27 September 2007
Please see attached announcement made by Carnegie Minerals Plc (AIM listed) which was released
this morning (UK time).
Carnegie Corporation spun off its mineral sands assets into Carnegie Minerals Plc in August 2006 in
order to focus on its clean energy projects. It currently retains a 45% interest in Carnegie Minerals Plc.
Carnegie Minerals Plc (“Carnegie” or the “Company”)
Interim Drilling Results Southern Senegal
Carnegie Minerals Plc (AIM - CME), the mineral sands resource company with production
interests in The Gambia and advanced exploration in adjoining Senegal, is pleased to announce
that it has received results from heavy mineral (HM) drilling analysis of 718 drill samples from 3
drilling lines (1, 2 and 8). These lines represent 1,311 line metres of drilling or 34% of the
southern area of the licence and 16% of the total 8,000 line metres of drilling undertaken over
both the southern and northern areas.
Highlights
• Exploration drilling intersects mineralised zone in previously untested area
• Mineralised intersections thicker than previously encountered in the project area
• 84% of drilling results still to be processed
The results received to date revealed a mineralised zone that was intersected over a distance of
330 m by Line 1 across one of the high dune areas that stretches parallel to the coast for about
2.3 km. The mineralised zone was intersected by 10 holes from the surface to an average depth
of 12.5 m and the individual air-core drill holes sampled at 1.5 metre intervals showed a
weighted average grade from 2.1% to 4.7% total heavy minerals (average 3.4% HM) with the
average slime content varying from 5 to 20 % (average 14%).
In the central part of this zone its thickness was 18 m at a weighted average grade of 3.5% HM
(including surface 4.5 m interval at 8% HM). The intersected mineralised zone coincides with an
airborne radiometric anomaly as well as an extensive linear magnetic feature extending parallel
to the coast. The edge of this zone was also intersected from the surface to the depth of 12 m
by two drill holes at Line 2 where the weighted average HM grade was about 2.5%. Some
surface HM accumulations have also been intersected by Line 8 in a low dune area (up to 3 m
thick at 5.1% HM).
Alan Hopkins, Managing Director of Carnegie Minerals plc, said:
“The heavy mineral intersections in this previously untested southern part of the tenement are
encouraging and we look forward to receiving the results for the remaining drilling samples.
“This latest set of test results provide further evidence of the prospectivity of the southern
Senegal region, following the successful exploration of the Niafarang area, at which production
is planned for early 2009.”
- Ends -
For further information, call:
Alan G Hopkins, Managing Director, Carnegie Minerals Plc 020 7831 3113
Romil Patel / Olly Cairns, Blue Oar Securities Plc 020 7448 4400
Billy Clegg/Edward Westropp, Financial Dynamics 020 7831 3113
Notes to editors:
Carnegie only listed on AIM in August 2006. It has already brought into full production four
dredges and is on track to meet its 2007 production targets in The Gambia. It has drilled a
deposit at Niafarang in Senegal and announced a mining reserve. It has also completed a high
resolution airborne geophysical survey over the Southern Senegal licence area, generating a
number of new exploration targets, the drilling of which are now being reported on as they came
to hand.
All exploration in Senegal is 50% co funded by Astron Ltd (the largest independent buyer of
zircon in China), with the emerging production in The Gambia fully funded by Astron Ltd (a 50%
partner in each project).
Competent Person:
This drilling update is based on information compiled by Dr Boris Matveev who is a Member of
the Australasian Institute of Mining and Metallurgy. Dr Boris Matveev 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 JORC
Code 2004. Dr Boris Matveev consents to the inclusion in this announcement of the matters
based on information in the form and context in which it appears.
CNM
carnegie corporation limited
