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Metorex Limited - Additional Ore Reserves : Ruashi Mining sprl
PRESS RELEASE
METOREX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1934/005478/06)
JSE code: MTX
Issuer code: MEMTX
ISIN: ZAE000022745
("the company")
Additional Ore Reserves : Ruashi Mining sprl
Metorex is pleased to announce that the board of Directors of Gecamines has
approved the allocation of four additional copper and cobalt exploration areas
to Ruashi Mining sprl.
These four target areas are envisaged to contain both copper and cobalt typical
in the Copper Belt region of the Katanga Province of the DRC and are identified
below:
Musonoi East (in the Kolwezi Area) - Part of PE 525
Sokoroshe I - PE 523
Sokoroshe II - PE 538
Kileba
Musonoi East has been partially drilled by Gecamines and has evidenced high
grades of copper and cobalt. Further drilling and exploration work will be
required.
Sokoroshe I and II and Kileba are considered exciting copper / cobalt
exploration targets as indicated by previous trenching and pitting exploration
work that has been done in the area. These targets which are in close proximity
to the Ruashi Mine will require comprehensive drilling and exploration
programmes and could result in a cluster mining development and increased scale
of operations at Ruashi. Musonoi East is situated in the Kolwezi area, which
would provide Ruashi Mining with a foothold and mining activity in that region.
These target areas are the commencement of Ruashi Mining"s objective of securing
ore resources with cumulative contained in situ copper of approximately 4
million tons, which when developed, could result in the combined Metorex Group
annual copper production reaching 150 000 - 200 000 tons per annum in the medium
term.
The Ruashi Mine Phase I concentrator situated in Lubumbashi is progressing on
schedule and is forecast to commence treating the Ruashi/Etoile stockpile in the
second quarter of 2006. Infrastructure and civils are largely complete and the
O"Okiep concentrator has started to arrive on site for assembly.
The conversion of the Sable SX/EW processing complex in Zambia is also on
schedule and within budget and will be positioned to treat the Ruashi Mine
concentrates as soon as they become available.
The directors of Metorex remain confident that the Ruashi Mine and Sable
Treatment Complex will be a "Company Converter" and have authorised the fast
tracking of the Phase II bankable feasibility study to bring that operation into
production earlier.
25 October 2005
Date: 25/10/2005 05:05:09 PM Produced by the JSE SENS Department
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