FOR IMMEDIATE RELEASE
Friday, June 1, 2012
Johannesburg, South Africa, Harare, Zimbabwe, Vienna, Austria, Tokyo, Japan – June 1, 2012 – African Compass International Limited (“ACI” or the “Company”), today announced it is in advanced stages of negotiation talks to buy over the mining rights of the Namibian copper project situated near Windhoek.
The mining rights for the project are for 10 years with an extension for a further 20 years. The deposit consists of copper (1.35%. In comparison, the largest copper mines in the world have average copper grades of 0.67% contained copper with big tonnage), lead (2.5%), zinc (4%), and silver (10g/t). A feasibility study and an environmental study have been completed.
Proven Reserves for Copper (Only) are 42,371,100 MT, with Probable Reserves of 10,986,300 MT and Possible Reserves of 46,796,400 MT. The estimated in situ copper price: 42,371,000 ton of Copper Oxide at 1.35% = 1,258,418,700.00 lbs of copper at $3.5010 per lb (current July LME). In situ value = U.S. $4,405,723,868.70.
This expansion of ACI’s mining division into Namibia is part of its strategic expansion into the country where it has other projects respectively of a 100MW Thermal and 200,000 barrels per day Refinery under review pending negotiations.
About ACI
African Compass International (“ACI”) is a global diversified private natural resources company in frontier, emerging/established emerging and developed markets. The Group farms, explores, sources, refines and produces, inter alia, agriculture products, base metals, ferrous & non-ferrous metals, minor metals, platinum group metals, precious metals, oil & gas and commercial energy. Our diversified operations in Africa, South America and Eurasia are supported by offices in Austria, Canada, Japan and Zimbabwe. ACI always seeks partnerships with all its stakeholders that will add value to projects at hand based on the core values of honesty, integrity and vision.
Supporting Resources: please visit www.africancompassinternational.com; follow @Afrikancompass on Twitter, or join ACI on LinkedIn.
For and on behalf of the Company’s Board of Directors
Julian RUPARE, Jr.
CEO & Chair
GLOSSARY OF TERMS:
The following are the main terms and abbreviations used in this webnews:
ACI African Compass International Limited and/or its subsidiaries, as appropriate
CEO Chief Executive Officer
CLO Chief Legal Officer
Company African Compass International or African Compass International Limited
COO Chief Operating Officer
G/t Grams per ton
Lb Pound
LME London Metal Exchange
Mt Metric ton
MW Megawatt
T Ton
$ United States of America Dollars
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African Compass International
Johannesburg | Harare | Vienna | Tokyo
Directors J Rupare Jr (CEO) C N Rupare (COO) U Mazunga (CLO)
