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Fox Marble, Kibo Mining, Sable Mining Africa, ZincOx Resources news briefs

Contributed by Fox-Davies Capital

Fox Marble has appointed Dr Paul Jourdan as a Non-Independent Non-Executive Director, with immediate effect. The appointment is in consideration of the right granted to Amati Global Investors Limited as set out under the Series 1 Placing Convertible Loan Notes issued by the Company. Dr Jourdan is CEO of Amati Global Investors Limited, a fund management company based in Edinburgh and London. He has been involved in managing equity funds for 14 years, and specialised early on in UK smaller companies, running the TB Amati UK Smaller Companies Fund (formerly the First State British Smaller Companies Fund) from September 2000 on, for which he has won several awards and is AA rated by Citywire.

Kibo Mining has placed 120,833,333 ordinary shares in the capital of the Company at a placing price of 0.6p to raise gross proceeds of £725,000. The funds raised will be applied towards the Company's exploration programmes in Tanzania, to investigate further joint venture opportunities and for general working capital purposes. As the placing price of the Shares is below the current par value of the Company's Ordinary Shares of €0.01, the Company has entered into an arrangement with its major shareholder, Mzuri Capital Group Ltd, whereby shares held by MCG will be used for the purposes of settling the Placing. Under the arrangement, MCG's shareholding will then be restored through a loan structure soon after the settlement of the Placing by the issue of new Ordinary Shares to MCG to replace the shares used for settling the Placing. The final number of shares held by MCG will be the same as it held before the Placing with no benefit received by MCG. The Company intends to seek shareholder approval in the near future to reduce the par value of its Ordinary Shares and will advise of further details of this once they have been finalized.

Sable Mining Africa has released further assay results from the Company's on-going exploration programme at the 123.5 sq km Nimba Iron Ore Project in south-east Guinea. Results from an additional 15 diamond drill holes completed on the main canga channel and inter-channel area on Plateau 2. The highest grade intercept from surface on main canga of 17m @ 64.17% iron ('Fe'). Additional high grade intercepts include: 37.45m @ 64.10% Fe and 8.10m @ 62.37% Fe. Initial Decrepitation Index ("DI") tests indicate very low decrepitation - therefore suitable for metallurgical processes. Recent metallurgical test results at Nimba Project indicate that simple crush and screen processing should produce high-grade, high-specification low-deleterious premium quality DSO product. Drilling on-going and remains focussed on targeting additional haematite bearing intersections of canga material. Current exploration target of up to 200Mt of canga material and on track to delineate a maiden JORC resource in Q1 2013.

ZincOx Resources has released an update on its South Korean Recycling Plant. Since the last full maintenance closure on Christmas Eve, from 25th December 2012 until 6th January 2013, 5,671 tonnes of Electric Arc Furnace Dust were processed, equivalent to 93% of the target throughput. Production at KRP has steadily increased since start-up at the end of April 2012. From the beginning of December in particular, there has been a marked improvement in the reliability of the plant with increasingly fewer stoppages and reduced maintenance. As previously announced, the hot briquetting circuit which takes the hot briquettes and makes them into an intermediate iron product (ZHBI), caused problems, and while many of these issues have been resolved, it is likely to be some weeks before this part of the plant will be in full continuous operation. However zinc concentrate production, which accounts for over 85% of projected revenue, should not be affected significantly by this delay. Over the net few months there will, from time to time, be short stoppages for the installation of new equipment designed to improve efficiency, but there will be an increasing focus on optimising the operating conditions to increase zinc recovery and iron metallisation and reduce costs. In line with the original development plan, and as indicated in the announcement of 1st November 2012, for the first year of production, until May 2013, the target throughput of the plant is 15,500 tonnes per month of EAFD. Throughput remains on track to rise to the full design capacity of 17,700 tonnes per month in the last quarter of 2013 through a programme of debottlenecking and efficiency improvements. These tonnages allow for the scheduled three week annual inspection and maintenance closure.