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Additional Information
Market: AIM
Sector: General Mining - Rare Earth Minerals
EPIC: NVTA
Latest Price: 4.83p  (0,00%)
52-week High: 176.00p
52-week Low: 4.68p
Market Cap: 5.78M
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Noventa Limited
www.noventa.net

Noventa's strategy is to be the world's largest, low cost industrial scale supplier of tantalum concentrate, a rare speciality metal widely used in the consumer electronics industry.  There is currently a shortage of tantalum supply and stock levels in the industry are being run down. Noventa is in a unique position to expand production to meet the industries needs.

The Jersey based Company's Marropino mine in Mozambique resumed production in April 2010, and the Company has now embarked on a Strategic Plan which it believes will build the foundations of a long-term, profitable, cash generative and sustainable business.

Full Noventa Limited profile here
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Noventa's Marropino and Morrua tantalum mines estimated to produce 6.21 mln pounds

19th Oct 2010, 8:14 am The technical report estimates payback on Marropino and Morrua to be just 20 months

Noventa Resources (LON:NVTA) said today its Marropino and Morrua mines are capable of producing an estimated 6.21 million pounds of tantalum over a 9.3 year life-span of the two operations.

The figure was contained in the latest technical report issued by the Mozambique-focused group, which also revealed the it would process 13.27 million tonnes of ore at an average grade of 384 parts per million to achieve that figure. This would give a total recovery of 63.76 per cent.

However, payback on the projects is anticipated to be just 20 months, while the net present value of the two mines is US$69.67 million based on a 10 per cent discount rate, according to the report prepared by Scott Wilson Roscoe Postle Associates.

The report put the indicated resource at Marropino alone at 7.4 million tonnes grading 223 ppm tantalum for 3.64 million pounds of tantalum contained.

Noventa says it has sufficient tax loss provisions to eliminate income taxes through to 2016.

The Scott Wilson report also estimates the upfront capital investment will be US$22.2 million for new process equipment, mobile equipment and expanded tailings dam at Marropino.

Development of Morrua will require a further capital investment of around US$10 million for site preparation and a tailings dam.

Chairman Eric Kohn said: "This report on Marropino and Morrua should give shareholders added confidence as to the Company's resource and economic viability of the mine plan. The company continues to validate the resources at Mutala and Marropino South.


Separately, the group revealed it had issued 9.9 million shares at 0.04p each - the first tranche of its additional subscription shares.

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