Noventa LimitedNVTA

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Description:

Description: Noventa is an exploration company and owns mining rights to tantalite resources in Mozambique. The new management are planning to bring to fruition and out of care and maintenance the Marropino mine: they have a resource and they have a guaranteed price from a customer.

Comment: Noventa's strategy is to become a low cost, industrial scale producer of Tantalum concentrate. The Company has raised £696,600 and will use these funds to investigate and review best option for the future of the mine and restart production.

1. Marropino has been operating intermittently since 2002 but other sites have not been started
2. Marropino was not profitable because of a wide variety of equipment, operational and management failings
3. Contracted output targets for Tantalum concentrate were rarely, and never consistently, met
4. The mine was put into care and maintenance in May 2009 through lack of funds to support the loss making
5. The new management team is committed to restoring the Company to full production and maximising value to shareholders
6. The Company has ore resources of 19Mlbs of tantalum pentoxide (SRK Consultants, AIM Document)

Reserves:

*SAMREC Code: SRK stated that the statement of mineral resources and mineral reserves would be identical if reported according to the JORC Code
Immediate Actions

1. Assays instructed to verify the ore projections.
2. Each element of the process from extraction through processing and distributing to clients is being examined to identify losses, inefficiencies and eliminate these
3. Historically uncertain assay data collected at the mine is being compared with fresh assays to identify if this is the main source of loss.
4. An extensive list of remedial actions has already been identified and that is being costed and incorporated into a recovery plan.
5. Acceleration of mains power into the site has been agreed with the supplier - completion forecast within the next few weeks - this saves some $1.5m pa.
6. It is believed at this time there are potential saving of some $1m pa in distribution costs, through changing the route to transport the concentrate to the customer: this is a consequence of legislative changes and is being tested.

Tantalum Market

1. Supply shortfall
2. Price forecast to double from US$50/lb to US$100/lb by 2011*
3. High cost producers exposed

*  Tantalum: Global Market Outlook : 2008-2013
Paumanok Publications, Inc.
Pure tantalum is characterised by its high melting point, its exceptional resistance to chemical attack, its capacity to store and release electrical charge and its corrosion resistance. These unique chemical properties have led to its widespread use in the electronics industry, mainly as powder and wire for capacitors in telecommunications devices and implantable medical devices. Tantalum also goes into the manufacture of super alloys, imparting strength and high-temperature resistance against cracking, for use in aerospace and energy generation. Company awaiting EGM (14th October 2009) approval for the Placing and open offer, announced 10th September 2009.