JOHANNESBURG (miningweekly.com) – TSX Venture Exchange- and Aim-listed Mano River on Monday announced an initial independent mineral resource estimate of 1,08-billion tons of iron-ore at its 38,5%-owned project in Liberia.

Russian steelmaker Severstal’s mining subsidiary owns the majority stake of 61,5% in the Putu Range project, in which it had invested $30-million.

The Putu resource had potential to grow as its exploration programme advanced, Mano president and CEO Luis da Silva reported.

“We are delighted to announce this initial one-billion ton mineral resource estimate, especially as the resource covers less than one quarter of the 12 km strike length of the Putu iron-ore project in Liberia,” he said in a statement.

Da Silva said that Mano was in discussions with the Liberian government for a 25-year mining licence.

Mano and Severstal Resources are working towards a prefeasiblity study during 2010.

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