Prescient presentation - Petmin

Iron Ore – Mount Ginka, Liberia
47
2011 update
• Mapping and trenching has confirmed the presence of fine to
very fine-grained iron formation
• Mapping and trenching have not provided any evidence
supporting the potential for DSO at Mount Ginka
• 2 tonnage cases for potentially exploitable magnetite IF:
Likelihood Weathered IF Fresh IF Total IF
Mid-case 34 Mt 240 Mt 274 Mt
Max-case 135 Mt 425 Mt 560 Mt
• 151 trench samples have dispatched to Mintek (South Africa)
for geochemical and metallurgical analysis
• 6 samples have been dispatched to Dr Chris Blake (Iron ore
mineralogist) – results expected in December
• Iron ore bearing mineralogy appears to be a combination of
oxide-facies and silicate-facies minerals
• The Iron Formation (IF)may exist adjacent to a laterally
continuous with magnetic schist which may be responsible of
overestimation of IF thickness
2011 update continued
• The fine grained mineralogy and weathered nature of the rock
made it difficult to be certain of the mineralogy
• If the Davis Tube Recovery result are successful and
favourable external analysis of the achieved, then a core drilling
programme of ~ 1500m is recommended
• The IF exists within a thin sequence of garnet-bearing
metasediments
• The IF thickness varies from 0-100m and there is potential for
+100m. Average thickness is between 30m and 50m
Plans to March 2012
• Receive the results from Mintek – December 2011
• Drill 3 large diameter holes
• Bench scale metallurgical tests on LD samples
• End of the programme in March 2012
• By March 2012, a decision on the next steps for the project
will be made
• Engage potential acquirers – both Arcelor Mittal and BHP
have shown interest
…turning …Committed development to projects growth, …exceeding into dedicated cash generative to expectations
value assets