| Wed 11 Jul 2012, 8:00 | | Ferrum Crescent Limited - MOONLIGHT IRON ORE PROJECT - EXPLORATION UPDATE |
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FCR
MOONLIGHT IRON ORE PROJECT - EXPLORATION UPDATE
FERRUM CRESCENT LIMITED
(Previously Washington Resources Limited)
(Incorporated and registered in Australia and registered as an external company in the Republic of South Africa)
(Registration number A.C.N. 097 532 137)
(External company registration number 2011/116305/10)
Share code on the ASX: FCR
Share code on AIM: FCR
Share code on the JSE: FCR ISIN: AU000000FCR2
(Ferrum Crescent or the Company)
MoonlightIronOreProjectExplorationUpdate
Highlights:
- AeromagneticsurveyovertheJuliettaandGoudaFonteinfarmsconsistingof2,827linekm
on 50m line spacing completed in June 2012 and currently being analysed by The Mineral
CorporationConsultancy(Pty)Limited
- Furtherexplorationtobeconsideredfollowinganalysisoftheaeromagneticsurvey
- Ferrum will concentrate on confirmation of logistical solutions (rail, power, water and port
services)requiredforprogressingthedetailedfeasibilitystudy
- TheMoonlightmineralresourceestimatecurrentlyhasdemonstratedsufficientresourcesfor
over20yearsofplannedproduction,forwhichtheCompanyhasagrantedMiningRightand
associatedenvironmentalapproval
FerrumCrescentLimited,theASX,AIMandJSEquotedironoredeveloperinLimpopoProvince,South
Africa,todayannouncesthefollowingexplorationupdateincludingthecompletionofanaeromagnetic
survey over the Julietta and Gouda Fontein farms of its Moonlight Iron Ore Project. The survey
consistedof2,827linekilometreson50mlinespacingoveranareaof129km2 withalldatacurrently
being analysed by the Companys independent geological consultants The Mineral Corporation
Consultancy (Pty) Limited. The Company, having had a close involvement in the coordination of the
survey,isconfidentthattheresultsofthissurveywillgreatlyassistintheplanningoffutureexploration
ontheareacoveredbytheMiningRightandinfutureminingoperations.
TheCompanyhasannouncedpreviouslythatitadvancedplanstoimplementadrillingprogrammeon
thefarmsJuliettaandGoudaFontein(whicharecoveredbythegrantedMiningRight,alongwith?the
farm Moonlight) to increase the total resource estimate on the Moonlight Iron Ore Project. The
Companyhasnowdetermined,giventhatithassufficientresourcesontheMoonlightfarmtosupport
mining for in excess of 20 years (for which the Group has an existing Mining Right and associated
miningenvironmentalapprovals),thatmanagementattentionisbestfocusedatthistimeonobtaining
definitiveanswerstologisticalquestionsincludingrail,power,waterandportservicestoachievethe
optimal infrastructure mix for the definitive feasibility study. The Company continues to have
discussions with Transnet and other infrastructure providers and industry peers to ensure that these
answersareobtainedassoonaspossible.
In respect of the De Loskop prospect, Ferrum Crescent continues to work with local communities to
enablethosecommunitiestoobtainapreferentialprospectingrightundertheMineralandPetroleum
ResourcesDevelopmentAct.Upongrantofaprospectingright,theGroupwouldbeabletofarminto
that area (up to an agreed majority percentage) by carrying? out of prospecting activities. No such
prospectingactivitiesarecurrentlyplanned.
ExecutiveChairmanEdNealoncommented:ThecompletionoftheaeromagneticsurveyatJuliettaand
GoudaFonteinisakeystepintheplanningoffutureexplorationontheareacoveredbytheMining
Rightandinfutureminingoperations.Welookforwardtopublishingtheresultsofthissurveyindue
course.Inaddition,wearenowconfidentthattheresourceattheMoonlightfarmsupportminingfor
inexcessof20yearsandthereforeourattentionisfocusedonobtainingdefinitiveanswerstologistical
resolutionsinordertoachievethebestinfrastructurecombinationforthedefinitivefeasibilitystudy.
Forfurtherinformation,pleasevisitwww.ferrumcrescent.comorcontact:
AustraliaandCompanyenquiries: UKenquiries:
FerrumCrescentLimited OceanEquitiesLimited(Broker)
GuyWilkesT:+44(0)2077864370
EdNealonT:+61893809653
ExecutiveChairman RFCAmbrianLimited(NominatedAdviser)
RichardMorrisonT:+44(0)2034406800
BobHairT:+61414926302 JenBoorerT:+44(0)2034406800
ManagingDirector
NewgateThreadneedle(FinancialPR)
GrahamHerring/BethHarrisT:+44(0)2076539850
SouthAfricaenquiries:
SasfinCapital
LeonardEiser
T:+27118097500
Johannesburg
11 July 2012
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
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