Resource Finance & Investment Ltd: Industrial Minerals Quarterly Report Includes Expanded Mineral Reserveadmin
Tuesday, August 26th 2008
Resource Finance & Investment Limited announce receipt of the latest quarterly update from Industrial Minerals (IDM). IDM advised that following completion of the drilling program, the previously stated 1.38 million short tons of probable ore reserve moved to proved ore. This raised the total of proved ore to 8.68 million short tons.
IDM has also confirmed that it expects the wet plant to be commissioned in the first quarter of 2009, with full production commencing in the following quarter. Plant design and engineering are over 85% complete and will reach completion at the end of the current quarter.
Prevailing conditions in the international markets has lead the directors of IDM to pursue funding through an alternative quasi equity structure. IDM is confident that the $45m funding will be finalized and closed in the current quarter. Due diligence has been undertaken by potential investors with familiarity in the industrial minerals sectors.
Despite the recent decline in base and precious metal prices most categories of quality chromite have remained stable to firm with logistic and power issues in South Africa continuing to be a predominant factor.
Management expect market pricing to remain firm for the foreseeable future. As the only potential North American producer of a high quality reliable supply of a specialty chromite coupled with at least three other valuable heavy minerals the Company’s project is unique in today’s environment.
For further details and information of this quarterly news release visit the Industrial Minerals website: www.industrialmineralscorp.com.au
RFI’s approximate 42% ownership of the issued capital of IDM has a market value of $23 million.
Resource Finance and Investment Ltd. (RFI) is a Bermudian company, which operates as an early stage strategic investor in natural resource based opportunities. RFI primarily invests in controlled natural resource projects that have the potential to add significant value with the expenditure of early to mid stage capital. RFI’s owns approximately 42% of the issued capital of the Australian publicly listed company Industrial Minerals Corporation Ltd (IDM:ASX) and 100% of Dynamex Resources Corporation.