better than sdl: market cap $50m drilling july, page-5

The Avima Project

The 1,000 km2 Avima Exploration License is 100% held by Core Mining Congo SRL.

Avima is situated in the northwest of the Republic of Congo, in the Sangha region, close to both the Gabon border to the west and the Cameroon border to the north. Access to Avima is a purpose built 62 km long all weather road, which services the site and provides easy access for drill rigs and other infrastructure and equipment.

Exploration is focused on Mount Avima, a mineralized ridge of approximately 40 km strike length and rising 200 to 900 m above sea level.

The Avima Centre zone is 5.3 km long and a JORC resource of about 1 billion ton of high grade iron ore has been announced over Avima Center.

The quality of the Avima deposit is high:

An iron content of up to 69.25%;
A high lump-fines ratio; and
A very low phosphorus content (0.03%).

SRK have confirmed a 5.3 billion ton exploration target addition to the 1 billion ton resource on Avima Center.

The direct shipping ore quality and enormous size of Avima point to it becoming the most significant project in the region, with its development integral to the development of the region as a whole.

Initial results from the Company's drill programme indicate that high grade hematite is intersected from surface down to average depths of 300 meters.

Monday, 18 April 2011 09:51
Core Mining, a private company incorporated in the British Virgin Islands and focused on the exploration, development and operation of large scale iron ore projects in Central and Western Africa, is pleased to announce that Glencore International AG has made an investment in the Company.

Thursday, 13 May 2010 00:00
Core Mining is pleased to announce the completion of a major transaction with OAO Severstal, one of the world's leading integrated steel and mining companies.

Core, which owns exploration licences for the Avima iron ore deposit in the Republic of Congo and the Kango iron ore deposit in the Republic of Gabon, has completed the sale of 16.5% of the Company's issued share capital to Severstal, Under the terms of the agreement Severstal can invest up to USD 55 million into Core Mining through to the end of 2012.

http://www.coremining.com/