(Alliance News) – Bushveld Minerals Ltd on Tuesday issued a correction to the maiden mineral resources declared in June for the Brits project in South Africa.

The reason for the correction, Bushveld said, is that the net attributable figures to Bushveld were given on the assumption of a 74% stake in Brits, compared to its actual 63% stake.

Bushveld has a “similar” holding to 74% in the neighbouring Vametco operation, it said.

As a result, the indicated resource attributed to Bushveld at Brits has been corrected to 28.0 million tonnes of ore with 129,000 tonnes of vanadium pentoxide in magnetite and 72,200 tonnes of vanadium in magnetite.

In June, Bushveld had reported 33.2 million tonnes of ore with 152,700 tonnes of vanadium pentoxide and 85,500 tonnes of vanadium.

On an inferred basis, Bushveld has corrected to 13.7 million tonnes of ore with 66,800 tonnes of vanadium pentoxide and 37,400 tonnes of vanadium. Before, it had given 16.2 million tonnes with 79,100 tonnes of vanadium pentoxide and 44,300 tonnes of vanadium.

The indicated and inferred resource net to Bushveld is now 41.8 million tonnes at 195,800 vanadium pentoxide and 109,700 tonnes of vanadium, from 49.4 million tonnes with 231,800 tonnes of vanadium pentoxide and 129,800 tonnes of vanadium.

Gross figures reported in June are unaffected, Bushveld said, as are all other details. Shares were down 0.5% on Tuesday morning at 23.88 pence each.

By George Collard; georgecollard@alliancenews.com

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