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 Moonlight, Julietta and Gouda Fontein farms, 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%.

In April this year, Ferrum updated the Joint Ore Reserves Committee- (Jorc-) compliant mineral resource to an estimated 307-million tonnes at 26.9% iron. This includes 172.1-million tonnes at 25.3% iron in the inferred category, 83-million tonnes at 27.4% in the indicated category and 52.6-million tonnes at 31.3% iron in the measured category.

The updated Jorc resource forms an important part of Ferrum’s plans to progress the project’s bankable feasibility study (BFS) in 2014. Ferrum says that not only is the mineral resource suitable to inform the more detailed feasibility study work to be done, but the up-to-date assessment of “reasonable prospects for eventual economic extraction” also adds confidence in the project’s potential.

Value
The total value of the project has not been disclosed.

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

Latest Developments
Ferrum has released an independent valuation report on the Moonlight Crescent project, which values the project at between $24.8-million and $42.3-million.

The valuation is based on a mineral resource of 307-million tonnes, grading 26.9% iron for 82.8-million tonnes of iron-ore product.

The miner is currently in discussions with several parties to provide financing for BFS of the project.
Ferrum hopes to secure between $10-million and $13-million to support the study, which will evaluate the development of the operation, exporting iron pellets from Richards Bay, in KwaZulu-Natal.

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.