Name and Location
Moonlight Crescent iron-ore project, Limpopo, South Africa.

Client
Ferrum Crescent.

Project Description
The Moonlight Crescent iron-ore project, located on the three farms Moonlight, Julietta and Gouda Fontein, in Limpopo, has been configured as a 4.5-million-tonne-a-year pelletised iron-ore concentrate operation. The project is expected to produce iron concentrate of about 69%.

The project has a Joint Ore Reserves Committee-compliant measured resource of 52.6-million tonnes grading 31.3% iron. The resource is sufficient to support a 20-year mine life, producing about six-million tonnes a year of iron-ore pellets for domestic sale and export.

Value
The total value of the project has not been disclosed; however, R22-million has already been spent on exploration work.

Duration
Construction at Moonlight is expected to start by 2015, and will be completed by 2018.

Latest Developments
Ferrum Crescent has sold a 35% shareholding in its Moonlight iron-ore project to Anvwar Asian Investment for $10-million.

Oman-based Anvwar has also agreed to contribute $3.5-million to the ongoing costs of the bankable feasibility study (BFS) currently being undertaken at the project.

Under the terms of the agreement, Anvwar will make an initial $1-million payment to Ferrum Crescent by the end of November, with the balance due in the first quarter of 2014.

Ferrum Crescent plans to use the funds to progress the Moonlight BFS and for working capital requirements.

Subject to the conditions precedent, and following the investment, Ferrum Crescent would hold a 39% interest in Ferrum Iron Ore, with Mkhombi retaining its 26% share and Anvwar holding 35%.

The Moonlight BFS was launched in February and is expected to be completed in the first half of next year.

Key Contracts and Suppliers
ProMet Engineers (detailed scoping study) and Mineral Corporation Consultancy (updated resource estimate).

On Budget and on Time?
Not stated.

Contact Details for Project Information
Ferrum Crescent, tel +27 11 510 0159, fax +27 86 219 5701 or email info@ferrumcrescent.com.
ProMet Engineers, tel +27 21 556 9759, fax +27 21 556 9758 or email info@promet.co.za.