African Minerals Ltd | Company Profile

About the Company

African Minerals Limited (“the Company”, “African Minerals”, or “AML”), formerly Sierra Leone Diamond Company Limited, is a mineral exploration company with interests principally in Sierra Leone, West Africa.

The Company holds a large and diverse portfolio of mineral rights in Sierra Leone, a country in which it has been actively investing since 2003. Sierra Leone is quickly recovering from a period of instability and offers substantial resource potential. Elections in Sierra Leone during 2007 resulted in a smooth handover of power demonstrating a successful African democracy.

African Minerals completed the country’s first aeromagnetic survey during 2004 and subsequent exploration programmes and multi-element sampling analysis have resulted in the Company assembling an extensive diversified mineral exploration portfolio in Sierra Leone. The Company is particularly encouraged by the progress at its flagship project, the Tonkolili iron ore project, where exploration potential for a large-scale magnetite iron ore deposit has been established. Independent consultants have assessed that conceptually, there is the potential for in excess of two billion tonnes of contained iron at the Tonkolili project.

The strength of AML’s portfolio of assets was clearly endorsed by investors’ strong response to
the equity placing in July 2007. The Company has the necessary funding and experienced personnel to accelerate the development of its exploration portfolio in order to unlock further shareholder value.

Projects

Tonkolili Iron Ore Project

• 28 km magnetite signature identified from aeromagnetic and ground mapping, up to 1.5 km wide;
• Conceptually, potential for in excess of two billion tonnes of contained iron ore;
• Down-hole mineralisation proven to in excess of 400 m and still open at depth;
• Concentrate product grades in excess of 68% Fe;
• Significant drilling programme, metallurgical test work and engineering now underway.

Marampa Iron Ore Project

Gori Hills Nickel Target

• Extensive nickel-cobalt anomalism identified by soil sampling programme;
• Over 100 samples feature nickel values greater than 0.10%, with a maximum value of 0.78% nickel and 0.11% cobalt;
• 200 hole drill programme underway to test nickel-cobalt anomalism.

Lovetta Uranium anomaly

• High priority target of approximately 160 km²;
• Encouraging scintillometer survey results received;
• Identification of nine anomalies greater than 450 counts per million uranium in the Lovetta area;
• Drilling programme underway.

Diamond production and exploration

• Rough diamonds produced at the Konama alluvial operations during the year resulted in gross proceeds of US$8.5 million (US$7.5 million net);
• Total of 18,071.45 carats sold at an average of US$468.85 per carat;
• At the year end, rough diamond stock amounted to 7,247.39 carats;
• On 24 July 2007, the Company announced the discovery of a kimberlite at the Lake Popei project.

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