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ACR starts trial mining at Zim play

30th January 2013

By: Natalie Greve

Creamer Media Contributing Editor Online

  

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JOHANNESBURG (miningweekly.com) – Trial mining activities at Aim-listed African Consolidated Resources’ (ACR’s) 100%-owned Pickstone–Peerless gold project in the Zimbabwean Midlands had started, the company reported in an operational update on Wednesday.

The trial mining at the tenement, which had a Joint Ore Reserves Committee-compliant resource of 3.2-million ounces at an average grade of over 2.7g/t of gold, comprised phase two of a bankable feasibility study (BFS).

The company advised that careful siting of the trial mining pit would likely ensure that the mining and processing would not be a financial burden and may generate a marginal profit, while the information gathered would benefit the technical team and the quality of the BFS.

"The Pickstone–Peerless mine offers one of the most exciting gold opportunities in Southern Africa and the initiation of the trial mining is a confirmation of the company's commitment to its world-class assets as it shifts to becoming a mining and project development company,” ACR CEO Craig Hutton said in a statement.

The company was, simultaneously, exploring several highly prospective options to broaden its ACR portfolio and geographic focus to extend its international footprint.

Meanwhile, the company denied recent reports in the Zimbabwean media that property belonging to ACR had been attached by the deputy Sheriff and said that these attachments related solely to property of the company's former CEO, Andrew Cranswick in connection with a documented action for defamation taken against him and which he disputes.

“As reported on January 18, Cranswick has resigned from the board of the company and as CEO and we would like to clarify that the action against him has no legal nexus with ACR and that there is no legal process being brought against the company in Zimbabwe,” the statement said.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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