FerrAus Limited announced that the iron ore reserve estimate has increased to 163 million tonnes, at 57.4% Fe, for the FerrAus Pilbara Project in Western Australia.
The Mirrin Mirrin maiden reserve figure of 37 million tonnes has an analysis of 57.5% Fe, 4.3% SiO2, 2.3% Al2O3, 0.09% P and 8.7% cent LOI.
The recent Ore Reserve Statement provided by Snowden Mining Industry Consultants (Snowden), has determined that the FerrAus Pilbara Project contains Probable Ore Reserves of 163 million tonnes, contained within the optimised pit designs for the King Brown (Robertson Range), Python-Gwardar, Taipan and Mirrin Mirrin (Davidson Creek) Resources.
This Iron Ore Reserve figure represents an increase of 37 million tonnes or 29% on the previous Reserve figure of 126 million tonnes. The increase in the Reserve figure is directly attributable to the completion of mining studies for the Mirrin Mirrin Resource.
Mr Cliff Lawrenson MD considers that an increase of almost one third in the Reserve figure is another impressive milestone in the development of the Project. He said that "This is a fantastic result for the FerrAus Pilbara Project and one which provides another big boost for our team, as we continue to progress towards delivering the first shipment of iron ore before the end of 2014. One of the key points to highlight is the excellent level of conversion from Resource to Reserve at Mirrin Mirrin. The Definitive Feasibility Study team is now running at full speed and the Study is on target to be completed by the end of 2011. Our current resource total is 331 million tonnes and the corporate resource target remains at 400 million tonnes.”
He added that “Also, the current DFS target specification for the product is 59% iron, 2.3% aluminium oxide, 4% silica, 0.09% phosphorous and 8.3% Loss On Ignition, which will be achieved with minimal beneficiation.”
Mr Lawrenson said that "My first few months at FerrAus have been very exciting and the pace is only going to increase as we move through the different phases to achieve production.”
(Sourced from www.abnnewswire.net)
