Pia Rivera reports that Magnis Resources has been granted a Special Mining Licence SML 550-2015 for the Nachu Graphite Project in Tanzania on September 7th, 2015 by the Ministry of Energy and Minerals of Tanzania. A Special Mining Licence is superior to a Mining Licence (ML) as it encompasses projects with an investment over US$100 million. The granting of the SML is the key approval for the project and allows the Company to move forward with finalizing funding arrangements for the further development of the project.
The SML has been granted to Uranex Tanzania Ltd, the 100% owned Tanzanian subsidiary of Magnis. Nachu project has a maiden JORC resource of 156 million tonnes at 5.2% graphite, with over 84% of the product consistently produced in Large and Jumbo flake graphite categories. Initial metallurgical results from basic floatation have yielded 95.2% total graphitic carbon (TGC), and 97% TGC for Jumbo flake product (+300 microns). According to Magnis Resources CEO, Dr. Frank Houllis, With over 8 million tonnes of contained graphite from only 2% of the tenement that includes 66% of the Mineral Resource Estimate in Indicated and Measured categories cements Nachu as a world leader with the combination of a large deposit with highly desirable Large and Jumbo Flake graphite.
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