| Tue 5 Feb 2008, 13:52 | | MMH - Miranda - Progress report on Sesikhona Kliprand Colliery project |
|
MMH
MMH
MMH - Miranda - Progress report on Sesikhona Kliprand Colliery project
("Sesikhona")
Miranda Mineral Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1998/001940/06)
Share code: MMH & ISIN: ZAE000074019
("Miranda" or "the group")
Progress report on Sesikhona Kliprand Colliery project ("Sesikhona")
Miranda today announces that the application submitted by Sesikhona to the
Department of Minerals and Energy ("DME") to convert the prospecting permit to a
Mining Right has been accepted by the DME. The award, if granted, will enable
its joint venture partner, Ihlosi Mining to mine the coal and anthracite
deposits on the colliery.
Miranda holds an 88% interest in Sesikhona. The remaining 12% is held by the
local Kliprand community, who are actively involved in the project and are
represented on the board of Sesikhona. The colliery situated near Dannhauser,
Kwa Zulu Natal consists of four contiguous farms and covers 884 hectares.
In terms of the joint venture agreement between Miranda and Sesikhona, Ihlosi
have paid an initial fee of R1miilion and will pay an additional R5m on
commencement of mining operations.
Sesikhona will thereafter earn R50 per ton of coal mined over the 20 year life-
time of the project. Ihlosi have warranted a minimum of 30 000 tons per month,
building up to an average of 50 000 tons per month.
Preliminary drilling results reveal the occurrence of two seams namely the top
and bottom, at an average depth of 20m and 29m respectively. The top seam has an
average thickness of 1.83m and the bottom seam 0.98m. Based on current and
historical drill data management estimates a total resource of high grade coal
and anthracite of approximately 22 million tons of which at least 40% can be
mined using open cast mining methods.
The Scoping Report, which represents the first phase of the conversion to a
Mining Right has also been submitted to and accepted by the DME. The company has
engaged the services of DG Environmental Consultants, environmental specialists
based in Dundee, to prepare the Environmental Impact Assessment ("EIA") as
required by the MPRDA ("Minerals and Petroleum Resources Development Act").
Progress on the EIA is well advanced and will be submitted to the DME and other
Interested and Affected Parties well within the prescribed time limit of 90
days.
Shareholders will be advised of developments with regard to the progress of the
mining right application, however the board is confident that mining operations
will commence towards the end of the second quarter of this year.
Centurion
5th February 2008
Sponsor:
Sasfin Capital
(A division of Sasfin Bank Limited)
Corporate Advisor:
Qinisele Resources (Pty) Limited
Enquiries:
Miranda Mineral Holdings Ltd +27 (0) 12 654 1345
Ron Nel, CEO
Wayne Ison, Financial Director
www.mirandaminerals.com
Date: 05/02/2008 13:52:20 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
