| Mon 20 Oct 2008, 9:00 | | MMH - Miranda Mineral Holdings - Miranda`s Amajuba Coal Project |
|
MMH
MMH
MMH - Miranda Mineral Holdings - Miranda`s Amajuba Coal Project
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`s Amajuba coal project confirms 38.2 million tonne resource of high
grade bituminous coal and anthracite.
On the 11th August 2008 Miranda announced that its 70% subsidiary, Keldoron
Properties (Pty) Limited had been awarded four coal prospecting permits covering
five farms in the Amajuba district (Newcastle/Dannhauser).
The board today announces that the first SAMREC compliant Competent Persons
Report "CPR" on three of the farms was completed.*(PC Meyer (Pr.Sci.Nat
400025/03) The purpose of the CPR is to provide an initial resource estimate of
the coal within the prospecting area covering the farms Schuwer Rand No: 8596,
Lisbellaw 12066, Walmsly 4266, Jubilee 9642 and Milnerdale 9094.
Historical Exploration
Previous exploration was done by Anglo American, Consolidated Goldfields, Natal
Navigation Collieries and Trans Natal Coal between 1936 and 1996. The 2008
drilling programme completed by Miranda between August and October is intended
to upgrade the resource status, confirm some of the historical data and improve
the quality of the data base. Full wash analysis, Roga and crucible swell
numbers ("CSN") for coking coal indications will be done on all of the seams. An
updated CPR will be produced once all the data is available from the current
drilling programme.
Coal qualities
Drilling has intersected both the Top and Bottom seams (typical of the Klipriver
coal field) both which have open pit and underground potential. The coal rank
ranges from bituminous to anthracitic with the bulk at the farm Walmsley being
anthracitic. Calorific values are high and a high quality washed product might
be achieved.
Reserve and Resource Statements.
The Project Area involves the separate Amajuba and Milnedale Blocks. They were
modeled separately as they are a distance apart and their coal quality differs.
Resource Statement
AMAJUBA BLOCK
Lisbellaw, Walmsley & Schurver Rand
Top Area m2 Volume m2 Ave RD Gross In Geological Total in
Seam thickness Situ Tons Loss Situ tons
Block 1,066,699 3,520,106 3.30 1.50 5,280,160 15% 4,488,136
OC1
Block 3,732,506 6,494,560 1.74 1.50 9,741,841 15% 8,280,565
OC2
Block 2,620,110 5,318,822 2.03 1.50 7,978,234 15% 6,871,499
UG1
Block 1,324,922 2,928,078 2.21 1.50 4,392,117 15% 3,733,300
UG2
Block 434,755 856,466 1.97 1.50 1,284,700 15% 1,091,995
UG3
Block 715,201 1,108,562 1.55 1.50 1,662,843 15% 1,413,417
UG 4
Total 9,894,193 20,226,597 30,339,896 25,788,912
Bottom Area m2 Volume m2 Ave RD Gross In Geo Total in
Seam thickness Situ Tons Loss Situ tons
Block 834,369 567,371 0.68 1.5 851,057 15% 723 398
OC1
Block 2,415,920 1,981,055 0,82 1.5 2,971,583 15% 2,525,845
OC2
Total 3,250,290 2,548,426 3,822,639 3,249,244
Summary - Amajuba Block
Total Open pit 16,017,944
Total Underground 13,020,211
Total resource 29,038,155
There is sufficient data for the farm Walmsley open pit block (block 2) to
qualify as a "Measured Resource". The remainder of the resource is classified as
"Inferred Resources" under the current SAMREC classification for multi seam
deposits. These deposits have the potential to become "Measured resources" once
the results of the current drilling programme are known and the remodeling is
completed with the 2008 data.
Mining Tonnages and qualities
The total in situ resource for the open pit blocks of the Amajuba area is 16.0
mt and for the underground blocks is 13.0 mt measuring a total resource of 29.0
mt. The Bottom Seam was not regarded as having potential for underground mining
and is not included in the underground resources but was included in the open
pit resources.
There is no open pit potential for Milnedale. The underground resource for the
Top Seam is 5.08 mt and for the Bottom Seam 4.09 mt rendering a total in situ
resource of 9.2 mt.
The total in situ resource for the project is 38.2 mt.
The addition of the above resource to the groups 120 million tonnes already
confirmed in the CPR`s published in May 2008 means the group now has
approximately 160 million tonnes of coal resources in the KwaZulu-Natal province
and on which CPR`s have been prepared.
*PC Meyer is a registered natural scientist (Pr. Sci. Nat 400025/03) and a
SAMREC accredited geologist and adheres to the South African Minerals and
Petroleum Resources Development Act of 2002 (ACT No. 28 of 2002), the SAMREC
code and the South African Guide to the Systematic Evaluation of Coal Resources
and Coal Reserves (SANS 10320:2004).
20 October 2008
Sponsor:
Sasfin Capital
(A division of Sasfin Bank Limited)
Corporate Advisor:
Qinisele Resources
Date: 20/10/2008 09:00:13 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.
