The London Mining Marampa mining licence covers an area of 13.82km2. As of December 2011 Snowden Mining Industry Consultants estimated the total JORC resource at Marampa to be 1,078Mt grading 31.2% Fe. These resources represent a tenfold increase of the historical primary resource of 84Mt grading 37% Fe reported at the time of London Mining’s admission to AIM in November 2009.
The resource contains around 40Mt of tailings and over 150Mt of weathered ore which can be considered in the lower capital intensity Phase 1. The balance of resources will be considered either in an extended Phase 1 operation which requires the installation of additional crushing and grinding capacity, or in Phase 2 which will consider an expansion to over 16Mtpa.
London Mining (“London Mining” or the “Company“) announces that China Global Mining Resources Limited (“CGMR“), a subsidiary of the China Global Mining Resources (BVI) Limited joint venture (“JV”) which is held 50:50 with Wits Basin Precious Minerals Inc (“Wits Basin”), has received a claim regarding the payment of the deferred consideration for the purchase of the Sudan processing plant. The claim is to be determined through arbitration. CGMR is in discussions with the sellers of the plant regarding this claim and a resolution (either by agreement of through arbitration) is expected in the next 6 months. The Sellers have no legal or commercial recourse to London Mining or any subsidiary other than the CGMR JV with respect to this claim.
London Mining 