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Re: News Release - Monday, March 12, 2007
Mano River Update on Putu Range Iron Ore Project in Liberia
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News Release No: 2007/06
Mano River Resources Inc. ("Mano" or "the Company") the TSX-V and AIM
listed exploration and development company focussed on West Africa,
provides an update on progress from its 80% owned Putu Range iron ore
project ("Putu Range") in eastern Liberia.
.. Historic reports indicated a 500 Mt potential for Mt. Jide
.. Up to 67.3% Fe from outcrop grab samples and 59.3% Fe from first 26m
of historic adit
.. Pre-feasibility study with 4,000m of drilling planned to commence in
2007
.. Deposit well situated being �100km from an existing port
.. Sampling commenced on the second ridge Mt. Ghi
.. Optimal exploration and development options under consideration
Putu Range consists of a series of north-south trending ridges of which
the most easterly, Mt. Jide ridge, has been the focus of work by Mano
to date and was the subject of limited past work in the 1950s/60s. Putu
Range is centred within a three year exclusive exploration licence for
iron ore granted to Mano River Iron Ore (Liberia) Inc ("MARIO") on May
18th, 2005, covering an area of 425km2 in Grand Gedeh County,
approximately 100km north east of the potential deep water port of
Greenville. Since September 2006, independent consultants McLellan and
Partners have supervised a sampling and site preparation programme, in
advance of a pre-feasibility study, which is planned, subject to
financing, to commence in 2007 and include up to 4,000m of diamond
drilling.
Grab samples from a 4km section of the 12km long ridge at Mt. Jide, and
channel samples of the first 26m of a 50m long historic adit located
approximately 300m below the crest line, returned highly encouraging
average grades of 57.9% Fe and 54.2% Fe, respectively. Results from
this programme are detailed in tables 1 and 2 below.
Mano's CEO, Dr Tom Elder, commented:
"These sample results confirm that, whilst at an early stage, the Putu
Range iron ore project exhibits the potential scale to develop into one
of Mano's premier assets by contained value. Preparations are underway
for a Phase 1 systematic exploration programme to commence, which will
include drilling, in order to more accurately delineate the extent and
style of mineralisation and to prepare an initial independent resource
estimate."
Current programmes
Access roads have been established and drill pad preparation is
underway. Systematic sampling is on-going along an additional 2.5km
long strike section of the main zone of Mt. Jide, within recently
discovered trenches which appear to date from the 1950s and 1960s.
Channel sampling of the remaining 30m of the historic adit will
commence once rock wall stability has been secured. Further geological
mapping and a detailed topographic survey are planned to commence in
March. In parallel with these programmes, a pilot mineral processing
study will be undertaken to investigate the optimal separation method
for the quartz, which is the principal deleterious mineral, in order to
upgrade the ore. Mineralogical studies completed by Mano to date
suggest that gravity separation is the likely upgrading method.
About African Iron Ore Group Ltd.
MARIO is owned by African Iron Ore Group (AIOG), itself 80% owned by
Mano. Mano are considering options to take forward the development of
AIOG's Putu Range property and consider a separate listing for AIOG on
London's AIM or PLUS Market, subject to views by shareholders. Taking
into account the Liberian Government's expressed wish to fast track
economic development, the Company is also entertaining cooperation and
/ or joint-venture discussions with a number of large iron ore groups.
Finally, Mano is seeking advice with respect to valuation and taxation,
for the purpose of potentially distributing Mano's shares in AIOG to
Mano shareholders.
For further information on Mano River Resources and its exploration
programme, you are invited to visit the Company's website at
www.manoriver.com or contact one of the following:
Tom Elder, President and CEO
Mano River Resources Inc.
