HomeDiamonds & GemstonesPromising marine phosphate project off Namibia

Promising marine phosphate project off Namibia

One of Bonaparte’s
marine exploration
vessels, the MV
Douglas Bay
Perth, Australia — MININGREVIEW.COM — 07 January 2009 – Bonaparte Diamond Mines NL –a focused diamond producing company that maintains a portfolio of highly prospective projects located in the established diamond producing provinces of southern Africa and Australia – says that its Meob marine phosphate project, off the coast of Namibia, has the potential for rapid development into production.

Releasing its first resource estimate for offshore Namibian phosphate deposits, the company announced that the 1 000 squ km EPL3323 marine phosphate tenement in the Meob Project area had a total inferred mineral resource estimate of 196.1 million tonnes.

The Meob Project forms part of the recently announced Joint Venture between Bonaparte (42.5%) and Namibian partners, Tungeni Investments cc (15%) and Union Resources Limited (42.5%). The JV incorporates Union’s adjacent Sandpiper marine phosphate project area.

Bonaparte managing director Mike Woodborne commented: “The preliminary inferred mineral resource estimate for the Meob Project is in line with our expectations, and we expect to increase this estimate early in 2009 when further core sampling is completed. We have determined that the Meob Project has significant phosphate resource potential for rapid development into commercial production,” he predicted. “These results bode well for our JV with Union, and we look forward to further substantial expansion of JV resources in early 2009 as we move our testing into an 800 squ km area in the adjacent Sandpiper project.”