More Great news /life-off tomorrow boys
Ecometals completes manganese shipment from Brazil
2009-06-29 17:50 ET - News Release
Shares issued 48,542,085
EC Close 2009-06-26 C$ 0.205
Mr. Daniel Major reports
ECOMETALS COMPLETES MANGANESE SHIPMENT FROM BRAZIL
Ecometals Ltd. has completed its first manganese ore shipment from Port Santana, Brazil. The shipment of 35,532 tonnes of manganese ore from Port Santana, with a gross value of $1.1-million, represents the first of two shipments of the manganese ore that was stockpiled at the port. A second shipment of approximately 15,000 tonnes is planned shortly, as soon as shipping can be arranged.
The company believes this first shipment represents a major step forward for its business activities in the state of Amapa. With the completion of this shipment the company will now apply for three new permits. The first application will be for the export of up to a further 300,000 tonnes of manganese ore direct from its manganese stockpiles at Serra do Navio which will significantly raise the company's market profile as a creditable supplier of manganese ore in the world market ahead of long-term sustainable sales out of Serra do Navio. This will also provide interim financing prior to the completion of the processing plant at Serra do Navio. The second and third licences will be the simultaneous applications for the preliminary and installation licences which will enable the company to commence the construction of a jigging process plant at the Serra do Navio mine in order to value add and sell the remaining 3.5 million tonnes of stockpiled manganese ore.
The Serra do Navio project design work is well advanced and the company is in discussion with a development bank for financing. The company will provide updated statements on the project as and when information is finalized.
Chief operating officer Daniel Major said: "This first shipment is a major step forward for Ecometals as it represents the commencement of the company's commercialization of its projects in the state of Amapa. Subject to funding and permits, we intend to now actively progress our manganese capital project at Serra do Navio with resulting further manganese beneficiation and shipments from Brazil."