Sable Mining Africa Ltd’s wholly owned subsidiary, African Iron Ore Investment Ltd, (AIOL) has entered into heads of agreement to acquire 61% of each of two companies which together hold the prospecting rights for a South African iron ore project. Gulukwane, which comprises approximately 25,000 hectares, is in the highly prospective Thabazimbi area in the Limpopo Province. AIOL must first complete its own legal and financial due diligence on the companies currently owning Gulukwane, and must also confirm that substantial iron ore resources exist at Gulukwane. An exploration is starting with a ground magnetic and gravity survey, which will be followed by a ten hole drilling program.
