Baobab Resources, an iron ore, base and precious metals explorer with a portfolio of exploration projects in Mozambique, rose on news that the Massamba group global resource base has expanded with the completion of the Ruoni South resource estimate.
The Massamba group, part of the firm's Tete iron / vanadium / titanium project, has now risen to 324Mt after Ruoni South reached 56Mt with a head grade of 34% iron, with an average concentrate grade of 62% iron, 0.9% vanadium oxide, and 8% titanium dioxide at a mass recovery of 34%.
Ben James, Baobab's managing director, said: "Baobab is very pleased to present the Ruoni South resource estimate which expands the global inventory beyond the 300Mt milestone and in doing so demonstrates the company's commitment to not just deliver on stated targets, but to exceed them.
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"The indicative quality of the Ruoni South concentrate is encouraging, particularly the higher vanadium grade, and opens a range of production possibilities to be considered during the pre-feasibility study.
"The Tenge drilling is defining a significant package of mineralization that will add substantially to the resource inventory early in 2012. The project is maturing rapidly, due largely to the accelerated drilling campaigns this year. 2012 will see the status of the project transition from one of exploration to one of development in what is shaping up to be the most exciting mining address in southern Africa."
The share price rose 3.39% to 15.25p by 13:36.
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