h1 2011 promises to be a very positive period for srrfrom...

h1 2011 promises to be a very positive period for srr

from currently no mn jorc resource, to 3 separate jorc resources by july

barramine (70%, wa) jorc resource expected h1 2011 - current expl target 10-15mt @ 18-25% mn (recent beneficiation tests resulted in up to 43% mn via simple dms and gravity separation, with nearby dms processing plant at omh's bootu creek mine [omh major shareholder in srr, approx 11%]) covers only 4 of 35km (11%) of targeted mineralisation tested through drilling sofar - further 20,000m+ drilling to be undertaken this quarter

butre (80%, ghana, africa) jorc resource expected h1 2011 - 1,500m rc drilling program to commence this month, only 30km to port, previous drilling up to 28m @ 20.8% mn, also au intersections

otjozundu (75.5%, namibia, africa) jorc resource expected this quarter based on previous drilling, current exploration target 35-50mt @ 23-27% mn covers only 24% of known 44km mn strike length, production expected to commence from here in 2012 - hartleys projects likely cashflow of $us25-30m (based on $us100/t margin and 250-300ktpa operation, with $us20m capex)

drilling expected to commence at otjozundu h1 2011

french co eramet (mn, ni and alloy producer) had taken up this otjozundu 75.5% option in 2008 but let it go as part of major cost-cutting exercise during the gfc

preso out today explains otjozundu in detail

ago, approx 45% shareholder in srr and very supportive, incl providing loan for otjozundu acquisition (to be paid back by srr cap raising)

first 6 months of 2011 potentially really positive for srr