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MMH
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MMH - Miranda - First Mining Right granted to Miranda`s Sesikhona Kliprand
Colliery
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")
First Mining Right granted to Miranda`s Sesikhona Kliprand Colliery
Miranda today announces that its subsidiary Sesikhona Kliprand Colliery
("Sesikhona") has been granted a Mining Right in terms of section 23(1) of the
Minerals and Petroleum Resources Development Act (Act 28 of 2002) ("the
Sesikhona Mining Right").
The Sesikhona Mining Right has been granted over four contiguous farms covering
approximately 884 hectares and situated in the district of Dannhauser KwaZulu-
Natal ("KZN").
Background
The Sesikhona project is the first of a number of Miranda`s coal projects in KZN
expected to be come into production within the next 18 months. As the first of
its projects to convert from exploration to mining status and with its positive
impact on the group`s cash flows and exploration objectives, the granting of the
Sesikhona Mining Right represents a defining moment for the group.
Sesikhona Project
Sesikhona entered into a joint venture agreement with Ihlosi Project Mining
("Ihlosi") earlier in 2008 wherein Ihlosi agreed to mine the deposit and pay
Sesikhona an annuity income of R50 per ton of coal mined. In addition, Ihlosi
will make an immediate upfront payment of R5 million, in addition to the non-
refundable R1 million already paid.
It is anticipated that Ihlosi will begin mining within the next 60 to 90 days as
the bulk of the infrastructure has already been put in place.
Ron Nel, CEO of Miranda, commented, "The award of our first mining right will
unlock value at Sesikhona and move Miranda into a revenue producing exploration
company with positive cash flows".
First phase drilling has identified a coal resource of approximately 5.4 million
tonnes of a high grade anthracite, which will be mined using open cast mining
methods at a rate of between 30 000 to 50 000 tonnes per month. Second phase
drilling will begin in the course of the first quarter of this year to extend
the size of both the open cast and underground sections of the resource, which
management believes will extend the life of mine to at least 20 years.
Miranda has submitted two further mining right applications to the Department of
Minerals and Energy for the Amajuba project, also situated in the Dannhauser
area and the Uithoek project in the Glencoe area.
7 January 2008
Sponsor:
Religare, Hichens Harrison
Corporate Advisor:
Qinisele Resources
Date: 07/01/2009 09:09:24 Produced by the JSE SENS Department.
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