25 May 2012

Maiden resource for Bellzone Mining  

09/05/2011 Robert Tyerman

Guinea-focused Bellzone Mining (BZM) cites an initial resource of 111 million tonnes with 38 per cent iron ore at its Kalia project. Based in Western Australia and quoted on AIM, the company says the new formal resource estimate relates to Kalia's oxide deposits, which sit directly above much larger magnetite iron ore deposits, with a formal resource estimate of 3.7 billion tonnes.

Bellzone, which is also involved in the Forecariah joint venture and the Sadeka nickel and copper project in the West African republic, says it is accelerating its drilling programme to push Kalia's oxide resource estimate to 250 million tonnes, for 10 years of production, by the end of the year for inclusion in a definitive feasibility study. The target is to establish the potential of Kalia to produce 600 million tonnes of saleable oxide iron over 20 years.

Entrepreneurial chief executive officer Nik Zuks claims these developments, coupled with an earlier understanding on infrastructure funding with Hong Kong-based China International Fund and planned first output from Forecariah next January, 'sets Bellzone apart from other projects under development.' Growth Company Investor recommended Bellzone's shares at last year's 35p float price and again 53.25p last August, before suggesting partial profit taking at 82p in March.

They are now 59.25p, down 4.25p this morning on concerns over base metal prices, but could still make progress over the medium to longer if project funding goes well.

Tags: AIM market, China International Fund, Guinea, Iron ore, Nik Zuks

Sector: Mining

Companies: Bellzone Mining

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