Year End trading update

RNS Number : 3262W

Equatorial Mining & Exploration PLC

24 December 2013

 



Equatorial Mining and Exploration Plc

Year End Trading Update

In the Interim Results announcement last September, we explained how we planned to pursue our interests in Nigeria through continued exploration across a 280 sq.km tenement in the southern part of the country close to the Ebonyi state capital; Abakaliki.

Our exploration contractors, JORC accredited, Tanylag Limited, headed by an eminent Nigerian Geologist, Professor Gbenga Okunlola, brought two drilling rigs to the site and four separate teams of geologists with Geophysical (sound reading) equipment. Over two months, 15 core holes were drilled (to JORC standard) over 40 sq. km and 200 sound readings were taken over 200 sq.km.  The findings were set out in an extensive report which we received earlier this month.

The report provides an optimistic picture with an estimated 17 billion tons of oil shale across the area drilled and commercial quantities of coal and gypsum.  The Geophysical survey indicates that similar results would be yielded across the 200 sq. km surveyed.

We have commenced early stage discussions with West Africa's largest industrial company with a view to potential production of the materials we have found or an outright sale of part of the tenement, but only once we have produced  a JORC inferred mineral resource estimate

Concurrently with Tanylag's work, Behre Dolbear (the international mining and geological consultancy) was on site to verify the work being done which will lead to the production of a Competent Persons Report in January.

Having satisfied ourselves that our Nigerian interests offer considerable value, we plan to acquire the licences outright and in short order, seek to raise sufficient funds to take them to commercialisation within 12 months.

24 December 2013

Enquiries:

Equatorial Mining & Exploration Plc
Nicholas Nelson, Executive Chairman      [e-mail]

ISDX Adviser :

Alfred Henry Corporate                                  [phone]
Finance Ltd.
Jon Isaacs                                                              [e-mail]
The Directors take responsibility for this announcement.

 

END

 

 

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