28 November 2013
Press release: Trans-Tasman Resources
Trans-Tasman Resources Limited (TTR) is pleased to announce that it has successfully secured and received US$ 11.2 million in funding.
“We are delighted to secure this funding which will enable TTR to progress engineering, project funding and consenting work streams,” TTR Chief Executive, Tim Crossley says.
The funding comes from existing shareholders and new local investment and is a demonstration of a vote of confidence in the project by both new and existing investors.
TTR is working with international dredging specialists, IHC Merwede, as well as engineers from Beca, Fitzroy Engineering, WorleyParsons, Brightwater Engineering and DRA to design the integrated mining and processing system for TTR’s South Taranaki iron sands mining project.
TTR releases updated Mineral Resource Statement
TTR is also pleased to release its updated Mineral Resource Statement. The updated Resource Statement provided by TTR’s geology consultant, Golder Associates, has significantly improved TTR’s geological confidence in the iron ore resource. TTR’s total Indicated Mineral Resource[1] has increased from 1.7 billion[2] tonnes to over 2.6 billion tonnes. Over 97% of the 65.76 km2 mining area is now an Indicated Resource, compared with 57% previously.
The Mineral Resource estimate was prepared and classified in accordance with the JORC[3] Code, 2012. The JORC “Indicated” class reflects a higher level of confidence than the “Inferred” class. The estimate provides additional geo-metallurgical parameters to deliver a higher degree of accuracy for mine scheduling and provides the basis of design for the process plant.
Mr Crossley said that “achieving this latest Resource Statement from Golder Associates caps off a busy and successful year for TTR.
“We have drilled 116 shallow and 12 deep drill holes, applied for a mining permit and environmental marine consents, and we have completed a pre-feasibility study. The additional funding and Mineral Resource Statement underpins our ability to progress the project definitive feasibility study.”
About TTR:
Trans-Tasman Resources Limited (TTR) is a private New Zealand company, established in 2007 to explore the North Island’s offshore iron sand deposits. TTR is headquartered in Wellington and is funded by New Zealand and international investment. Since inception TTR has spent more than $50 million on exploration to understand the resource, engineering, marketing, studying the existing physical and ecological environment and identifying potential impacts to develop an iron sands extraction project which balances realising economic development and protecting the environment.
TTR has applied for a mining permit and environmental marine consents to extract up to 50 million tonnes of sediment per year using a sub-sea “crawler” extraction device. The sediment will be processed onboard a floating processing storage and offloading vessel (FPSO). Around 5 million tonnes of iron ore concentrate per year will be exported to international markets. The remaining sediment will be re-deposited on the seafloor in a controlled manner, usually backfilling previous mined areas.
TTR aims to commence production in the first half of 2016.
