African Minerals on Track in Sierra Leone as 9.7 Billion Tonnes of Iron Ore Discovered – Making it the Largest Deposits in the World

Frank Timis - Successful Business Strategy

Somewhere in London, deliberating on his success and probably a glass of ice-rock vodka in his hands, Frank Timis must be filled with excitement and accomplishment as his venture in Sierra Leone has started to yield results. Timis has invested faith and trust in his sense of discernment and has allowed his instinct which has proven time and again to be right, to take on a venture in a small West African country rich in minerals, that has become a second home for him. Timis has employed right judgement and his confidence in the mineral wealth of Sierra Leone may have finally paid off.  It is also a vindication for the country’s President Ernest Bai Koroma whose unwavering belief in African Minerals’ potential has not been disappointing.  I wonder what is going through Frank Timis’ mind as he reflects back on how risk can sometimes become your best financial asset.  But it all comes down to how risk is managed through effective implementation of business acumen that has been tried and trusted. Frank Timis must be a master in risk management that ensures successful outcome. The success of African Minerals in Sierra Leone can only go to open new frontiers for the company in other mineral resource potential areas across Africa. And his success in Sierra Leone will  also provide a model for other African Governments to use in order to open their doors to a man whose name has become synonymous with prosperity and mineral wealth.

African Minerals Limited is a mineral exploration and development company with significant iron ore and base metal interests in Sierra Leone, West Africa. They have just announced an updated magnetite iron ore Mineral Resource Estimate for its flagship iron ore project at Tonkolili in Sierra Leone.  The company has completed over 110,000m of diamond drilling across Numbara, Simbili, Marampon, and the newly reported Kasafoni deposit, which is located along strike to the north of Numbara. The updated Mineral Resource Estimate is 10.5 billion tonnes at an average in situ grade of 29.0% iron. This exceeds the Company’s target mineral resource of 10 billion tonnes for the current phase of resource development.

The updated Mineral Resource Estimate was prepared by independent consultants SRK Consulting (UK) Ltd in compliance with the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, (the JORC Code1). Included within the 10.5 billion tonnes are 9.7 billion tonnes at an average grade of 30.1% iron in situ. This Mineral Resource Estimate is reported over a strike length of 20km, and includes holes completed up to 26th January 2010. Drilling has continued with up to four core rigs to test high grade BIF targets in the Kasafoni West area. The Company expects to update the Mineral Resource Estimate upon completion of this work in the near future.

African Minerals have not only embarked on mining projects across Sierra Leone – they have identified themselves in solidarity with the people of the country by taking on educational and medical projects that will improve on the way of life of communities by providing excellent educational facilities and medical services. They have been keen on demonstrating their intentions not only to help the country , but to work hand in hand with the government in its development agenda. The commitment of African Minerals to the development of Sierra Leone is unprecedented and must be applauded. With a local team of professionals who understand the needs of the people to help implement the delicate strategy that will benefit them from the company’s development projects, there is assurance that there is light at the end of the tunnel.

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