Exploration company Sable Mining Africa has announced positive initial results from metallurgical testwork at its Nimba iron ore project in south-east Guinea.
The firm said the results revealed the potential for Nimba to host significant direct shipping ore material, supporting its belief that Nimba is "one of the most commercially attractive undeveloped iron ore assets in West Africa".
In a statement Chief Executive Officer Andrew Groves said: "The latest results from Nimba further strengthen our confidence that our Nimba project is world class, with the potential to become a high tonnage, high grade and low cost production asset in the near term. These initial results have highlighted that the material tested exceeds the grade characteristics for [two] categories, and is well suited to be able to process at higher volumes and at lower costs.
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"Together with the identification of minimal deleterious elements, the results further demonstrate the commercial viability and value of our potential end-products. I look forward to the receipt of further analysis over the coming weeks as we look to delineate our maiden Joint Ore Reserves Committee (JORC) compliant resource in Q1 2013."
The share price rose 5.48% to 7.70p by 13:30.
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