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28th March 2008

Chemical analysis of intersected vein in Pit_70 and analysis of the concentrate produced.

Tests results from our first vein in pit no. 70 just came from Genalysis in Perth as follows:
(Sn=Tin Ta=Tantalum Nb=Niobium U=Uranium Pt=Platinum Pd=Palladium)
   
In the vein:
Sn - 2.92 and 3.11%
Ta - 181.5 and 191.6 ppm
Nb - 124 and 161 ppm
U - 3.1 and 2.9 ppm
Outside the vein:
Sn - 0.80%
Ta - 84.6 ppm
Nb - 97 ppm
U - 2.4 ppm
Pt - 3 ppb

Concentrate (Chirobi):
Sn - 50.77%
Ta - 2.21%
Nb - 2.40%
U - 147.4 ppm
Pd - 3 ppb

Concentrate (Kapongo Hill):
Sn - 77.32%
Ta - 8162.8 ppm
Nb - 5512 ppm
U - 19.3 ppm
Pd - 4 ppb

28th March 2008

Mining and processing agreement signed with local contractor.

A mining and processing agreement signed with the main contractor called: CEM of Zambia.
CEM is a mining contractor for several major mining projects in Zambia; the key points of the agreement are:

CEM shall develop the Siankopo mine at its costs including earth works, water, power and road improvement

CEM shall mine and process at its cost the elluvial ore at Siankopo

Libra will be in charge and cover the costs of logistics (including transport, documents and insurance), marketing, treatment and sales of the tin concentrate and ingots.

Libra will direct the mining operation to the most promising sites in Siankopo.

Libra will supervise CEM's operation to ensure compliance with our agreement, the law and good mining and processing practices.

Within 8 weeks of agreement date Libra will prepare the mining and processing plans, submit Environmental Impact Study and development plan and start works on the water supply including bore hole drillings, water recycling plant, tanks and pipes for the processing line.

Within 10 weeks of agreement date, CEM shall start the earth works in Siankopo to improve the roads and access to the site to enable trucks, machinery and supply to enter smoothly.

By 28/7/2008 CEM shall mine and process 40 ton per hour of ore working 24 hours a day 7 days a week (24/7).

By 1/1/2009 CEM shall increase the capacity to 120 ton per hour of ore 24/7.

By 1/5/2009 CEM shall increase the capacity to 300 ton per hour of ore 24/7.

Libra agrees to pay CEM 50% of the sales for above works for the eluvial in Siankopo only.


27th March 2008

Further Tin Occurrences around Siankopa and Kabanga Areas positively increases the ore reserves of the mining lease.

ORE GRADE AND ORE BODY RESERVE ESTIMATION FROM SHALLOW PITS EXCAVATED 2 to 3 METRES DEPTH

Ore Grade

According to the results obtained from the chemical analyses of the ore, the grades for tin (Sn), Tantalum (Ta) and Niobium (Nb) range from 0.001%Sn [S7] to 94.44%Sn [Maboono]; from 0.04%Ta [The Grave Area] to 0.892%Ta [Pit HM6] and from 0.02%Nb [The Grave Area] to 0.708%Nb [Pit HM6].

From the results so obtained the average values in the entire study area are:

Ta: 0.439%

Nb: 0.378%

Sn: 35.51%

Block Reserves of the Pegmatitic Hills

Surfer 8.0 software was used to generate the grid volume computations of blocks (Annexes 8-10) and the wire frame block diagrams of the studied area (Annxes5-7).

Only volumes of Grave, Dobolobo I and Kapongo Hill blocks were computed. The areas form positive volumes (hills) and so the method selected was a cut and fill. The relative density employed in the calculation was that of a granite ( 2.72 ) in-situ.

This is so because the cassiterite bearing rock is a granitic pegmatite. All elevations were collected by a Garmin GPS-72. It should be noted that the reserves generated here are all-inclusive in nature. This means that the entire hill or block is taken as an ore body because it is composed of a pegmatite which is considered as cassiterite bearing. It is difficult to distinguish between cassiterite bearing and non-cassiterite bearing pegmatites with bear eyes or by way of any geophysical investigative method like radiometric survey.

So it was assumed that the entire pegmatite body was an ore body. The results are shown in the table below:

BLOCK NAME

PLANAR AREA

SURFACE AREA

VOLUME

TONNES

Grave

16560

17062

18364357

49951051.04

Dobolobo I

127510

135874

141315743

384378820.96

Kapongo Hill

196212

199676

227056048

617592450.56

TOTAL RESERVES OF THE PEGMATITIC HILLS

1051922322.56

 

 
 


Libra Pty. Ltd. A.C.N. 011 076 038  (18 Curlew Place, Riverhills Queensland 4074 Australia) 
email : info@libraminerals.com