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MMH
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MMH - Miranda - Miranda undertakes joint venture with Nava Resources on
potential coal resource in Ermelo District.
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")
Miranda undertakes Joint Venture with Nava Resources on potential coal resource
in Ermelo District.
The board of Miranda is pleased to announce that the company has entered into a
("JV") with Nava Resources (Pty) Ltd to explore the potential coal resource on
the farm Lielifontein 136IT situated in the Ermelo district.
In terms of the JV agreement, Miranda will hold a 60% interest in the project
through its wholly owned subsidiary Miranda Coal (Pty) Ltd and Nava Resources
the remaining 40%.
The Ermelo coalfield extends over a distance of one hundred and fifty kilometers
in a north-south direction and seventy five kilometers in an east-west
direction, with Lielfontein covering 257 hectares.
The area generally consists of six coal seams namely the A,B,C, lower C,D and
the E seams. The E seam is of economic significance and attains a maximum
thickness of three meters and ranges in depth from surface down to 100 meters.
The farm has in the past been explored with over 30 boreholes being drilled by
Shell, Anglo Coal and Gencor but was not developed as prevailing market
conditions prevented an economically viable deposit. The current strong demand
for coal has now made these deposits viable.
Analysis of the historic borehole data reveals that portion 4 of the farm is the
most prospective. The average thickness of the seam is between 2.4m to 3m and
occurs at an average depth of 25m making open cast extraction possible.
Management estimate the current in-situ resource at approximately 10.3 million
tons, however further investigation and drilling is planned to upgrade the
deposit to that of at least an indicated or measured resource in terms of the
SAMREC code for multi seam deposits.
Wayne Ison, FD at Miranda Minerals commented, "The Ermelo coal fields has
substantial thermal coal deposits and we intend to investigate further
opportunities in the area".
30 June 2008
Sponsor:
Sasfin Capital
(A division of Sasfin Bank Limited)
Corporate Advisor:
Qinisele Resources
Date: 30/06/2008 10:44:01 Produced by the JSE SENS Department.
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