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Aguia withdraws PEAs on Tres Estradas phosphate project over ASX concerns

AguiaResources Ltd. is withdrawing two preliminary economic assessmentsfor its TresEstradas phosphate project in Brazil after an objection by the ASX.

According to the July 15 statement, the ASX said that somestatements in the assessments reported a production target or forecast that wastoo reliant on a high proportion of inferred mineral resources rather thanmeasured and indicated resources, which is against listing rules.

A PEAreleased earlier in July indicated a posttax net present value ofUS$400.0 million, using a 7.5% discount rate, and an internal rate of return of43%. This study was an update to the company's .

The new study pegged the audited pit-constrained resource at74.7 million tonnes at 4.13% phosphorus pentoxide, comprising 745,000 tonnes ofmeasured resource at 4.42% phosphorus pentoxide, 15.1 million tonnes ofindicated resource at 4.75% phosphorus pentoxide and 58.9 million tonnes ofinferred resource at 3.97% phosphorus pentoxide.

Aguia now expects to conduct an infill drilling program toincrease the proportion of measured and indicated resources, relative toinferred resources, for a definitive feasibility study on the Tres Estradasproject.