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MTX
MEMTX
MTX - Metorex Limited - Operational Update on Ruashi
METOREX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1934/005478/06)
Share code: MTX
ISIN: ZAE000022745
Issuer code: MEMTX
("Metorex" or "the Company")
Operational Update on Ruashi
Metorex, the diversified mining group listed on the JSE Limited, wishes to
inform shareholders and update the market on:
Ruashi Mining SPRL`s performance - as at May 2009
Chief Executive Officer Terence Goodlace said; "The Ruashi mine continues to
improve throughput and production levels and in May achieved its highest
production levels to date. Copper production increased by 21% and Cobalt
production by 33% for the month of May 2009. The resource and reserve infill
drilling programme has advanced as planned and the diamond drilling assays have
delivered positive results."
Table 1 - Salient Production Features
Units Jan Feb Mar April May
Waste Mined Tons 245,472 311,389 317,496 428,475 449,616
Ore Mined Tons 65,832 12,429 2,710 73,572 104,720
Processed Tons 47,210 45,136 50,204 70,279 81,438
Processed % Cu 2.58% 2.51% 2.79% 2.54% 2.61%
Processed % Co 0.62% 0.70% 0.47% 0.45% 0.48%
Copper Tons 901 916 1,102 1,531 1,847
production
Cobalt Tons - 42 110 161 214
production
Resource and Reserve
The Ruashi infill diamond drilling program which commenced at the start of April
2009 is progressing with 4,829 metres of the 5,160 metres programme completed by
the end of May 2009.
Drilling is planned to be completed by end June 2009. Logging and sampling of
the core is on track and to date 60% of the completed meterage has been sampled
and submitted for assay. All samples over 2% copper have been routinely
submitted for external analyses at Robinsons International, an accredited UK
based analytical services company, in Lubumbashi.
The results have been positive and support the historical data previously
submitted. The drilling has improved the geological interpretation and
understanding of the distribution of copper and cobalt with two major
mineralisation styles being evident.
A summary of all results received up to the 31st May 2009 is attached in Table
2. These intersections are selected above a 1% copper and 0.2% cobalt grade
limit with all intersections reported as downhole intersection widths.
Some significant selected results received to date include:
Pit 1 Hole RSS08 - 9 metres at 7,22% copper from 10 metres;
Hole RSS47 - 19 metres at 5,06% copper and 0,4% cobalt from
43 metres.
Pit 2 RSS31 - 47 metres at 5,95% copper and 0,57% cobalt from 13
metres;
RSS32 - 40 metres at 6,24% copper and 0,93% cobalt from 15
metres.
Pit 3 RSS16 - 12 metres at 11,97% copper from 70 metres;
RSS17 - 44 metres at 7,09% copper from 109 metres.
A revised resource and reserve statement for Ruashi is expected to be released
by the end of August 2009.
Table 2 - Ruashi Infill Diamond Drilling Results as of 31 May 2009
Final
Depth
Bh no Date Pit Easting Northing Azimuth Dip m
completed No
RSS 01 2009/04/05 Pit 1 559239 8715484 S 29 W -61 S 50
RSS 02 2009/04/07 Pit 1 559199 8715505 S 29 W -61 S 80
RSS 03 2009/04/06 Pit 1 559157 8715518 S 29 W -62 S 40
RSS 04 2009/04/07 Pit 1 559097 8715534 S 29 W -61 S 50
RSS 05 2009/04/17 Pit 1 558990 8715525 N 29 E -60 N 54
RSS 06 2009/04/10 Pit 1 558948 8715549 N 29 E -60 N 80
RSS 07 2009/04/15 Pit 1 559005 8715445 N 29 E -60 N 40
RSS 08 2009/04/16 Pit 1 558990 8715403 S 29 W -60 S 24
RSS 09 2009/04/19 Pit 1 558992 8715417 S 29 W -60 S 50
RSS 10 2009/05/29 Pit 3 560158 8714532 N 29 E -60 N 131
RSS 11 2009/05/23 Pit 3 560113 8714557 N 29 E -60 N 150
