Namibia – North River Resources has achieved a variety of key milestones in line with its strategy to rapidly transform into a production company with the development of its Brownfield Namib lead-zinc project in Namibia.
This includes an investment agreement signed with Greenstone Capital LLP for up to US$12 million and a published definitive feasibility study (DFS) demonstrating strong economics of developing a 250 000 tpa operation at an average grade of 9% (lead and zinc).
It also includes a 36% increase in total underground resources to 1. 25 Mt, increasing the reported zinc and lead grades to 6.5% and 2.5% respectively, and on-going dialogue with the Namibian Ministry of Mines and Energy with respect to obtaining the mining licence.
The board and management team were bolstered post period-end to prepare Namib for entering into construction phase. Immediate focus has been on defining the detailed mine plan and processing plant design to support the investment decision and a development programme to enhance the resource/reserve base of the asset.
The Group’s cash position as at 31 December 2014 was £1.9 million (2013: £577 551).
The company is also very pleased to announce that, subsequent to the approval of the accounts, the two pending EPLs in licence areas 3257 and 3258 have been renewed by the Ministry of Mines and Energy.
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