Cadence Minerals PLC Update - European Metals Holdings (4368V)
April 08 2019 - 5:50AM
UK Regulatory
TIDMKDNC
RNS Number : 4368V
Cadence Minerals PLC
08 April 2019
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
European Metals (AIM: EMH) Cinovec Project Update - Battery
Grade Lithium Hydroxide Sample Produced - Clarification on Test
Work Process.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
the update published today by European Metals Holdings Limited
("European Metals" or "EMH"), providing further clarification for
the outcomes from a recently completed engineering assessment of
the flowsheet and subsequent testwork aimed at demonstrating the
ability to produce lithium hydroxide from Cinovec Project ore. The
move by the company to develop a process for the production of
lithium hydroxide from the Cinovec project is in response to market
forces that continue to move Czech and European manufacturers
towards the production of advanced technology batteries.
Highlights:
-- Flowsheet successfully developed and tested for the
production of lithium hydroxide from Cinovec ore.
-- A potential production rate in excess of 25,000 t/a lithium
hydroxide has been demonstrated to be possible utilising a robust
process route proven in the lithium production sector.
-- A formal update of the project PFS reflecting the production
of lithium hydroxide is underway and will be completed within the
next 6 weeks.
The result of the testwork was the production of a sample of
battery grade lithium hydroxide. The work concentrated on the grade
of product produced and not recovery rates. The total amount of
product produced was below 10 grams.
The data is now being used as the foundation for an update of
the EMH PFS such that the final product from the process will be
battery grade lithium hydroxide with the option to produce battery
grade lithium carbonate should the market support both products.
The relevant flowsheets will be available upon completion of this
engineering work.
Cadence holds approximately 19.1 percent of the equity in
European Metals, which, through its wholly owned Subsidiary, Geomet
s.r.o., controls the mineral exploration licenses awarded by the
Czech State over Cinovec.
The full release can be found at:
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EMH/14032382.html
- Ends -
For further information:
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 Sinclair-Ford
Hannam & Partners LLP (Joint Broker) +44 (0) 207 907 8500
Neil Passmore
Giles Fitzpatrick
Novum Securities Limited (Joint
Broker) +44 (0) 207 399 9400
Jon Belliss
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.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to
be forward-looking statements. Forward-looking statements are
identi ed by their use of terms and phrases such as "believe"
"could" "should" "envisage" "estimate" "intend" "may" "plan" "will"
or the negative of those variations or comparable expressions
including references to assumptions. These forward-looking
statements are not based on historical facts but rather on the
Directors' current expectations and assumptions regarding the
Company's future growth results of operations performance future
capital and other expenditures (including the amount. nature and
sources of funding thereof) competitive advantages business
prospects and opportunities. Such forward-looking statements re ect
the Directors' current beliefs and assumptions and are based on
information currently available to the Directors. Many factors
could cause actual results to differ materially from the results
discussed in the forward-looking statements including risks
associated with vulnerability to general economic and business
conditions competition environmental and other regulatory changes
actions by governmental authorities the availability of capital
markets reliance on key personnel uninsured and underinsured losses
and other factors many of which are beyond the control of the
Company. Although any forward-looking statements contained in this
announcement are based upon what the Directors believe to be
reasonable assumptions. The Company cannot assure investors that
actual results will be consistent with such forward-looking
statements.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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