🕐28.09.10 - 02:54 Uhr
Ram Resources - Cancellation of Motzfeldt Drilling Program
Ram Resources Limited
ASX Announcement
27 September 2010
HURRICANE IGOR FORCES EARLY COMPLETION OF DRILLING AT MOTZFELDT
Greenland focused resources company, Ram Resources Limited (ASX: RMR)
("Ram" or "the Company") regrets to announce that it has been necessary to
conclude the drilling programme at the Motzfeldt Project in Southern
Greenland early due the effects of Hurricane Igor.
Prior to suspension of operations, 3 holes of a planned 8-10 holes had been
completed at the Aries Prospect in the higher grade zone which had been
identified from previous work.
SRK-14 to 210m
SRK-15 to 161m
SRK-35 to 131m (short of planned depth)
Hurricane Igor, which had earlier battered Bermuda, then moved north and
impacted the Atlantic coast of Canada and Southern Greenland on 21-22
September.
As Igor approached Canadas Atlantic coast, NASA estimated the
hurricane to be 1,000 miles wide.
Winds at Narsarsuaq airport were recorded
at 98 knots (180 km/h) and at Motzfeldt, which is at a higher elevation
than the airport, the wind speeds were estimated to be considerably
higher.
Whilst the Company and its contractors were prepared for the usual weather
conditions in Greenland at this time of year, the hurricane was an
unusually severe and destructive weather event, the effects of which were
felt throughout Southern Greenland and Newfoundland in Canada.
Prior to the hurricanes arrival, operations were suspended at site as a
precautionary measure because of the forecast of high winds and, for safety
reasons, all personnel were removed from site to the nearby town of
Narsarsuaq.
An inspection of the site after the winds had reduced revealed significant
damage to equipment and the loss of spares and consumables.
This was
despite the crews taking preventative measures prior to operations being
suspended.
Over the past few days, the Company and its exploration
contractor have conducted an evaluation of continuing with the programme, a
process that has not been helped by continuing adverse weather.
Having regard to the time and cost to obtain the necessary replacement
items and to get the site operational again, together with fact that the
exploration season becomes limited by the onset of winter in early October,
the Board with much regret has decided to suspend the current programme and
demobilise personnel and equipment.
Whilst on-the-ground activities have
been suspended for this field season, the Company will continue with a
number of activities designed to advance development at the project.
These activities will include:
Analysing the results of the three holes drilled, once received;
Analysing additional surface sampling taken this season;
Conducting a review of the geochemical relationships between the minerals;
Carrying out a mineralogical analysis of samples; and
Consolidating all the current and historical data relating to the tenement
into a 3D database.
Ram expects to conduct an extensive exploration programme onsite once the
field season re-opens in Greenland in June of 2011.
Please click here for the full announcement:
http://www.stocknessmonster.com/news-item?S=RMR&E=ASX&N=506806
For and on behalf of the Board
Michael Drew
Managing Director
For further information please contact:
Mike Drew
Managing Director
+61 417 969 995
David Tasker / James Harris
Professional Public Relations
+618 9388 0944
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