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Additional information
Additional Information
Market: AIM
Sector: General Mining
Epic: LOND
News: Latest news
Web Site: London Mining
Other Articles: 09-03-201025-02-201011-02-2010

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London Mining

London Mining

London Mining Plc is a UK-based company that is developing mines for the steel industry. It has 100% of the Marampa hematite iron ore mine in Sierra Leone, 100% of the Isua magnetite iron ore project in Greenland, a 50% stake in on the Wadi Sawawin joint venture in Saudi Arabia, a 50% stake in the China Global Mining Resources joint venture and minority interests in two coal developers in South Africa and Colombia.  The Company listed on the Oslo Stock Exchange on 9th October 2007 and on AIM in London on 6 November 2009.

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Wednesday, December 09, 2009

London Mining reports total JORC resource at Isua iron ore project of 574 mln tonnes at 37% Fe; 114 mln tonnes indicated

London Mining (AIM: LOND, XETRA: L9K, OSX: LOND) said Snowden Mining Industry Consultants has confirmed a total JORC compliant resource for its 100 percent owned Isua iron ore project of 574 million tonnes at 37 percent Fe, including 114 million tonnes at 37 percent Fe of indicated resources, based on a 20 percent cut-off.

Metallurgical work is currently ongoing to confirm that high grade iron concentrate can be produced consistently from the Isua resource. London Mining also plans  additional infill and extensional drilling at Isua in 2010. A pre-feasibility study is due to be completed in February 2010.

CEO Graeme Hossie said: "The delineation of additional resources at Isua is a further step towards defining the economic parameters of the project. Isua is ideally equipped to take advantage of the seaborne iron ore market  by virtue of its size, grade, and proximity to a section of the Greenland coast that permits year round shipping. Isua stands out because of its potential to supply a product suitable for the direct reduction iron market.

Isua is located 150 kilometres Northeast of Nuuk and is owned through London Mining Greenland A/S. Isua is one of London Mining's four principal iron ore projects together with: Marampa in Sierra Leone; Wadi Sawawin in Saudi Arabia; and the CGMR joint venture in China. It also has coal assets in South Africa and Colombia.

Last month, London Mining listed some of its existing shares on the AIM market in a move aimed at gaining benefit from research coverage of the mining sector in London and gain exposure to UK investors. The AIM listing augments its notation on the Oslo as well as Frankfurt stock exchanges.

In early November, London Mining reported a cash position of US$230 million as of September 30 2009, which it said was sufficient to fund its Marampa project in Sierra Leone to production within 12 to 18 months, its Wadi Sawawin project through to bankable feasibility study due later in 2009, and the Isua project through to bankable feasibility study by the end of 2010 and upgrade all resource estimates to JORC standards within 9 months.

Marampa tailings and Wadi Sawawin are expected to get upgraded to JORC before the end of 2009, while an upgrade of Marampa primary ore and China resources to JORC is expected within 9 months.

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