| October 14, 2009 |
| African Copper Plc: Operational Update |
LONDON, UNITED KINGDOM--(Marketwire - Oct. 14, 2009) - African Copper plc ("African Copper" or "the Company") (AIM:ACU)(BOTSWANA:AFRICAN COPPER) is pleased to announce that its subsidiary, Messina Copper (Botswana) (Proprietary) Limited ("Messina"), has recommenced the shipment of saleable concentrates from the Company's Mowana Mine in Botswana. This is a further major achievement for the Company following the restart of operations at Mowana in late August.
Highlights:
-- Plant optimization continues to improve on circuit performance.
-- Average grade of concentrate produced 12% above forecast for the period.
-- Off-take logistics resumed with MRI Trading AG under the existing 5-year
off take agreement
-- Copper concentrate deliveries have commenced and the first shipment left
by road on 5 October 2009
-- The concentrate was produced from a current discharge stockpile of
around 800 tonnes with an average grade of 24.8%
The re-establishment of supply lines and on-site stores have been progressively improving over the past month and now support the consumable and stand-by spares requirements needed for steady state running conditions.
The feed grade delivered from the pit from fresh ore exposure continues to be plus/minus 20% above the forecast feed grade of 1.2% Cu for the period. Since recommencing operations a total of 1,353 tonnes of concentrate have been produced at an average grade of 25% Cu. The circuit and concentrate specification is expected to be further optimised over the coming weeks.
Chris Fredericks, Chief Executive of Africa Copper, commented:
"This is a further major milestone achieved by our operational team at Mowana. We remain committed to meeting production objectives and to continue to deliver on expectations. We are delighted with the results achieved over this short period which continue to show a positive trend on previous commissioning performance and move the Company a step closer towards realising nameplate production."
Forward-Looking Information
This press release 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 (including, without limitation, statements regarding feed grade improvement, concentrate grade improvement, plant optimization to improve plant performance, level of consumable and stand-by spares needed for steady state running conditions and ability to meet production forecast) are forward-looking information. 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, changes in commodity prices and world copper markets and equity and/or debt markets, political developments and risks in Botswana, fluctuations in currency exchange rates, inflation, changes to regulations affecting the Company's activities, the uncertainties involved in interpreting drilling results and other geological data, uncertainty regarding failure to convert estimated mineral resources to reserves, the possibility that actual circumstances will differ from the estimates and assumptions used in the mining plan for the Mowana Mine (there is no certainty that the production schedule, recoveries and/or operating costs proposed will be achieved), the grade and recovery of ore which is mined varying from estimates (including the increases referred to in this press release), the capital and operating costs varying significantly from estimates, delays in meeting the production forecast and the other risks involved in the mineral exploration and development industry disclosed in the Company's most recent annual information form filed on SEDAR at www.sedar.com. 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.
Notes to Editors:
African Copper
African Copper is a holding company of a group of companies involved in the exploration, development and mining of copper deposits in Botswana. The Company also recently restarted production (August 2009) at the Mowana Mine and holds permits in exploration properties at the Matsitama Project in which the Company has a 100 per cent. interest in the Matsitama exploration concession which covers a large area of prospective mineral holdings.
MRI Trading AG
MRI TRADING AG is a top-tier trader of concentrates and other non-ferrous raw materials. It is part of the MRI Group AG of companies, a leading investment and trading group in the commodities arena. The Group has a global presence through its offices in Beijing, Shanghai, Santiago do Chile, Lima, Lubumbashi -DRC, Johannesburg, New Delhi and Brisbane. www.mritrading.ch | |