Regalis Petroleum Limited
Universal Coal Resources Pte Ltd
 

Gold Projects, Sierra Leone
90% equity interest


Nimini is a gold exploration and mine development company with firm tenure over its Nimini Mining Licence in Sierra Leone.

  • 25-year Mining Licence awarded in November 2012.
  • Environmental and Mining Licences renewed and in good standing.
  • Independent potentially mineable Mineral Resource Estimate as at June 2013 ("June 2013 MRE"), based on a minimum true width of 1 metre and a 2.4 g/t gold cut-off grade:
    • Indicated Mineral Resources of 0.55 Moz (3.6 Mt at 4.69 g/t gold), and
    • Inferred Mineral Resources of 0.34 Moz (2.6 Mt at 4.08 g/t gold)
  • June 2013 MRE represented a 21% increase in Indicated Mineral Resources to 0.63 Moz gold (4.8 Mt at 4.06 g/t gold) at a 1.8 g/t cut-off grade and 60% increase in Inferred Mineral Resources to 0.42 Moz gold (3.8 Mt at 3.47 g/t gold) at a 1.8 g/t cut-off, compared to previous MRE (SGS Canada Inc., June 2012) ("June 2012 MRE").
  • June 2013 MRE provided a solid platform for progressing the Preliminary Economic Assessment (PEA) by an independent consultant, however, its completion now depends on further discussions with the Sierra Leone government regarding fiscal terms.
  • Field programmes have identified targets both proximal to the Komahun deposit and within the greater Mining Licence area for future drilling to add to mineral resources.

The Mine Development Agreement was executed by the Minister of Mines and Mineral Resources in February 2014. Nimini was subsequently advised by the Minister that Government required certain of the terms to be re-negotiated ahead of ratification by parliament. The unfortunate outbreak of the ebola virus disease has caused re-negotiation to be put on hold until the State of Public Emergency has been lifted.

The ebola outbreak has resulted in Nimini suspending operations at the project in the interests of protecting employees. A core team on site ensures that assets are protected and maintained in readiness for a resumption of site activities. Key skills have also been retained.

Nimini has made a financial contribution to the Government’s ebola fund and has assisted the local community in its fight against the spread of ebola.

Nimini continues to support the communities within and adjacent to its Mining Licence area through its Community Development Action Plans.

In January 2014 Nimini surrendered its Matotoka exploration licence to focus its resources on the Nimini Mining Licence area.

 
 
   
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