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Share Name | Share Symbol | Market | Type |
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Anglo Aluminum Corp. | TSXV:ALU | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Anglo Aluminum Corp. (TSX VENTURE:ALU) is pleased to announce the acquisition of the Mamou-Dalaba bauxite property in Guinea, West Africa. The property comprises 4 exploration permits covering 1832 km2 in south-western Guinea. Anglo Aluminum retained Coffey Mining (Coffey) of Perth, Australia to complete a preliminary assessment of the project including: -- First-pass ASTER processing to generate plateau outlines and bauxite target ranking -- Reconnaissance site visits to check targets, collect samples, and assess bauxite potential -- Formulation of a bauxite exploration program The ASTER processing generated 150 targets with a combined surface area of approximately 181km2. Coffey was able to visit 30 of these targets on the site visit. Of these, 14 targets with a combined surface area of 55km2 were identified as having high-prospectivity for bauxite on the basis of field observations and unverified historical drillhole data referenced on the 1:200,000 Dalaba Geological Map Sheet. Based on the high-prospectivity of these plateaus, Anglo Aluminum is working with Coffey to develop a program to quickly confirm these bauxite targets through drill testing. Anglo Aluminum acquired the Mamou-Dalaba project through an agreement to purchase 100% of the issued share capital of Societe Guineenne de Fer et de Bauxite (SGFB), a local Guinean company that holds the 4 Mamou-Dalaba bauxite permits. SGFB also holds 14 base metal and 4 iron ore permits in the Beyla and Kankan areas, and 3 uranium permits in the Beyla area in south-eastern Guinea. Coffey will complete an initial assessment on these permits, as well. Koba and Koumbia Bauxite Projects A preliminary economic assessment (PEA) is currently being organized for Anglo Aluminum's flagship projects at Koba and Koumbia, Guinea. That study will investigate the economics of mining operations at Koba and/or Koumbia. Koba hosts NI 43-101 compliant Indicated resources of 343,183,000 tonnes averaging 42.78% Al2O3, 2.85% SiO2, and 27.83% Fe2O3, and an additional 63,342,000 tonnes averaging 43.81% Al2O3, 2.74% SiO2, and 26.76% Fe2O3 classified as Inferred resources. Anglo Aluminum recently announced high-grade bauxite results from drilling completed on the Kousidji Plateau at Koumbia (see news release dated February 18, 2010). Part of the PEA will focus on defining a bauxite resource at Koumbia as well as updating the resource estimate at Koba. Christopher J. Wild, P.Eng., Vice-President and Director of Anglo Aluminum, and a Qualified Person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release. On behalf of the Board of Directors Anglo Aluminum Corp.
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