Armadale Capital: Reserve Definition Drilling Commences at Mahenge Liandu Graphite Project

Armadale is pleased to announce that mobilisation of the diamond drilling rig is now underway at the Mahenge Liandu Graphite Project in Tanzania, marking the commencement of the Company’s 2018 exploration and Reserve definition programme.

As quoted in the press release:

Nick Johansen, Director of Armadale said, “Mahenge Liandu has already been established as a significant high-grade graphite mine, with potential to support a 400,000tpa operation over a 32-year mine life and generate meaningful value with an NPV of US$US349m and IRR of 122%. Our 2018 focus is now on further proving the economic value of the Project and ultimately advancing towards a decision to mine early next year. In support of this, the Feasibility Study continues to progress well, and drilling planned in the coming year will support work being undertaken for this – particularly the upgrade of our current resource to Probable and Proven reserves. Prior to this RC drilling, diamond drilling will be conducted to produce samples that we can send to potential offtake partners. Given that Mahenge Liandu is one of the highest grade large flake projects in the world, we are confident that our concentrates will be well received by the market. We look forward to providing further updates on our field work in the coming months.”

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