Bonaparte sees potential for accelerated development at Namibian phosphate project
miningweekly.com
By: Chanel Pringle
Published on 5th January 2009
JOHANNESBURG (miningweekly.com) – ASX-listed marine explorer Bonaparte Diamond Mines' Meob marine phosphate project, off the coast of Namibia, had the potential for "rapid development into production", MD Michael Woodborne said on Monday.
In a statement to shareholders, the company announced that the 1 000-km2 tenement of the Meob project area had an inferred mineral resource estimate of 196,1-million tons of phosphate.
"The preliminary inferred mineral resource estimate for the Meob project is in line with our expectations and we expect to increase this estimate early in 2009 when further core sampling is completed," commented Woodborne.
Bonaparte would release a further resource update later this year after it completes additional and deeper core sampling.
The company owns a 42,5% stake in the Meob project, with Namibian joint-venture (JV) partners Union Resources holding 42,5% and Tungeni Investments holding 15%.
Bonaparte also would soon start exploration work on the 800-km2 Sandpiper project, adjacent to the Moeb project, which formed part of a JV partnership with Union Resources.
By September 2008, the company already held a number of exclusive prospecting licences (EPLs) off the coast of Namibia, covering 5 000 km2, while it had also applied for a further five EPLs covering another 5 000 km2. |
