Chesterfield Resources PLC Board Appointment (4667L)
January 13 2021 - 2:00AM
UK Regulatory
TIDMCHF
RNS Number : 4667L
Chesterfield Resources PLC
13 January 2021
Chesterfield Resources Plc / EPIC: CHF / Market: LSE / Sector:
Mining
13 January 2021
Board appointment
Chesterfield Resources is pleased to announce that it has
appointed Evgeny Vrublevskiy to its Board of Directors. Mr
Vrublevskiy is the nominated director of Polymetal International,
the FTSE 100 gold and silver mining company which recently took a
strategic stake in Chesterfield. He runs Polymetal's office in
Cyprus, which serves as the group headquarters, and is also Head of
Treasury, with oversight of all finance and accounting matters at
Polymetal. Mr Vrublevskiy has a 15 year career in banking and
financial services.
Said Executive Chairman Martin French "We are very much looking
forward to working with Evgeny (also known as "Eugene") on our
Board. He brings strong financial experience, a good contact base
in Cyprus and will help Chesterfield develop its relationship with
Polymetal. We have been impressed in our engagement with the team
at Polymetal and are optimistic about building value with our new
strategic partner. Chesterfield is continuing to build out its own
team ahead of its 2021 enlarged exploration campaign, and other
programmes. We will have more news about this soon."
Follow us on Twitter at @ChesterfieldPlc
About Chesterfield Resources
Chesterfield Resources is a copper-gold exploration company
active in Cyprus, where it holds the largest mineral exploration
licence area of any operator on the island. Polymetal
International, the FTSE 100 mining group, recently announced it had
taken a 23% strategic investment in Chesterfield via a placing of
new shares.
Cyprus is regarded as a good quality exploration location. It is
a member of the EU, and its legal system is based on English common
law. There has been minimal exploration activity on the island in
the last 46 years since the invasion by Turkey in 1974 put a halt
to what had been a very active mining industry.
Since that time, exploration technology and geological knowledge
has improved significantly. The company is exploring for VMS
(Volcanogenic Massive Sulphide) deposits, which typically occur in
stacks and clusters. Historically only those deposits which were
visible from surface have been mined. It is believed that many more
deposits remain undiscovered buried near surface, and the company
is using modern techniques to locate them.
While copper is the main exploration target, it is noteworthy
that gold was not historically exploited in Cyprus as its price was
pegged to just $35 per ounce when the mining industry was active in
the 1960s and 1970s (less than 50 times today's price). Gold has
been encountered in several locations in the exploration target
area and is an important part of the exploration objective.
The company's highly experienced exploration team is led by Dr
Neil O'Brien, formally Senior Vice President, Exploration and New
Business Development, Lundin Mining, assisted by Dave Cliff,
previously Head of Exploration Europe, Rio Tinto, and Mike Parker,
previously a senior geologist with First Quantum Mining
The current focus of exploration is in the Troodos West group of
licences belonging to the company, with around 30 defined targets
in an area measuring 10km by 10km. The objective is to discover
several VMS deposits in close proximity to each other to create a
mining project with a centralised processing unit. The company is
now in planning for its fully-funded 2021 campaign of geophysics
and diamond drilling.
Chesterfield Resources is committed to world-class environmental
standards in all of its operations to mine copper, which is
essential to developing clean technology projects worldwide. The
company hopes to develop industry and opportunities for the benefit
of the Republic of Cyprus.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**ENDS**
For further information, please visit
www.Chesterfieldresourcesplc.com or contact:
Chesterfield Resources plc:
Martin French, Executive Chairman Tel: +44 (0)7901 552277
Panmure Gordon (UK) Limited
(Joint Broker):
John Prior Tel: +44(0)207 886 2500
Hugh Rich
Fox-Davies Capital Limited
(Joint Broker): Tel: +44 ( 0)20 3884 8450
Daniel Fox-Davies
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