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14.06.2011
Ridgeback Global Resources Plc.: Geological data released for Mining Concessions in Nimiyama, Nimikoro and Sandoh Chiefdoms in the Kono District of Sierra Leone
Ridgeback Global Resources Plc.: Geological data released for Mining Concessions in Nimiyama, Nimikoro and Sandoh Chiefdoms in the Kono District of Sierra Leone
June 14, 2011
Ridgeback Global Resources Plc., (“Ridgeback”) today announced completion of the latest geological data for its portfolio of alluvial Diamond and Gold mining concessions, as produced by Mr. Jonathon A. Sharkah, the Director of Mines from the Mines Division of the Ministry of Mineral Resources in the Kono district of Sierra Leone.
The latest geological reports have been compiled as part of a recent site visit and analysis of the Ridgeback concessions in the Kono district, calling upon the information contained in P.K. Hall’s comprehensive geological survey conducted in the 1950’s on Sierra Leone’s prominent diamond and gold mining areas. The prospective mining areas under Ridgeback’s ownership have not been mined since the report was commissioned in 1955 and therefore the expected grade of diamonds and gold can still be applied.
The report clearly outlines the mining potential of each of Ridgeback’s three concessions and supports the Company’s current mining development and operational investment plans. The report stipulates that each of the concessions has an average gravel thickness of 0.65m. This equates to an approximate total of 2,630 Cubic Metres (M3) of raw gravel per Acre. The report confirms an average grade per Acre of 0.90 Carats / M3, or a total of 2,367 Carats / Acre. These results allow Ridgeback to place an approximate value of each of its current mining concessions. At a conservative market price of USD $250 / Carat the combined value of all three concessions, split over 105 Acres equals approximately USD $63,000,000. The report also refers to the high incidence of “Special Diamonds” in the areas surrounding Ridgeback’s claims i.e. gem stones larger than 10 Carats. The report states on average 20% of stones recovered are classified as “Special Diamonds,” allowing an upward revision of the average yield per acreage.
In addition to outlining potential production figures within the Ridgeback concessions the report highlights some of the recent significant historic diamond exploration and development activities in Sierra Leone. Alluvial diamond mining remains the major source of Sierra Leone’s hard currency earnings accounting for nearly half of the country’s exports. Sierra Leone is renowned for the quality of its diamonds and for the recovery of some spectacularly large stones of very high value from its alluvial deposits. Many of the crystals show excellent octahedral form with bright faces. The largest diamond ever discovered was in 2002 in Kono district, weighing 1440ct and was sold for 75 million dollars in Belgium. Other large stones include the ‘Star of Sierra Leone’, weighed 969.8ct, discovered in February 1972 at the No.11 Plant in Kono. In 1970, the Sefadu diamond was discovered in the Dominco mine, weighing 620ct. In 1969, the “Zale light of peace” weighing 435ct was discovered. In 1996, two stones weighing 188ct and 283ct; and in 1997, several large stones weighing 524ct, 700ct and 900ct; were recovered from unspecified locations. In 2006, a 152.42ct diamond was discovered east of Koidu Town. In 2007, two pieces weighing 143.4ct and 129.7ct were discovered. Several large pieces have been discovered along the Woyie river (249.25ct, 532ct, 770ct) and upper Gayia (783ct).
Further geological studies are pending to provide a more up to date analysis of the local conditions within the Ridgeback claims, and to collect core gravel samples to allow further discussions and negotiations with already identified joint venture partners and investors.
About Ridgeback:
Ridgeback Global Resources Plc (“Ridgeback”), engages in the acquisition, exploration, and development of Gold and Diamond properties in Sierra Leone, South Africa and Canada.
Ridgeback has formed a strategic alliance with Ridgeback Mining Sierra Leone (RMSL), an established gold and diamond mining company in Sierra Leone, Western Africa. Ridgeback has agreed terms with RMSL for an initial term of 5 years, with 5 year extensions, to enter into 50% ownership Joint Venture agreements on all current and future gold and diamond mining concessions secured through the joint venture partnership.
The company also owns a 100% interest in the 3,524 hectare Ridgeback Diamond project in the Saskatchewan, a proven diamond rich area in Canada.
For more information about the company please visit www.ridgebackmining.com or
www.ridgebackmining.de.
For any further information please contact our Investor Relations Team directly:
Investor relations phone: +44 (0)207 193 0540
Email: info@ridgebackmining.com
Germany office: +49 (0)7031 785 2789
Forward looking statements:
The Ridgeback Global Resources plc (“Ridgeback”) communications contains certain statements regarding future events (as understood in the U.S. Private Securities Litigation Reform Act of 1995) that express the beliefs and expectations of management. Such statements are based on current expectations, estimates and forecasts on the part of company management and imply various known and unknown risks and uncertainties, which may result in actual earnings, the financial situation, growth or performance to be materially different from the estimates expressed or implied in the forward-looking statements. Statements with respect to the future are characterized by the use of words such as "expect", "intend", "plan", "anticipate", "believe", "estimate", "may", "will", "should", "shall" and similar terms. Ridgeback is of the opinion that the expectations reflected in forward-looking statements are appropriate; however, it cannot guarantee that these expectations will actually materialize. Ridgeback does not assume any obligation to update these forward-looking statements or adapt them to future events and developments
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June 14, 2011
Ridgeback Global Resources Plc., (“Ridgeback”) today announced completion of the latest geological data for its portfolio of alluvial Diamond and Gold mining concessions, as produced by Mr. Jonathon A. Sharkah, the Director of Mines from the Mines Division of the Ministry of Mineral Resources in the Kono district of Sierra Leone.
