Lynas Corporation Exploration Update
Mon, 7 Mar 2011 07:50:00 +1000 10 hours, 48 minutes ago
7 March 2011 Lynas Completes the Acquisition of Rare Earths Resource Key Point: • Lynas has completed the acquisition of the fully permitted Kangankunde Rare Earths Resource in Malawi, Africa for the contract sum of US$4 million Lynas Corporation Limited (“Lynas”) (ASX:LYC, OTC:LYSDY) is pleased to announce, further to the ASX announcement of 22 December 2010, completion of the settlement formalities for the purchase of the Kangankunde Carbonatite Complex (KGK), Malawi, Africa. The purchase price for the assets, as agreed in 2007 at US$4 million net of VAT, has been paid in full. The deposit has an Inferred Resource of 107,000 tonnes of Rare Earths Oxide (REO) at an average grade of 4.24% REO using a 3.5% REO cut-off grade.
At a 3% REO cut-off grade the resource increases to 180,000 tonnes REO and remains open at depth. The deposit also contains strontianite and phosphate minerals which Lynas will actively examine to determine whether they can be economical by-products. Importantly, the deposit has extremely low natural radiation levels for a Rare Earths deposit, with an average of 11ppm thorium oxide per percentage of REO content.
Completed test work shows the deposit is amenable to a low cost gravity separation concentration process producing a 60% REO concentrate. Next steps The completion of the purchase of KGK now allows Lynas to commence development of the project. The Company will commence an accelerated development programme.
Works scheduled for completion during the next 12 months will focus on three key areas: 1. Establishment of a Lynas Africa corporate office in Blantyre, Malawi. 2.
Preparation of mine site for development work which shall include: i. Review and upgrade the environmental management plan ii. Complete and refurbish existing on-site accommodation, office and workshop buildings iii.
Connect water and power to the site iv. Reopen and make safe the existing adit v. Make good access roads.
1 of 3 3. Undertake a technical validation program upon completion of the site establishment works. This work program shall include: i.
Geological mapping ii. A drill program to provide drill cores to confirm the grade of previous drill results and the previously defined resource estimate, and also to test the potential of increasing the resource iii. A metallurgical test work program to validate a concentrate production flow sheet based upon the BRGM, Multotech and Mintek test data and utilising the concentration plant designed and manufactured by Multotech, please refer to ....
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