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Sheffield Resources Ltd. — Capital/Financing Update 2015
Mar 1, 2015
44780_rns_2015-03-01_b47a3fe4-6770-46a8-bea7-9712756dd67f.pdf
Capital/Financing Update
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ASX and Media Release
2 March 2015
SHEFFIELD GRANTED PREFERRED PROPONENT STATUS FOR DERBY WHARF BULK HANDLING FACILITY
Mineral Sands developer Sheffield Resources Limited (“Sheffield” “the Company”) (ASX:SFX) is pleased to advise that, following an expression of interest process, the Shire of Derby/West Kimberley Council (“Council”) has granted the Company preferred proponent status for a bulk commodity handling area at the Derby wharf. Sheffield will have an exclusive 6 month period, to negotiate lease area and terms of lease to the satisfaction of Council and Western Australia’s Minister for Transport.
The bulk commodity handling area is to include the exclusive use of part of the Southern Wharf abutment, and parts of the main sublease area and car park, as required (see photo).
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Derby wharf and precinct
The Derby wharf has previously been used to export base metal concentrates from Western Metals’ Lennard Shelf operations. This system utilised a conveyor system that transported product to the wharf for loading onto barges (barging is required due to the high tidal ranges in King Sound). Each barge carried 5,000t of product approximately 20 nautical miles north of Derby for sea transfer onto larger vessels. Up to 500,000t per annum was exported in this manner. Sheffield is proposing to use a similar system for the loading and shipment of its mineral sands products.
Sheffield Resources Ltd ACN 125 811 083 L1, 57 Havelock Street West Perth WA 6005 T: +61(0) 8 6424 8440 F: +61(0) 8 9321 1710
Sheffield’s Managing Director Bruce McQuitty commented: “This is a very positive development for the Thunderbird mineral sands project.
“Based on our April 2014 Scoping Study, we are seeking to export around 650,000 tonnes per annum of mineral sands products from Thunderbird over a 32 year mine life.
“Our infrastructure studies indicate that the Derby wharf is well suited for the quantities of products we are seeking to export.
“This is an important step towards securing an export facility and will allow us to proceed with our feasibility studies with greater confidence.
“Should Thunderbird be developed, Derby could become the third Western Australian port to export mineral sands products, after Bunbury and Geraldton.”
“We look forward to working closely with the Shire of Derby/West Kimberley Council and the Department of Transport to the benefit of Sheffield shareholders, the Shire and all stakeholders in the region for many years to come.”
ENDS
For further information please contact:
Bruce McQuitty Managing Director Tel: 08 6424 8440 [email protected]
Media: Michael Vaughan Cannings Purple Tel: 08 6314 6300 [email protected]
Website: www.sheffieldresources.com.au
COMPLIANCE STATEMENTS
PREVIOUSLY REPORTED INFORMATION
This report includes information that relates a Scoping Study which was prepared and first disclosed under the JORC Code 2012. The information was extracted from the Company’s previous ASX announcement as follows:
- Thunderbird Scoping Study: “SCOPING STUDY HIGHLIGHTS THUNDERBIRD’S EXCEPTIONAL FINANCIAL RETURNS” , 14 April, 2014
This announcement is available on Sheffield Resources Ltd’s web site www.sheffieldresources.com.au.
The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
SCOPING STUDY
The Scoping Study referred to in this report is based on low-level technical and economic assessments, and is insufficient to support estimation of Ore Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the Scoping Study will be realised.
FORWARD LOOKING STATEMENTS
Some statements in this report regarding estimates or future events are forward-looking statements. They involve risk and uncertainties that could cause actual results to differ from estimated results. Forward-looking statements include statements preceded by words such as “seeking”, “could”, “should” and similar expressions.
ABOUT SHEFFIELD RESOURCES
Sheffield Resources Limited ( Sheffield ) is a rapidly emerging heavy mineral sands (HMS) company.
| ASX Code: | SFX | Market Cap @ 76cps | $102.1m |
|---|---|---|---|
| Issued shares: | 134.4m | Cash: $4.7m (at 31 | December 2014) |
Sheffield’s projects are all situated within the state of Western Australia and are 100% owned by the Company.
HEAVY MINERAL SANDS
The Dampier project, located near Derby in WA’s northwest, contains the large, high grade zircon-rich Thunderbird mineral sands deposit. Sheffield is currently undertaking a pre-feasibility study on Thunderbird.
The Eneabba project comprises multiple HMS deposits and is located near Eneabba approximately 140km south of the port of Geraldton in WA’s Mid-West region.
Sheffield is also evaluating the large McCalls chloride ilmenite project, located 110km to the north of Perth.
NICKEL-COPPER
Sheffield has over 2,000km[2] of tenure in the Fraser Range region, including the Red Bull project which is within 20km of Sirius Resources NL’s (ASX:SIR) Nova Ni-Cu deposit.
IRON
Sheffield’s Panorama and Mt Vettel DSO iron projects are located in the North Pilbara region, near existing iron ore mines and within potential trucking distance of Port Hedland.
POTASH
Oxley, located in WA’s Mid-West region, is a large scale, unconventional hard rock potash project with potential to generate products for the fertiliser market.