Ferrex expects maiden resources very soon

LONDON (ShareCast) - Ferrex, the Africa-focused iron ore and manganese explorer, says two of its projects will provide "maiden resources" in the next six months. Its Malelane iron ore mine in South Africa is expected to deliver product in the first quarter of this year. The Nayega manganese project in Togo is set to deliver by the end of June. Ferrex share had risen 15.7% by 11:15 on the news. The company's managing director Dave Reeves said "unexpected high grade mineralisation" had been found at Malelane while at Nayega the firm believes ore can be mined "easily". He added: "With these developments in mind, we look forward to advancing both projects up the development curve with a target of completing the bankable feasibility on Nayega and the pre-feasibility study on Malelane by the end of 2012." BS