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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (59884)	6/2/2010 8:48:24 AM
From: LoneClone	Read Replies (1) \| Respond to of 193132

Lincoln hikes Gum Flat resource by 87% miningweekly.com By: Esmarie Swanepoel 1st June 2010 PERTH (miningweekly.com) – Base-metals explorer Lincoln Minerals has increased the resource estimate at its Gum Flat iron-ore project, in South Australia, by 87%. The explorer said in a statement on Tuesday that the project now had a resource estimate of 103-million tons, as opposed to the initial inferred mineral resource of 55-million tons, for the combined haematite and magnetite Gum Flat deposit. The mineral resource assessment, which followed a four-month drilling campaign, also confirmed the potential for high-grade magnetite blast furnace concentrates of around 67% iron. Lincoln has now moved to undertake a scoping study on the mining, environmental, beneficiation and transport options for the Gum Flat project. The study would look at mine optimisation of the haematite and magnetite resources, the capital expenditure and the operating costs. Ground-water monitoring wells were also currently under construction to determine the quality and the quantity of the ground-water in the various aquifers within the Gum Flat project. Lincoln Minerals has an offtake heads of agreement with Chinese steel mill Jiangyin Huaxi Steel to take at least 50% of the haematite and magnetite produced at the Gum Flat project.