LONDON MINING - RESOURCE UPDATE FOR ISUA IRON ORE PROJECT, GREENLAND
(Thomson Reuters ONE) - * 574Mt at 37% Fe resource reported in accordance with JORC standards * 114Mt at 37% Fe Indicated Resources * 460 Mt at 37% Fe Inferred Resources * Metallurgical work underway to confirm nature and quality of high grade Fe concentrate * Pre-feasibility study due to be completed by end of February 2010London Mining, the UK based developer of mines to supply the globalsteel industry, today announces that Snowden Mining IndustryConsultants ("Snowden") has confirmed a total resource for its Isuaproject of 574Mt at 37% Fe, including 114Mt at 37% Fe of IndicatedResources. All resources are reported in accordance with theJORC Code 2004, based on a cut-off of 20% Fe. Isua is located 150kmNortheast of Nuuk and is 100% owned by London Mining Plc throughLondon Mining Greenland A/S. Isua is one of London Mining's fourprincipal iron ore projects together with Marampa, Sierra Leone; WadiSawawin, Saudi Arabia; and the CGMR joint venture in China.The resource as reported has been constrained by a pit shell that isconsidered to represent the ultimate extent of any surface operationat Isua, based on the current understanding of the Isua resource.Initial metallurgical testwork undertaken by SGA in 2006 has shownthat a concentrate of 71% Fe with less than 1.5% Si02 plus Al203 canbe produced from Isua ore and work is currently ongoing to confirmthat high grade Fe concentrate can be produced consistently from theIsua resource. London Mining also plans additional infill andextensional drilling at Isua in 2010.Snowden has reported the Isua resource to reflect the addition of newdata by London Mining which has allowed other elements besides Fe tobe estimated, as the historic data on which previous estimates werebased did not have a full suite of geochemical analyses. As therecent London Mining drilling was undertaken over the northern halfof the Isua resource Snowden has reported the north and south of theresource separately to reflect this (Table 2).Michael Andrew, Divisional Manager Applied Geosciences of SnowdenMining Industry Consultants, B Sc, MAUSIMM, who meets the criteria ofa qualified person under the AIM Rules - Guidance for Mining, Oil andGas Companies, has reviewed and approved the technical informationcontained within this announcement.Graeme Hossie, CEO of London Mining plc, said, "The delineation ofadditional resources at Isua is a further step towards defining theeconomic parameters of the project. Isua is ideally equipped totake advantage of the seaborne iron ore market by virtue of its size,grade, and proximity to a section of the Greenland coast that permitsyear round shipping. Isua stands out because of its potential tosupply a product suitable for the direct reduction iron market. Welook forward to reporting on the results of the pre-feasibility studyfor Isua early in 2010"Please see the full announcement, including tables with details ofthe Isua resource enclosed.For more information, please contact:London Mining PlcGraeme Hossie, Chief Executive Officer +44 20 7201 5000Rachel Rhodes, Finance DirectorThomas Credland, Head of Investor RelationsLiberum Capital (Nominated Advisor/Broker)Clayton Bush/Ellen Francis +44 20 3100 2000GMP Securities Europe (Broker)Jeremy Wrathall +44 20 7647 2800Crux Kommunikasjon ASCharlotte Knudsen +47 97 56 19 59Threadneedle Communication (UK)Laurence Read/ Beth Harris +44 20 7653 9850The Company's website can be found at www.londonmining.co.uk.About London MiningLondon Mining is focused on identifying, developing and operatingscaleable mines to become a mid-tier supplier to the global steelindustry. Its four principal assets in Sierra Leone, Saudi Arabia,Greenland and China all have deliverable production with potentialfor expansion. The Company listed on the Oslo Axess on 9 October 2007and on AIM in London on 6 November 2009. It trades under the symbolsLOND.L and LOND.NO (Reuters) and LOND LN and LOND NO (Bloomberg).---END OF MESSAGE---http://hugin.info/137683/R/1359997/331708.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 09.12.2009 - 08:02 Uhr
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