Previous Page  4 / 5 Next Page
Information
Show Menu
Previous Page 4 / 5 Next Page
Page Background

A.C.N. 097 532 137

Suite 6, Ground Floor, South Mill Centre, 9 Bowman St

Share code FCR on the ASX, AIM and the JSE

SOUTH PERTH WA 6151, AUSTRALIA

www.ferrumcrescent.com

PO Box 189, South Perth, WA 6951

info@ferrumcrescent.com

Tel: +61 8 9474 2995 Fax: +61 9474 2937

Notes to Editors

:

Further Information on GoldQuest and the Iberian Projects

GoldQuest is a private company incorporated in Spain which owns 100 per cent. of both the

Toral Project and the Lago Project in northern Spain, each having high prospectivity for lead

and zinc.

Principal Terms of the Option

Option to potentially acquire 100 per cent. of GoldQuest. GoldQuest owns 100 per cent. of

two lead-zinc exploration projects in the provinces of Leόn and Galicia, in historic Spanish

mining areas.

Up to £22,500 staged option fee, in part shares and part cash, to be paid by Ferrum

Crescent in return for an exclusive option, valid until 31 July 2016, to enable the Company

to conduct due diligence on GoldQuest and the Iberian Projects. If exercised, Ferrum

Crescent, will be required to:

pay up to approximately £320,000 in cash consideration (calculated as a fixed amount

of £250,000 plus a further cash payment comprising the lesser of 50 per cent. of

GoldQuest’s current liabilities and £92,500, minus the abovementioned option

consideration); and

issue, credited as fully paid, 100 million new ordinary shares in the capital of Ferrum

Crescent.

Toral Project

The Toral Project has been extensively explored historically by its previous owners Portex Minerals

Inc. and Lundin Mining S.L. and the 2,024ha of mineral rights contains extensive high grade zinc

mineralisation. Located in north-west Spain, approximately 400km north-west of Madrid, the

project’s licence area hosts excellent road, rail and power infrastructure and is situated in a known

historic mining jurisdiction. The asset also has a pre-existing NI 43-101 resource estimate reported

by Micon International Co. Limited on 30 April 2012.

Lago Project

The Lago Project is located approximately 54km to the north-east of the Toral Project. Historical

investigations completed by or on behalf of the Spanish mining firm, Exploracion Minera

International Espana S.A. (“EXMINESA”), between 1985 and 1990, indicated that mineralisation

at the Lago Project may be similar to that encountered at the Toral Project with vertical,

lenticular bodies (probably more than one) approximately 800m long by 300m wide.

Further Information on the Moonlight Project, South Africa

Ferrum Crescent’s principal project is the Moonlight Iron Project located in Limpopo Province in

the north of South Africa. The Moonlight Deposit (upon which the Project is based) is a

magnetite deposit located on the Moonlight, Gouda Fontein and Julietta farms and is the main

operational focus for the Company. Iscor Limited (“Iscor”), which explored the Project in the

1980s and '90s, reported mineralisation capable of producing a concentrate grading at 68.7%

iron. At that time, Iscor concluded that the deposit, which was described as being comparable to

the world’s best, was easily mineable due to its low waste-to-ore ratio. The beneficiation

attributes of Moonlight ore are extremely impressive, with low-intensity magnetic separation

considered suitable for optimum concentration.

Metallurgical tests on Moonlight material, undertaken since then by Ferrum Crescent, suggest

that Iscor’s historical results are conservative, that good metal recoveries can be achieved, and

that the resulting concentrates have a high iron content and only negligible impurities, at grind

sizes considered to be industry standard (P80 of 75 - 125 microns).