Ridge Mining Reports (RDG)

Ridge Mining Reports (RDG) – Results of Feasibility Study into Sheba’s Ridge Nickel/PGM Project

Highlights
• Feasibility Study complete through to production of concentrate
• Independent Technical Audit complete
• Forecast annual production: 23,000 tonnes Nickel, 11,000 tonnes Copper, 352,000 ounces 4PGE
• 34% increase in Mineral Reserves
• Feasibility Study on Independent Smelting Facilities to be undertaken in collaboration with IDC, Impala and ARM.
• Further studies to be commissioned on power alternatives and project optimisation

Ridge Mining plc is pleased to announce the completion of the independent technical audit by SRK Consulting   of the feasibility study into the Sheba’s Ridge Nickel/PGM project and based on this, its intention to progress the Project to the next stage through commissioning of a bankable feasibility study into new shared independent smelting facilities in South Africa.

Based upon the successful outcome of two feasibility studies, the Board of Directors has approved the commissioning of the Independent Smelting BFS.

Following completion of another two further studies in relation to power supply and the Independent Smelting BFS the Company will be in a position to announce a development decision.

Terence Wilkinson, Chief Executive of Ridge, commented:
“The technical audit has taken more time than we envisaged due to the project’s size and amount and detail required for the feasibility study and audit. We will now proceed with the feasibility study on the shared smelter and the power and project optimisation studies necessary for a development decision. Discussions are continuing with third parties interested in buying into the project to help fund the eventual capital development costs”

For more information please go to: www.ridgemining.com