Cadence Minerals PLC Macarthur Minerals Secures Land at Lake Giles (8837X)
December 23 2019 - 10:22AM
UK Regulatory
TIDMKDNC
RNS Number : 8837X
Cadence Minerals PLC
23 December 2019
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Macarthur Minerals (TSX-V: MMS) Secures Access to Land for
Infrastructure at Its Lake Giles Iron Project in Western
Australia.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
the update from Macarthur Minerals (TSX-V: MMS) ("Macarthur") that
it has entered into an agreement with Arrow Minerals Limited
("Arrow") to acquire mineral tenure for the development of site
infrastructure at its Lake Giles Iron Project.
Macarthur has acquired a substantial package of land covering
approximately 4950 ha adjacent to the Moonshine Magnetite deposit.
The tenure will be used for constructing supporting infrastructure
including waste rocks dumps, processing plant, camp, airstrip and a
tailings storage facility. The deal with Arrow also paves the way
forward to obtain access to tenure to construct a private haul road
from the project through to the open access Perth to Kalgoorlie
railway owned by Arc Infrastructure.
Macarthur plans to commence site investigations including
geotechnical drilling, groundwater exploration and environmental
surveys in early January 2020 as it progresses the Feasibility
Study of its Lake Giles Project aimed at producing a high-grade
magnetite concentrate.
In consideration for entering into the agreement, Macarthur will
pay Arrow $500,000, being $250,000 in cash, to be paid immediately,
and issue $250,000 in shares in six months. The shares will be
issued at a 20% discount to the 5-day VWAP prior to the issue.
Cadence Minerals Holding in Macarthur
Cadence holds approximately 7.4% of the issued equity interest
in Macarthur, which is an Australian mining exploration company
focused primarily on iron ore, nickel, lithium and gold in Western
Australia. It also has a lithium project in Nevada, USA.
The full release can be found at:
https://web.tmxmoney.com/article.php?newsid=6635649457301504&qm_symbol=MMS
This news release is not for distribution to United States
Services or for Dissemination in the United States.
- 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
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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