Mano River Resources Inc. the TSX Venture Exchange and AIM listed exploration to production company focused on gold, iron ore and diamonds in West Africa is pleased to announce it has been granted by the Government of Liberia its Class ‘A’ Mining licence within the Bea Mineral Development Agreement.
- Class ‘A’ 25 year Mining Licence granted on 29 July 2009
- Bankable Feasibility Study for underground mine planned for completion by the end of 2010
- Up to 10,000m drilling programme planned to assist feasibility study
- Current resource of 1.4 Moz, (NI 43-101) 13.533Mt measured and indicated at 3.18 g/t gold with further potential
Luis da Silva, President & CEO of Mano commented:
“This represents another positive step forward towards commercial production from Liberia’s first ever hard rock gold mine. The support from the Government of Liberia is evident to achieving the Company’s goals and we are now in a position to undertake the confirmation drilling in advance of completing a bankable feasibility study in 2010 for an underground mine targeting 100,000oz pa. We are in the process of finalising a new geological model with a firm of independent consultants, incorporating the positive drilling results received in 2008 from below 200m, including 23m grading 4.95 g/t and 26m grading 5.04 g/t. In addition the Company will also be looking to further grow the resource base on the Bea MDA through advancing exploration of the satellite gold deposits at Weaju and the Silver Hills and Gondoja prospects, which lie in close proximity to the New Liberty Gold Project.”
The Ministry of Lands, Mines and Energy of The Republic of Liberia has, after a detailed review, granted the Class ‘A’ Licence whereby, having satisfied all necessary exploration requirements under the Law, the Company is entitled to mine in the production area it has selected within the Bea MDA. This production area reduces the ground holding from 1,000km2 to 457 km2. The 25 year renewable mining licence became effective on 29 July 2009 and is held through the Company’s 100% owned subsidiary incorporated in Liberia, the Bea Mountain Mining Corporation.
Following the review of the geological data by AMC Consultants (UK) Limited in the second half of 2008 whereby the recommendation was for an underground mining method at the New Liberty gold deposit. AMC was then mandated in July 2009 to incorporate the new drilling data from 2008’s deeper drilling campaign. The 2008 drilling produced some of the best intersections achieved to date at the New Liberty gold deposit, as illustrated in Table 1, below.
The modelling by AMC will enable the Company to optimally target its next phase of confirmation drilling. This will consist initially of diamond drill holes totalling between 8,500m and 10,000m to depths of 300m below surface, to enable further modelling of the deposit. The Company will also consider drilling additional holes to -500m towards the end of the drilling campaign. The model will be ‘live’, whereby new drilling data will be actively inserted into the ‘wireframe’ to adapt the ongoing drilling as necessary. Completion of this drilling is expected by the end of 2009.