High Powered Exploration Inc (“HPX”) and its subsidiary Société de Mines de Fer de Guinee (“SMFG”) note recent media articles that speculate regarding the potential sale of the Nimba Iron Ore Project (“Nimba”) to Jindal Power & Steel.
HPX and SMFG strongly refute all media speculation that there is a current discussion between the parties regarding the sale, or partial sale, of Nimba.
Work on the development of Nimba continues, with activities underway for the construction of Phase 1 of Nimba.
HPX and SMFG have not been approached by any media entity for comment or clarification on the current status of Nimba, or to confirm if any discussions are ongoing with potential purchasers or investors. If this had been done, then the incorrect media speculation in this instance could have been avoided.
CEO High Power Exploration
Acting CEO – SMFG