Minbos Resources (ASX: MNB) has revised the JORC Resource at the company’s Cabinda Project in Angola, with a slight increase in tonnage to 254.1 million tonnes with the grade remaining at 12.6% phosphorus.
The change comes after the company revised results from the recently announced interim technical report into the JORC Resource at Cabinda, prepared by Coffey Mining.
A final technical report, also by Coffey, is pending and will give greater certainty to the size of the high grade resource.
The importance of this resource upgrade is that, if confirmed, it will facilitate the conversion of 25 million performance shares in Minbos to ordinary shares.
These shares were issued as part of the acquisition of Tunan Mining, the holder of the Cabinda project licenses, converting to ordinary shares upon the delineation of a JORC Resource of at least 250 million tonnes at more than 12.5% phosphorus within 18 months.
A voluntary holding lock has been put in place for the ordinary shares that have been issued, pending confirmation of the milestone in the final technical report. The shares are also subject to an ASX escrow until October 18, 2012.