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Update re. Recovery of Certain Historical Geological Data on the Moonlight Project
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
14 July 2016
Ferrum Crescent Limited
(“Ferrum Crescent”, “Ferrum”, “the Company” or the “Group”)(ASX, AIM, JSE: FCR)
Update re. Recovery of Certain Historical Geological Data
on the Moonlight Project
Ferrum Crescent, the ASX, AIM and JSE quoted metals project developer, is pleased to
announce that, further to its announcement of 15 June 2016, it has recently received
confirmation and an initial overview from Anglo American, via its subsidiary, Kumba Iron Ore
Limited, of certain historical geological information it holds in respect of its exploration work
on the Company’s Moonlight and Julietta licence areas in the Limpopo province of South
Africa, conducted between 1993 to 1997.
With the support of key local stakeholder groups, notably the Lephalale Municipality pursuant
to the Company’s Memorandum of Agreement and co-operation framework, Ferrum’s
management recently approached Anglo American seeking to recover the aforementioned
historical exploration data and core samples. Anglo American’s Technical and Projects team
at Kumba Iron Ore Ltd has been most cooperative to date and provided the Company with a
preliminary data set overview. The Company understands that Anglo American is currently in
the process of compiling a consolidated list of all the available data held by it which will serve
to assist greatly Ferrum with the planning for future delineation of the ore body and its
extensions.
The anticipated receipt of the additional data from Anglo American should enable the
Company more cost-effectively to progress the expansion of its current JORC resource
estimate for the Moonlight project. A further update will be provided by the Company in due
course as appropriate.
For further information on the Group, please visit www.ferrumcrescent.com or contact:
Ferrum Crescent Limited
Justin Tooth, Executive Chairman
Grant Button, Company Secretary
T: +61 8 9474 2995
UK enquiries:
Laurence Read (UK representative)
T: +44 7557 672 432
Strand Hanson Limited (Nominated Adviser)
Rory Murphy/Matthew Chandler
T: +44 (0)20 7409 3494
Beaufort Securities Limited (Broker)
Elliot Hance
T: +44 (0)20 7382 8300
Bravura Capital (Pty) Ltd (JSE Sponsor)
Doné Hattingh
T (direct): +27 11 459 5037
This announcement contains inside information.
Notes to Editors:
Further Information on the Moonlight Project, South Africa
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 Moonlight 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 with in
excess of 69% iron content and 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 on 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 - this valuation
served as the basis for the 2015 BVI (Ovation Capital) farm-in transaction;
- BEE compliant South African investment company (BVI) will provide a completed BFS to the
Group by 2018/19 at no expense to the Group in return for a 39-43% equity position in the
Moonlight 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 Moonlight Project.
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