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SAFM adds to Ponto Verde resource

8th September 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed South American Ferro Metals (SAFM) has reported a 34% increase in its Joint Ore Reserves Committee- (Jorc-) compliant resource at the Ponto Verde iron-ore project, in Brazil.

The project is estimated to host some 403.1-million tonnes of resource, of which 241.6-million tonnes is classified as measured and indicated, and a further 162.1-million tonnes as inferred.

SAFM CEO and MD Stephen Turner said on Monday that the enlarged resource underpinned the company’s expansion plans at Ponto Verde.

SAFM was currently re-evaluating the overall scope of the bankable feasibility study for Ponto Verde in light of the additional resource.

“Work is now under way to define a new Jorc-compliant resource calculation, which we expect to be material,” Turner said.

Edited by Creamer Media Reporter

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