Jupiter Mines Limited
(ASX:JMS) says mine development activities are well underway at its South African based Tshipi Borwa ore prospect in its September quarterly report.
The company says the project remains on track to deliver its first ore in the fourth quarter of 2012, with pre strip mining already well underway.
Jupiter is also progressing with a feasibility study on its Mount Ida site in Western Australia, recording a 132 per cent increase in the magnetite resource of the project.
The explorer has a consolidated cash position of $113 million, and has undertaken $76 million in capital raising through private placement and rights issue to support development of iron ore and manganese assets in South Africa and Australia.
Jupiter Mines recorded a $13.2 million loss in the 2012 financial year.
