Johannesburg, South Africa — MININGREVIEW.COM — 15 April, 2008 – TEAL Exploration and Mining Incorporated (TEAL) – a growth-oriented mineral development and exploration company majority-owned by African Rainbow Minerals – has more than doubled measured and indicated copper resources at its Konkola North’s south and east limbs in Zambia to 51-million tonnes.
The company says it has received an independent technical report – signed off by SRK Consulting South Africa (Pty) Limited – for the resource estimation. The report stipulates an increase in measured and indicated resources from 24.9 million tonnes at 2.36% copper to 51 million tonnes at 2.35% copper – a rise of 105% at virtually the same grade. Correspondingly, the resources defined in the inferred category have decreased to 26.9 million tonnes from 47.6 million tonnes – but the copper grade has increased by 24% from 1.98% to 2.46% total copper.
In addition to the measured and indicated resources at Konkola’s south and east limbs, a total inferred resource of 246.4 million tonnes at 2.62% copper is now estimated within the entire Konkola North property.
The property consists of a single large-scale mining licence covering an area of 44 squ km, and its copper resource is the second-largest known copper resource on the Zambian Copperbelt.
TEAL currently has 100% ownership of the Konkola North copper project, with ZCCM Investment Holdings plc – a company controlled by the Zambian government – retaining the option of buying a stake of up to 20%, of which 5% is a ‘free-carry’.