8 April 2008
Companies Announcements Office
Australian Stock Exchange Limited
4th Floor, 20 Bridge Street
SYDNEY
NSW 2000
MEDIA RELEASE
|
Aquila Discovers High Grade Manganese in South Africa
|
Highlights of intersected manganese
mineralisation include:
6.69m at 46.13% Manganese
6.09m at 48.60% Manganese
3.70m at 40.81% Manganese
Carbon steel resources producer and developer,
Aquila Resources Limited (ASX:AQA Aquila
or the Company) is pleased to announce promising manganese assay results from
its Avontuur Projects located 75km north
west of Kuruman, in the Northern Cape Province of
South Africa.
The results are from the first three
holes assayed from the 74% owned Avontuur Projects, which comprise a permit
area of 370sq km. The manganese discoveries were identified on two mineralised prospects some 20km apart and
adjoining the northern-most farms of the main Kalahari Manganese Field.
The permit was taken up initially
for iron ore, but modelling of aeromagnetic data and assessment of previous
exploration identified two targets for manganese mineralisation.
Aquila Executive Chairman Tony Poli said “Early exploration on these two
targets has been very encouraging and we are continuing drilling.”
“These are quality results in
a highly prospective region, which contains more than 50% of the world’s
known manganese resources,” Mr Poli said.
“Aquila
currently has four drill rigs in operation at Avontuur, with another two being
sourced, to define manganese resource potential,” Mr Poli said.
Manganese ore is used in the steel
making process primarily in the form of silico-manganese and ferromanganese
alloys. The world demand for manganese depends directly on the requirements of
the steel industry with the price of manganese ore continuing to rise in recent
years.
The Tex Report (April 2nd
2008) reports that contract prices for high-grade manganese ore ranges from
US$11 to US$15 per Mn 1% CIF with spot prices ranging to US$17 per Mn 1% CIF.
Further, it is reported that
manganese prices are expected to firm due to a shortage of 1 million
tonnes of manganese ore to be supplied into the world market in 2008 largely
driven by a reduced growth in supply of high-grade manganese ore and a swing
from export to import of manganese ore by India.
For further information regarding
this announcement, please contact Tony Poli.
Telephone:
(08) 9423 0111
Facsimile:
(08) 9423
0133
Email
address: mail@aquilaresources.com.au
Visit
us at:
www.aquilaresources.com.au
Investor Relations: Warrick Hazeldine Tel: +61 (0) 8 9485
1254 Mob: +61 (0) 417 944 616
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