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Admiralty Resources To Update On Mariposa PFS

Admiralty Resources (ASX: ADY) is preparing to update the market on the Pre-Feasibility Study for its Mariposa iron ore project in Chile and has placed its shares in an ASX trading halt.

The trading halt will last until the earlier of an announcement being made to the market, or the opening of trade on Tuesday 7th May 2013.

Admiralty had in its quarterly noted the Chilean engineering firm Redco Mining Engineers was in the final stages of completing the PFS.

Redco had during the March quarter focused on the updated resource statement, the mine plan, the processing of the ore, equipment sourcing and mine operations.

JORC Resources at Mariposa had doubled in January 2013 to 174.5 million tonnes at 24.5% iron from an earlier estimate of 87.8 million tonnes at 23.3% iron using a 15% iron cut off.

Two metallurgical tests were also completed with independent consultants Sedgman S.A. - who were engaged to evaluate the design of the processing plant - recommending that further testing be carried out.

This is expected to be carried out during the current quarter.

Admiralty had $1.5 million in cash as of 31 March 2013.

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