Lisungwe plc - (PLUS ticker: LIS)
website: www.lisungwe.com



2009
Lisungwe explores for minerals over various tenements in Malawi where it has established a JORC compliant nickel resource, nickel extraction techniques through leaching and an initial scoping study for a mine. As a consequence and given the necessity of acquiring a local source of sulphuric acid, during 2008 Lisungwe identified and eventually acquired a source of pyrite used to manufacture acid. However, before a JORC compliant resource could be established the Company’s cash resources became exhausted; it has struggled for most of the past year to raise new funds, so far without success. In the meantime, a draft study has demonstrated that the proposed project would be profitable given the shortage of acid in south eastern Africa.

2008
Lisungwe, one of our new investments during the year, explores for minerals over various tenements in Malawi, a small southern African country, where using local labour and having dug over 800 pits at Chimimbe Hill it has identified nickel in quantities and of sufficient grade as to justify extensive drilling, the development of nickel extraction techniques through leaching and the preparation of an initial scoping study for a mine, all of which are currently in process. Procedures and quality controls are in place towards establishing a JORC compliant resource. Lisungwe also has other nickel prospects as well as in gold and uranium.

2007
Lisungwe holds substantial mineral exploration ground in Malawi, a small and politically stable south east African country.  The current focus is on Nickel; the company believes it has discovered a commercial deposit at Chimimbe Hill close to the Zambian border.  The company is currently drilling to establish a JORC compliant resource which it estimates to be in excess of 15,000 tonnes of contained Nickel with a gross value in excess of $200m at a price of $15,000 per tonne.  By mid December 2007, the company had completed 391metres of RAB drilling with more to follow in quarter one of 2008 and a scoping study is being commissioned.  Chimimbe Hill is one of two Nickel deposits, although the company has suspended operations at the second site pending re-negotiation of a sub-licence.  These Nickel deposits are in addition to gold and uranium prospects on which exploration is continuing.