Perth, Australia — 16 May 2013 – ASX-listed and Australian-based Tawana Resources “’ which has reinvented itself from a Southern African diamond explorer into a Liberian-focused iron ore and gold explorer “’ is undertaking a strategic review of potential financing and partnership options to advance development of its Mofe Creek iron ore project in Liberia
allAfrica.com reports that this follows the company having received various approaches regarding its intentions for the funding and development of the project. A review will allow the company to explore all potential funding and development scenarios with the aim of maximising shareholder returns.
The company recently completed a maiden 2,500m reverse circulation drill programme at the project, which has an exploration target of 500Mt of friable iron formation.
Significant intersections include 40m at 46% iron, 56m at 37.9% iron and 40m at 49.9% iron.
The project is just about 20km from the coast and the most likely development scenario would see construction of a haul road for trucking of product to the coast and trans-shipment via barge or conveyor to deeper water for on-shipment.
Other possible infrastructure solutions exist; road or rail to the deep water port of Monrovia; a 100km sealed road exists from the central licence area to the city of Monrovia.
In addition to this a decommissioned standard gauge iron ore railway alignment exists from the Bomi Hills mine to the port of Monrovia; 20km east from the easternmost magnetic anomaly. Rail distance from Mofe Creek to the port of Monrovia is 65km.
Tawana had US$1.26 million in cash as of 31 March 2013.
Source: allAfrica.com. For more information, click here.