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London Mining www.londonmining.co.uk
Full London Mining profile here

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 a 100% stake of an coking coal development project in Colombia. The Company listed on the Oslo Stock Exchange on 9th October 2007 and on London AIM on 6 November 2009.

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London Mining CEO & COO increase shareholdings

London Mining (AIM: LOND) told investors that its chief executive Graeme Hossie and its chief operating officer Luciano Ramos have both increased their holdings in the company.

Hossie bought 58,674 shares yesterday at 200 pence each, and now holds approximately 6.6 million, plus he has an indirect interest in a further 525,000) shares.  Ramos purchased 130,000 ordinary shares on the same day at 190 pence per share, taking his total holding to 209,667 shares.

Last week, London Mining upgraded the resource base at its Marampa iron ore project in Sierra Leone to 392 Mt (million tonnes) at 31% Fe (iron), marking an overall increase of 300%, while its Chinese business posted revenues of over US$3 million during the quarter to 31 March 2010.

Total indicated resource for tailings ore-body at Marampa is estimated as 42 Mt at 21% Fe. Phase 1 remains on track for first shipment in Q2 2011 with ability to expand to 3 Mtpa within 12 months. The mining license agreement for the project has already been ratified by the parliament of Sierra Leone.

The company said that the resource along with initial metallurgical testwork underpinned its confidence in an operation producing 8 Mtpa (million tonnes per annum) of high quality ore and concentrate.

London Mining also provided updates on its other projects. The resource at the Isua project in Greenland has increased to 951 Mt grading 36% Fe, while a pre-feasibility study on 5 Mtpa operation was completed and a revised study on 10 Mtpa operation commenced. In China, the company is continuing funding discussions on the consolidation of the expanded license. London Mining’s concentrate production in that country has reached 75,817 tonnes.

A resource upgrade at the Wadi Sawawin project in Saudi Arabia has allowed for an extension of the mine life to 20 years.

“We are very pleased to report the upgrade to the resource base at Marampa...we now have a detailed low capex logistics plan in place which will support all our future production plans...wehave also made significant progress at our other operated iron ore and coal projects”, Hossie stated.

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