SEGUE TO ACQUIRE 51% INTEREST IN THE EMANG MANGANESE PROJECT, SOUTH AFRICA
Highlights:
- Segue has entered into an agreement to acquire up to 51% of the Emang Manganese Project in the Postmasburg Manganese Field in South Africa
- Exploration target of 45-60Mt with a cut-off grade of 28-48% manganese which may be amenable to open pit mining
- Manganese ore was produced from the Project area until the 1980's and several mines in close proximity have recently commenced operations
- Located close to infrastructure, including rail line and siding within 2kms of the project, water pipeline, main arterial roads and power surrounding the area
- Segue is partnering with Emang Mmogo Mining, an experienced Black Economic Empowerment Group
- Acquisition consideration includes exploration expenditure of ZAR14m (A$1.94m) and completion of a Bankable Feasibility Study at a cost of up to ZAR21m (A$2.90m)
- Capital raising being undertaken to finance the initial payment to Emang Mmogo Mining and exploration expenditure
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