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Details on The Sandpiper-Meob Phosphate Project, Namibia
Union Resources is developing a potential world class resource through a Joint Venture with Australian based and ASX listed Bonaparte Diamond Mines NL (ASX: BON). A local third party Namibian company, Tungeni, is also part of the Joint Venture
Summary
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The Resource is a submarine phosphate deposit occurring 60 km offshore from the Namibian coast
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The maiden independent JORC compliant resource estimate is 593.4 million tonnes (inferred) at 18.1% P2O5 for ELPs 3414 and 3415, based on a cut off grade of 15% P2O5
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A further JORC compliant resource by Joint Venture partner Bonaparte Diamond Mines NL represents 178.4 million tonnes (inferred) at 15.6% P2O5
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Further resource updates are expected throughout 2009
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The resource is geologically simple and well understood and consists of unconsolidated sediment with no cover, mainly peletal francolite and phosphate granules of about 1mm
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The resource is easily minable with well proven dredging techniques
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Accordingly, the resource is potentially easy to beneficiate with simple screening to remove shells and cyclone to remove fines and wash with fresh water to produce feedstock for standard PA plant
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Low operating and capital costs are anticipated which will make this mine, when developed, a low cost producer.
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Union Resources is confident that The Sandpiper-Meob Phosphate Project is a potential world class resource. The cost of production, development scheduling and the anticipated size of the resource all contribute to the attractiveness of the Project to the wider market.
The Mehdiabad Zinc Project, Iran
The Mehdiabad Project is being developed by Union Resources, Iranian Mines and Mining Industries Development and Renovation Organization ("IMIDRO") and the company Itok GmbH ("Itok") through an incorporated Iranian joint venture company, Mehdiabad Zinc Company ("MZC").
IMIDRO purported to terminate several agreements governing the Project in December 2006. As a consequence of the purported termination and having fully funded its contribution to MZC, Union Resources has ceased all exploration and development funding to the project but still maintains a representative office, at minimal cost, in Tehran to assist in ongoing deliberations. Union Resources has filed insurance claims and is currently considering all of its alternative options including commencement of arbitration proceedings.
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