Lake Giles Iron Ore Project Update
August 22 2019 - 8:00AM
Macarthur Minerals Limited (TSX-V: MMS,
OTCQB: MMSDF) (the “Company” or
“Macarthur”) is pleased to provide an update to Shareholders
outlining recent activities advancing the Lake Giles Iron Ore
Project in the Yilgarn Region of Western Australia.
Significant advancement has been made in the
following areas:
- Diamond and RC drilling infill
programme has commenced to support a resource category upgrade and
obtain samples for metallurgical test work
- Development of the Commercial and
Technical capabilities in the Company to deliver the completion of
a Bankable Feasibility Study
- Application for in-principle advice
seeking consideration from the Australian Stock Exchange (“ASX”)
for a proposed dual listing of the Company
- Discussions with commercial
partners for power and water supply, mining services, road and rail
haulage, port infrastructure development and process plant design
and construction
Macarthur will release more detailed information
to the market on these key project developments as they are
finalized.
Mr Cameron McCall, Executive Chairman of
Macarthur Minerals commented:
“The first half of 2019 has been very rewarding
for the Company with the closure of an Offtake agreement with
Glencore, rail haulage negotiations with Aurizon, successful
closure of capital raising to fund the delivery of a Bankable
Feasibility Study; the positive result of the Lake Giles Iron Ore
Project in the June 2019 Technical Report with improved capital and
operating costs of the project. During this period Macarthur also
repositioned its non-iron ore assets for gold, lithium and copper
in the Pilbara region of Western Australia into an ‘earn-in
Agreement’ with an active explorer Fe Limited, allowing Macarthur
to concentrate its full focus on the iron ore projects.
Some shareholders have contacted me about the
recent decline in the share price on the TSX-V. Let me assure
you there are no Project or Company issues contributing to this
decline. The global sentiments around China/USA relations; US
economic slowdown; volatility across major stock exchanges and the
recent pullback of the iron ore spot prices to US $95/tonne, all
have in part, contributed to this share price decline.
The Lake Giles Iron Project, with its stated
costs for magnetite production of US$37.43/tonne still provides a
robust margin today for the Company’s target 3Mtpa product of 65%
Fe magnetite concentrate.
Moving forward, the Board is seeking ‘in
principle’ consideration from the Australian Stock Exchange for a
dual listing of Macarthur Minerals. Australia is seen as a
logical exchange given investor and institution familiarity in
mining, specifically iron ore and the geographic proximity to its
Lake Giles Iron Project. Australia and specifically Western
Australia, is the largest iron ore supplier in the world,
accounting for 39% of global supply in 2018 exporting over 800
million tonnes per annum.
Over the course of the coming months, Macarthur
will have a solid workload in supporting the completion of a
Feasibility Study, key route to market and mining tasks and
building a commercial and technical team to support the development
of the project.
Our non-iron asset partners, FEL are also
undertaking an active program in exploration for the gold, lithium
and copper assets in the Pilbara following a successful initial
reconnaissance trip which identified areas of significant
prospectivity.”1
ABOUT MACARTHUR MINERALS LIMITED (TSX-V:
MMS, OTCQB: MMSDF)Macarthur is an iron ore development,
gold and lithium exploration company that is focused on bringing to
production its Western Australia iron ore projects. The Lake Giles
Iron Ore Project includes the 80 million tonne Ularring hematite
resource (approved for development) and the 710 million tonne
Moonshine magnetite resource. Macarthur has prominent (~1,281
square kilometer tenement area) gold, lithium and nickel
exploration interests in Pilbara region of Western Australia. In
addition, Macarthur has lithium brine Claims in the emerging
Railroad Valley region in Nevada, USA.
QUALIFIED PERSON
Mr Ian S Cooper, B.Sc., A.R.S.M., F.G.S.
FAusIMM, a Fellow of the Australasian Institute of Mining and
Metallurgy (membership number 107348), is a consultant of Macarthur
and is a Qualified Person as defined in NI 43-101. Mr Cooper has
reviewed and approved the technical information contained in this
news release.
On behalf of the Board of
Directors,MACARTHUR MINERALS LIMITED
“Cameron McCall”Cameron McCall, Executive
Chairman
Company ContactJoe Phillips,
CEO and DirectorEmail:
jphillips@macarthurminerals.com
Telephone: +61 448899247
Website:
www.macarthurminerals.com
THIS NEWS RELEASE IS NOT FOR
DISTRIBUTION TO UNITED STATES SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
Caution Regarding Forward Looking
StatementsCertain of the statements made and information
contained in this press release may constitute forward-looking
information and forward-looking statements (collectively,
“forward-looking statements”) within the meaning of applicable
securities laws. The forward-looking statements in this press
release reflect the current expectations, assumptions or beliefs of
the Company based upon information currently available to the
Company. With respect to forward-looking statements contained in
this press release, assumptions have been made regarding, among
other things, the timely receipt of required approvals, the
reliability of information, including historical mineral resource
or mineral reserve estimates, prepared and/or published by third
parties that are referenced in this press release or was otherwise
relied upon by the Company in preparing this press release.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and no
assurance can be given that these expectations will prove to be
correct as actual results or developments may differ materially
from those projected in the forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include fluctuations in exchange rates
and certain commodity prices, uncertainties related to mineral
title in the project, unforeseen technology changes that results in
a reduction in iron ore demand or substitution by other metals or
materials, the discovery of new large low cost deposits of iron
ore, uncertainty in successfully returning the project into full
operation, and the general level of global economic activity.
Readers are cautioned not to place undue reliance on
forward-looking statements due to the inherent uncertainty thereof.
Such statements relate to future events and expectations and, as
such, involve known and unknown risks and uncertainties. The
forward-looking statements contained in this press release are made
as of the date of this press release and except as may otherwise be
required pursuant to applicable laws, the Company does not assume
any obligation to update or revise these forward-looking
statements, whether as a result of new information, future events
or otherwise.______________________1 Press release filed August 6,
2019, titled “Macarthur’s Joint Venture Partner Fe Limited
identifies areas of Prospectivity for Further Exploration in the
Pilbara”
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