Aguia Resources Limited (ASX: AGR) (“Aguia” or “Company”) is pleased to report on its activities for the September 2015 Quarter:
Operational Highlights:
- Preliminary Economic Assessment of the Três Estradas Project confirms the technical and economic viability of the Três Estradas project as a low cost producer of Single Superphosphate (“SSP”) in Southern Brazil
- Attractive potential project returns with IRR of 25%, estimated NPV5% of US$273 million (pre-tax, A$372 million) and payback of 3.2 years based on long term SSP price of US$280/tonne1
- Aguia Advances Project Development with Commencement of 7,000 metre Diamond Drilling Program at Joca Tavares and Cerro Preto
- Strike length of Cerro Preto phosphate beds extended to over 12.5 km with widths between 50 and 200 metres
- Recent exploration activity at Porteira – shallow auger drilling has intercepted a high-grade oxidised zone at surface with grading up to 18.5% P2O5
Corporate Highlights:
- The Company successfully completed a Private Placement of $9.5 million which included new investments by global institutional mining funds
- Strategic investor Sulliden Mining Capital Limited (TSX:SMC) continues to support Aguia with a reported shareholding of 17.16%
- Aguia gains a new Substantial Shareholder, Vanguard Precious Metals and Mining Fund, who reported initial ownership during the quarter at 6.417%
Planned for the December Quarter:
- Ongoing assessment and development of Rio Grande phosphate assets at Joca Tavares, Porteira and Cerro Preto
- Commence Environmental Impact Assessment at Três Estradas
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