The latest geological reports have been compiled as part of a recent site visit and analysis of the Ridgeback concessions in the Kono district, calling upon the information contained in P.K. Hall’s comprehensive geological survey conducted in the 1950’s on Sierra Leone’s prominent diamond and gold mining areas. The prospective mining areas under Ridgeback’s ownership have not been mined since the report was commissioned in 1955 and therefore the expected grade of diamonds and gold can still be applied.
The report clearly outlines the mining potential of each of Ridgeback’s three concessions and supports the Company’s current mining development and operational investment plans. The report stipulates that each of the concessions has an average gravel thickness of 0.65m. This equates to an approximate total of 2,630 Cubic Metres (M3) of raw gravel per Acre. The report confirms an average grade per Acre of 0.90 Carats / M3, or a total of 2,367 Carats / Acre. These results allow Ridgeback to place an approximate value of each of its current mining concessions. At a conservative market price of USD $250 / Carat the combined value of all three concessions, split over 105 Acres equals approximately USD $63,000,000. The report also refers to the high incidence of “Special Diamonds” in the areas surrounding Ridgeback’s claims i.e. gem stones larger than 10 Carats. The report states on average 20% of stones recovered are classified as “Special Diamonds,” allowing an upward revision of the average yield per acreage.
In addition to outlining potential production figures within the Ridgeback concessions the report highlights some of the recent significant historic diamond exploration and development activities in Sierra Leone. Alluvial diamond mining remains the major source of Sierra Leone’s hard currency earnings accounting for nearly half of the country’s exports. Sierra Leone is renowned for the quality of its diamonds and for the recovery of some spectacularly large stones of very high value from its alluvial deposits. Many of the crystals show excellent octahedral form with bright faces. The largest diamond ever discovered was in 2002 in Kono district, weighing 1440ct and was sold for 75 million dollars in Belgium. Other large stones include the ‘Star of Sierra Leone’, weighed 969.8ct, discovered in February 1972 at the No.11 Plant in Kono. In 1970, the Sefadu diamond was discovered in the Dominco mine, weighing 620ct. In 1969, the “Zale light of peace” weighing 435ct was discovered. In 1996, two stones weighing 188ct and 283ct; and in 1997, several large stones weighing 524ct, 700ct and 900ct; were recovered from unspecified locations. In 2006, a 152.42ct diamond was discovered east of Koidu Town. In 2007, two pieces weighing 143.4ct and 129.7ct were discovered. Several large pieces have been discovered along the Woyie river (249.25ct, 532ct, 770ct) and upper Gayia (783ct).
Further geological studies are pending to provide a more up to date analysis of the local conditions within the Ridgeback claims, and to collect core gravel samples to allow further discussions and negotiations with already identified joint venture partners and investors.
About Ridgeback:
Ridgeback Global Resources Plc (“Ridgeback”), engages in the acquisition, exploration, and development of Gold and Diamond properties in Sierra Leone, South Africa and Canada.
Ridgeback has formed a strategic alliance with Ridgeback Mining Sierra Leone (RMSL), an established gold and diamond mining company in Sierra Leone, Western Africa. Ridgeback has agreed terms with RMSL for an initial term of 5 years, with 5 year extensions, to enter into 50% ownership Joint Venture agreements on all current and future gold and diamond mining concessions secured through the joint venture partnership.
The company also owns a 100% interest in the 3,524 hectare Ridgeback Diamond project in the Saskatchewan, a proven diamond rich area in Canada.
For more information about the company please visit www.ridgebackmining.com or
www.ridgebackmining.de.
For any further information please contact our Investor Relations Team directly:
Investor relations phone: +44 (0)207 193 0540
Email: info@ridgebackmining.com
Germany office: +49 (0)7031 785 2789
Forward looking statements:
The Ridgeback Global Resources plc (“Ridgeback”) communications contains certain statements regarding future events (as understood in the U.S. Private Securities Litigation Reform Act of 1995) that express the beliefs and expectations of management. Such statements are based on current expectations, estimates and forecasts on the part of company management and imply various known and unknown risks and uncertainties, which may result in actual earnings, the financial situation, growth or performance to be materially different from the estimates expressed or implied in the forward-looking statements. Statements with respect to the future are characterized by the use of words such as "expect", "intend", "plan", "anticipate", "believe", "estimate", "may", "will", "should", "shall" and similar terms. Ridgeback is of the opinion that the expectations reflected in forward-looking statements are appropriate; however, it cannot guarantee that these expectations will actually materialize. Ridgeback does not assume any obligation to update these forward-looking statements or adapt them to future events and developments
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=GB00B608XL77">http://www.irw-press.com/alert_subscription.php?lang=en&isin=GB00B608XL77</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.