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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Fortune Oil plc    FTO   GB0001022960

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Fortune Oil plc : Armenia Iron Ore Investment - Update

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04/13/2012 | 03:45pm CEST

13 April 2012


("Fortune Oil" or the "Company")

Armenia Iron Ore investment - Update

Fortune Oil (LSE: FTO.L) focuses on oil, natural gas and resource supply operations and investments, primarily in China. Fortune Oil is listed on the Main Market of the London Stock Exchange.

Fortune Oil today announces its maiden JORC Mineral Resource Statement reported in accordance with the terms and definitions of the JORC code for its Hrazdan Iron Ore Project ("HIOP") located 50km north east of Yerevan, the capital city of the Republic of Armenia and also an increased effective interest in its three Armenian iron ore mines.


Mineral Resources totalling 21.4 Million tonnes grading 26.7%FeT (Total Iron), 7.1%Al2O3
(Alumina), 30.0%SiO2 (Silica) and 0.039%P (Phosphorus);
Exploration drilling (completed from June to November 2011) totalling 45 diamond drillholes for a total of 6,590 metres of which 37 drillholes were sampled for a total of 2,880 metres;
Plans to build and operate a 2.5 Million tonnes per annum concentrate facility, providing a foundation for a profitable resource business in Armenia;
Fortune Oil has renegotiated various Joint Venture agreements and has increased its effective interest in its three mines to 73.34% for the same consideration of US$16 million.
Mr Tee Kiam Poon, Chief Executive of Fortune Oil, commented:
"Today's announcement is further evidence of Fortune Oil's commitment towards creating a
profitable and sustainable resource business capable of delivering long term shareholder value.
Achieving our maiden JORC Mineral Resource Statement represents a significant milestone in progressing the development and realising the value of the project. As a result of this Mineral Resource Statement we have commenced planning to build and operate the mine and processing plant at Hrazdan. We have also gained greater control over our investment and the development process in Armenia. With our staff on the ground we are making significant progress and we are excited about the potential of our resource business making a material contribution to the Group."

Hrazdan Iron Ore Project

HIOP comprises mining license HA-L-14/453 with a term of 25 years commencing 26 January
2007 and with an area of 2.4 km2 which is in the name of Fortune Resources LLC. To advance
the technical studies for HIOP, Fortune Oil has also established offices and a local technical team in Armenia to co-ordinate the activities of local approvals and external consultants as well as to progress the development of the project.

Mineral Resource Declaration

SRK Consulting (UK) Limited ("SRK") was appointed to prepare a JORC Mineral Resource Statement for HIOP which is reported in accordance with the terms and definitions of the JORC Code (as defined below). This declaration follows the completion (from June to November
2011) of exploration drilling (managed by SRK and SRK Exploration Services Limited) totalling 45 diamond drill holes for a total of 6,590 metres of which 37 drill holes were sampled for a total of 2,880 metres.
The total Mineral Resources reported by SRK, further details of which are set out in the table below, is 21.4 Million tonnes grading 26.7%FeT, 7.1%Al2O3, 30.0%SiO2 and 0.039%P which comprises:

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