+44 (0) 1235 810 740
Justine Howarth / Clare Irvine
Parkgreen Communications
+44 (0) 207 851 7480
Jamie Cumming / Liz Kennedy
Bell Lawrie
+44 (0) 141 221 7733
Raz Hussein Controller,
Canada
+1 (604) 689 1700
SAMPLING RESULTS
Table 1. Results from Mt. Jide ridge grab sampling programme
------------------------------------------------------------------
Sample Location %Fe Al2O3% P2O5% SiO2%
------------------------------------------------------------------
Trench 15 Ridge Top (PUTR15) 31.02 1.21 0.16 33.86
------------------------------------------------------------------
Trench 16 Ridge Top Left (PUTR16A) 67.33 1.04 0.21 0.54
------------------------------------------------------------------
Trench 16 Ridge Top Right (PUTR16B) 59.07 10.55 0.16 0.62
------------------------------------------------------------------
Trench 17 Ridge Top (PUTR17) 64.79 2.23 0.37 0.46
------------------------------------------------------------------
Trench 18 Ridge Top (PUTR18) 65.57 3.81 0.20 0.32
------------------------------------------------------------------
Outcrop Ridge Top (POCR65) 66.29 1.01 0.33 0.54
------------------------------------------------------------------
Outcrop Ridge Top (POCR66) 37.44 0.06 0.01 45.2
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Outcrop Ridge Top (POCR67) 64.62 2.15 0.65 0.41
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Outcrop Ridge Top (POCR68) 65.08 2.47 0.25 4.12
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Average 57.91 2.73 0.26 9.56
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Table 2. Results from channel sampling within Mt. Jide adit
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Sample Location %Fe Al2O3% P2O5% SiO2%
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Adit Metre 0-2m (PUTA001) 55.87 3.07 0.22 11.99
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Adit Metre 2-4m (PUTA002) 57.78 1.93 0.13 11.16
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Adit Metre 4-6m (PUTA003) 57.39 2.74 0.27 10.29
------------------------------------------------------------------
Adit Metre 6-8m (PUTA004) 55.05 1.96 0.27 15.12
------------------------------------------------------------------
Adit Metre 8-10m (PUTA005) 56.97 3.04 0.41 8.84
------------------------------------------------------------------
Adit Metre 10-12m (PUTA006) 57.87 1.8 0.38 10.40
------------------------------------------------------------------
Adit Metre 12-14m (PUTA007) 57.79 0.95 0.34 15.14
------------------------------------------------------------------
Adit Metre 14-16m (PUTA008) 47.24 0.55 0.22 29.74
------------------------------------------------------------------
Adit Metre 16-18m (PUTA009) 59.36 1.26 0.40 8.08
------------------------------------------------------------------
Adit Metre 18-20m (PUTA010) 47.62 8.96 0.46 15.36
------------------------------------------------------------------
Adit Metre 20-22m (PUTA011) 49.33 3.65 0.31 21.58
------------------------------------------------------------------
Adit Metre 22-24m (PUTA012) 50.39 1.41 0.75 21.49
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Adit Metre 24-26m (PUTA013) 52.67 0.75 0.29 22.32
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Average 54.25%
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Independent consultant Charles Savage (BSc, CEng, ARSM, MIME) is the
Qualified Person responsible for reviewing the content of this release.
He is a Mining Engineer with over 40 years experience in exploration,
development and operations in the iron ore, base metals and industrial
minerals areas, throughout the world.
NOTES TO EDITORS:
About the Putu Range Iron Ore project
The Putu Range project is centred within a three year exploration
licence awarded in May 2005 which covers an area of 425km2 in Grand
Gedeh County Liberia. The deposit is approximately 200km south east of
the 1 billion tonne Mt. Nimba iron ore project that straddles the
border with Guinea, being developed at a reported cost of $1bn by
Mittal Steel. Four other Liberian iron ore deposits are currently being
explored by BHP Billiton.
The Mt Jide ridge of the Putu range project comprises a high-grade
magnetite/hematite mineralised zone with a strike length of
approximately 12km. Putu was first explored in the 1950s and 1960s by
LAMCO (Liberian-American-Swedish Mining Company) which moved on to
develop the Yekepa, Nimba deposit (now Mittal) and the predecessor
company to Bong Mining Company, who completed a limited drilling and
underground bulk sampling programme to move on to develop the Bong
deposit. Historic reports from this period suggest that Mt. Jide ridge
potentially contains in excess of 500 million tonnes of non-NI 43-101
compliant iron mineralisation with grades up to 67% Fe. Sampling and
mineralogical analysis completed by Mano indicate that the predominant
iron mineral is hematite and that the quality of the mineralisation is
high, with low phosphorous levels and a coarse grain size to the quartz
present. The project has gentle relief from the Putu Range to the ocean
and is relatively close (100km) to a potential deep water port.
