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AFR Nuventure Resources Inc

0.015
0.005 (50.00%)
27 Nov 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Nuventure Resources Inc TSXV:AFR TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.005 50.00% 0.015 0.015 0.02 0.015 0.015 0.015 246,000 16:15:40

African Metals Corporation is Pleased to Announce Delivery of DMS Plant, Spirals Bank and Ancillary Plant Equipment at the Lu...

07/11/2011 11:23pm

Marketwired Canada


African Metals Corporation ("AFR")(TSX VENTURE:AFR)(FRANKFURT:OWW) is pleased to
report the delivery of the Dense Media Separation (DMS) plant, spirals bank and
ancillary equipment (the DMS Plant) to the Luisha South Project. Clarification
of pre-existing import documentation issues with DRC Customs caused a delay in
the transfer of ownership registration to Kundelungu Mineral Resources Sprl
(KMR), a subsidiary of AFR.


Delays

A discrepancy in the original importation documents associated with the DMS
Plant resulted in a delayed transfer of ownership registration to KMR. The DMS
Plant was originally imported under a two year temporary importation certificate
in 2010. A failure to comply with importation protocols and procedures resulted
in Customs delaying transfer of registration of equipment to KMR until the
previous owners resolved the documentation issues. The issues have since been
resolved to the satisfaction of Customs, and all necessary documentation for
full registration of the DMS Plant with KMR and the payment of due taxes by the
previous owner have been finalized.


Mobilisation and Construction

M&J Investments Sprl ("M&J") have successfully decommissioned and mobilised the
DMS Plant to the Luisha South Project (Photos 1, 2, 3). M&J will complete site
preparation and commence construction during week 2 of November. Scheduling is
targeting dry commissioning of the Plant by mid-December.


Nigel Ferguson, CEO and President of African Metals Corp, commented:

"The Company is very pleased to report the delivery of the DMS plant. The delays
with import documentation issues have been unfortunate and beyond the Company's
control, but with the successful resolution of the issues the Company now has a
clear way forward for commercial operation. The experience of the M&J team
should enable efficient construction and commissioning of the plant in a timely
manner, targeting oxide copper concentrate production by year end." 


ON BEHALF OF THE BOARD OF DIRECTORS OF

AFRICAN METALS CORPORATION

Nigel Ferguson, President & CEO

Nigel Ferguson, AusIMM, President and CEO of the Company and a qualified person
under National Instrument 43-101, has verified data disclosed in this release.


Photo 1: Delivery of DMS Unit; Luisha South Project.

To view Photo 1, please visit the following link: 

http://media3.marketwire.com/docs/800Photo1.jpg

Photo 2: Delivery of DMS plant, 'scrubber' and spirals bank to the Plant Site,
Luisha South Project.


To view Photo 2, please visit the following link:

http://media3.marketwire.com/docs/800Photo2.jpg

Photo 3: DMS plant (foreground), and 'scrubber' (background); Luisha South Project.

To view Photo 3, please visit the following link:

http://media3.marketwire.com/docs/800Photo3.jpg

This News Release contains forward-looking statements. Forward-looking
statements are statements which relate to future events. These statements are
only predictions and involve known and unknown risks, uncertainties and other
factors that may cause our or our industry's actual results, levels of activity,
performance or achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or implied by these
forward-looking statements. While these forward-looking statements, and any
assumptions upon which they are based, are made in good faith and reflect our
current judgment regarding the direction of our industry, actual results will
almost always vary, sometimes materially, from any estimates, predictions,
projections, assumptions or other future performance suggested herein. Except as
required by applicable law, the Company does not intend to update any of the
forward-looking statements to conform these statements to actual results.


About African Metals Corporation.

African Metals Corporation (TSX VENTURE:AFR) is a Canadian listed company
focused on the discovery and development of Copper and Cobalt deposits in the
highly mineralized Katanga Copper Belt of the world renowned Africa Copper Belt
in the Democratic Republic of Congo ("DRC").


AFR purchased all the assets of Chevalier Resources Inc. in March 2010 including
a 57% interest in the Luisha South Project contained within licence PEPM 4881,
Katanga Provence, Democratic Republic of the Congo ("DRC") through subsidiaries
incorporated in the DRC. In July AFR negotiated a further 18% interest in the
project with the option to increase the equity interest to 90% based on results.
The project is located 75 kilometres northwest of Lubumbashi, the capital of
Katanga Province and consists of approximately 16.2km2.


The Luisha South Project includes a small historical open pit mine and
associated stockpile and is underlain by Roan Group sediments which host major
Cu-Co deposits in the DRC. The Luisha South ore body was explored between 1923
and 1928 and an oxide deposit with an estimated pre-production tonnage of
approximately 350,000 tonnes at 8.6% Cu was delineated (the resource estimate
non-compliant in terms of NI 43-101). The results of a 2,002 metre RC percussion
drilling program completed by Titan Drilling Sprl in June 2010 enabled the
estimation of a NI 43-101 compliant maiden Inferred Resource of 5.8 Million
tonnes at 1.3% Cu for 75,400 tonnes of contained copper metal and 0.4% Co for
23,200 tonnes of contained cobalt metal (using 0.5% Cu cut-off). Rubaco Sprl and
DrillTek Sprl combined to complete a total of 1,538.73 metres of diamond core
drilling at the project in January 2011. The results of the drilling program
enabled a re-estimation of the resource to produce a NI 43-101 compliant
Inferred Resource of 14.7 Million tonnes at 1.1% Cu for 161,700 tonnes of
contained copper metal and 0.3% Co for 44,100 tonnes of contained cobalt metal
(using a 0.5% Cu cut-off). The revised resource represented an increase of 114%
and 90% respectively of the previous contained copper and cobalt metal
estimates.


The Luisha South Project also covers some three kilometres of the Roan Group
strike length which is favorable for Cu-Co mineralization. AFR is targeting
commencement of an oxide concentrate production by the end of Q4 2011.


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