Hafizzz
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China Hanking's New Discovery of Large Iron Ore Body in Maogong Obtains Official Confirmation
China Hanking's New Discovery of Large Iron Ore Body in Maogong Obtains Official Confirmation - MarketWatch
Hong Kong, May 29, 2012 (ACN Newswire via COMTEX) -- China Hanking Holdings Limited ("the Company"; HKSE 3788) is pleased to announce that Fushun Hanking Maogong Mining Co. Ltd., a wholly-owned subsidiary of the Company, has made a new discovery of a large iron ore body that significantly elevates the resources base in the Maogong Iron Mine, and this has been confirmed by the Liaoning Provincial Mineral Resource Assessment Centre and the approved filing certificate ("Liao Guo Tu Zi Chu Bei Zi [2012] No. 045") issued by Liaoning Provincial Department of Land & Resources.
According to the approved filing certificate and the Chinese reserve/resource definitions, the iron ore resource increases by 35,504.90 Kt, of which 5,752.27 Kt is classified as probable reserves, 25,354.15 Kt is classified as indicated resources and 4,398.48 Kt is inferred resources. The average iron ore grade is 31.29%. With the significant increase in the resources in the Maogong Iron Mine, the Company is implementing a plan to expand the scale of mining and processing capacities of Maogong Iron Mine. As at the date of this news, a feasibility study on a new processing plant (the "New Processing Plant") with an annual processing capacity of 3 million tons has been completed and approvals from the relevant government authorities have been obtained.
In addition, the design of the New Processing Plant consistently follows the Company philosophy in creating "Green Mine, Recycling Economy", which utilizes state-of-the-art ore processing technologies under an advanced PLC control with a high level of automation. The plant will also make use of new technologies such as high pressure grinding rollers to improve the processing efficiency, enhance the recoverability of ore, and minimize impact to the environment. Furthermore, the plant will maximize the economy of recycling by implementing a grading mechanism that extracts reusable sands from tailings.
Good. So China will buy LESS Iron Ore from India.
