September 2012 Quarterly Report
Perth, Oct 31, 2012 AEST (ABN Newswire) - Equatorial Resources Limited (
ASX:EQX) is pleased to present its quarterly report for the period ended 30 September 2012 with the following highlights:
Mayoko-Moussondji Iron Project
- Drilling continued at the Mayoko-Moussondji Iron Project with a total of 39,456 metres of RC and diamond drilling completed as at 30 September 2012.
- Independent consultants were appointed to prepare a maiden JORC resource estimate which is expected to be completed in Q1 2013.
- Metallurgical testing program continued to demonstrate that the near surface hematite mineralisation at the Makengui Prospect can produce a premium high grade iron product of 64.1% Fe using standard processing techniques.
- The government of the Republic of Congo approved the renewal of Equatorial's 100% owned Mayoko- Moussondji exploration license.
- Feasibility work on rail and port infrastructure solutions continued under the supervision of Equatorial's project management team.
Badondo Iron Project
- Drilling continued at the Badondo Iron Project focusing on the identification of shallow high grade DSO hematite mineralisation.
- Exceptionally high grade near surface iron was intersected in the first two drill holes at Badondo including 40 metres at 65% Fe.
- The Republic of Congo government approved the renewal of Equatorial's 100% owned Badondo exploration license.
- Based on the encouraging exploration results, infrastructure development options are being assessed to enable access for larger track mounted drill rigs.
Corporate
- Strong balance sheet with no debt and $71 million in cash as at 30 September 2012.
- Exceptional safety performance record contined with zero LTI's.
- Community Relations Committee finalised the Company's community investment schedule for 2013 with a focus on skills training to grow workforce capacity.
View the full quarterly report at:
http://media.abnnewswire.net/media/en/docs/ASX-EQX-611441.pdf
Contact
Equatorial Resources Limited
T: +61-8-9322-6322
F: +61-8-9322-6558
WWW: www.equatorialresources.com.au
| ||
|
