Macarthur and Arrow complete agreement on land tenure for development of magnetite processing plant at Lake Giles
June 25 2020 - 3:01AM
Macarthur Minerals Limited
(ASX: MIO) (TSX-V: MMS) (the
“Company” or “Macarthur”) is pleased to announce the completion of
an agreement with Arrow Minerals Limited (ASX: AMD) (“Arrow”), for
the grant of rights to apply for tenements which will support the
development of infrastructure associated with a proposed magnetite
processing circuit at Lake Giles.
Pursuant to the Agreement, originally entered
into in December 2019, (“Agreement”), Arrow will permit Macarthur
to apply for and obtain a general purpose lease and a miscellaneous
licence over a site within the boundary of Arrow’s exploration
licences E30/393 and E30/394, to support the development of
infrastructure associated with its planned magnetite processing
circuit for its Lake Giles Iron Project (“Project”). The
substantial package of land covers approximately 4,950ha and is
adjacent to the Moonshine magnetite deposit. The tenure will be
used for constructing supporting infrastructure for the mine
including a processing plant, camp, airstrip, tailings storage
facility and waste rocks dumps.
The terms upon which Arrow agreed to permit
Macarthur’s application included a cash payment of A$250,000 (paid
in December 2019) (“Cash Payment”) and a share payment comprising
the issue of Macarthur shares to Arrow to the value of A$250,000
(exclusive of GST) at an issue price per share equivalent to a 20%
discount to the average VWAP of the shares trading on ASX for the 5
trading days preceding the issue date, and on which trades for the
shares were recorded (“Share Payment”). Macarthur made the
Share Payment on 23 June 2020, resulting in the issue of 1,702,997
shares at an issue price of A$0.1468 per share.
Cameron McCall, President and Executive
Chairman of Macarthur Minerals commented:
“The completion of the agreement with Arrow has
secured the rights necessary to enable the design and location of
critical infrastructure associated with the magnetite processing
plant which will be finalised as part of the Feasibility Study for
the Lake Giles Iron Project.
It is another positive step for the Company as
it transitions to becoming a producer of high-grade magnetite.”
On behalf of the Board of Directors, Mr Cameron McCall,
Executive Chairman
For more information please contact:
Joe PhillipsCEO & Director+61 7 3221
1796communications@macarthurminerals.com
Investor CubedNeil Simon, CEO+1 647 258
3310info@investor3.ca
Company profile
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 Project mineral resources include the Ularring hematite
resource (approved for development) comprising Indicated resources
of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26
million tonnes at 45.4% Fe; and the Moonshine magnetite resource of
710 million tonnes (Inferred). Macarthur has prominent (~721 square
kilometer tenement area) gold, lithium and copper exploration
interests in Pilbara region of Western Australia. In addition,
Macarthur has lithium brine Claims in the emerging Railroad Valley
region in Nevada, USA.
This news release is not for
distribution to United States services or for dissemination in the
United States
Caution Regarding Forward Looking
Statements
Certain 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. All statements herein, other than statements
of historical fact, that address activities, events or developments
that the Company believes, expects or anticipates will or may occur
in the future, including but limited to statements regarding
expected completion of the Feasibility Study; granting of mineral
tenure to facilitate infrastructure proposed; or the eventual
mining of the Project, are forward-looking statements. 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. 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 but are not limited to: unforeseen
technology changes that results in a reduction in iron or magnetite
demand or substitution by other metals or materials; the discovery
of new large low cost deposits of iron magnetite; the general level
of global economic activity; failure to complete the FS; failure of
the FS to reflect currently anticipated increases annual production
and decreases in expected costs at the Project; failure to receive
mineral tenure for infrastructure; and failure to obtain mining
approvals under the Mining Act. 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.
Macarthur Minerals (TSXV:MMS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Macarthur Minerals (TSXV:MMS)
Historical Stock Chart
From Jul 2023 to Jul 2024