West Africa-focused mining group Mano River Resources has confirmed that it is sitting on a huge iron ore deposit in the Putu Range project in Liberia.
IC TIP:
Buy
at
7.6p
Mano has 38.5 per cent of the mineral rights in a 12km ridge of the range and this week it confirmed that an independent estimate says that a 2.6km section holds 1.1bn tonnes of iron ore at a grade of 38 per cent. That's a low grade but the size of the deposit is sufficient to justify installing the infrastructure to exploit it. Besides, Mano's partner in the project is a Russian firm, Severstal Resources, which owns 61.5 per cent of the project and is expert at developing low-grade deposits.
When: 17 July 2009
Price: 4p
