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ZYL Limited: Kangwane Delivers Upgraded Resource; Corporate Event Announcement Imminent

ZYL Limited (ASX: ZYL) has updated the market this afternoon on some operational and corporate matters, with the first a 30% increase in Kangwane Central Project total Resource to 177.7 million gross in situ tonnes.

Ian Benning, CEO, said that the phase two drilling campaign at Kangwane has improved the project resource in both size and confidence, with more than 47 million tonnes now in the Measured category.

"The third phase of drilling at Kangwane Central is underway with a 25-borehole program totalling 5,000 metres and comprising exploration, verification and geotechnical drilling."

The full phase three drilling program, analysis and subsequent geological modelling is forecast for delivery to the market in the September quarter of 2012.

Other positive news for the company included the South African Department of Mineral Resources awarding a new order mining right for Mbila Project.

Suspension update: ZYL shares will remain in suspension pending an imminent announcement regarding corporate events.

The company said that the board is endeavouring to expedite the process in the best interests of the company's shareholders, and expects to be in a position to update the market in coming days.

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