RNS Number : 1434C
  Ferrexpo PLC
  28 August 2008
   

    

    28 August 2008


    Ferrexpo announces an additional 464 million tonnes of reserves at GPL

    Ferrexpo plc ("Ferrexpo" or the "Group") is pleased to announce a 95% increase in proved and probable reserves within its
Gorishne-Plavninskoye and Lavrikovskoye ("GPL") deposits. The results are based on mine design and optimisation undertaken to a
pre-feasibility level as part of the project to expand and extend the Group's existing GPL operations.  

    Further to the resource announcement of June 3rd 2008, the Group engaged Turgis (Pty) Ltd ("Turgis") to assist it in revising the GPL
mine plan. This work is now completed and Turgis have confirmed that the proved and probable reserves associated with the GPL mine have been
increased by 95% to 955mt, from 491mt at the time of the Group's Listing.

    As previously reported, 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 primary reason for the increase in resources is due to
an extension in the depth limit to which resources have been declared in accordance with the JORC code.

    Mike Oppenheimer, Ferrexpo's Chief Executive Officer, said:

    "We have delivered on the promise we made at our listing to complete the engineering review and optimisation of our GPL mining
operations. This has resulted in an almost doubling of proven and probable reserves and the production expansion project already announced.
We expect to complete the Feasibility Studies for the upgrade of our GPL beneficiation plants by the end of next month. Together, these
initiatives provide a robust underpinning for our operating cashflows and reinforce our confidence in our financial capacity to move ahead
with our new mining projects."

    Revised reserve statement 

 Gorishne-              1 January 2008                    1 January 2007
 Plavninskoye  Tonnage (mt)  Grade Fe Total (%)  Tonnage (mt)  Grade Fe Total (%)  Change
 Proved            251               27              239               30            5%
 Probable          547               30              160               30           242%
 Total             798               29              399               30           100%

 Lavrikovskoye           1 January 2008                    1 January 2007
                Tonnage (mt)  Grade Fe Total (%)  Tonnage (mt)  Grade Fe Total (%)  Change
 Proved              43               32               38               30           13%
 Probable           113               31               53               29           113%
 Total              157               32               92               30           71%


    Previously announced 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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