NSL Consolidated - Acquires future Indian Magnetite Development Project at AP14
NSL ACQUIRES FUTURE INDIAN MAGNETITE DEVELOPMENT PROJECT AT AP14
NSL Consolidated Limited (ASX: NSL, Company) is pleased to announce it has signed an agreement to acquire the AP14 project in Andhra Pradesh India, which contains significant iron ore mineralisation situated on a mining lease application across 290 acres.
NSL Managing Director, Mr Cedric Goode, said that the acquisition represented an attractive future development pathway for NSL, acquired at a very low initial acquisition cost.
“This project represents excellent future development potential for NSL, potentially at rates significantly larger than those contemplated for our short term production projects at Kuja and Mangal,” said Mr Goode.
“We’ve now got a second generation project in India, which we hope to develop after initiating cash flow from our first generation projects, Mangal and Kuja.
“This is an important development for NSL and lays the groundwork for our future expansion in the years ahead, as we progress our development vision in India. We believe AP14 is potentially much larger than our existing projects, and I look forward to the significant value we can achieve as the project progresses,” said Mr Goode.
COMPETENT PERSON'S STATEMENT
The information in this statement relating to exploration results is based on information compiled by Paul Blackney who is a Member of the Australasian Institute of Mining and Metallurgy. Paul is employed by Optiro. Paul has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" Paul consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
For further information please refer to the attached NSL presentation.