| Tue 12 Aug 2008, 9:46 | | MMH - Miranda - Miranda awarded Amajuba Tender for four Coal Prospecting Rights |
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MMH
MMH - Miranda - Miranda awarded Amajuba Tender for four Coal Prospecting Rights
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 awarded Amajuba Tender for four Coal Prospecting Rights
The board of Miranda today announces that its subsidiary Keldoron Properties 22
(Pty) Limited ("Keldoron") has been awarded a tender to prospect for and develop
four Coal Prospecting Rights currently held by the Amajuba District Municipality
("ADM").
Miranda holds a 70% stake in Keldoron, through its KwaZulu-Natal based
subsidiary Miranda Coal (Pty) Ltd, with the remaining 30% held by Miranda`s BEE
partner, Nelesco (Pty) Limited. In terms of the agreement with Keldoron and
Nelesco, Miranda will provide the required financial and technical support to
Keldoron and Nelesco the necessary expertise for the socio-economic
developmental aspects of the project.
Keldoron will commence a full scale drilling programme to confirm both the
historical information and the coal qualities of the project.
The Amajuba Project
The permits consist of five farms of about 3 700 hectares in size and are
situated adjacent to the Miranda`s existing Yarl and Learydale projects. Yarl
recently reported a Competent Persons Report of a total inferred resource of
16,931 mt of coal. (PC Meyer Pr.Sci.Nat 400025/03)
- Application 108 - prospecting area comprises Portion 1, 2 and the Remainder
of the farm Schuwer Rand No. 8596 situated in Newcastle with a surface area
of 460.3 hectares. According to data available from the Council of
Geosciences, 13 boreholes had previously been drilled by Anglo American
Corporation in 1996. The drill logs show the Bottom Seam to be of potential
economic value with an average seam thickness of 1.6m to 2.0m.
- Application 109 - prospecting area comprises the Remainder of Portion 1 of
the farm Lisbellaw no. 12066, Remainder and Portion 1-11 of the farm
Walmsly no. 4266 situated in the Newcastle district and measuring 2,100.1
hectares in extent .The farm Walmsey has a total of 144 historical
boreholes and shows coal intersections at depths of between 8m and 104m
with an average seam thicknesses of between 0.8m and 1.2m.
- Application 110 - prospecting area comprises the Remainder and portions 1-
27 of the farm Jubilee No. 9642 and the farm Jubilee No.2 11283 situated in
Newcastle and measuring 640.9 hectares in extent. Historical data reveals
31 boreholes with coal intersections at 60m.
- Application 111- prospecting area comprises the Remainder and portion 1 of
the farm Milnedale No. 9094 situated in Newcastle and measuring 525.6
hectares in extent. Historical Geoscience data revealed 10 boreholes on the
property intersecting the coal seams at an average depth of 50m.
Background
Located in north-western corner of KwaZulu-Natal, the ADM identified coal mining
as an activity to stimulate socio-economic growth in the area. The Municipality
consequently applied for and was granted four new order prospecting licenses by
the Department of Minerals and Energy (`DME")
In June 2008, the ADM invited companies with the necessary skills and experience
to successfully develop these projects into mining operations to tender for the
four prospects.
The ADM has undertaken to facilitate the Section 11 transfer of the prospecting
rights to Keldoron with the DME.
Ron Nel, CEO of Miranda Minerals noted, "The award of this highly prospective
tender contributes significant coal reserves to the Group. The Amajuba Project
will allow us to continue to create a significant critical mass in the area for
the establishment of future mining operations"
12 August 2008
Centurion
Sponsor:
Sasfin Capital
(A division of Sasfin Bank Limited)
Corporate Advisor:
Qinisele Resources
Date: 12/08/2008 09:46:01 Produced by the JSE SENS Department.
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