I would not want to be out of bmn right now!! great opportunity has presented itself to buy in low - would expect a multibag off these levels very quickly

http://www.bushveldminerals.com/upload/content/lemur_bid_fourth_supplementary_bidders_statement-10-10-13.pdf


http://www.bushveldminerals.com/upload/content/bushveld%20-%20replacement%20bidders%20statement%20-%20final.pdf ...

http://www.bushveldminerals.com/upload/content/edison%20investments_bmn_040413_outlook.pdf

http://www.bushveldminerals.com/upload/content/macquarie_research_obtalaresources180412.pdf

http://www.bushveldminerals.com/upload/content/2012_04_16_merchant_securities-first_view.pdf

22-Apr-13 Fox-Davies Capital Buy 10.75p 28.00p 28.00p Reiteration

10:00 3.50p 50,000,000 £1,750,000 Buy O
15:43 3.50p 10,000,000 £350,000 Buy O
10:28 3.75p 2,500,000 £93,750 Buy O
09:24 3.50p 2,500,000 £87,500 Buy O
10:04 3.50p 2,500,000 £87,500 Buy O

Plus from July

The Directors of Bushveld believe the Offer is a compelling proposition for Lemur Shareholders. The Offer provides the opportunity for Lemur Shareholders to participate in projects which it believes have a shorter timescale to production and with fewer complexities to overcome than the Imaloto Coal Project, and in commodity areas with exposure to global markets which it believes are currently more attractive than that for thermal coal.
Bushveld has been advised that certain Lemur Shareholders, who together hold approximately 40% of the issued capital of Lemur, intend to accept the Offer within five business days after commencement of the Offer Period in the absence of a superior proposal being publicly announced before the end of that five business day period. Bushveld already holds 5,150,000 Lemur Share or 2.68% of the issued share capital of Lemur. Certain Lemur Shares held by some of these shareholders, constituting 27.27% of the issued share capital of Lemur, are classed as restricted by the ASX, with their release being subject to customary conditions. To the extent these conditions are not able to satisfied by the end of the five business day period presently contemplated, the timing of these acceptances may be modified. Please refer to section 9.16 of this document for further information.

http://www.theel1tetrader.com/2013/10/bushveld-minerals-take-advantage-of.html

Bushveld Iron Ore Project:

- Drilling on strike extensions of the P-Q Zone confirms continuation of the mineralisation for another 2.3 km

- Resource upgrade imminent and on track to meet 1 billon tonne JORC resource target

- Pilot-scale bulk pyromet test work underway

- Mineralogical testwork on the phosphate mineralisation lying above the P-Q Zone

· Mokopane Tin Project:

- Confirmation of a JORC compliant 12,452 tons contained Sn at an average grade of 0.11% Sn (using 0.07% Sn cut-off)

- Resource upgrade represents a 208% increase in the overall tin inventory (comprising the Groenfontein and Zaaiplaats deposits) from 5,995 tons Sn to 18,447 tons Sn

- These results are being incorporated into a scoping study for the tin project, which is on track for completion by the end of October 2013.

· Lemur Resources Bid

o Bid for Lemur Resources: Bushveld's stake has increased to 52.67% after receiving additional acceptances from Lemur shareholders

& as per rns :


"The results of this Mineral Resource Estimation will be incorporated into a scoping study on the tin project to be released in October 2013."

http://www.proactiveinvestors.co.uk/companies/news/62168/bushveld-minerals-has-plenty-of-legs-62168.html


Bushveld Minerals has plenty of legs
By Ian Lyall October 15 2013, 11:59am The tin operation could be in production in 2015 for as little as US$15mln.The tin operation could be in production in 2015 for as little as US$15mln.

Two acquisitions - one protracted, the other recently-announced – have added much impetus to Bushveld Minerals (LON:BMN), which now has three sturdy legs to the business rather than just two.

The takeover of Lemur Resources (ASX:LMR), where Bushveld now has a 53% stake, brings in a Madagascan coal project with a net present value of US$40mln and approximately US$17mln in cash.

The planned purchase of a 50% stake in the Marble Hall project, 110 kilometres from Bushveld’s Mokopane property, in South Africa’s Limpopo Province, adds critical mass to the firm’s tin business.

“With the addition of Lemur Resources and the Marble Hall project we now have a diversified portfolio of assets (iron ore, tin and coal) and have added critical mass to the tin asset,” says director Anthony Viljoen.

“When we came to the market we had a significant iron ore project and a tin project with a small proven resource”.

“Now tin has taken on a life of its own and we have trebled the resource, acquired a new resource. However, the big thing has been the acquisition of Lemur.”

The all-share takeover offer, which valued the Australia listed business at around £12.3mln, was launched in May.

Yet it is only recently Lemur has been consolidated into the Bushveld business, and there is still a rump of investors who have not yet accepted the deal. The offer has been extended for one final time and will close on November 1.

Chief executive, Fortune Mojapelo, is keen to convince the remaining Lemur shareholders to accept and has said he will do all he can to “not only spell out the attractions of the Bushveld bid but also to make life easier for his new shareholders from Lemur”.

He won’t say whether this means a secondary listing of Bushveld on the ASX to allow the stock to be traded more freely and conveniently by the influx of Australian investors. However, it is “a possibility”, he concedes.

Bushveld may look to the sub-continent for a partner to help develop Lemur’s 136mln tonne coal resource in Madagascar.
However, the group will look to develop it alongside a power generation project before then considering the longer-term possibility of exports.

Similarly, the firm’s 770 mln tonne iron ore project, in South Africa’s Bushveld complex, will be developed with the help of a big brother with deep pockets as well as access to markets through off-take agreements.

And given the interest of China in the continent’s rich resource base it would be surprising if there hadn’t been interest from the People’s Republic.

Not that there’s a great deal of financial heavy lifting to get a mine up and running.

The projected capital expenditure (capex) is a relatively modest US$126mln for a 5mln tonne a year project, although this would rise as output grew. Mojapelo is confident that this capex could also be raised locally.

The resource base, meanwhile, has the potential to go beyond the 1bn mark, giving this titano-magnetite deposit world class credentials.

Its net present value at a 10% discount rate currently stands at US$190mln, or US$140mln at 12.5%.

A look at Bushveld’s current market capitalisation reveals the value of the iron ore isn’t fully registered, let alone the other assets such as tin and coal.

In fact the enterprise value (the market cap minus its share of Lemur’s cash) of this AIM mini-mining conglomerate is somewhere in the order of £9mln.

The Lemur deal gives the group the financial firepower to go out and do deals such as Marble Hall, although the next target may very well be a producing asset.

“The attraction of a producing asset lies in its earnings proposition, which in the current market condition is desirable and we will look to leverage the Lemur balance sheet to do that and so reduce the dependence on subsequent equity raises to develop the attractive suite of projects under the Bushveld group,” said Mojapelo.

The growing tin business might benefit from the addition of cash generative production, although its expansion to date has been impressive.

Marble Hall has the potential to add a further 12,000 to the existing 18,474 tonnes contained within the Greenhills tin projects. A total of 50,000 tonnes would be seen as giving Bushveld’s tin business critical mass.

The tin operation could be in production in 2015 for as little as US$15mln. It could also at some stage be listed as a separate entity designed to give investors exposure to tin, said Viljoen.

“It has been one of the better performing metals on the London Metals Exchange for a number of years. Despite this there is not a tin dedicated vehicle listed on AIM,” said the Bushveld director.

“Once we have built some critical mass around the business one of the options might be to bring it to market.”

As postscript to the story, it emerged after we spoke (and unbeknown to the management) that Obtala, the company’s biggest shareholder, had started selling a large chunk of its stake in the business, reducing from around 28% to 8.52% at the last count.

The disposal has not been helpful to the Bushveld share price.

That said, CEO Mojapelo seemed unfazed by the news when we caught up with him again on Monday, preferring to see Obtala’s exit as a long-term opportunity rather than the short-term inconvenience it certainly is.

It will, he believes, usher in a more diverse and active investor base, one that will aid the liquidity of the stock, which at times in the past has been moribund.

“Our first responsibility is to make sure we have sound assets and we deliver on those assets and meet all our commitments,” he said.

“We have always communicated our interest in increasing the diversity of our shareholder base to introduce more liquidity into the stock and I believe this [the share sale] coming at a very inconvenient time as it did dropping Bushveld’s share price as much as 50% in days, ironically helps achieve that.

“Outside that we are comfortable and confident we continue to have the support of the other major shareholders in the company who are long-term committed to the company.

“Once the large share sell has cleared we will emerge a stronger and more attractive proposition to shareholders, with a low entry price, and a diverse liquid share that we believe will be responsive to the exciting news flow in the coming months and years.”

at least 2 rns due this week - should move north nicely by cob Friday or much earlier :-0

yeeeeeeeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

first one

Bushveld Minerals Ld

Corporate and Operations Update


RNS Number : 6202R

Bushveld Minerals Limited

29 October 2013







29 October 2013







Bushveld Minerals Ltd

("Bushveld" or the "Company")

Corporate and Operations Update





Bushveld Minerals Limited (AIM: BMN), a mineral development company focused on iron and tin projects in southern Africa, is pleased to provide an operations and corporate update on its Bushveld Iron Ore and Marble Hall Tin Projects in Limpopo Province, South Africa.



Highlights:

1. Corporate Update

1.1. Obtala & Blackrock Share disposal

· Obtala and Blackrock reduce their shareholding to below the disclosable levels of 5%

· Increase in the Company's shareholder base leading from the Obtala and BlackRock disposals and acceptances by Lemur shareholders of the Bushveld bid for Lemur

1.2. Lemur Bid

· Bushveld's all share bid for Lemur Resources Limited will close finally on 01 November, 05:00 PM (Australian WST)with no extension

· Bushveld has to date acquired a controlling interest in Lemur, with a shareholding of 54.16% and allotted shares in Bushveld to Lemur shareholders that accepted the Bushveld offer

2. Bushveld Iron Ore Project: Increase in strike of P-Q Zone Deposit

· Strike of the mineralisation of the P-Q Zone increased by 3.7 km onto the adjoining farms Schoonoord 786 LR and Bellevue 808 LR. (an increase of 67% in the total strike length)

- Drilling on southern extensions of the P-Q mineralisation confirms mineralisation (grade and extent) for an additional 2.3 km

- Assays of the BV-1 borehole (dating from drilling in 1991) extend known strike of the P-Q Zone by a further 1.4 km southwards

· Assays being incorporated into a resource model to upgrade the resource and to be published by 30 November 2013

3. Greenhills Resources: Initial drilling for Marble Hall Tin Project confirms tin presence

· Initial drilling at the Marble Hall Tin Project confirms the presence of a mineralised breccia including an intersection of 1.39% tin (Sn) over 1.75 m.and 0.88% Sn over 1.00 m



1. Corporate Update

1.1. Obtala and Blackrock reduce respective shareholdings in Bushveld

Subsequent to the RNS released by the Company on 10 October 2013 regarding a share price movement, the Company established that the substantial share trading volumes were triggered by the sale of shares held by Obtala Resources Limited and Blackrock.

Notwithstanding the impact of these share trades on the Company's share price, the Company now benefits from increased liquidity and a much wider share ownership. Shareholders above the disclosure threshold of 5% now hold an aggregate 56% of the company, while the ten largest shareholders hold 77.99% of the Company compared to more than 95% prior to the Share disposal.

Commenting on this Fortune Mojapelo, the Company CEO, said, "While disappointed by the manner of the on-market share disposal of the last few weeks, particularly considering the existing orderly market agreement that Obtala signed with the Company, we nonetheless welcome the resultant more diverse and active shareholder base and believe that this will lead to improved liquidity, ensuring a Bushveld share that is more responsive to the positive developments in the Company's projects."

1.2. Bushveld bid for Lemur Resources Limited

The Bushveld all-share bid for Lemur Resources Limited is set to finally close on 01 November 2013 at 5:00 PM (Australian WST). To date Bushveld has acquired a shareholding of 54.17% in Lemur Resources Limited in the now unconditional bid.

Following the closing of the bid, the Company intends to promptly complete a comprehensive strategic review on Lemur in the coming weeks and will update the market accordingly.

Fortune Mojapelo commented, "Again, we welcome all the Lemur shareholders that accepted the Offer onto the Bushveld register and look forward to working with and for them as we grow our Company into a successful diversified portfolio of attractive assets."

2. Bushveld Iron Ore Project: P-Q Deposit

Results of drilling of the P-Q Zone on the farms Schoonoord and Bellevue

The assay results received for four boreholes drilled on the recently acquired farms Schoonoord 786 LR and Bellevue 808 LR, confirm the continuity of the P-Q mineralisation for an additional 2.3 km to the south. In addition results from the Company's logging of the borehole BV-1, drilled in 1991 on the farm Bellevue 808 LR by the Council for Geoscience and located 1.4 km further south of borehole SN003 drilled on Schoonoord confirm the continuity of the same mineralisation for a further 1.4 km resulting in an aggregate strike extension of 3.7 km. This represents a 67% increase to the existing strike of 5.5 km on which the current resource of 718 mt is based.

In the BV-1 borehole, the P-Q Zone was intersected at a depth of ~600 m.

All the above boreholes intersected the P-Q mineralisation. These intersections show strong similarities to the previously drilled boreholes on which the current Mineral Resource Estimate is based, thereby reinforcing management's belief in the continuity of the P-Q Zone. These results are expected to be incorporated into an updated Mineral Resource Estimate for the P-Q Zone. Summaries of the intersections are presented below.


BHID

BH

Depth

Top of P-Q

Base of P-Q

P-Q width* (m)

Avg Fe

%

Avg

Fe2O3

%

Avg

V2O5

%

Avg

TiO2

%

Avg

P2O5

%

Avg

SiO2

%

Avg

Al2O3

%


SN01

210.14

137.23

171.74

32.82

30.89

44.19

0.18

10.85

0.07

25.67

10.19


SN02

200.00

113.22

152.00

36.88

27.21

38.92

0.16

9.69

0.06

28.56

12.66


SN03

175.47

109.55

151.65

28.60

33.48

47.89

0.20

9.91

0.06

23.75

10.92


BV-1

2949.5

581.36

618.50

35.32

35.59

46.63

0.19

9.41

0.04

21.33

9.71


*True widths after correcting for a dip of 18˚, and excluding any granite sills.

Note: Average grades exclude granite sills, but include the Ti-magnetite barren parting between the P and Q Ti-magnetite layers. The SN boreholes are numbered from north (SN01) to south (SN03) along strike on the farm Schoonoord, with a spacing of ~500 m between them.

Fortune Mojapelo elaborated on these results, saying: "The results validate our belief in the potential of the Bushveld Iron Ore project to host more than 1 billion tonnes. The significance of the anticipated resource increase lies in the opportunity to grow the scale of the project without increasing the stripping ratios and thus cost of mining. It also presents the opportunity to maintain the current scale of operations envisaged in the scoping study released in April 2013, while lowering the overall costs by mining to shallower depths along longer strike and thereby reducing the stripping ratio."



3. Greenhills Resources: Marble Hall Tin Project

Results of initial drilling at the Marble Hall Tin Project

Following the acquisition of 50% of the Marble Hall Tin Project (update 26 September 2013), the Company has completed the drilling of three initial boreholes. Two of these boreholes intersected breccia zones (known to host tin mineralisation in the area), and assay results confirm the presence of zones of significant tin mineralisation, with borehole VLK2 containing three mineralised breccia zones. Owing to poor drilling conditions, a third borehole had to be abandoned and did not reach the breccia zone. A summary of the intersections is presented below.



BHID BH Depth From (m) To (m) Width* (m) Avg Sn (%)

VLK1 60.00 27.00 28.06 1.06 0.12

VLK2 85.30 51.76 53.00 1.24 0.17

VLK2 85.30 58.30 59.30 1.00 0.88

VLK2 85.30 64.35 66.10 1.75 1.39

* The breccia is subhorizontal in orientation and thus the intersections represent true widths.

The presence of two intersections bearing significant tin grades (0.88% Sn and 1.39% Sn) in borehole VLK2 increases confidence in the historic data available for the deposit. These historical data showed grades in excess of 1% Sn over as much as 5 m. The Company is awaiting approval of a Section 102 application to include additional farms into the licence area. Following this approval, the Company plans to commence further drilling with the aim of defining a maiden Mineral Resource Estimate for the deposit.

Fortune Mojapelo said: "The Marble Hall project presents an opportunity for Bushveld to further grow its tin resource inventory and puts the 50,000 ton contained tin resource inventory well within sights. Being a brownfields project with a historical Pre-Feasibility study completed by Gold Fields in the 1980's already provided us confidence in the project. The above results add to this confidence by confirming the mineralisation levels reported historically. We now look forward to firming these results with further drilling into a JORC-compliant resource and advancing this project along with the Mokopane Tin Project."



Enquiries: info@bushveldminerals.com


Bushveld Minerals

Fortune Mojapelo

+27 (0) 11 268 6555


Fox Davies

Jonathan Evans

+44 (0) 20 3463 5000


Tavistock Communications

Jos Simson/ Nuala Gallagher

+44 (0) 20 7920 3150


Tielle Communications

Stéphanie Leclercq

+27 (0) 83 307 7587



This information is provided by RNS

The company news service from the London Stock Exchange

gibby

Your thread is in a mess

learn to edit and keep the staff not important OUT of the post

or do not bother to open any more threads

it looks a disgrace place

do you wonder why posters do not post here?

Just a bit of advise

thanks ott

if there is a good news rns tomorrow ref lemur takeover looking at an intraday high anywhere 5 to 10p imo

http://www.theel1tetrader.com/2013/11/bushveld-minerals-asset-valuation.html

I would not want to be out of bmn this week!! rns probably later today or tomorrow

fantastic rns - moving.............................


27 November 2013

For Immediate Release


Bushveld Minerals Ltd

("Bushveld" or the "Group")

Introducing a new vanadium focused platform, Bushveld Vanadium



Bushveld Minerals, a diversified mineral development company with projects in Africa, is pleased to provide an update on its iron ore project with the announcement of a new platform based on its MML Deposit. The new platform, which is to be called Bushveld Vanadium, will focus on accelerating the development of a potentially world-class vanadium resource in the MML with the possibility of becoming one of the world's largest vanadium producers. The Board of Bushveld believes this merits its own development path given the potential world-class nature of the deposit.

Highlights

· Bushveld Vanadium will be a dedicated vanadium platform based on the Main Magnetite Layer (MML) Deposit

· Capacity to realize additional credit from its iron and titanium content

· Two additional zones of vanadium, combining up to 70 m thickness, have been discovered in recent months with scope to increase resource substantially

· Concentrates grade in excess of 2% V2O5, have been produced from the MML and the footwall mineralisation, making for some of the highest-known vanadium grades from a magnetite deposit

· Scoping study on the enlarged vanadium resource in Bushveld Vanadium to be completed in H1 2014. The Company will investigate the development of an operation capable of supporting production of between 5,000 and 10,000 tonnes per annum of vanadium products

· Simple and shallow ore body amenable to low-cost mining

Commenting on this development Fortune Mojapelo, CEO of Bushveld said,

I am delighted to present the Bushveld Vanadium project, which we look forward to developing alongside the equally exciting P-Q Deposit project. The vanadium potential of the MML has been known to us from inception and is the reason we have sought in our past project announcements, to distinguish between the P-Q Deposit and the MML Deposit even though the two deposits are about 2 km apart and run along parallel strikes. What has not been as clear before is the scale of the vanadium deposit, the vanadium proposition of the disseminated magnetite zones and thus the massive potential of the project. The thick outcropping zones will ensure that the mining operation is a low cost one with very low stripping ratios.



This should not come as a surprise, considering the deposit is located less than 10 km from the world's richest and largest open pit platinum mine, in arguably the most mineralized section of the Northern limb of the Bushveld Complex, itself host to 35% of the world's vanadium resources (a close second to China).

Moreover at ~US$17,500 / tonne of standard grade V2O5 and as much as US$35,000 / tonne of ferrovanadium, this is a high value commodity project which can deliver attractive economics for a modest scale of operation.



We are obviously excited at the potential of developing the Bushveld Vanadium project and through this initiative we can ensure that the project receives the required attention without detracting from the other projects in the Bushveld Group, which we remain excited about and committed to developing".

Background

The Bushveld Iron Ore project is based on the vanadiferous titanomagnetites of the Bushveld Complex where the Company has delineated a combined 770 Mt JORC-compliant resource in two adjacent deposits: the P-Q Zone Deposit (718 Mt) and MML Deposit (52 Mt)

The two deposits have been reported to be distinct from each other in respect of their chemical compositions, with the P-Q Zone Deposit showing high iron and titanium grades, while the MML Deposit shows high iron and vanadium grades as shown below.

This is significant in its impact on the product strategy and the processing routes adopted by the Project: the P-Q Zone Deposit is geared towards iron and titanium products while the MML Deposit is geared towards vanadium and iron products.

Initial focus on the project was on developing the P-Q Zone deposit and making the case for the combined economic credits from its iron and titanium, and to a lesser extent vanadium. The Company has previously released a Scoping Study in April 2013 based on the 718 Mt titanium-rich P-Q Zone Deposit, and is currently undertaking pre-feasibility studies on the P-Q Zone Deposit.



Bushveld Vanadium Project

The Bushveld Vanadium Project is based on the MML (Main Magnetite Layer) Deposit, which has a previously reported initial JORC-compliant 52 Mt Indicated resource in, with a top-tier vanadium grade (1.48% V2O5 in-situ).

Further work undertaken by the Company in recent months has identified two new mineralized zones in the hanging wall (termed the MML-HW) and foot wall (termed the AB Zone) of the MML. These zones comprise primarily disseminated vanadium-bearing magnetite, and when combined add up to 70m in thickness and provide a step-change in respect of the scale of the project. The zones are parallel to the MML, and dip similarly at 18˚ - 20˚ to the west. All of these zones occur at surface in the current prospecting area.

The Company has decided that these deposits are sufficiently robust to develop into a stand-alone vanadium project now called Bushveld Vanadium, and is proceeding with a Scoping study.

The development of Bushveld Vanadium will not in any way affect the development route of the Bushveld Iron Ore Project and is meant to improve the total combined value to the Company by fully developing a hitherto under-resourced (by way of both human and financial capital) vanadium deposit.

Two new vanadium zones found adjacent to MML

Further work on the now re-named Bushveld Vanadium Project has taken place over the last few months. This included assaying the hanging wall of the MML zone (the MML-HW) in the boreholes already drilled by the Company as well as the footwall zone (the AB Zone) in the BV-1 borehole located south and down-dip from the established 52 Mt MML resource (JORC-compliant).

The MML-HW has been assayed in two boreholes drilled by the Company, which targeted the MML. These boreholes were stopped short of drilling the AB Zone, which is intersected in the borehole BV-1, a historical borehole drilled in 1991 on the farm Bellevue (part of the Bushveld Resources prospecting right). These intersections are summarized in the table below:




Borehole

Mineralised Unit

From (m)

To (m)

Width (*true thickness in parentheses)

Fe

(%)

TiO2

(%)

V2O5

(%)


VL05

MML-HW

37.0

98.2

61.2 m (57.6 m)

14.2

3.2

0.36


VK05

MML-HW

28.9

126.6

97.9 m (92.0 m)

10.6

2.4

0.30


BV-1

AB Zone

1523.3

1534.3

11.0 m (10.4 m)

28.8

6.2

1.17


*true thickness calculated assuming a dip of 20˚



Although in-situ grades for the MML-HW are low (owing to disseminated magnetite), the high vanadium content of the magnetite grains means that high-V concentrates can be achieved from this zone through magnetic separation .



Davis Tube Tests undertaken on the MML and AB Zone returned encouraging results as shown by the concentrate grades below:

- MML: 2.01% V2O5 , 56.86% Fe and 11.90% TiO2.

- AB Zone: 2.38% V2O5, 54.90% Fe and 9.91% TiO2

The diagram attached hereto shows the three parallel zones comprising the Bushveld Vanadium project:

http://www.rns-pdf.londonstockexchange.com/rns/0688U_-2013-11-27.pdf





The Bushveld Vanadium project may thus contain a potential >200 Mt vanadium-rich resource, placing it among the world's largest and highest-grade vanadium resources. In addition, the simple ore body layout (shallow-dipping layers) is amenable to low-cost open-pit mining targeting all three zones.

The table below shows the assays and calculated concentrate grades achievable on these horizons, alongside the original 52 Mt MML resource.




Unit

Thickness

Resource potential

V2O5 grade (in concentrate)


MML-HW

>60 m

>250 Mt

1.5% - 1.7% (est.)


MML

8 m

52 Mt (JORC Indicated)

2.01% (Davis Tube)


A-B Zone

~11 m

~60 Mt

2.38% (Davis Tube)




Processing

There are several existing operations in South Africa that have been mining and processing the MML in South Africa that provide processing precedents. Therefore, this drastically reduces the technology risk associated with the Bushveld Vanadium project.



They include:

· The salt-roast process employed by Rhovan on the western limb of the Bushveld Complex. This process involves milling the ore, producing a concentrate by magnetic separation, roasting the concentrate, and leaching vanadium from the roasted product

· The Highveld process employed by Highveld Steel on the eastern limb of the Bushveld Complex. This process involves pre-reducing the magnetite concentrate before feeding to a smelter where hot metal produced is fed directly into steelmaking, while a vanadium slag is treated through a vanadium recovery unit based on shaking ladles

· Hydrometallurgical processing options based on leaching and selective precipitation of iron, vanadium and titanium.

These will be investigated in the Scoping Study that the Company has already commenced. The Scoping Study will be based on an operation capable of supporting production of between 5,000 and 10,000 tons per annum of vanadium products.

Vanadium is a high value commodity with attractive prices. Long term prices for vanadium across different products are expected to be in the range of US$14,000 to US$17,500/t for standard grade V2O5, US$28,000 to US$35,000 for battery (electrical) grade V2O5, and US$28,000 to US$35,000 for ferro-vanadium.

Being a high value product, the envisaged scale of production would yield significant revenues while not subject to infrastructure constraints given its location on the Bushveld complex.

Work Programme for Bushveld Vanadium

The programme for the project going forward is designed to establish the true scale of the project and complete a Scoping Study and Pre-feasibility Study within 2014. This will include:

· Sample and assay the hanging wall unit on all boreholes drilled to date to define a JORC resource for the MML-HW

· Drilling to intersect the AB Zone and define a JORC-compliant resource on this zone

· Metallurgy studies - physical beneficiation (to produce a high-V titano-magnetite concentrate), as well as pyrometallurgy studies for a production of a vanadium and/or ferrovanadium product with iron ore and titanium by-products

· Complete scoping and subsequent pre-feasibility studies prioritizing production of vanadium/ ferro-vanadium products, with iron and titanium by-products

About Vanadium

Vanadium is a brittle, very hard metal, light silvery in colour which is stable in dry air at room temperature and oxidizes at high temperatures.

Vanadium uses

Vanadium is mostly used in the steel industry as a strengthening and anti-corrosive additive. Around 0.2% vanadium content increases steel strength up to 100% and reduces weight up to 30%. More than 90% of vanadium is consumed as ferrovanadium in the production of steel. This consumption is expected to increase significantly driven by China, where government policy to replace use of low strength steel bars with high-strength will drive up China's vanadium intensity of use, which is expected to rise by 31.4% between 2011 and 2016, raising the global intensity of use from 0.055kgV/t to 0.07kgV/t during the same period. This is significant, coming from a market that is the single largest consumer of steel.

Vanadium is also a key material in the production of high-performance batteries in the mass energy storage industry where vanadium redox batteries are attractive for their capacity to connect directly to power grids and streamlining intermittent flow of energy from wind turbines and solar cells. The consumption of vanadium in the redox storage batteries sector is forecast to rise to 8,500 tpa by 2017 from 1,100 tpa in 2012.

Vanadium use in in aerospace titanium alloys is currently the fastest growing subsector with vanadium consumption expected to rise from 3,000 tpa in 2011 to 6,000 tpa in 2016.

Vanadium sources

The world's vanadium reserves are concentrated in only three countries, which together account for 98% of the world's vanadium reserves: China (37%), South Africa (35%) and Russia (26%). In South Africa, virtually all the vanadium reserves are based on the Bushveld Complex where the Bushveld Vanadium Project is located.

It is frequently recovered as a by-product or co-product and is generally sourced in its primary state from deposits of titaniferous magnetite, phosphorous ores, uranium ores, iron sands, oil, oil shale, tar sands and vanadiferous clays. It can also be sourced by recycling spent Ni-Mo and Co-Mo refinery catalysts in the petrochemical industry and ash produced by combustion of oil emulsion in power stations.

note:
http://www.tngltd.com.au/projects/mount_peake_fe_v_ti/primary_uses_of_vanadium.phtml

http://www.miningweekly.com/article/high-tech-uses-for-vanadium-to-drive-demand-prices-up-2012-08-23

Concentrates grade in excess of 2% V2O5, have been produced from the MML and the footwall mineralisation, making for some of the highest-known vanadium grades from a magnetite deposit

Moreover at ~US$17,500 / tonne of standard grade V2O5 and as much as US$35,000 / tonne of ferrovanadium, this is a high value commodity project which can deliver attractive economics for a modest scale of operation.

don't underestimate the value of this rns in its entirety

other link
http://www.proactiveinvestors.co.uk/companies/news/63577/bushveld-says-lemur-has-scope-for-company-making-acquisition-63577.html?

http://www.proactiveinvestors.co.uk/companies/news/63644/bushveld-minerals-shares-surge-as-it-unveils-plans-to-target-vanadium-resource-63644.html

onwards and upwards - expect strong blue open tomorrow :-0

expecting a strong blue day today - great presentation yesterday from bmn - should be available online imminently if not already

http://www.rns-pdf.londonstockexchange.com/rns/1181U_-2013-11-27.pdf

http://www.theel1tetrader.com/2013/10/bushveld-minerals-take-advantage-of.html

good to see the rerate continue

onwards and upwards

BritishB's displaying a stay long signal for BMN today. Also a well known chartist has 8.61p as the initial target for this one.

cheers northerly1 - personally expect double digits here
atb

Nice rise today so far but plenty more to come, in my view. I just don't think that most people have woken up to this one yet, especially bearing in mind that the vanadium play alone could well be worth over 25p per share.

Another welcome rise today and I'm sure that this will soon reach 10p+.