World Titanium Resources awarded heavy mineral mining licences in Madagascar

May 4, 2012 - PRLog -- World Titanium Resources  has been awarded a Mining Licence for the first phase of the company’s flagship Ranobe Mine in Madagascar.

The company is on track to raise the capital for development of the Ranobe project in the second half of 2012. This will be followed by engineering, construction and commissioning ahead of first production in 2014.

Ranobe hosts a JORC Resource of 707 million tonnes at 6.5% total heavy mineral. The mining licence for phase 1 of production covers a portion of this resource, with 145 million tonnes at 8.1% total heavy mineral.

In addition, World Titanium material (titanium alloy material) has received a mining licence for the area immediately south of the initial mining area, covering 140 million tonnes at 7.1% total heavy mineral, and an exploration licence containing the remaining resources at Ranobe.

The granting of the second mining licence offers expansion potential for the Ranobe mine. Based on the current JORC Resources, Ranobe could sustain a 75 year mine life at the initial planned production rates.

Each of the Mining Licences has a term of 40 years and is renewable. The Exploration Licence has been renewed for 3 years.


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