost doubling of proven and probable reserves and the production expansion project already announced.
We expect to complete the Feasibility Studies for the upgrade of our GPL beneficiation plants by the end of next month. Together, these
initiatives provide a robust underpinning for our operating cashflows and reinforce our confidence in our financial capacity to move ahead
with our new mining projects."
Revised reserve statement
Gorishne- 1 January 2008 1 January 2007
Plavninskoye Tonnage (mt) Grade Fe Total (%) Tonnage (mt) Grade Fe Total (%) Change
Proved 251 27 239 30 5%
Probable 547 30 160 30 242%
Total 798 29 399 30 100%
Lavrikovskoye 1 January 2008 1 January 2007
Tonnage (mt) Grade Fe Total (%) Tonnage (mt) Grade Fe Total (%) Change
Proved 43 32 38 30 13%
Probable 113 31 53 29 113%
Total 157 32 92 30 71%
Previously announced resource statement
Gorishne- 1 January 2008 1 January 2007
Plavninskoye Tonnage (mt) Grade Fe Total (%) Tonnage (mt) Grade Fe Total (%) Change
Measured 348 29 239 30 46%
Indicated 1,095 31 845 33 30%
Sub-total 1,443 30 1,085 32 33%
Inferred 1,275 31 51 34 2,400%
Total 2,718 1,136 139%
Lavrikovskoye 1 January 2008 1 January 2007
Tonnage (mt) Grade Fe Total (%) Tonnage (mt) Grade Fe Total (%) Change
Measured 104 31 86 34 21%
Indicated 708 30 394 33 80%
Sub-total 812 30 480 33 69%
Inferred 174 29 13 27 1,238%
Total 986 493 100%
For further information, please contact:
Ferrexpo: +44 207 389 8304
Gavin Mackay
Finsbury: +44 207 251 3801
Robin Walker
Alex Simmons
Notes to Editors:
Ferrexpo is a Swiss headquartered resources Group with assets in Ukraine, principally involved in the production and export of iron ore
pellets, used in producing steel. Current output is over 9 million tonnes per annum, approximately 85% of which is exported to steelmakers
around the world, and the Group is currently undertaking a significant growth programme. The Group is listed on the main market of the
London Stock Exchange under the ticker FXPO. For further information please visit www.ferrexpo.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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