Zanaga Project Update
Zanaga, the iron ore exploration and development company with a significant interest in the Zanaga Iron Ore Project (the “Zanaga Project”) in the Republic of Congo (Congo Brazzaville), is pleased to announce the following Mineral Resource update and recent developments at the Company and the Zanaga Project since Xstrata exercised its call option to acquire a 50 per cent. plus one share interest in Jumelles Limited in February 2011.
- Mineral Resource and Project Update
- Total iron ore Mineral Resource at the Zanaga Project has grown to 4.0 billion tonnes from 3.3 billion tonnes with an increase in average grade to 33.9% Fe from 32.8% Fe, as reported in accordance with the JORC Code (2004)
- Total of 91,155 metres drilled to date; 67,432 metres included in updated JORC statement
- Mineral Resources derived from only 25km of the 47km orebody trend
- Xstrata has taken management control of the Zanaga Project
- Value Engineering Exercise (“VEE”) underway - VEE results and pre-feasibility study (“PFS”) results expected to be announced in Q3 2011