Prior to 1989 Liberia was the largest producer of Iron Ore in Africa,
exporting over 15 million tonnes annually, contributing approximately
50% to government revenue.
About Mano River Resources Inc ("MRRI")
MRRI is a well established exploration and development company focused
on the Archaean terrain of the highly prospective, under-explored, West
African 'Mano River Union' countries of Sierra Leone, Liberia, and
Guinea. MRRI operates three distinct divisions, which hold over
18,500km2 under licence, summarised as follows:
Mano Gold Ltd, 100% owned by MRRI:
.. Has completed a positive bankable feasibility on the 90% owned
1.4Moz gold resource (13.533 million tonnes of measured and indicated
resources grading 3.18 g/t) at New Liberty Gold Project in Liberia,
where open pit gold production of at least 84,000 oz pa is planned to
commence in 2008, subject to financing and permitting.
.. Holds a pipeline of highly attractive drilled prospects within its
1,000km2 Bea Mountain Licence in Liberia including Weaju (233,000 oz
inferred resource of 663,000 tonnes grading 10.9g/t) and Gondoja.
.. Has a Joint Venture with Golden Star, who are earning an initial 51%
interest in a portfolio of highly prospective licences in Sierra Leone.
.. Has a Joint Venture with Navasota Resources, who are earning up to a
60% interest in the Missamana gold project in Guinea.
Mano Diamonds Ltd, 100% owned by MRRI:
.. Is funding a 49% interest in a Joint Venture with Petra Diamonds on
the Lion Kimberlite Dyke project in the Kono diamond fields of Sierra
Leone, with underground diamond production planned to commence in late
2007. A processing plant is already built and exploration shaft sinking
is ongoing.
.. Has a joint Venture with Trans Hex Group who are earning an initial
50% interest in the Weasua cluster of diamondiferous kimberlite pipes
in Liberia, where bulk sampling to determine diamond grades and value
is currently underway.
.. Has a 50:50 joint venture with Searchgold Resources on the Mandala /
Bouro alluvial and kimberlite dyke project in Guinea.
.. Holds a 15,000km2 licence in west Liberia with diamond bearing
kimberlites and numerous high interest mineral indicator anomalies.
.. Has a joint venture with BHP Billiton who are earning an initial 51%
interest in the south eastern Sierra Leone tenements. The joint venture
has located diamond bearing extension of the high grade Tongo dyke
field.
.. Is earning a 78% interest in the North Bea exploration project from
African Aura in Liberia.
African Iron Ore Group Ltd, 80% owned by MRRI:
.. Holds an 100% interest in the 12km long Putu Range Iron Ore project
where historic reports from Mt Jide indicate a potential of 500 million
tonnes (not yet in compliance with the NI 43-101 code) and excluding
any potential resources on other ridges.
.. Holds a 3.68% minority interest in Mifergui Nimba, holder of a 5%
interest (which is free carried for the first $100M invested) in the
BHPBilliton-managed one billion tonne Nimba iron ore deposit in Guinea,
which straddles the Liberian border where it is being redeveloped by
Mittal Steel.
The TSX Venture Exchange has not reviewed and does not take
responsibility for the adequacy or accuracy of this release
View News Release in PDF Format:
http://www.manoriver.com/i/pdf/news/2007-03-12_NR.pdf
40 KB in size, approx. 8 seconds to download at 56.6Kbps
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Copyright (c) 2007 MANO RIVER RESOURCES INC. (MANA) All rights
reserved. For more information visit our website at
http://www.manoriver.com/ or send mailto:releases@manoriver.com
Message sent on Thu Mar 15, 2007 at 7:05:21 AM Pacific Time
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