🕐21.03.11 - 08:54 Uhr

Baobab Resources [AIM: BAO] - Monte Muande JV: Exploration Target



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Baobab Resources [AIM: BAO] - Monte Muande JV: Exploration Target

Baobab Resources plc (AIM: BAO) presents an update on work completed since the signing, as announced on 15 November 2010, of a Joint Venture with North River Resources plc (North River) in relation to North Rivers Monte Muande magnetite/phosphorus, base and precious metal project (the Project) in the Tete province of Mozambique.



Highlights:

� Independent consultants have estimated an iron and phosphate Exploration Target at Monte Muande of 200Mt to 250Mt to an average depth of c.40m, the limit of previous drilling.

� Geologically, it is reasonable to assume that deeper drilling will encounter further mineralisation below the modelled depths.

� Exploration Target includes lower and higher grade material types.

It also includes 3Mt to 5Mt of eluvial material grading between 45% and 55% Fe which could potentially be upgraded to a DSO (Direct Shipping Ore) product.

� A high level review of available metallurgical data indicates that a magnetite concentrate containing 67% Fe could be generated via a simple, cost-effective process of coarse grinding and magnetic separation, followed by regrinding and a flotation circuit to recover a phosphate rock concentrate containing 36% P2O5.

Please refer to the attached announcement for details.

For further information, please contact:

Ben James: Managing Director
Baobab Resources plc
Tel: +61 (0)8 9430 7151

Jeremy Dowler: Chairman
Baobab Resources plc
Tel: +44 (0)1372 450529

James Harris / Angela Peace
Strand Hanson
Tel: +44 (0)20 7409 3494

Charles Vaughan / Gavin Burnell
Northland Capital Partners
Tel: +44 (0)20 7492 4763

Matt Beale
Fortbridge Consulting
Tel: +44 (0)7966 389 196


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