African Copper Plc
AIM : ACU

African Copper Plc

August 29, 2012 02:00 ET

African Copper Plc: Initial Inferred Resource Estimate for the Mowana North Area of 56m tonnes, Extends Known Copper Mineralisation an Additional 2km Northwards

LONDON, UNITED KINGDOM--(Marketwire - Aug. 29, 2012) - (AIM:ACU)(BOTSWANA:AFRICAN COPPER) Final results have been obtained from independent consultants Coffey Mining for the Mowana North area positioned immediately north of the previously reported Mowana resources and current mining area.

To view the Mowana Resource Area and the Mowana North Resource Area, please visit the following link: http://media3.marketwire.com/docs/827mowana.jpg.

A total of 34,826 metres of combined diamond and percussion drilling were carried out during 2011. 62 new holes were drilled and combined with data from 10 holes drilled during an exploration programme by Falconbridge Exploration between 1977 and 1982. At a 0.0% copper cut off grade, Coffey Mining reports an Inferred Mineral Resource of 56.8 million tonnes grading 0.45% copper.

The estimate is for material between 70 metres below surface to 500 metres below surface. The orebody in this area is overlain by 70 metres of barren Karoo sediments. A percussion rig was used to pre collar holes through these sediments before changing to diamond drilling to intersect the orebody. The Mowana North orebody remains open to the North beyond the limit of drilling, and below 500 metres depth.

Drilling was conducted over an area 2km North to South and approximately 300 metres West to East. The drill hole spacing is 100 metres in a North - South direction, and 100 metres in a West - East direction.

Core to be sampled was marked up by the geologist and the core split in half using a diamond saw. Minimum sample width was 0.5 metres, and a maximum of 1.5 metres through the orebody if core loss was seen to occur. On average 1 metre samples were taken through the mineralised orebody. Three one metre samples were taken in the hangingwall and footwall outside of the mineralised orebody. If internal waste was intersected within the mineralised orebody, the rule of sampling 3 metres above and below the mineralised orebody was adhered to; internal waste outside of these ranges was not sampled. Samples were taken at various depths in each borehole depending on the depth at which the orebody was intersected in each borehole. The estimated true width of the mineralised zone varies from less than 10m to 80m.

Once the core had been marked for sampling and before splitting it was wetted and a photograph of all the core trays pertaining to a particular borehole was taken. After the core had been cut, core trays were moved back onto logging trestles. Samples were then bagged by the core yard supervisor. Each sample was given a unique number from a sample ticket book. One ticket was placed inside the sample bag, with a second stapled into the fold of the bag. Quality control samples were inserted into the sampling stream at a frequency of 1 in 10, comprising a standard, a blank and a field duplicate. Once all the samples for a particular borehole had been bagged, and manually checked by the geologists, they were placed in rice bags which were marked with BHID, sample numbers, from and to depth and the number of samples in the bag. Bags were securely sealed using cable ties and taken to the Setpoint Sample Preparation Laboratory in Francistown.

Analytical work was undertaken by Setpoint Laboratories in Johannesburg, South Africa, with the preparation of samples being carried out by Setpoint at a sample preparation laboratory in Francistown. In Johannesburg, the samples were analysed for Cu, Pb, Zn, Ag, and Au using a four acid digest, and sulphuric acid for acid soluble Cu, with ICP finish. Setpoint Laboratories are completely independent of African Copper, and have no relationship with African Copper.

The coarse grained semi massive to disseminated nature of the copper mineralisation at Mowana has the potential to lead to estimation errors. Accordingly, at the 100 metre interval between borehole section lines it was not possible for Coffey Mining to identify continuity of high grade intersections between boreholes, and the resource for Mowana North, at this stage, has therefore been categorised as Inferred.

Additional more closely spaced infill drilling between current section lines will be required to re-categorise the current Inferred resource to Indicated or Measured resources and demonstrate continuity between existing high grade borehole intersections.

Jordan Soko, Acting Chief Executive of African Copper, said, "Our exploration drilling programme at Mowana continues to demonstrate extensions to the main orebody - southwards, as announced last year, and now northwards. The exploration campaign will focus on infill drilling to prove up the inferred resources announced today."

Coffey Mining is an independent consulting firm commissioned by African Copper. The Coffey Mining estimate and the other technical information referred to herein was prepared by Alan Goldschmidt - Senior Consultant Geology, BSc (Hons) Geology, GDE, (Pr. Sci. Nat.). The resource estimate is effective as of 3 May 2012. All such technical information, including the sampling, analytical and test data underlying such information, was verified by or under the supervision of Mr. Goldschmidt using such recognized industry methods and procedures as were determined by him to be appropriate in the circumstances, having regard to the characteristics of the deposit and the work performed. Mr Goldschmidt is a competent person and a qualified person for purposes of 43-101, and the Mowana North estimate has been prepared to SAMREC, JORC, and 43-101 definitions and standards.

For further information please visit www.africancopper.com.

Notes to Editors:

African Copper is an AIM and Botswana listed copper producer and exploration company, currently focused on Botswana. The Company's flagship project is the copper producing open pit Mowana Mine. ACU also owns the rights to the adjacent Thakadu-Makala deposit. Both deposits are situated on the highly prospective Matsitama belt, located close to Botswana's second largest city, Francistown, in the north-eastern part of the country.

This announcement contains forward-looking information. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, risks related to failure to convert estimated inferred mineral resources to reserves, conclusions of any future economic evaluations, changes in project parameters as plans continue to be refined, the possibility that actual circumstances will differ from the estimates and assumptions used, future prices of copper, possible variations in inferred mineral resources, grade or recovery rates and other risks of the mining industry, delays in obtaining governmental consents, permits, licences and registrations and political risks arising from operating in Africa and changes in regulations affecting the Company. All forward-looking information speaks only as of the date hereof and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that its expectations reflected in the forward-looking information, as well as the assumptions inherent therein, are reasonable, forward-looking information is not a guarantee of future performance and, accordingly, undue reliance should not be put on such information due to the inherent uncertainty therein.

Contact Information

  • African Copper Plc
    Brad Kipp
    Chief Financial Officer
    +1 (416) 847 4866
    bradk@africancopper.com
    www.africancopper.com

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    Simon Hudson/Kelsey Traynor
    +44 (0) 20 7920 3150

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