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The Moonlight Project 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” or “the group”)
The Moonlight Project – BFS Updates
Ferrum Crescent, the ASX, AIM and JSE quoted iron ore developer, today announces a project
update on the Bankable Feasibility Study (“BFS”) underway at the Moonlight Iron Ore Project
(“Moonlight Project” or “the Project”). The purpose of this announcement is to summarise recent
work and outline the future work schedule in order to progress the Moonlight Project towards BFS
close and construction financing.
Project overview
Various key components of the Moonlight Project BFS have already been concluded including:
- 30 year Mining Right granted
- Environmental licence (EIA) in place for the Moonlight Project mining area (approved 4 April
2013)
- Metallurgical test work - indicates high quality pellets in excess of 69% iron and low
deleterious elements possible
In order to advance the BFS economic model, the Moonlight Project Resource has recently been
made compliant with JORC code 2012. The completion of this work allows the Company to progress
with final stage BFS work such as engineering design, connection to local infrastructure and
permitting for the pelletising operation.
Moonlight Iron Ore Project BFS- Key components for completion
Process
The Moonlight Project has already had significant amounts of metallurgical process work undertaken
on it and the next stage BFS stage for process represents the critical path for the whole Project. As a
potential producer of a high-grade iron ore project, final assessment of Moonlight’s capability to
operate at an industrial scale is all important.
Metallurgists will work with geologists to identify key areas for representative sample selection for
advanced testing including a pilot test work programme. Immediate test work will focus on
financially optimising grind size vs iron recovery.
Future work will also focus on optimising the pelletising technology process undertaking activity
such as temperature profiling and treatment times.
Mining
Plan the contract mining model for site development, overburden removal and general open pit
mining activities; and
Low stripping ratio expected: 1:1.5 during the early years of operations (relatively shallow dips with
occurrence of up to 4 magnetite-bearing zones).
Feasibility requirements to be completed:
• geotechnical drilling, mine design, mine reserve estimation based on certain cut-off
estimates and economic criteria; and
• final estimate of mining costs from an adjudicated tender process for a contract mining
will be concluded.
Infrastructure
Future pipeline work:
• pipeline route EIA completion; and
• optimise pipeline design and costing (finalising rheology / density and particle size
distribution)
Future power related work (ESKOM connection):
• finalise negotiations with Eskom for capital costs and tariffs once mining/process
demand/schedules are finalised for the anticipated 110-120MW needed.
Future rail work (Transnet connection):
• Planning & costing loading / unloading facilities, wagon and locomotive requirements;
and
• Transnet to review Project infrastructure needs as part of feasibility component – finalise
commercial arrangements.
Future port work: (Richards Bay, connection)
• Secure area at the Richards Bay port and complete negotiations on handling and storage
costs, post a more detailed understanding of the Project development schedule.
Environment
EIAs are currently being prepared for the other areas of the Project including the pellet plant site
and pipeline route.
Geology and Mineral Resources
The Mineral Resources are currently located entirely on the farm Moonlight 111LR, with significant
potential to expand the resource base within the Project area once all current work is financed and
complete.
Community
A baseline socio-economic impact study of the areas occupied by both the Ga-Seleka and Ga-
Shongoane communities situated within a 50km radius of the mining right area is well advanced.
Monthly meetings are held with the Royal Council and Traditional Council of both communities as
well as updating the Lephalale Municipality on findings and proposed initiatives. Once the study is
included an announcement will be made on findings relating to current local skills identification,
future employment terms and training needs.
Project Schedule
• Feasibility study can be completed within 18 months work-time;
• 30 to 36 month construction period expected;
• Schedule coincides with Government infrastructure development plans; and
• Completion of the feasibility is expected to cost approximately A$10-13m.
Commenting today Tom Revy, Managing Director, said: “Since joining the Company earlier this year
my focus has been on conducting a thorough review of all BFS work completed to date. I am
extremely encouraged by what I have found with many key components such as metallurgy, mining
right and infrastructure pathways completed or well underway. Getting the JORC Resource
compliant with 2012 standards has been very important with all mineral assumptions now
completely current with the international code. We shall now be focusing on moving forward and
process work into trial mining and working on final infrastructure agreements to feed into the
existing power, rail and port amenities.”
For more information, please visit www.ferrumcrescent.com or contact:
2 May 2014
Australia and Company enquiries: UK enquiries:
Ferrum Crescent Limited Pareto Securities Ltd (Broker)
Ed Nealon T: +61 8 9380 9653 Guy Wilkes T: +44 (0) 20 7786 4370
Executive Chairman
RFC Ambrian Limited (Nominated Adviser)
Tom Revy T: +61 8 9380 9653 Sarah Wharry/Stuart Laing
Managing Director T: +44 (0) 20 3440 6800
Ferrum Crescent Limited
Laurence Read (UK representative)
T: +44 7557672432
South Africa enquiries: Sasfin Capital
Leonard Eiser T: +27 11 809 7500
Date: 02/05/2014 01:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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