Update on bulk sampling programme

RNS Number : 9957P

Ironveld PLC

14 February 2019

 

14 February 2019

Ironveld Plc

("Ironveld" or the "Company")

Update on bulk sampling programme

Ironveld plc, the owner of a High Purity Iron ("HPI"), Vanadium and Titanium project ("the Project") located on the Northern Limb of the Bushveld Complex in Limpopo Province, South Africa is pleased to provide the following update on the previously announced bulk sampling programme.

Further to the announcement on 18 January 2019, the Company can confirm that the potential off-taker has now concluded its metallurgical tests. The Company will hold discussions with the potential off-taker over the coming weeks with the aim of reaching agreement on the terms of an offtake agreement.

The Company also announces it remains in detailed discussions with two potential development partners for the Project, who are currently engaged in an extensive due diligence process that may lead to offers that would facilitate the commencement of smelting operations by the Company. The Company will provide further updates to the market in due course.

Peter Cox, CEO of Ironveld, said:

"We are very pleased with the interest shown in our high-quality ore. In addition, the interest from the potential industrial partners is highly encouraging. I look forward to updating shareholders in due course."

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Ironveld plc Peter Cox, Chief Executive	c/o Camarco 020 3757 4980
Shore Capital Jerry Keen / Toby Gibbs	020 7408 4090
Camarco Gordon Poole / Kimberley Taylor / Thayson Pinedo	020 3757 4997

Notes to Editors:

Ironveld (IRON.LN) is the owner of a High Purity Iron, Vanadium and Titanium project located on the Northern Limb of the Bushveld Complex in Limpopo Province South Africa.  Ironveld expects to mine its own VTM ore as feedstock for a 7.5 MW DC smelter which will produce speciality iron products including high purity iron powder as well as vanadium and titanium slag products.

The Definitive Feasibility Study published in April 2014 confirms the project's viability to deliver an exceptionally high grade iron product (99.5% Fe) called High Purity Iron which commands a premium in the market place. Vanadium and Titanium slag containing commercial grades of vanadium and titanium will also be produced and sold.

Ironveld's Board includes; Giles Clarke as Chairman, Peter Cox as CEO, Vred von Ketelhodt as CFO, Nick Harrison, Rupert Fraser and Duncan George Harvey as a Non-Executive Directors.

Ironveld is an AIM traded company. For further information on Ironveld please refer to www.ironveld.com.

 

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