The board of Miranda today announces that an independent Competent Report (“CPR”) was completed on behalf of Miranda subsidiary Keldoron Properties. The updated CPR confirms the coal grade and the coal resource of 38 065 646 tons at the Amajuba project in KZN.
In addition to data published on the 20th October 2008, 23 new cored boreholes were drilled, all of which were sampled and sent to M&L inspectorate. The coal ranks ranges from the bituminous to anthracitic. Caloritic values are high and a high quality washed product may be achieved.
Based on these updated positive results, a Mining Right application has been submitted to the Department of Minerals and Energy. An Environmental Scoping Study is scheduled to begin within the next 30 days.
Project Feasibility
Miranda’s initial in-house investigations on the feasibility of developing the project indicated good economic viability. Further analysis on the mining, processing and economic factors by a SAMREC registered specialist consulting mining engineers will now be initiated. “This will enable Miranda to bring this asset up the value curve, which is consistent with our business model”, noted Ron Nel, CEO of Miranda.
Reserve & Resource statement
The Project Area, involves two separate blocks. Amajuba, has a high economic potential of a total resource of 28.8 MT, 15.5 MT of which is open castable and 13,4 MT to be mined underground. The Milnedale Blocks yielded a total resource of 9.1 MT all of which is underground.
Nel concluded, “This updated CPR is the result of the first phase of drilling, with a good portion of it identified as open castable. The costs and methods of open cast mining are favourable which will produce improved returns when we start production.”
ISSUED BY: FDBeachhead
Louise Brugman
(011) 214 2415/ 083 504 1186/ louise.brugman@fd.com
Senzi Dlamini 011 214 2420 / 073 494 0030 / senzi.dlamini@fd.com
ON BEHALF OF: Miranda Minerals
CEO: Ron Nel
012 665 4200
The average depth and widths of the Top Seam and Bottom Seam in the resource areas are tabulated below:
AVERAGE SEAM DEPTH AND THICKNESS
| Top Seam |
| Block |
Average Width(m) |
Average Depth(m) |
| Block OC1 |
2.38-5.15 Avg 3.47 |
5.7 – 49.6 Ave 32.8 |
| Block OC2 |
0.65– 3.15 Avg 1.73 |
4.1-45.4 Avg 20.4 |
| Block OC2 Anthracite |
0.62-2.9 Avg 1.59 |
6.9-36.4 Avg 20.7 |
| Block UG1 |
1.50-2.49 Avg 2.03 |
72.72-167.02 Avg 115.3 |
| Block UG2 |
1.46-2.68 Avg 2.25 |
39.5-58.62 Avg 46.44 |
| Block UG3 |
1.90-2.18 Avg 1.97 |
39.94-109.41Avg 74.74 |
| Block UG4 |
0.64-2.15 Avg 1.55 |
7.51-103.05 Avg 44.58 |
| Bottom Seam |
| Block |
Average Width(m) |
Depth (m) |
| Block OC1 |
0.6-0.86Avg 0.69 |
9.9-54.4Avg 39.2 |
| Block OC2 |
0.6-2.15Avg 0.83 |
11.34-58.2 Avg 32.4 |
OC= Open cast UG= Underground
RESOURCE STATEMENT (Amajuba Block Top seam)
Top Seam |
Ave
Thickness |
Gross in
Situ tons |
Geol
loss |
In Situ
tons |
Resource
Classification |
| Block OC1 |
3.47 |
4,742,582 |
15% |
4,031,195 |
Measured |
| Block OC2 |
1.73 |
6,147,232 |
15% |
5,225,147 |
Measured |
| Block OC2 Anthracite |
1.59 |
3,103,704 |
15% |
2,638,148 |
Measured |
| Block UG1 |
2.03 |
8,031,422 |
15% |
6,826,709 |
Inferred |
| Block UG2 |
2.25 |
4,797,702 |
15% |
4,078,046 |
Inferred |
| Block UG3 |
1.97 |
1,293,265 |
15% |
1,099,275 |
Measured |
| Block UG4 |
1.56 |
1,673,929 |
15% |
1,422,839 |
Inferred |
| Total |
|
29,789,836 |
15% |
25,321,359 |
|
RESOURCE STATEMENT (Amajuba Block Bottom seam)
Bottom Seam |
Ave
Thickness |
Gross in
Situ tons |
Geological
loss |
In Situ
tons |
Resource
Classification |
| Block OC1 |
0,69 |
1,015,432 |
15% |
863,117 |
Measured |
| Block OC2 |
0,83 |
3,188,912 |
15% |
2,710,575 |
Measured |
| Total |
|
4,204,344 |
15% |
3,573,692 |
|
MILNEDALE
Seam |
Ave
Thickness |
Gross in
Situ tons |
Geological
loss |
In Situ
tons |
Resource
Classification |
| Top Seam |
1.18 |
6.771.326 |
25% |
5.078.459 |
inferred |
| Bottom Seam |
1.14 |
5.456.131 |
25% |
4.092.098 |
inferred |
| Total |
|
12.227.457 |
|
9.170.593 |
|
The reports have been prepared by Mr PC Meyer (Pr.Sci.Nat 400025/03) a SAMREC registered Competent Person. PC Meyer has more than 18 years experience in the South African coal industry and is a member of the GSSA and Fossil Fuel Foundation.
About Kelderon
Miranda holds a 70% stake in Keldoron, through its KwaZulu-Natal based subsidiary Miranda Coal (Pty) Ltd, with the remaining 30% held by Miranda’s BEE partner, Nelesco (Pty) Limited. In terms of the agreement with Keldoron and Nelesco, Miranda will provide the required financial and technical support to Keldoron and Nelesco the necessary expertise for the socio-economic developmental aspects of the project.
Keldoron was awarded the tender to prospect for coal and develop FOUR Prospecting Rights held by the Amajuba District Municipality (“ADM”) in August 2008.
About the The Amajuba Project
The Amajuba project consists of four prospecting permits covering five farms namely:
- Application 108 - prospecting area comprises portion 1, 2 and the remainder of the farm Schuwer Rand No. 8596 situate in Newcastle measuring 460.3 hectares in extent.
- Application 109 – prospecting area comprises the remainder of portion 1 of the farm Lisbellaw no. 12066, remainder and portion 1-11 of the farm Walmsly no. 4266 situated in Newcastle and measuring 2.100.1 hectares in extent .
- Application 110 – prospecting area comprises the remainder and portions 1-27 of the farm Jubilee No. 9642 and the farm Jubilee No.2 11283 situated in Newcastle and measuring 640.9 hectares in extent.
- Application 111- prospecting area comprises the remainder and portion 1 of the farm Milnedale No. 9094 situated in Newcastle and measuring 525.6 hectares in extent.
|
