| Wed 10 Sep 2008, 12:59 | | MMH - Miranda - Miranda coal: updated CPR on Uithoek Project and further |
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MMH
MMH
MMH - Miranda - Miranda coal: updated CPR on Uithoek Project and further
progress report
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" or "the company")
Miranda Coal: Updated CPR on Uithoek Project and further Progress Report
Further to the SENS announcement dated 14 May 2008, which detailed the first
four independent Competent Person`s Reports ("CPRs") on the group`s KwaZulu
Natal (KZN) coal projects, the board today provides the following update.
- The in-fill drilling program on the Uithoek property is complete and an
updated CPR(1) was issued.
- The Uithoek coal prospect already carried a "Measured Resource" SAMREC code
classification for multi-seam deposits and additional drilling has
supplemented the coal qualities database, provided more washability data
and allowed for additional coking coal analysis.
- The CPR identified two products; a primary 12% ash content product, which
hosts the coking coal and a middlings product of 22 Mj/kg for local power
station use.
- Coking coal properties have been identified in the open-pitable sections of
the Top Seam as well as the open-pitable Block 1 of the Bottom Seam.
- The total yield on the open-pitable Top Seam sections is high and ranges
from 82% to 92%, with the total yield on the Bottom Seam`s open-pitable
Block 1 an acceptable 65%.
- All open-cast sections on the project, including the Bottom Seam`s Block 2,
as well as the Bottom Seam`s Underground Block, with a 77% yield, are
suitable for power station use.
- The updated resource statement (all Measured Resources) for Uithoek is
given below:
Area Volume Gross in Total in
(`000 m2) (`000 tons) situ situ
Resource Resource
(`000 (`000
tons) tons)
Top Seam (TS)
Block OC1 507 416 674 607
Block OC2 373 691 1,023 920
Block UG 1,07 936 1,497 1,374
Total TS 2,019 2,043 3,194 2,874
Bottom Seam (BS)
Block OC1 567 669 1,143 1,029
Block OC2 1,227 1,595 2,505 2,254
Block UG 280 336 587 529
Total BS 2,074 2,600 4,235 3,812
Total Measured Resource 6,686
of which:
Total Open Pit 4,810
Total Underground 1,876
Notes, assumptions and modifying factors:
- OC = Open Cast
- UG = Underground
- Raw relative density (RD) values are laboratory tested. The average RD for the
2008 boreholes was assumed for all the boreholes since the historic boreholes
had no RD values.
- Quality cut-off parameters for resource calculation was applied as low
volatile areas (Vols < 5%) were excluded.
- Areas where the seam thickness is below 0.5 m were omitted.
- Geological losses of 10% were assumed.
- All tonnages and qualities are quoted air dry.
- The lack of laboratory capacity and drill rig availability have caused
delays in the drilling programs on Boschhoek/ Boschkloof and Burnside,
which are now expected to be completed in the next four weeks.
- Exploration at the Boschhoek/ Boschkloof and Burnside projects is intended
to upgraded the coal resource status to that of Measured from the current
Indicated and Inferred Resource category. These CPRs will be issued as soon
as possible after completion of drilling activities
- Miranda intends to begin the mining right application process on its three
Glencoe properties (Uithoek, Boschhoek/ Boschkloof and Burnside) during the
fourth quarter of 2008.
- Production remains on track to commence in the fourth quarter of 2008 at
the Sesikhona Kliprand project, subject to the timely issue of the mining
permit.
(1) The CPR was prepared by Mr PC Meyer (Pr.Sci.Nat 400025/03) a SAMREC-
registered Competent Person. PC Meyer has more than 18 years experience in the
South African coal industry and is a member of the GSSA and Fossil Fuel
Foundation.
Centurion
10 September 2008
Sponsor:
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 10/09/2008 12:59:01 Produced by the JSE SENS Department.
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