African Consolidated Resources plc / Ticker: AFCR / Index: AIM / Sector: Mining
19 April 2012
African Consolidated Resources plc ('ACR' or 'the Company')
Pickstone Sulphide Dump Update
African Consolidated Resources plc, the AIM listed resource and development company focused in Southern Africa is pleased to announce that it has completed a Definitive Feasibility Study on its sulphide tailings dump at Pickstone (the Pickstone Sulphide Dump), the results of which match its expectations. As set out in the interim results for the six months to 30 September 2011 announced on 15 December 2011, this project has the potential to be highly profitable and ACR will shortly be seeking project funding to finance the remaining CAPEX for the plant. After confirmation of funding, plant construction is scheduled to take 6 months. Thereafter production is planned to be completed in a further 15 months during which period it is hoped that the Phase 2 hard-rock mining operation will commence.
As previously reported, the Pickstone Sulphide Dump has a Measured Gold Resource of 28,300 Troy ounces (200,000 tonnes at 4.4 g/t Au).
The Pickstone Sulphide Dump has been partnered with a wholly Indigenous company as defined under the Zimbabwe Indigenisation and Economic Empowerment Act (the Act) and other regulations, and the partnership therewith fully complies with the requirements of the Act and ACR is satisfied that all the requirements of the Act will continue to be fully satisfied by the proposed operation. It is intended that that the Indigenous company and the partnership structure will form the basis of a structure that will ultimately allow the expanding and future Pickstone project as a whole to remain compliant.
Pickstone Peerless mine Review
ACR is also pleased to announce that it is carrying out a review of near-surface and deeper sulphide mineralisation beneath the already defined resource depth of 100-150 metres within the claims at the Pickstone and Peerless mines. This work includes digitisation of all historical underground drilling and sampling records as well as recent ACR-conducted drilling. This should lead to an extension of the current Resource within the Pickstone and Peerless Project.
**ENDS**
For further information visit www.acrplc.com or please contact:
Roy Tucker African Consolidated Resources plc +44 (0) 1622 816918
+44 (0) 7920 189012
Andrew Godber Panmure Gordon (UK) Limited +44 (0) 207 459 3600
Callum Stewart Panmure Gordon (UK) Limited +44 (0) 207 459 3600
Susie Geliher St Brides Media & Finance Ltd +44 (0) 20 7236 1177