Noventa Limited ("Noventa" or the "Company") - Update on Interim Comminution Circuit & Exploration Activity

TORONTO, April 5 /CNW/ - Interim Comminution Circuit

Further to its recent announcement on 18 February 2011, Noventa is pleased to announce that following an intense period of commissioning and testing of the Interim Comminution Circuit ("ICC") and the introduction of its new fleet of mobile equipment, production of tantalum concentrate at the Company's Marropino Mine has increased from its previous annual rate of 50,000 lbs to circa 200,000 lbs contained tantalum per annum ("p.a."), bringing the Company closer to cash flow break-even.

During testing and commissioning a few problems occurred, which were generally due to wear and tear on the existing old plant rather than the ICC; as a consequence, management have taken the opportunity of scheduled commissioning shutdowns to replace key components, for example the plant's static grizzly (a screen that prevents oversized rocks entering the circuit), before they fail.  This is in line with the Company's maintenance philosophy of preventative maintenance since recommencing operations in April 2010, which has ensured the plant has retained its availability, which at 95%, is ahead of expectations.  Recovery remains at circa 52%.

The ICC will remain in place until the new process plant is complete later this year, after which it will be reconfigured to form the new plant's "recirculation circuit", contributing to full production of over 600,000 lbs contained tantalum p.a., expected during the last quarter of 2011.

Exploration

Further to the announcement made on 17 January 2011, the following progress has been made as regards the Company's exploration activities at its Marropino property:

  • Marropino South - 15 trenches were excavated by 23 March 2011, and samples are being prepared for analysis.  Some re-sampling is due to take place due to damage to trenches as a result of very heavy rain.  The samples will be despatched from Marropino by 11 April 2011.
  • Marropino South Pegmatite - Drilling of the Marropino South pegmatite began on 4 April 2011, with 6 sampling holes due to be drilled by the end of April 2011.  Samples from the first 3 of these holes will be despatched from Marropino in mid April.
  • The Existing Marropino Pegmatite Extension - Drilling of the pegmatite core commenced on 16 March 2011.  9 holes have been drilled and completed by 1 April 2011, and sample preparation has commenced.  Samples are due to be despatched from Marropino as soon as possible.

All the above results should be available around the end of the second quarter 2011.

Chairman, Mr. Eric Kohn TD, commented, "Another key milestone has been achieved on the route to full production.   Our main focus is now the construction and commissioning of the new plant which is on schedule and will allow us to achieve the production circa 600,000 lbs p.a. of contained tantalum by the end of quarter 4 of this year, as well as the operational development of the wider Marropino concession and our other concessions at Morrua and Mutala in line with our strategy".

Scientific and technical information contained in this press release has been prepared under the supervision Declan A. Sheeran, BA. MSc  MAusIMM (306636) who is a "qualified person" in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information contained or incorporated by reference in this release, including any information as to the Noventa's strategy, projects, plans, prospects, future outlook, anticipated events or results or future financial or operating performance, constitutes "forward-looking statements" within the meaning of Canadian securities laws. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements can often, but not always, be identified by the use of words such as "plans", "expects", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "predicts", "potential", "continue" or "believes", or variations (including negative variations) of such words; or statements that certain actions, events or results "may", "could", "would", "should", "might", "potential to", or "will" be taken, occur or be achieved or other similar expressions concerning matters that are not historical facts. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made or incorporated in this press release are qualified by these cautionary statements.

Forward-looking statements are necessarily based on a number of factors, estimates and assumptions that, while considered reasonable by Noventa as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are also cautioned that forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Noventa to differ materially from those expressed or implied in the forward-looking statements. Certain of these risks and uncertainties are described in more detail in Noventa's Annual Information Form dated March 15, 2010, which is available on SEDAR at www.sedar.com.

Although Noventa has attempted to identify statements containing important factors that could cause actual actions, event or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this document based on the opinions and estimates of management on the date statements containing such forward looking information are made, and Noventa disclaims any obligation to update any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information.

SOURCE Noventa Limited

For further information:

Eric F. Kohn TD
Chairman
Noventa Limited
+41 22 8500560
+41 79 5030150
www.noventa.net

Nick Harriss/Emily Staples
Religare Capital Markets (UK) Limited (Nominated Adviser)
+44 20 7444 0800

Andrew Chubb/Kit Stephenson
Canaccord Genuity Limited (Broker)
+44 20 7050 6500

Daniel Briggs
Religare Capital Markets plc (Broker)
+44 20 7444 0500

In Canada

Joe Racanelli
TMX EQUICOM
416 815 0700 ext. 243 or jracanelli@equicomgroup.com

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Noventa Limited

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