RSS 12 2009/05/20 Pit 3 560070 8714580 N 29 E -60 N 157
RSS 13 2009/05/14 Pit 3 560025 8714605 N 29 E -60 N 180
RSS 14 2009/05/11 Pit 3 559982 8714628 N 29 E -60 N 189
RSS 15 2009/05/09 Pit 3 559938 8714652 N 29 E -60 N 194
RSS 16 2009/05/06 Pit 3 559895 8714676 N 29 E -60 N 180
RSS 17 2009/04/28 Pit 3 559845 8714693 N 29 E -60 N 153
RSS 18 2009/05/03 Pit 3 559961 8714696 N 29 E -60 N 150
RSS 19 2009/04/28 Pit 3 559915 8714721 N 29 E -60 N 129
RSS 20 2009/04/24 Pit 3 559877 8714745 N 29 E -60 N 135
RSS 21 2009/05/31 Pit 3 559356 8715158 N 29 E -60 N 124
RSS 22 2009/05/28 Pit 3 560134 8714488 N 29 E -60 N 187
RSS 23 2009/05/27 Pit 3 560090 8714513 N 29 E -60 N 176
RSS 24 2009/05/20 Pit 3 560046 8714536 N 29 E -60 N 208
RSS 25 2009/05/16 Pit 3 560002 8714560 N 29 E -60 N 185
RSS 27 2009/04/26 Pit 2 559663 8715087 N 29 E -60 N 69
RSS 29 2009/05/28 Pit 2 559596 8715068 N 29 E -60 N 80
RSS 30 2009/04/30 Pit 2 559636 8715067 N 29 E -60 N 87
RSS 31 2009/04/18 Pit 2 559681 8715018 N 29 E -60 N 100
RSS 32 2009/04/15 Pit 2 559724 8714996 N 29 E -60 N 100
RSS 33 2009/04/20 Pit 2 559768 8714968 N 29 E -60 N 102
RSS 34 2009/05/05 Pit 2 559571 8715023 N 29 E -60 N 91
RSS 35 2009/05/24 Pit 2 559615 8715000 N 29 E -60 N 105
RSS 36 2009/05/21 Pit 2 559660 8714976 N 10 E -60 N 89
RSS 37 2009/05/15 Pit 2 559693 8714945 N 29 E -60 N 111
RSS 38 2009/05/06 Pit 2 559750 8714928 N 29 E -60 N 54
RSS 40 2009/05/31 Pit 2 559642 8714945 N 29 E -65 N 110
RSS 41 2009/05/10 Pit 2 559679 8714907.5 N 29 E -60 N 108
RSS 43 2009/04/20 Pit 1 559010 8715566 N 29 E -60 N 39
RSS 44 2009/04/24 Pit 1 559085 8715596 N 29 E -60 N 36
RSS 45 2009/04/08 Pit 1 559120 8715551 S 29 W -60 S 40
RSS 46 2009/04/09 Pit 1 559208 8715517 S 29 W -60 S 50
RSS 47 2009/04/11 Pit 1 559265 8715508 S 29 W -60 S 65
RSS 48 2009/04/12 Pit 1 559280 8715528 S 29 W -60 S 80
RSS 50 2009/04/13 Pit 1 559333 8715532 S 29 W -60 S 60
RSS 51 2009/04/14 Pit 1 559344 8715549 S 29 W -60 S 62
Final Intersection
Depth
Bh no m From To Width Cu% Co%
RSS 01 50 2.1 6.0 3.9 3.51% 0.32%
25.0 37.0 12.0 1.61% 0.29%
RSS 02 80 12.0 16.0 4.0 5.18% 1.26%
21.0 24.0 3.0 1.00% 0.45%
RSS 03 40 12.0 13.0 1.0 1.77% 0.35%
RSS 04 50 1.0 14.0 13.0 2.66% 0.29%
RSS 05 54 0.0 11.0 11.0 3.71% 0.54%
RSS 06 80 0.0 35.0 35.0 2.68% 0.45%
incl
7.0 15.0 8.0 4.82% 0.56%
40.0 46.0 6.0 1.18% 0.13%
50.0 56.0 6.0 3.01% 0.05%
RSS 07 40 0.0 12.0 12.0 0.28% 0.28%
RSS 08 24 1.0 5.0 4.0 2.13% 0.18%
10.0 19.0 9.0 7.22% 0.10%
RSS 09 50 20.0 44.0 24.0 3.25% 0.22%
incl
35.0 44.0 9.0 6.25% 0.18%
RSS 10 131 ASSAYS INCOMPLETE
RSS 11 150 ASSAYS INCOMPLETE
RSS 12 157 ASSAYS INCOMPLETE
RSS 13 180 ASSAYS INCOMPLETE
RSS 14 189 ASSAYS
INCOMPLETE
RSS 15 194 ASSAYS
INCOMPLETE
RSS 16 180 70.0 82.0 12.0 11.97% 0.04%
95.0 105.5 10.5 0.09% 0.56%
144.0 160.0 16.0 6.08% 0.45%
RSS 17 153 66.0 78.0 12.0 11.79% 0.06%
93.0 102.0 9.0 4.53% 1.18%
109.0 153.2 44.2 7.09% 0.05%
incl
113.0 122.0 9.0 11.20% 0.06%
and
126.0 143.0 17.0 9.58% 0.01%
RSS 18 150 ASSAYS
INCOMPLETE
RSS 19 129 29.0 48.0 19.0 0.66% 1.13%
51.0 67.0 16.0 0.07% 0.83%
81.0 93.0 12.0 4.45% 0.17%
RSS 20 135 39.0 70.0 31.0 0.24% 0.72%
79.0 88.0 9.0 0.21% 0.85%
90.0 103.0 13.0 4.28% 0.76%
RSS 21 124 ASSAYS INCOMPLETE
RSS 22 187 ASSAYS INCOMPLETE
RSS 23 176 ASSAYS INCOMPLETE
RSS 24 208 ASSAYS
INCOMPLETE
RSS 25 185 ASSAYS
INCOMPLETE
RSS 27 69 0.0 7.0 7.0 0.88% 0.41%
24.0 30.0 6.0 4.08% 0.39%
RSS 29 80 ASSAYS
INCOMPLETE
RSS 30 87 ASSAYS
INCOMPLETE
RSS 31 100 13.0 60.0 47.0 5.95% 0.57%
incl
24.0 28.0 4.0 7.45% 0.03%
and
31.0 44.0 13.0 4.19% 1.12%
and
46.0 58.0 12.0 9.11% 0.68%
