BRIEF-Ivanhoe Mines says permanent sinking work begins on Shaft 1 at Platreef Project

Thu Jul 14, 2016 8:00am EDT
 
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July 14 (Reuters) - Ivanhoe Mines Ltd

* Permanent sinking work has begun on shaft 1 at platreef platinum-group metals, nickel, copper and gold mine in South Africa

* Shaft 1 is expected to reach flatreef deposit, at a depth of 777 metres, during Q3 of 2017.

* Owns 64 pct of platreef project through its subsidiary, Ivanplats

* Expects subsequent main sinking phase will advance at average rate of 2.7 metres a day until it reaches depth at 1,025 metres below surface in 2018

* Shaft 1 to be funded from funds remaining in co's treasury from $280-million received in 2011 for sale of an 8 pct interest in platreef project Source text for Eikon: Further company coverage: