- Jangada Mines on Monday announced a 117% increase in JORC resources to 74.84m tonnes of ore for the Pedra Branca prospect in north-eastern Brazil.

Highlights of the JORC included a 103% increase in palladium equivalent resource to 3.05m ounces, with an overall resource grade of 1.31 grams per tonne of palladium equivalent.

The verification phase of the fully funded Bankable Feasibility Study (BFS) was on track for completion by end the first quarter of 2019, the company confirmed.

The upgraded JORC provided further evidence that Pedra Branca was 'clearly much more' than a PGM project, the company said.

'The key economic drivers of the Project are palladium and nickel, two of the most in favour minerals of today and for the foreseeable future.  Additionally, the increase in resource size will potentially drive a longer mine life and higher annual tonnage, all of which are positive developments.  The work being done to finalise the BFS and prepare the Project for development is exceptional and the results are coming through better than expected,' said Brian McMaster, Executive Chairman of Jangada.

At 10:01am: [LON:JAN] Jangada Mines Plc Ord Gbp0.0004 share price was +0.13p at 2.23p

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