31 Mar

Interim Results For the Six Months Ended 31 December 2014

International Mining & Infrastructure Corporation plc (AIM: IMIC), the Company focused on unlocking the value of iron ore in Africa, is pleased to announce its interim results for the six months ended 31 December 2014.

Highlights  

• Significant progress in the development of iron ore assets in Cameroon 

• Pre-Feasibility Study for the 2.7 billion tonne (“Bt”) Nkout  iron ore project underway with final report due in H2 2015

• Appointment of highly experienced African natural resources veteran,  Ethelbert Cooper, as Non-Executive Chairman

• Updated Mineral Resource Estimate (“MRE6”) for the Nkout deposit

– Increase in overall Mineral Resource of 225 Mt to over 2.7 Bt

– 68% increase in total direct shipping ore (“DSO”)/Saprolite Indicated resource to 252 Mt at 43.2% Fe

• Updated Mineral Resource Estimate (“MRE2”) for the Ntem deposit

– Increase in overall Mineral Resource of 60.8 million tonnes (“Mt”) to 176.3 Mt

– Substantial increase of 148% in total Indicated resource, which now stands at 96.9 Mt at 34.92% iron (“Fe”)

• Successful placing of new ordinary shares raised proceeds of US$1.5 million in December 2014 and further US$0.5 million in January 2015

• Short term loan raised further US$5.8 million of which US$3 million was converted into ordinary shares in IMIC in January 2015

• Appointment of CITIC Securities Co., Ltd, a leading Chinese investment bank, in connection with the proposal to raise finance in China

• Definitive Feasibility Study for the Nkout deposit anticipated to begin in 2015

• Preliminary Feasibility Study for the Ntem deposit anticipated to begin in H2 2015

• Convertible bond issued to a Cameroonian investor, Caisse Capital Limited, an investment vehicle controlled by Mr. Colin Mukete, raised US$5 million in March 2015

• Appointment of Mr. Colin Mukete, a prominent Cameroonian businessmen, to the Advisory Board of IMIC strengthens the leadership of the Company  

The definitions of Measured, Indicated and Inferred Mineral Resources, as used throughout this announcement, are as defined in the CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council.  

Ethelbert Cooper, IMIC’s Chairman, commented: “During the second half of 2014 we made progress in efforts to monetise our iron ore assets in Cameroon. Following the recently reported upgrade in the resource base at Nkout, a world-class iron ore asset, we are continuing work on the Nkout Preliminary Feasibility Study and intend to further drive the development of this project towards production. At the same time, we are progressing Ntem, our smaller but strategically attractive project, which has the potential to deliver early revenues for the Company.  

“Whilst the funding environment for iron ore development companies is challenging against the softening of iron ore prices, we remain fully committed to moving forward with our strategy. We are hopeful that we will be able to raise additional funds to support further development of our projects, and ultimately achieve our strategic objective of unlocking the value potential of this new world-class African iron ore region.”  

Full announcement...