SBL 0.00% 0.1¢ signature metals limited

mining study

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    "Due to the excellent results received to date the Company will now move to immediately update the resource estimate for the Obenemase Deposit. This will mean that the review of the existing JORC resources on the project (15 million tonnes at 2.02g/t gold in the Indicated and Inferred categories for approximately 978,000 ounces of contained gold; Table 1) will be completed in the first quarter of 2010. The current mining study will also be updated with these results and finalised early in 2010."

    The underlined above is a significant (dare I say strategic) aspect. The second payment to Mwana is based on delineation of 1M ounces. Nothing like a little delay without having a delay ;)

    The above information fulfills what SBL needed to do under the agreement i.e. completion of a mining study within 12 mths. But they won't have to pay out any further funds until they delineate 1M ounces, which will come by the looks of it just at a time (seemingly) suited to SBL.

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Currently unlisted public company.

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