Cadence Minerals PLC European Metals Holdings - Cinovec PMP Granted (4679L)
April 30 2020 - 3:57AM
UK Regulatory
TIDMKDNC
RNS Number : 4679L
Cadence Minerals PLC
30 April 2020
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
European Metals (AIM: EMH) - Preliminary Mining Permit at
Cinovec Granted.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
the update today from European Metals Holdings Limited ("European
Metals" "EMH" or "the Company") that the Czech Ministry of the
Environment has granted Geomet the Preliminary Mining Permit
related to the Northwestern part of the Cinovec deposit.
The permit has been issued for a period of 8 years. A
Preliminary Mining Permit is a necessary legal pre-qualification
before obtaining a Final Mining Permit and guarantees the company
the priority right to apply for and obtain a Final Mining Area and
a Final Mining Permit. The preliminary approval for the
Northwestern part of the deposit covers an area of 1.27 km2 and,
together with the existing Preliminary Mining Permits, now
encompases the entire Cinovec ore reserve. This permit
significantly strengthens Geomet's position as the only possible
miner and paves the way for obtaining the remaining permits to
start construction, mining, and processing activities.
Cadence Minerals Holding in EMH
Cadence holds approximately 16% percent of the equity in
European Metals, which, through its wholly owned Subsidiary, Geomet
s.r.o. ("Geomet"), 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/14522486.html
European Metals Managing Director Keith Coughlan said; "With
100% of the Cinovec ore reserve now covered by PMP's, Geomet is now
the sole company that can apply for a final mining permit across
the Cinovec Ore Reserve which is Europe's largest hard rock lithium
reserve and a globally significant deposit. With the recent
investment of EUR 29.1 million into Geomet by CEZ, this security of
tenure now allows Geomet to focus on rapidly advancing the
feasibility and permitting of Cinovec."
- 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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