FXPO Ferrexpo Plc

    RNS Number : 0194W
  Ferrexpo PLC
  05 June 2008
   

    

    05 June 2008


    Ferrexpo reports an additional 2 billion tonnes of iron ore resource at GPL

    Ferrexpo plc ("Ferrexpo" or the "Group") is pleased to announce the results of a review of the iron ore resources contained within its
Gorishne-Plavninskoye and Lavrikovskoye deposits undertaken as part of the project to expand and extend its existing Gorishne-Plavninskoye
Lavrikovskoye ("GPL") mine. 

    The resources associated with the GPL mine in the measured, indicated and inferred categories have been increased by 127.4% to 3,704mt,
from 1,629mt at the time of the Group's listing. The increase in resources is primarily due to an extension in the depth limit to which
resources have been declared. The review of the resources was undertaken by SRK Consulting (UK) Ltd ("SRK"), which also performed the
original resource assessment for the Group's listing. SRK has confirmed that both the original and restated resources are reported in
accordance with the JORC code.

    The SRK report containing the full resource statement is available on the Group's website (www.ferrexpo.com).

    The Group has engaged Turgis (Pty) Ltd to assist it in revising the long term GPL mine plan based on the updated SRK resource model and
to investigate further options for nearer term mine optimisation. The Group is confident that this work is likely to show a significant
increase in the economically recoverable iron ore reserves associated with the GPL mine.

    Dave Webster, Ferrexpo's Interim Chief Operating Officer, said:

    "We at Ferrexpo remain focused on maximising the value of our resource through continued exploration and efficient mine planning. This
positive restatement of the resources contained within the Gorishne-Plavninskoye and Lavrikovskoye iron ore deposits associated with our GPL
mine gives us added confidence in the Group's ability to expand production at the mine and to extend its life beyond 2035. We are pleased
that SRK has independently verified the extent of the very large resource available to the Group through its existing mine, and the project
to extend and expand that mine continues to proceed on schedule and within budget. This significant uplift in our resources is in addition
to the substantial resources available to our major growth projects at Yeristovskoye and Belanovskoye."

      Resource Statement 

 Gorishne-              1 January 2008                    1 January 2007
 Plavninskoye  Tonnage (mt)  Grade Fe Total (%)  Tonnage (mt)  Grade Fe Total (%)  Change
 Measured          348               29              239               30           46%
 Indicated        1,095              31              845               33           30%
 Sub-total        1,443              30             1,085              32           33%

 Inferred         1,275              31               51               34          2,400%
 Total            2,718                             1,136                           139%

 Lavrikovskoye           1 January 2008                    1 January 2007
                Tonnage (mt)  Grade Fe Total (%)  Tonnage (mt)  Grade Fe Total (%)  Change
 Measured           104               31               86               34           21%
 Indicated          708               30              394               33           80%
 Sub-total          812               30              480               33           69%

 Inferred           174               29               13               27          1,238%
 Total              986                               493                            100%


    For further information, please contact:

    Ferrexpo:              +44 207 389 8304

    Gavin Mackay

    Finsbury:               +44 207 251 3801

    Robin Walker
    Alex Simmons

    Notes to Editors:

    Ferrexpo is a Swiss headquartered resources Group with assets in Ukraine, principally involved in the production and export of iron ore
pellets, used in producing steel. Current output is over 9 million tonnes per annum, approximately 85% of which is exported to steelmakers
around the world, and the Group is currently undertaking a significant growth programme. The Group is listed on the main market of the
London Stock Exchange under the ticker FXPO. For further information please visit www.ferrexpo.com.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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