Gippsland Limited
Gippsland focuses on world-scale projects which have been over-looked by major resource groups. Projects which have undergone detailed exploration and which have the potential to be brought into production quickly are a prime target for the Company. Gippsland's success in this area is due in part to the Company's philosophy of entering into equitable joint venture arrangements with overseas nationals.
The Company's prime assets are the 40 million tonne Abu Dabbab and the 98 million tonne Nuweibi tantalum-tin projects located in the Central Eastern Desert of Egypt, adjacent to the western shore of the Red Sea.
An Environmental Impact Assessment (EIA) completed to World Bank standards has been approved by the Egyptian Environmental Affairs Agency. A Bankable Feasibility Study undertaken by Lycopodium Engineering Ltd determined that the Abu Dabbab project has the potential to become a major tantalum supplier to the steadily expanding global tantalum industry. The Lycopodium BFS indicated that the project will produce in excess of 650,000 pounds of tantalum pentoxide per year over a likely mine-life of 20 years. The Company has executed an offtake agreement with the tantalum major HC Starck GmbH of Germany for the sale of 600,000 pounds of tantalum pentoxide per year for a 10 year period.
Gippsland doubles ore reserve at Abu Dabbab Tantalum-Tin Project
Gippsland Limited delivered encouraging news for investor's this morning, after confirming a 107% increase in the total ore reserve at the Abu Dabbab Tantalum-Tin Project in Egypt. The ore reserve now stands at 30.24 million tonnes grading 255 grams per tonne of Tantalum (Ta205) and 0.109% Tin, up from the previous ore reserve of 14.6 million tonnes.
The increase in the reserve was possible thanks to a new pit design and further reverse circulation drilling which moved a considerable portion of the indicated and inferred resources into the higher categories of measured and indicated and also saw the total indicated and measured resource increase 30% to 32.5 million tonnes. Gippsland also stated that the strip ratio was a robust 0.826: 1.
Executive Chairman of Gippsland, Jack Telford stated:
"The doubling of the Abu Dabbab Ore Reserves from 14.6 million tonnes to more than 30 million tonnes graphically illustrates the quality of this world scale asset. This massive increase in the project's Ore Reserves plus the attractive new waste : ore ratio of 0.826 : 1, will undoubtedly provide the global tantalum market, investors and project financiers with increased confidence in the project which is set to become a dominant player in the global tantalum supply chain."
Shares in Gippsland were marked up 8% at 8:04am. Register here for more articles on Gippsland Limited
Other Gippsland Limited articles
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27/11/08 Wodgina – A surprise closure by Talison Minerals
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01/09/08 Gippsland – all set to be the world’s second largest tin and tantalum producer from 2010
Other Gippsland Limited news
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11/12/08 Gippsland says scoping study at Abu Dabbab identifies additional alluvium resource
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25/11/08 Gippsland Gets German Govt Credit Guarantee for Abu Dabbab Tantalum Project
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20/11/08 Gippsland tweaks feasibility study for Abu Dabbab tantalum project
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06/10/08 Fox-Davies reiterates buy stance on Gippsland
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25/07/08 Gippsland and Stellar Resources merge interests in the Heemksirk Tin Project
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16/07/08 Gippsland - Seymour Pierce reiterates "buy"
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14/07/08 Gippsland increases tin & tantalum resource by 11%
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27/06/08 Gippsland Limited appoints Senior Project Manager
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09/06/08 Fox-Davies increases target for Gippsland to 31 pence
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06/06/08 Gippsland opts for seawater over freshwater, cuts capital and operating cost estimates for Abu Dabbab Project
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