RSS 32 100 15.0 55.0 40.0 6.24% 0.93%
incl
34.0 50.0 16.0 11.15% 1.23%
76.0 84.0 8.0 2.50% 0.18%
RSS 33 102 9.0 40.0 31.0 1.49% 0.14%
67.0 89.0 22.0 3.22% 0.07%
RSS 34 91 ASSAYS INCOMPLETE
RSS 35 105 ASSAYS INCOMPLETE
RSS 36 89 ASSAYS INCOMPLETE
RSS 37 111 ASSAYS INCOMPLETE
RSS 38 54 ASSAYS INCOMPLETE
RSS 40 110 ASSAYS
INCOMPLETE
RSS 41 108 ASSAYS
INCOMPLETE
RSS 43 39 0.0 28.0 28.0 3.38% 0.39%
incl
17.0 24.0 7.0 8.96% 0.25%
RSS 44 36 2.0 28.0 26.0 1.62% 0.20%
RSS 45 40 0.0 7.0 7.0 5.99% 0.24%
13.0 16.0 3.0 4.15% 0.19%
RSS 46 50 23.0 36.0 13.0 3.65% 0.24%
incl
28.0 30.0 2.0 9.21% 0.19%
RSS 47 65 3.0 22.0 19.0 1.52% 0.33%
incl
14.0 18.0 4.0 4.14% 0.40%
26.0 34.0 8.0 3.35% 0.25%
36.0 40.0 4.0 2.21% 0.26%
43.0 62.0 19.0 5.06% 0.40%
incl
50.0 54.0 4.0 10.82% 0.74%
RSS 48 80 17.0 30.0 13.0 4.22% 0.72%
incl
19.0 23.0 4.0 8.99% 1.79%
33.0 44.0 11.0 1.23% 0.12%
64.0 72.0 8.0 2.56% 0.51%
RSS 50 60 8.0 17.0 9.0 7.11% 1.07%
incl
11.0 16.0 5.0 11.52% 1.86%
20.0 22.0 2.0 10.11% 2.58%
45.0 52.0 7.0 2.45% 0.24%
RSS 51 62 11.0 21.0 10.0 2.02% 0.29%
32.0 41.0 9.0 1.68% 0.07%
Notes:
All copper and cobalt mineralization is oxide unless otherwise stated.
All intersections reported as downhole intersection widths. All drill holes
were inclined at 60% to minimize apparent intersections.
Mineralised intersections selected above 1% copper and 0.2% Co.
Core losses and missing samples within intersections treated as zero grade.
Mining
Overburden stripping continued in Pit 2 and the south side of Pit 1 to expose
higher grade ore zones. Total waste stripping for May 2009 amounted to 449,616
tons and 104,720 ore tons were mined. Ore delivered to the processing plant
from the open pits during May 2009 amounted to 62,700 tons at a head grade of
2.8 % copper and 0.5 % cobalt.
Processing
Significant progress is being made to improve plant throughput. There were
fewer stoppages with milling, and the previous problems relating to the pre-
leach thickener have been minimized. The product feed to the leaching section
improved through a more consistent grind and new riser pipes installed to the
leach tanks have ensured throughput at 165 tons per hour. The CCD`s (counter-
current decantation) operated effectively. Lime plant and flocculation plant
upgrades are in progress for completion in the next quarter and the solvent
extraction and electro-winning circuits performed to expectation. Total mill
feed for the month of May 2009 amounted to 81,400 tons at a blended grade
(between tailings and open pit ore sources) of 2,61% copper and 0.48% cobalt.
The mine produced 1,847 tons of LME "A" grade copper cathode and 214 tons of
contained cobalt in carbonate.
Training of existing staff and the engagement of more skilled management and
operators have assisted in improving the plant availability.
Capital Expenditure
The Company has completed the study on sulphuric acid supply, and motivated the
completion of the acid plant. A fully operational sulphuric acid plant will
reduce operational risk and reduce the costs of importing sulphuric acid from
the Zambian copperbelt. The Metorex Board has approved US$7.4 million to
complete the plant. Contractors are being remobilized and the outstanding work
should be completed in the second quarter of 2010.
Johannesburg
15 June 2009
For further enquiries please contact:
Metorex CEO, Terence Goodlace Tel: 011 880 3155
CFO, Maritz Smith
College Hill Hayley Crane Tel: 011 447 3030
Sponsor
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 15/06/2009 13:24:53 Produced by the JSE SENS Department.
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