RESOURCE UPGRADE FOR PHOENIX
HIGHLIGHTS
Total resource increased by 15.8% to 469,000 ounces 4E Platinum Group Metals (`PGM 4E's')
In situ grade increased by 2.6% to 3.15g/t PGM 4E's
THE PHOENIX PROJECT
The Phoenix Project is 100% owned by Phoenix Platinum Mining (Pty) Limited , a wholly owned subsidiary of Pan African.
Phoenix concluded an exclusivity agreement with International Ferro Metals SA (Pty) Limited on 18 February 2010, which agreement sets out the terms and conditions under which Phoenix may construct a Chromite Tailings Retreatment Plant on the IFM property. The site position for the CTRP was agreed on 31 March 2010 and the detailed engineering design of the CTRP is ahead of schedule. Construction is anticipated to commence during the first quarter of 2011 while first production is planned for September 2011.
Metallicon Process Consulting (Pty) Limited was appointed by Pan African to validate and verify all procedures relating to the resource estimate. The estimation process was carried out through a comprehensive drilling, sampling and assaying programme that underpins the resource calculation.
The process resulted in the metal content increasing by 15.8% from 405,000 ounces PGM 4E's reported in the Company's unaudited interim results for the six months ended 31 December 2009, to 469,000 ounces PGM 4E's. The grade increased by 2.6% from 3.07g/t PGM 4E's to 3.15g/t PGM 4E's.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment