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Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
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  • NSL Consolidated Secures Mining Lease For Indian Iron Ore Project 0 comments
    Jan 7, 2013 7:42 PM

    NSL Consolidated (ASX: NSL) has received approval for its AP 14 Mining Lease application by the Andhra Pradesh Mines Minister.

    The AP 14 Mining Lease contains significant iron ore mineralisation across 290 acres in Karimnagar.

    The project has an exploration target of 62 million to 125 million tonnes of magnetite at 20% to 50% iron, which is likely to be upgraded based on recent test work and a sampling program.

    Cedric Goode, managing director, commented: "The approvals granted by the Andhra Pradesh Government are a critical step forward in the progression of the Karimnagar project.

    "It is also a strong reflection of the Government's support for regional development in remote areas of the state, particularly Karimnagar where large scale industry is yet to be introduced.

    "It is also important to reflect on the diligence and professionalism of our Indian operations team, as this is the first application in more than three years to be supported by the State Government.

    "The quality of our submission, the scope of the project proposal and the bona fides created by our existing operations has been well received and were all significant contributors to our application being granted.

    "This is an important development for NSL and lays the groundwork as part of our future expansion plan in the years ahead, as we progress our development vision in India."

    The next stage in the approvals process is the granting of the Mining Lease by the Central Government in Delhi.

    Once approval has been received from the Central Government, NSL will be able to undertake drilling operations on the lease.

    The company is also completing necessary applications for value addition, specifically the beneficiation and pelletisation potential for the project.

    During the approvals process NSL has continued to advance its understanding of the deposit.

    The company has undertaken both physical and geomagnetic surveys, combined with sampling and Davis Tube Recovery test work through SGS India and under the guidance of its metallurgical consultants METS from Australia.

    NSL expects to update the exploration target for the project in the near future as the results of the work program are finalised.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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