Admiralty Resources (ASX: ADY) chairman Professor Ross Harper has resigned with immediate effect after eight years in that role.
Since Harper joined the company in April 2005, Admiralty has gained full ownership of its iron ore districts after settling a difficult legal dispute with the initial joint venture partner.
These iron ore projects have become the flagship of the company and the source where positive cashflow and shareholder value can be created.
Admiralty has recently completed Pre-Feasibility Study (PFS) for its Mariposa magnetite iron ore project in Chile, confirming that it is economically viable, technically feasible and environmentally sound.
Key takeaways include a 49.1% post-tax internal rate of return, a 2.25 year payback on a $65.5 million capital investment.
This is based on a Resource of 66.6 million tonnes at 35.6% iron using a cut-off of 25% iron that provides for a 12 year Life of Mine and operational cost for final product CFR China ports of $89.10 per tonne.
Mariposa also has a post-tax Net Present Value (NPV) of $211 million at a 8% discount rate at World Bank forecasted long-term iron prices with an average of $141/tonne1 of the final product at 62% iron.
Admiralty had $1.5 million in cash as of 31 March 2013.
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