Cadence Minerals PLC Macarthur Minerals Lake Giles Iron Project Update (0780G)
March 13 2020 - 5:36AM
UK Regulatory
TIDMKDNC
RNS Number : 0780G
Cadence Minerals PLC
13 March 2020
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Macarthur Minerals (TSX-V: MMS) (ASX: MIO) reports strong
progress on Feasibility Study for Lake Giles iron project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
today's update from Macarthur Minerals (TSX-V: MMS) ("Macarthur"),
that is pushing ahead on the Feasiblity Study for its Lake Giles
Iron Project in Western Australia, despite strong economic
headwinds caused by the coronavirus crisis.
Progress to Date
XRF assays and David Tube Recovery (DTR) analysis from the
infill drilling program completed at the end of 2019 have confirmed
significant intersections of magnetite mineralisation. Results of
these assays were released to the market by Macarthur on January
16, 2020. These results are now being incorporated into an updated
mineral resource model currently being prepared by CSA Global.
Meanwhile, detailed 'route to market' studies including port and
rail designs have commenced and remain a key priority. These
studies will form the background of rail access, haulage and port
contracts.
Tenders have also been called for metallurgical testing, process
and infrastructure design, and mining studies to support a detailed
Feasibility Study.
The full release can be found at:
https://web.tmxmoney.com/article.php?newsid=5403569500482534&qm_symbol=MMS
Macarthur Executive Chairman Cameron McCall commented: "Investor
confidence across the board has taken a hit lately but we're
confident that Macarthur is close to receiving a major shot in the
arm on the back of an updated resource estimate and how we will get
this to market. While the prices of most major commodities are
wilting in the face of the coronavirus, iron ore has been resilient
with the benchmark 62% Fe product hovering around a relatively
robust $US90 per tonne, that's up from $US72 in November last year.
Lower oil prices, lower shipping rates between China and Australia
as well as a declining Australian to United States dollar should
see a rapid rebalancing as all these variables impact positively on
corporate returns"
Cadence Minerals CEO Kiran Morzaria added: "As markets around
the world continue to reel from the human and economical impact
from the Coronavirus, a resilient iron ore price continues to
support both our investment strategy into Macarthur Minerals and
our Amapa Iron ore project investment in Brazil. We look forward to
further progress updates from Macarthur."
This news release is not for distribution to United States
Services or for Dissemination in the United States.
Cadence Minerals Holding in Macarthur
Cadence holds approximately 4.1% 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.
- 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.
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contact rns@lseg.com or visit www.rns.com.
END
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