Mining Project to Turn Around Economy

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Freetown, Mar 18, 2008 (Concord Times/All Africa Global Media via COMTEX) -- AMLZF | news | PowerRating | PR Charts -- Executive chair African Minerals Limited assured the head of mines committee in Parliament Hon. Augustine Tortu, accompanied by Hon. Komba Keodoyoma from the Kono district, that his company's operations could create instant wealth for the country and its people.

Frank Timis suggested that fortunes expected from the Numbara prospect in the Tonkolili district, the Iron Ore projects in Tonkolili and Marampa, base metals and gold exploration, uranium exploration, and Kimberlite exploration could turn the country's economy around.

So far, the company has expended over US$100 million on feasibility and exploration alone, twice more than the total amount any exploration company has ever invested in the West African sub region.

Frank Timis said his company currently remains focused on Sierra Leone, a country largely unexplored and rich in minerals.

Meanwhile, the government has created a platform of transparency and accountability in order to maintain a democratic state free of corruption. To this end a group of World Bank expert have been consulted to help the country review its mining in the next three month with the ultimate aim of ridding it of corruption.

The move is in conformity with the country's committed to the Kimberley Process Certification Scheme ("KPCS ") implemented in early 2003 for the marketing and sale of diamond production.

In 2003 the African Minerals company initiated an exploration programme for primary kimberlite diamonds, base metals and precious metals throughout Sierra Leone. This programme included High Resolution Airborne Magnetic ("HRAM") Surveys coupled with extensive air photo and satellite imagery; Ground and helicopter assisted Kimberlite Indicator Mineral ("KIM") sampling; Pitting, trenching and drilling both HRAM and KIM targets; Mini bulk sampling and analysis at the Company's laboratory in Bo, Sierra Leone.

Since admission to AIM in February 2005, the company's activities have evolved beyond diamond exploration and production in addition to the iron ore projects at Tonokolili and Marampa. The Company has for the past 2 years undertaken countrywide, multi-element analysis of stream and still sediments.

As a result of this, the company has located several sites, which offer the potential for the discovery of base metals, uranium, gold, diamondiferous kimberlites.

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