Afarak Group Plc Afarak Group Increases Its Mining Capacity

 
TIDMAFAGR 
 
 
   07:00 London, 09:00 Helsinki, 14 March 2018 - Afarak Group Plc ("Afarak" 
or "the Company") (LSE: AFRK, NASDAQ: AFAGR) 
 
   AFARAK GROUP INCREASES ITS MINING CAPACITY 
 
   Vlakpoort mining right granted 
 
   Mine has a minimum of 6.6 million tonnes of proven chrome reserves 
 
   Preparatory work to start in quarter two 
 
   Production of 20,000 tonnes per month envisaged from quarter three 
 
   Afarak Group announces that its application for a new order mining right 
on its Vlakpoort site has been granted in terms of Section 23(1) of the 
Mineral and Petroleum Resources Development Act, 2002 (Act 28 of 2002) 
as amended by Mineral and Petroleum Resources Development Amended Act, 
2008 (Act 49 of 2008 by the Department of Mineral Resources (DMR) in 
South Africa. 
 
   The Vlakpoort Mine is situated on the Northern part of the western limb 
of the Bushveld complex in South Africa. The surface right was acquired 
in 2011 after the prospecting right was granted to Destiny Springs 
Investments 11 a subsidiary of Afarak by the DMR.  Since then, extensive 
exploration work was conducted which included geological drilling, 
trenching and bulk sampling of the LG5 and LG 6 seams. The property has 
a minimum proven resource of 6.656m tons of chrome and 330,314 ounces of 
PGMs. This includes the underground potential. The resource consists of 
the LG1-6, MG1-4 and the UG1- 2 and Merensky reefs. 
 
   Guy Konsbruck, CEO of Afarak Group, said, "Afarak continues on its path 
to further extend its mining capacity in South Africa. Works are 
expected to commence towards the beginning of quarter two and mining is 
expected to ramp up to a steady state of around 20,000 tonnes in quarter 
three. The availability of Vlakpoort ore will further consolidate 
Mogale's position as a quality ferrochrome smelter in South Africa." 
 
   Guy Konsbruck 
 
   CEO 
 
   For additional information, please contact: 
 
   Afarak Group Plc 
 
   Guy Konsbruck, CEO, [phone], [e-mail] 
 
   Jean Paul Fabri, [phone], [e-mail] 
 
   Financial reports and other investor information are available on the 
Company's 
 
   website: www.afarak.com. 
 
   Afarak Group is a specialist alloy producer focused on delivering 
sustainable 
 
   Growth with a Speciality Alloys business in southern Europe and a 
FerroAlloys 
 
   business in South Africa. The Company is listed on NASDAQ Helsinki 
(AFAGR) and 
 
   the Main Market of the London Stock Exchange (AFRK). 
 
   Distribution: 
 
   NASDAQ Helsinki 
 
   London Stock Exchange 
 
   Main media 
 
   www.afarak.com 
 
   PR_Vlakpoort_EN: http://hugin.info/143997/R/2176067/839438.pdf 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Afarak Group via Globenewswire 
 
 
  http://www.afarakgroup.com 
 

(END) Dow Jones Newswires

March 14, 2018 03:00 ET (07:00 GMT)

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