Arafura Resources: Maiden Rare Earths Reserve Statement for Nolans Project
December 11, 2012 (Source: Arafura Resources) —
Independently prepared JORC Ore Reserve for Nolans Bore to support a 22 year mine life;
95% of Measured and Indicated Resources convert to Ore Reserves;
Another key milestone towards commercialisation – further validates advanced stage of Nolans Project;
Continues positive news flow for Arafura following recent cash inflow of $32.5 million.
Australian Rare Earths company Arafura Resources Limited (ASX: ARU) (“Arafura” or the “Company”) is pleased to announce a maiden JORC Ore Reserve for its 100 per centowned Nolans Rare Earths Project.
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The Ore Reserve has been independently prepared by AMC Consultants Pty Ltd (“AMC”) of Perth, Australia, and is based on Measured and Indicated Mineral Resources estimated for the Nolans Bore deposit by AMC earlier this year (ASX: ARU 08/06/2012).
Ore Reserves at Nolans Bore are estimated to be:
The Ore Reserve represents that part of the Nolans Bore Mineral Resource that can be economically mined by open pit methods. Based on a maximum beneficiation throughput of 1.1 million tonnes per annum, the Ore Reserve supports a mine life of 22 years.
This key milestone brings the Nolans Project one step closer to commercialisation and highlights its advanced stage.
Arafura has also outlined 21 million tonnes of Inferred Resources at Nolans Bore that could be converted to additional Ore Reserves with further drilling to improve the confidence in these resources. Large parts of the resource remain open at depth.
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