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London Mining Plc London Mining is pleased to announce that it has revised its mineral resources on its Central (DNPM 13.845/67) and Eastern (DNPM 830.316/79) Claims at its wholly owned iron ore mine in Brazil. Total Mineral Resources at the project now stand at 1.058 billion tonnes grading 37.94% Fe, with a Fe content of 401.5 million tonnes.
London Mining Brasil Mineraçao S.A. ("LMB"), a wholly owned subsidiary of London Mining, engaged Mr Caio Libaneo, a consulting geologist from Libaneo & Libaneo Ltda, with 13 years experience in the mining industry and eight years resource reporting experience, to review the mineral resources of the Central and Eastern Claims at its wholly owned iron ore mine in the Serra Azul mountain range, near Belo Horizonte and incorporate interim results of LMB's 7,500 metre drilling campaign. The existing geological database and drill cores were reviewed according to the new ore types.
The latest drill holes show that the iron ore formation has continuity at depth and the contact with footwall was not reached. A structural geological study was carried out and a new geological model was defined. GEOEXPLORE, a Coffey Mining company, was hired in conjunction with Libaneo & Linaneo to update the mineral resources using a 3D methodology (Gemcom Surpac software). The new geological model, produced by Libaneo & Libaneo, based on the deeper drill holes, has expanded the geological interpretation from the 950 level to the 750 level.
This review, which includes hard itabirite ore, and the Inferred Resources to the 750 level, has resulted in a 459mt increase in the total iron ore resources and a 153mt increase in the contained Fe from the previous resource estimate in May 2008.
* Brazilian Reporting Standards, including Central, Eastern and Western claims
These results should be considered as preliminary, pending completion of the drilling campaign. The results are not to Australasian Joint Ore Reserves Committee ("JORC") standards, but to Brazilian reporting standards and have been released as part of the strategic review process announced in April 2008 and expected to be completed in Q3 2008. LMB is in the process of a 7,500 metre drilling programme, of which 2,900 metres have been completed, to confirm the latest Central Claim and Eastern Claim resources to JORC standards and to increase the confidence levels of these resources by increasing the amount of iron ore in the Measured-Indicated category. This programme should be completed by the end of 2008.
Christopher Brown, Managing Director of London Mining said "We are extremely pleased with the results of the resource review which should add substantial value to the Company and allow for an increase in production capacity beyond previous plans. The increased resources over previous estimates will be defined to JORC standards through a drilling programme which is currently underway. London Mining's strategic review of its Brazilian Iron Ore operations is continuing as planned."
For further information, please contact: Crux Kommunikasjon AS +47 97 56 19 59 Charlotte Knudsen London Mining Plc Christopher Brown, Managing Director, +44 (0) 20 7201 5000 Graeme Hossie, Corporate Development & +44 (0) 20 7201 Deputy Managing Director, 5000
Notes to the Editors:
London Mining is incorporated and registered in the UK, and is developing mines to supply the global steel industry. The Company has operational mining, exploration and development projects located in Brazil, Sierra Leone, Saudi Arabia, Greenland and Mexico, and has total iron ore resources of 2.36 billion tonnes containing an estimated 867Mt of iron. In 2007, London Mining raised over US$185m to advance iron ore production from its projects, and listed on the Oslo Axess, a marketplace regulated by the Oslo Stock Exchange on 9 October 2007. London Mining is trading under the Reuters symbol LOND.OL and Bloomberg symbol LOND:NO.
Please also visit our website www.londonmining.co.uk for more information about London Mining and its operations.
