Cadence Minerals PLC Update on Cinovec Lithium/Tin Project (8497D)
May 02 2017 - 3:17AM
UK Regulatory
TIDMKDNC
RNS Number : 8497D
Cadence Minerals PLC
02 May 2017
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Grant of Preliminary Mining Permit Over the Cinovec Project
Cadence (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that
European Metals Holdings Limited ("EMH") has obtained three key
permits in the development of the Cinovec Lithium/Tin Project in
the Czech Republic.
Cadence holds a 20.76% economic interest in Cinovec, via its
interest in EMH. The full EMH release is available at:
http://www.asx.com.au/asxpdf/20170502/pdf/43hyjdby85gjrn.pdf .
Highlights from the EMH Release:
-- The Preliminary Mining Permit covering the majority of the
Cinovec Project has been awarded by the Czech Ministry of
Environment.
-- A further Exploration License has been granted for the ground
immediately south of the main deposit.
-- A de-watering permit has been obtained from the Ohře River
Authority to pump out the historic workings.
Preliminary Mining Permit
As announced to the market on 3 February 2017, the Cinovec South
Resource was formally added to the Czech State resource register,
which was the first step in the process of the granting of a mining
permit. As a next step, the 'Preliminary Mining Permit' (PMP) has
now been received. The permit covers approximately 1,500,000 m(2)
of the Cinovec deposit south area and is valid until April 2025.
The Company has until that date to submit an application for the
final mining permit; it intends to do so well before then. The
granting of the PMP means that the regulatory oversight for the
designated area is transferred from the Ministry of Environment to
the Czech Mining Bureau, which is entitled to approve the final
mining plan and delimit the final mining space. Both approvals are
predicated on the results of an Environmental Impacts Analysis,
which EMH has commenced.
Additional Exploration License
The Company has been awarded an additional exploration license
for the ground immediately south of the deposit. Securing this area
allows the Company to begin preparatory geotechnical work for the
exploration adit, including excavation of the adit itself when
appropriate.
De-Watering Permit
The historic Cinovec mine was closed in 1989 and the shafts were
capped. Since that time, the workings have been partially flooded.
The Company has been working with environmental consultants and
relevant local authorities to secure the necessary permits to begin
de-watering the mine well in advance of commencing operations. The
initial permit has been received and the Company will now finalise
the de-watering process. The Company aims to de-water the mine as
part of the Definitive Feasibility Study to allow detailed
geological, geotechnical and hydrological studies of the deposit.
Accessing the underground workings will also allow collecting
representative samples for pilot scale lithium carbonate
production, which will be used to supply potential off-take
customers.
Commenting, Kiran Morzaria, Chief Executive Officer of Cadence,
said:
"With the limited construction of new mining projects in the
Czech Republic, it is great to see such a timely approval of key
permits which are critical the on-going development of the Cinovec
Lithium / Tin deposit. We look forward to hearing more from Cinovec
as the projects advances towards production"
For further information please
contact
Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD
& Broker) +44 (0) 207 220 1666
James Joyce
James Bavister
Square1 Consulting +44 (0) 207 929 5599
David Bick
Brian Alexander
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the
information contained in this announcement. Kiran holds a Bachelor
of Engineering (Industrial Geology) from the Camborne School of
Mines and an MBA (Finance) from CASS Business School.
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world.
The planet needs rechargeable batteries on a global scale -
upcoming supersized passenger vehicles, lorries and buses - require
lithium and other technology minerals to power their cells. Cadence
is helping find these minerals in new places and extracting them in
new ways, which will meet the demand of this burgeoning market.
With over GBP35 million vested in key assets globally, Cadence is
helping us reach tomorrow, today.
Cadence invests across the globe, principally in lithium mining
projects. Its primary strategy is taking significant economic
stakes in upstream exploration and development assets within
strategic metals. We identify assets that have strategic cost
advantages that are not replicable, with the aim of achieving lower
quartile production costs. The combination of this approach and
seeking value opportunities allows us to identify projects capable
of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing,
fund management and deal structuring knowledge and experience, that
is supported by access to key marketing, political and industry
contacts. These resources are leveraged not only in our investment
decisions but also in continuing support of our investments,
whether it be increasing market awareness of an asset, or advising
on product mix or path to production. Cadence Mineral's goal is to
assist management to rapidly develop the project up the value curve
and deliver excellent returns on its investments.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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