North River on course for lead-zinc production in Namibia?

Final Results

North River Resources has announced its results for the year ended 31 December 2014 and that the Annual General Meeting will be held at the offices of SGH Martineau LLP, 5th Floor, One America Square, Crosswall, London EC3N 2SG on Thursday 25 June 2015 at 11.00 am.

A notice convening the AGM, proxy form and Report and Accounts for the year ended 31 December 2014 will be posted to shareholders today.

Highlights

· Key milestones achieved in line with strategy to rapidly transform North River into a production company with the development of the stand-out brownfield Namib Lead-Zinc project in Namibia:

o Investment agreement signed with Greenstone Capital LLP for up to US$12 million
o DFS published demonstrating strong economics of developing a 250,000 tonne per annum operation at an average grade of 9% (Pb+Zn)
o 36% increase in total underground resources to 1,250,000 tonnes, increasing the reported zinc and lead grades to 6.5% and 2.5% respectively
o On-going dialogue with Namibian Ministry of Mines and Energy with respect to obtaining the Mining Licence

· Board and management team bolstered post period-end to prepare Namib for entering into construction phase. Immediate focus has been on defining the detailed mine plan and processing plant design to support the investment decision and a development programme to enhance the Resource/Reserve base of the asset
· A loss before taxation for the year of £3,320,477 (2013: loss of £2,195,891) – the increase reflects the ramping up of work to progress the Namib project towards development
· The Group’s cash position as at 31 December 2014 was £1,904,860 (2013: £577,551)
· Long term vision to grow the business in Namibia following development of Namib – a first step in a longer term growth plan

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