Mano River Resources Inc. – Encouraging Iron Ore Drilling Results
Mano River Resources Inc. the TSX-V and AIM-listed exploration and development company focused on iron ore, gold and diamonds in West Africa is pleased to provide an update on the drilling programme at the Company’s 38.5% owned Putu Range iron ore project in Liberia.
Highlights:
- Severstal Liberia Iron Ore (61.5% Severstal Resources 38.5% Mano) advancing towards resource estimate and delivery of a pre-feasibility study in second half of 2010
- 3,960m drilling programme for geological characterisation completed December 2008
- Assays from 9 out of 11 holes completed (as per Table-1 below):
- Best intersection in haematite mineralization of 63m at average 63.5% Fe (hole PDD002)
- Best intersection in fresh magnetite mineralization of 367m at average 39% Fe (hole PDD004)
- Results confirm Putu project has significant iron ore tonnage potential
- Multi rig 27,000m diamond drilling programme planned during 2009
Luis da Silva, CEO of Mano River Resources commented,
“We are very pleased with these initial drilling results from the Putu iron ore project in Liberia and our excellent working relationship with our 61.5% partner SeverStal Resources. The drill results display excellent grade characteristics and indicate that the Putu project has significant iron ore tonnage potential. The current drilling programme is designed to test the grade and depth continuity of the iron ore mineralisation in order to define an initial NI 43-101 and SAMREC compliant resource estimate.
SeverStal and Mano are committed long term investors in Liberia and this fact was further cemented by a successful meeting held on 26th February 2009 of a delegation comprising of Alexey Mordashov (SeverStal CEO), Roman Deniskin (SeverStal Resources CEO) and members of Mano’s Board with the President of Liberia, Mrs Ellen Johnson-Sirleaf. Despite the current depressed commodity prices the outlook for steel and thus iron ore demand is gradually improving. We look forward to a very different market environment by late 2012, by which time the Putu project should be looking for funding in order to develop in advance of production in 2015.”
As previously announced on 10 December 2008 SeverStal Resources have increased their ownership in the Putu project to 61.5% by expending up to US$30m in order to carry out a bankable feasibility study. Pre-feasibility planning is currently underway with a detailed airborne magnetic survey planned to commence in April and a 27,000m multi rig diamond drill programme to commence in the second quarter of 2009.
The Company will begin Mineral Development Agreement (MDA) negotiations during the first half of 2009 with the Government of Liberia (GoL). This agreement will secure tenure for production for at least 25 years, as per the GoL’s timetable and minerals legislation, and will replace the current exploration licence which was extended for two years in September 2008.
The Company is also pleased to announce the nomination by Severstal Resources, pursuant to the joint venture agreement, of Nigel Kieser as Managing Director of Putu Iron Ore Mining Inc., the project entity. Mr Kieser graduated in Mining Geology from the Royal School of Mines where he was subsequently awarded his doctorate. After 5 years working as a metals and mining sector equity analyst for Banque Paribas and then JP Morgan Securities, Mr Kieser joined Rio Tinto where he held business development and exploration management roles for six years. For the preceding two years before this post, Mr Kieser was General Director, Russia for De Beers, based in Moscow. Mr Kieser will formally take up his position in the second quarter of this year.