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    21 November, 2014
Savannah Resources raises US$2 million
 
London, 21 Nov (AIM) - The British based mining company Savannah Resources on 21 November announced that it has raised £1.3 million (over US$2 million) to fund its projects which include significant heavy mineral sands zones at its Jangamo deposit in the southern Mozambican province of Inhambane.

The funds were raised through placing 29,483,704 new shares on the London Stock Exchange.

Part of these funds will pay for defining the Jangamo deposit’s reserves in line with the Australian code for reporting mineral resources, JORC. The company intends to complete this by the end of 2014.

In September, Savannah revealed results from a 3,990 metre drilling programme. Its chief executive David Archer commented, “We are seeing very good grades of thick, near surface heavy mineral sands mineralisation over excellent strike lengths”.

He added, “much of the mineralisation we are seeing in the four eastern zones is from the surface which brings significant economic benefits from low stripping ratios and the potential for more flexible dry mining techniques. This complements the favourable local infrastructure setting that benefits from nearby roads, power and a port”.

Heavy mineral sands contain ores such as ilmenite (titanium iron oxide), rutile (titanium dioxide), and zircon (zirconium silicate). Ilmenite and rutile are used to make white pigments for paints, paper and plastic. Titanium can be extracted from these ores and used to manufacture metallic parts where light weight and high strength are needed. Zircon (zirconium silicate) is used for abrasive and insulating purposes.

The license for the Jangamo deposit was originally held by the Mozambican company Matilda Minerals. Savannah acquired an 80 per cent interest in Matilda Minerals in October 2013.
(AIM)

 
 
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