On December 9, London Mining, the UK-based developer of mines to supply the global steel industry, announced that Australian mining consultancy company Snowden Mining Industry Consultants (Snowden) has confirmed a total resource for its Greenland-based Isua project of 574 million mt at 37 percent Fe, including 114 million mt at 37 percent Fe of indicated resources. Isua is located 150 km northeast of Nuuk, capital of Greenland, and is 100 percent-owned by London Mining Plc through London Mining Greenland A/S. Isua is one of London Mining's four principal iron ore projects together with Marampa, Sierra Leone; Wadi Sawawin, Saudi Arabia; and the CGMR joint venture in China.
Initial metallurgical test work undertaken in 2006 by the Society for Geology Applied to Mineral Deposits (SGA), an international scientific society that promotes the science of mineral deposits geology, has shown that a concentrate of 71 percent Fe can be produced from Isua ore and work is currently ongoing to confirm that high grade Fe concentrate can be produced consistently from the Isua resource. London Mining also plans additional infill and extensional drilling at Isua in 2010.
Graeme Hossie, CEO of London Mining plc, said, "The delineation of additional resources at Isua is a further step towards defining the economic parameters of the project. Isua is ideally equipped to take advantage of the seaborne iron ore market by virtue of its size, grade, and proximity to a section of the Greenland coast that permits year round shipping. Isua stands out because of its potential to supply a product suitable for the direct reduction iron market. We look forward to reporting on the results of the pre-feasibility study for Isua early in 2010."