Company Update

RNS Number : 1342E

IronRidge Resources Limited

14 July 2016

 

14 July 2016

IronRidge Resources Limited

(AIM: IRR)

Company Update

Following the recent increase in the share price of IronRidge Resources Limited, ("IronRidge" or the "Company"), the Board wishes to provide the following general company update to shareholders and investors.

Since IronRidge made its AIM debut in February 2015 with the successful raising of £9.7m, the iron ore market has seen unprecedented volatility and its lowest prices in a decade.

The current state of the global iron ore market and the outlook for prices in the next five years is not currently conducive to extensive iron ore exploration and development. Accordingly, IronRidge is taking  a conservative approach to the investigation of its iron ore projects in Gabon until the iron ore price returns to a level which would underpin a likely project development.  The Company's strategy continues to be, in part,  to identify and secure on favourable terms, iron exploration and or development assets that complement its existing projects in Gabon.

As previously stated, IronRidge's strategy is to create and sustain shareholder value through the discovery of world-class and globally demanded commodities. In order to augment the Company's Iron Ore strategy and provide an additional basis for growth, IronRidge has been conducting a thorough review of its current Australian assets and a top down global search with a focus on gold, for new grass roots and/or advanced projects which show the potential for the discovery of world class deposits. This has involved an intensive research and review program using in-house geological expertise. 

Iron Ridge's initiatives have identified several opportunities, which are the subject of ongoing investigation in the ordinary course of the Company's business.

Vincent Mascolo, CEO commented: "Driven by market conditions and with a solid treasury, our business strategy review was crucial and timely"

"We are also pleased with the continued support of our major shareholders; Assore Limited of South Africa, Sumitomo Corporation of Japan and DGR Global Limited of Australia."

"I believe IronRidge is well positioned for a promising future and we look forward to keeping shareholders informed in regard to material developments"

For Further Information:

IronRidge Resources Limited
Vincent Mascolo (Chief Executive Officer)	Tel: [phone]
Nicholas Mather (Executive Chairman)	Tel: [phone]
SP Angel Corporate Finance LLP	Tel: [phone]
Nominated Adviser and Broker Jeff Keating

Notes to Editors:

IronRidge Resources is an AIM listed mineral exploration company with frontier assets in both Australia and West Africa, with two province scale projects in Gabon, and promising and advanced titanium and bauxite projects in Queensland Australia.  IronRidge's corporate strategy is to create and sustain shareholder value through the discovery of world-class and globally demanded commodities.

Tchibanga:

Located in south-western Gabon, in the Nyanga Province, within 10-60km of the Atlantic coastline.  This project comprises two exploration licenses, Tchibanga and Tchibanga Nord, which cover a combined area of 3,396km² and include over 90km of prospective lithologies and the historic Mont Pele iron occurrence.

Belinga Sud:

Located in the north east of Gabon in the Ogooue-Ivindo Province, approximately 400km east of the capital city of Libreville.  IRR's licence lies between the main Belinga Iron Ore Deposit, believed to be one of the world's largest untapped reserves of iron ore with an estimated 1bt of iron ore at a grade >60% Fe, and the route of the Trans Gabonese railway, which currently carries manganese ore and timber from Franceville to the Port of Owendo in Libreville.

Australia:

Monogorilby is prospective for province scale titania and bauxite whilst Quaggy has shown strong anomalies of platinum palladium nickel cobalt and copper.  Monogorilby is located in central Queensland, within a short trucking distance of the dormant rail system leading north to the Port of Bundaberg. It is also located within close proximity of the active Queensland Rail network heading south towards the Port of Brisbane.

Corporate:

IronRidge made its AIM debut in February 2015 successfully securing strategic alliances with three international companies; Assore Limited of South Africa, Sumitomo Corporation of Japan and DGR Global Limited of Australia. Assore is a high- grade iron, chrome and magnesium mining specialist. Sumitomo Corporation is a global resources, mining marketing and trading conglomerate. DGR Global is a project generation and exploration specialist.

The Board of Directors is represented by mining industry professionals with a broad range of corporate, exploration, production, contracting and capital markets experience.  The Company was admitted on 12 February 2015 (Ticker Code IRR) and currently has 236,612,203 shares and 13,270,000 unlisted options on issue.

 

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