Jangada Mines PLC Definitive Feasibility Study Update (5378N)
September 30 2021 - 3:15AM
UK Regulatory
TIDMJAN
RNS Number : 5378N
Jangada Mines PLC
30 September 2021
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
30 September 2021
Jangada Mines plc ('Jangada' or 'the Company')
Pitombeiras Project Definitive Feasibility Study Update
Jangada Mines plc, a natural resources company, is pleased to
provide an update on the preparation of the Definitive Feasibility
Study ('FS') of the Pitombeiras Ferrovanadium Project located in
the state of Ceará, Brazil ('the Project').
Brian McMaster, Executive Chairman of Jangada, said : "Since its
discovery in 2019, we have made significant progress in developing
this exciting ferrovanadium deposit and have a high level of
confidence in fast-tracking the Project to production. With the
Project substantially de-risked and having demonstrated its robust
economics during the Preliminary Economic Assessment stage, we are
now working on the final details of the FS and look forward to
providing further updates in due course."
Details
The Company continues to advance the development of its
Pitombeiras Ferrovanadium Project in Brazil, where it recently
announced an updated National Instrument 43-101 ('NI 43-101')
compliant resource estimate highlighting Measured & Indicated
Resources of 5.10Mt at 0.46% V(2) O(5) , 9.04 % TiO(2) and 46.06%
of Fe(2) O(3) , and Inferred resource of 3.16Mt at 0.44% V(2) O(5)
, 9.00% TiO(2) and 45.86% of Fe(2) O(3) .
Having been granted a trial mining license to initiate the
extraction of FeV from the Project through an open pit mine
operation, the Company hopes to fast-track the Project to early
production. Accordingly, the Company appointed independent
engineering advisory company GE21 Consultoria Mineral ("GE21") to
prepare a NI 43-101 FS rather than an upgraded Preliminary Economic
Study ('PEA'). While much of the work for the FS has been completed
as planned, additional work has been undertaken and a few
workstreams have been slowed due to COVID-19; the completion date
for the FS has therefore move into Q4 2021.
Earlier in the year, the Company completed an initial PEA, which
confirmed the Project's robust economics: US$106.5 million post-tax
Net Present Value; 317.8% post-tax Internal Rate of Return; and
three-month payback (RNS dated 16 February 2021). It is anticipated
that the completed FS will further strengthen these already strong
economics.
**ENDS**
For further information please visit www.jangadamines.com or
contact:
Jangada Mines plc Brian McMaster (Chairman) Tel: +44 (0) 20 7317
6629
Strand Hanson Limited James Spinney Tel: +44 (0)20 7409
(Nominated & Financial Ritchie Balmer 3494
Adviser)
Brandon Hill Capital Jonathan Evans Tel: +44 (0)20 3463
(Broker) Oliver Stansfield 5000
St Brides Partners Isabel de Salis E: info@stbridespartners.co.uk
Ltd
(Financial PR)
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END
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