| Fri 6 Mar 2009, 7:15 | | MMH - Miranda - CPR confirms 38 mt resource at Amajuba Project |
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MMH
MMH
MMH - Miranda - CPR confirms 38 mt resource at Amajuba Project
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")
CPR CONFIRMS 38 MT RESOURCE AT AMAJUBA PROJECT
With reference to the SENS announcement dated 12 August 2008. The board is
pleased to announce that an independent Competent Persons Report ("CPR"),
commissioned in the fourth quarter of 2008 on behalf of Miranda subsidiary
Keldoron Properties (Pty) Ltd ("Keldoron") on the Amajuba project, has been
completed. In addition to the historical data a total of 23 new cored boreholes
were drilled from August to November 2008 of which all were sampled and sent to
M&L Inspectorate for analysis. The aim of the F2008 drilling programme was to
upgrade the resource status, confirm the historic data and improve the quality
of the database.
Keldoron was awarded the tender to prospect for coal and develop FOUR
Prospecting Rights held by the Amajuba District Municipality ("ADM") in August
2008.
The Amajuba Project
The Amajuba project consists of four prospecting permits covering five farms
namely:
* Application 108 - prospecting area comprises portion 1, 2 and the remainder
of the farm Schuwer Rand No. 8596 situated in Newcastle measuring 460.3
hectares in extent.
* 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 Newcastle and measuring 2.100.1 hectares in
extent .
* 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.
* 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.
The reports have been 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.
The results of the "CPR" are summarised below:
RESERVE & RESOURCE STATEMENT
The Project Area involves two separate blocks namely the Amajuba and Milnedale
Blocks of which the Amajuba Block has the most economic potential. The average
depth and widths of the Top Seam and Bottom Seam in the resource areas are
tabulated below:
AVERAGE SEAM DEPTH AND THICKNESS
Top Seam
Block Average Width(m) Average Depth(m)
Block OC1 2.38-5.15 Avg 3.47 5.7 - 49.6 Ave 32.8
Block OC2 0.65- 3.15 Avg 1.73 4.1-45.4 Avg 20.4
Block OC2 Anthracite 0.62-2.9 Avg 1.59 6.9-36.4 Avg 20.7
Block UG1 1.50-2.49 Avg 2.03 72.72-167.02 Avg 115.3
Block UG2 1.46-2.68 Avg 2.25 39.5-58.62 Avg 46.44
Block UG3 1.90-2.18 Avg 1.97 39.94-109.41Avg 74.74
Block UG4 0.64-2.15 Avg 1.55 7.51-103.05 Avg 44.58
Bottom Seam
Block Average Width(m) Depth (m)
Block OC1 0.6-0.86Avg 0.69 9.9-54.4Avg 39.2
Block OC2 0.6-2.15Avg 0.83 11.34-58.2 Avg 32.4
OC= Open cast UG= Underground
RESOURCE STATEMENT (Amajuba Block Top seam)
Top Seam Ave Gross in Geological In Situ Resource
Thickness Situ tons loss tons Classification
Block OC1 3.47 4,742,582 15% 4,031,195 Measured
Block OC2 1.73 6,147,232 15% 5,225,147 Measured
Block OC2 1.59 3,103,704 15% 2,638,148 Measured
Anthracite
Block UG1 2.03 8,031,422 15% 6,826,709 Inferred
Block UG2 2.25 4,797,702 15% 4,078,046 Inferred
Block UG3 1.97 1,293,265 15% 1,099,275 Measured
Block UG4 1.56 1,673,929 15% 1,422,839 Inferred
Total 29,789,836 15% 25,321,359
RESOURCE STATEMENT (Amajuba Block Bottom seam)
Bottom Ave Gross in Geological In Situ Resource
Seam Thickness Situ tons loss tons Classification
Block OC1 0,69 1,015,432 15% 863,117 Measured
Block OC2 0,83 3,188,912 15% 2,710,575 Measured
Total 4,204,344 15% 3,573,692
MILNEDALE
Seam Ave Gross in Geological In Situ Resource
Thickness Situ tons loss tons Classification
Top Seam 1.18 6.771.326 25% 5.078.459 inferred
Bottom 1.14 5.456.131 25% 4.092.098 inferred
Seam
Total 12.227.457 9.170.593
RESOURCE SUMMARY
Total Open Pit 15,468,183
Total Underground 13,426,870
Total Resource (Amajuba Block) 28,895,053
Milnerdale Block (Underground) 9,170,593
Total Resource 38,065,646
Coal Qualities
The coal rank ranges from bituminous to anthracitic with one block on the farm
Walmsley being anthracitic. Caloritic values are high and a high quality washed
product may be achieved.
Based on the positive results from the current drilling programme the group has
submitted a Mining Right application to the Department of Minerals and Energy
and will begin with the Environmental Scoping Study within the next 30 days.
Project Feasibility
Miranda`s initial in-house investigations have indicated the economic viability
of the project. Consistent with Miranda`s business model of building its Net
Asset Value ("NAV") further analysis on the mining, processing and economic
factors by a SAMREC registered specialist consulting mining engineers will now
be initiated.
The full version of the CPR can be found on Miranda`s website,
www.mirandaminerals.com.
06 March 2009
Sponsor:
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Corporate Advisor:
Touchstone Capital (Pty) Ltd
Date: 06/03/2009 07:15:01 Produced by the JSE SENS Department.
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