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Directorate change
FERRUM CRESCENT 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
Australian ISIN: AU000000WRL8
South African ISIN: AU000000FCR2
("Ferrum Crescent", the "Company", the “Group”)
DIRECTORATE CHANGE
Ferrum Crescent, the ASX, AIM and JSE quoted iron ore developer announces the
appointment of Mr Justin Tooth as Non-Executive Chairman of the Company in
place of Mr Edward Nealon who is stepping down from the Board to pursue his
other business interests, both to occur with immediate effect.
Mr Tooth is a financial sector professional with over twenty years’ experience
in equity sales and corporate broking and has a comprehensive knowledge of the
natural resources sector. Between 1994 and 2009, Mr Tooth held senior roles at
SBC Warburg, Lehman Brothers, Paribas and Deutsche Bank, amongst others,
primarily in equity sales and management roles. From 2009 to 2014, he was
employed by the specialist brokerage Ocean Equities Limited (now Pareto
Securities Limited) in the role of sales and business development manager. He
brings a wealth of corporate experience to the Board as the Company seeks to
progress its Bankable Feasibility Study (“BFS”) for its high-grade Moonlight
magnetite project, located in Limpopo Province, northern South Africa (the
“Moonlight Project”, “Project” or “Moonlight”).
Commenting today Tom Revy, Managing Director of Ferrum Crescent, said:
“I would first like to thank Ed for his considerable hard work, guidance and
support at Ferrum Crescent where we have now secured a clear development route
forward for our Moonlight Project with the recent entering into of a farm-in
and joint venture agreement with Business Venture Investments (“BVI”), a sister
company of Ovation Capital. On behalf of the Board, I wish Ed all the best in
his future endeavours.
“I am delighted to welcome Justin to the board as Non-Executive Chairman in
Ed’s stead, as we look to build value within the Company as we pursue the
completion of our BFS workflow objectives.”
Justin Tooth, Non-Executive Chairman of Ferrum Crescent, said:
“I am delighted to join Ferrum Crescent as Non-Executive Chairman at a
transformational time for the Company as the Moonlight BFS resumes. Having been
following the Company’s progress for a number of years, I believe that
Moonlight is a unique project offering the prospect of ultimately producing a
high grade magnetite product that can potentially be sold either domestically
or overseas, at a premium price point. I look forward to working closely with
the Board to generate long-term shareholder value.”
17 December 2015
JSE Sponsor
Bravura Capital Proprietary Limited
For further information on the Company, please visit www.ferrumcrescent.com or
contact:
Australia enquiries: UK enquiries:
Ferrum Crescent Limited Ferrum Crescent Limited
Tom Revy T: +61 8 9474 2995 Laurence Read (UK representative)
Managing Director T: +44 7557672432
Strand Hanson Limited (Nominated Adviser)
Rory Murphy/Matthew Chandler
T: +44 20 7409 3494
Beaufort Securities Limited (Broker)
Jon Bellis/Elliot Hance
+44 20 7382 300
South Africa enquiries: Bravura Capital (Pty) Ltd (JSE Sponsor)
Doné Hattingh
T (direct): +27 11 459 5037
Additional information on Mr Justin Tooth:
The following additional information is provided in accordance with paragraph
(g) of Schedule Two to the AIM Rules for Companies:
Justin Alexander Tooth (aged 50)
Current Directorships/Partnerships Past Directorships/Partnerships
(last 5 years)
Oxford Mining Club Limited None
The West London Free School Academy Trust
There is no other information that is required to be disclosed pursuant to
paragraph (g) of Schedule Two to the AIM Rules for Companies.
-Ends-
Notes to Editors:
Ferrum Crescent’s principal project is the Moonlight Iron Project located in
Limpopo Province in the north of South Africa. The Moonlight Deposit (upon
which the Project is based) is a magnetite deposit located on the Moonlight,
Gouda Fontein and Julietta farms and is the main operational focus for the
Company. Iscor Limited (“Iscor”), which explored the Project in the 1980s and
'90s, reported mineralisation capable of producing a concentrate grading at
68.7% iron. At that time, Iscor concluded that the deposit, which was described
as being comparable to the world’s best, was easily mineable due to its low
waste-to-ore ratio. The beneficiation attributes of Moonlight ore are extremely
impressive, with low-intensity magnetic separation considered suitable for
optimum concentration.
Metallurgical tests on Moonlight material, undertaken since then by Ferrum
Crescent, suggest that Iscor’s historical results are conservative, that good
metal recoveries can be achieved, and that the resulting concentrates have a
high iron content and only negligible impurities, at grind sizes considered to
be industry standard (P80 of 75 - 125 microns).
Key features of the Project to date are:
- JORC (2012) compliant Mineral Resource;
- Historical drilling, drilling by the Group, geological modelling and a
high density geophysical survey conducted by the Company in 2012 confirm
tonnage upside potential;
- 30 year Mining Right granted;
- Environmental licence (EIA) in place for the Moonlight mining area
(approved 4 April 2013);
- Metallurgical test work indicates the potential for high quality
concentrate and/or pellets in excess of 69% iron with low deleterious
elements (DR grade pellets for use in direct reduction iron/electric arc
steel-making processes);
- The quality of product that can potentially be produced at Moonlight is a
clear differentiator against its industry peers, as is the access to
infrastructure (port, power and rail);
- Duferco offtake partner (4.5 Mtpa plus first right over a further 1.5
Mtpa if not sold domestically);
- South Africa currently has a growing demand for high grade iron
concentrate and/or pellets for its steel industry;
- Independent valuation by The Mineral Corporation completed in June 2014;
- BEE compliant South African investment company (BVI) will provide a
completed BFS to the Group by 2017/18 at no expense to the Group in
return for a 39-43% equity position in the Project;
- Located near Kumba railhead at Thabazimbi (Kumba operation depleting in
grade), Limpopo Province, northern South Africa;
- New Eskom power plant (4,800MW) commissioning first 800MW module;
- Richards Bay port expansion for potential export of future iron ore
products; and
- Local community, Ga-Seleka, has an effective 3% carried interest in the
Project.
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