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MMH
MMH
MMH - Miranda Mineral Holdings Limited - Prospecting permit granted for the
group`s west rand clay project
Miranda Mineral Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1998/001940/06)
Share code: MMH ISIN: ZAE0000074019
("Miranda" or "the group")
Prospecting Permit granted for the group`s West Rand clay project
The board of Miranda is pleased to inform shareholders that a subsidiary of
MMH, Naledi Mining Solutions (Pty) Ltd ("Naledi") has been granted a
prospecting permit over the farm UITVAL 280IQ situated between Carltonville
and Westonaria.
MMH holds a 70% interest in Naledi with MMH`s BEE partner, Richland
Trading (Pty) Ltd, holding the balance of 30%.
An agreement-in-principle has been reached with a large brick manufacturer
in terms of which the brick manufacturer will establish a brick making plant
on the property to exploit the resource.
In terms of this agreement Naledi will be paid a royalty of R25 per 1000 bricks
sold. The envisaged plant will be capable of producing up to 8 million bricks
per month.
Whilst the deposit is conveniently situated near transport routes and close to
the hub of South Africa`s building industry, it also has the correct quality and
colour characteristics required to compete in the market for high quality face
bricks.
Plans for a detailed exploration programme have been prepared to quantify the
resource and work in this regard will commence in the next few weeks.
On completion of the exploration programme and sample testing, a mining right
application will be made to the Department of Minerals and Energy.
Management anticipates a period of 10 to 12 months for the mining right
application to be granted from submission date. Given that the deposit is
situated in the center of an area that is currently extensively mine by all the
major gold mining companies management does not anticipate an complications with
the mining right application.
18 June 2008
Sponsor:
Sasfin Capital
(A division of Sasfin Bank Limited)
Corporate Advisor:
Qinisele Resource
Date: 18/06/2008 12:07:01 Produced by the JSE SENS Department.
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