* 574Mt at 37% Fe resource reported in accordance with JORC
standards
* 114Mt at 37% Fe Indicated Resources
* 460 Mt at 37% Fe Inferred Resources
* Metallurgical work underway to confirm nature and quality of high
grade Fe concentrate
* Pre-feasibility study due to be completed by end of February 2010
London Mining, the UK based developer of mines to supply the global
steel industry, today announces that Snowden Mining Industry
Consultants ("Snowden") has confirmed a total resource for its Isua
project of 574Mt at 37% Fe, including 114Mt at 37% Fe of Indicated
Resources. All resources are reported in accordance with the
JORC Code 2004, based on a cut-off of 20% Fe. Isua is located 150km
Northeast of Nuuk and is 100% owned by London Mining Plc through
London Mining Greenland A/S. Isua is one of London Mining's four
principal iron ore projects together with Marampa, Sierra Leone; Wadi
Sawawin, Saudi Arabia; and the CGMR joint venture in China.
The resource as reported has been constrained by a pit shell that is
considered to represent the ultimate extent of any surface operation
at Isua, based on the current understanding of the Isua resource.
Initial metallurgical testwork undertaken by SGA in 2006 has shown
that a concentrate of 71% Fe with less than 1.5% Si02 plus Al203 can
be produced from Isua ore and work is currently ongoing to confirm
that high grade Fe concentrate can be produced consistently from the
Isua resource. London Mining also plans additional infill and
extensional drilling at Isua in 2010.
Snowden has reported the Isua resource to reflect the addition of new
data by London Mining which has allowed other elements besides Fe to
be estimated, as the historic data on which previous estimates were
based did not have a full suite of geochemical analyses. As the
recent London Mining drilling was undertaken over the northern half
of the Isua resource Snowden has reported the north and south of the
resource separately to reflect this (Table 2).
Michael Andrew, Divisional Manager Applied Geosciences of Snowden
Mining Industry Consultants, B Sc, MAUSIMM, who meets the criteria of
a qualified person under the AIM Rules - Guidance for Mining, Oil and
Gas Companies, has reviewed and approved the technical information
contained within this announcement.
Graeme Hossie, CEO of London Mining plc, said, "The delineation of
additional resources at Isua is a further step towards defining the
economic parameters of the project. Isua is ideally equipped to
take advantage of the seaborne iron ore market by virtue of its size,
grade, and proximity to a section of the Greenland coast that permits
year round shipping. Isua stands out because of its potential to
supply a product suitable for the direct reduction iron market. We
look forward to reporting on the results of the pre-feasibility study
for Isua early in 2010"
Please see the full announcement, including tables with details of
the Isua resource enclosed.
For more information, please contact:
London Mining Plc
Graeme Hossie, Chief Executive Officer +44 20 7201 5000
Rachel Rhodes, Finance Director
Thomas Credland, Head of Investor Relations
Liberum Capital (Nominated Advisor/Broker)
Clayton Bush/Ellen Francis +44 20 3100 2000
GMP Securities Europe (Broker)
Jeremy Wrathall +44 20 7647 2800
Crux Kommunikasjon AS
Charlotte Knudsen +47 97 56 19 59
Threadneedle Communication (UK)
Laurence Read/ Beth Harris +44 20 7653 9850
The Company's website can be found at www.londonmining.co.uk.
About London Mining
London Mining is focused on identifying, developing and operating
scaleable mines to become a mid-tier supplier to the global steel
industry. Its four principal assets in Sierra Leone, Saudi Arabia,
Greenland and China all have deliverable production with potential
for expansion. The Company listed on the Oslo Axess on 9 October 2007
and on AIM in London on 6 November 2009. It trades under the symbols
LOND.L and LOND.NO (Reuters) and LOND LN and LOND NO (Bloomberg).
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