Mineral Deposits Limited: Project Manager Appointed-Grande Cote Project
MELBOURNE, AUSTRALIA -- (Marketwire) -- 07/19/10 -- Mineral Deposits Limited (TSX: MDM)(ASX: MDL) is pleased to announce the appointment of Mr Adam Smits to the full-time position of Project Manager of its Grande Cote Mineral Sands Project in Senegal. As such, Mr Smits has full control of the development of the project and, in particular, the construction phase when commenced.
Mr Smits was a key member of the team that built the company's Sabodala gold project in the east of Senegal and the translation of that in-country experience to the Grande Cote Project will be extremely beneficial.
MDL recently released the results of the comprehensive, independent Definitive Feasibility Study (DFS) for the project, which is intended to form the basis of the banking negotiations. The DFS estimates the capital requirement for project development at US$406 million. Mr Smits managed the DFS.
MDL is currently engaged in a planning process for the construction phase and compiling the construction management systems. Appointment of the various engineering contractors and associated subcontractors is an important next step and the company is beginning the pre-qualification process.
Mr Smits is a mechanical engineer with 16 years' industry experience and a proven track record in leadership roles in mineral processing plant design, construction and operation. He has worked on copper, gold, manganese and nickel projects throughout Australia and has, for the past three and a half years, resided in Senegal as part of the MDL in-country management team.
About MDL
Mineral Deposits Limited is an ASX and TSX listed mining company with a current focus in Senegal, West Africa through a producing gold mine, the Sabodala Gold Operation, and a to be developed mineral sands project, the Grande Cote Mineral Sands Project.
The Sabodala Gold Operation, which poured its first gold in March 2009, is located 650 kilometres east of the capital Dakar within the West African Birimian geological belt in Senegal, and about 90 kilometres from major gold mines and discoveries in Mali. The area has only recently been opened for mining and exploration and is emerging as a significant new gold camp, with more than 10M ounces of resources already discovered.
The Grande Cote Mineral Sands Project is located on the coast of Senegal starting approximately 50 kilometres north of Dakar and extending northwards for more than 100 kilometres. The large scale of the ore body and the high quality of the zircon provides the potential to establish an operation of international significance.
Senegal is one of Africa's most successful democracies, having gained independence in 1960. It enjoys a stable and investor friendly political and social environment. The government of the Republic of Senegal is MDL's valued partner and holds a 10% free carried interest in both projects, which will accrue dividends once MDL has recovered its capital invested.
ABN 19 064 377 420
Contacts:
Mineral Deposits Limited
Nic Limb
Executive Chairman
+61 3 9909 7633
nic.limb@mineraldeposits.com.au
Mineral Deposits Limited
Rick Sharp
Chief Financial Officer
+61 3 9909 7633
rick.sharp@mineraldeposits.com.au