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Savannah puts in two applications for mining in Oman

They relate to the Mahab 4 and Maqail South deposits in Block 5 and are for an open-cut development at Maqail South and for an underground development at Mahab 4.

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The firm aims to begin mining copper in late 2017

Savannah Resources Plc (LON:SAV) moved closer to its aim of starting copper mining in late 2017 in Oman by submmitting two mining licence applications.

They relate to the Mahab 4 and Maqail South deposits in Block 5 and are for an open-cut development at Maqail South and for an underground development at Mahab 4.

The current indicated and inferred resource is 1.7 million tonnes (Mt) at 2.2% copper.

Chief executive David Archer said it was an "important milestone regarding the development of the combined deposits as an integrated operation".

"The tempo of our work is increasing and studies that will form the basis of our plans, such as metallurgical testwork and various baseline studies, are well underway.

"The higher grade nature of the two deposits makes them attractive for priority mine development to be followed by the development of other deposits such as those on Block 4.

"Following an intensive round of drilling over recent months, an updated Mineral Resource for both Maqail South and Mahab 4 will be released in Q4 2016, which will form an important part of our mining studies regarding a mine development targeted for late 2017."

Savannah has rights to three blocks - four, five and six, covering 1,270 sq km in the copper-rich, Semail Ophiolite Belt in Oman.

Savannah is a 65% shareholder in Al Fairuz Mining, the holder of the Block 5 licence. It has a  51% stake in Al Thuraya Mining, which owns Block 4.

Interest in Block 6 has been terminated due to relative progress and the prospectivity in Blocks 4 and 5.

Quick facts: Savannah Resources PLC

Price: 2.35 GBX

AIM:SAV
Market: AIM
Market Cap: £30.49 m
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