Export Decree granted for Sable's Nimba Iron Ore Project

PUBLISHED: Oct 07 2013 @ 05:19 | Comments (9) |

Sable Mining Africa (LSE:SBLM) has confirmed the issuance of an export decree for the Nimba Iron Ore Project in south-west Guinea , by the Government of the Republic of Guinea, authorising the Company to export iron ore through Liberia to the Port of Buchanan.

The decree, the first to be issued in Guinea, will, together with the recently granted mining licence at Nimba, facilitate Sable Mining’s strategy to fast-track low cost, high grade direct shipping ore (‘DSO’) production from Nimba in 2015.

Issued to the Company’s 80% owned subsidiary West African Exploration SA by the Ministry of Mines & Geology, the decree approved by His Excellency Professeur Alpha Conde, the President of the Republic of Guinea. Together with the recently granted mining licence, the Company is now authorised to mine and extract iron ore from the Nimba area and transport it across the Liberian border. Further, the Company is progressing the additional elements required to secure the entire proposed logistics chain from mine site to port.

With a current JORC Resource of 135.5 million tonnes at 59.4% iron (‘Fe’), Nimba is the second largest on- or near-rail undeveloped DSO deposit in West Africa. In tandem with the progression of the various permitting requirements inherent with the development of the asset, Sable Mining is continuing exploration activities and recently completed a drilling programme to test a 200m by 3.9km extension area covering parts of Plateau 2 and Plateau 3.

This drilling programme highlighted significant high grade DSO mineralisation, and the Board is confident that with the inclusion of the results from this drilling programme, the JORC compliant resource will be increased towards the exploration target of 200Mt being targeted at Nimba during Q4 2013.

Sable Mining CEO Andrew Groves said that the “issuance of our export decree, the first granted by the Government of the Republic of Guinea, is a major endorsement for Sable Mining and represents yet another critical milestone achieved by our team as we look towards the commencement of DSO production in 2015. Our operational team have worked tirelessly over the past 18 months in order to prove up a formidable DSO resource, and through the issuance of this export licence and the recent mining licence, I believe we are translating this in-situ value into a commercially attractive pre-production asset.

“Sable Mining would like to thank the Government of the Republic of Guinea for their continued support for the development of Nimba. The Sable Mining team are focussed on unlocking the value of this strategic asset for the benefit of all stakeholders, and in line with this, we look forward to providing further news on its development over the coming weeks” said Mr Groves.

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