TIDMPXC
RNS Number : 1959H
Phoenix Copper Limited
02 December 2020
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
2 December 2020
Phoenix Copper Limited
("Phoenix" or the "Company")
Phoenix Copper appoints New York based EAS Advisors LLC as US
corporate advisor
Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLF), the AIM quoted
North American focused base and precious metals company, is pleased
to announce the appointment of New York-based EAS Advisors LLC
("EAS") as its US corporate adviser to assist it in the financing
strategy for its Empire Open Pit Mine in Idaho, USA.
Founded by Edward Sugar in 2008, EAS is a boutique global
advisory firm focused on helping early stage mining and industrial
groups access US and international financial markets and
institutional capital.
Having participated in over US$6 billion in transactions since
inception, EAS has been instrumental in a number of financing
arrangements and has an exceptional record for backing early
finance deals for a number of natural resource focused
companies.
EAS has been appointed to provide corporate advisory and capital
market services with a view to assisting the Company build its
investor profile in the US over the coming months and to assist the
Company in developing and implementing its financing strategy for
its Empire Open Pit Mine in Idaho, USA.
EAS founder Edward Sugar said:
"We have been following Phoenix Copper's progress for a while
now and are excited to be working with the Phoenix Copper team as
they move forward with the development of their projects in Idaho.
With the copper price at an eight-year high and gold continuing to
trade at historically high prices we believe that, as we approach
2021, investor interest in Phoenix Copper and its project will only
increase. We're looking forward to working with the Company
regarding its ongoing finance and development as well as lifting
its profile in North America."
Marcus Edwards-Jones, Executive Chairman, commented:
"We are delighted to cement a long-standing dialogue by signing
with EAS as our US corporate advisers. We have been impressed by
their innovative ideas on project finance, as well as their
investor base, and look forward to working with them as we develop
our US profile and advance towards production from our Empire Open
Pit Mine, and subsequent projects, at the earliest
opportunity."
About EAS Advisors
EAS Advisors, LLC is a private, New York-based boutique
corporate advisory firm providing a unique service to small and
mid-cap companies operating predominantly in the natural resource
and commodity sectors. The foundation of EAS's business is built on
industry knowledge, capital markets insights and access to a deep
pool of traditional and alternative sources of capital. In addition
to exposure to US investors, EAS provides companies with access to
local industry contacts to enhance their growth and expansion. EAS
operates under the broker dealer license of Odeon Capital Group LLC
- member of FINRA/SIPC/MSRB/NFA. More details on EAS Advisors can
be found on EAS's website at https://easadvisors.com/
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Contacts
For further information please visit
www.phoenixcopperlimited.com or contact:
Phoenix Copper Ryan McDermott Tel: +1 208 954
Limited Dennis Thomas 7039
Richard Wilkins Tel: +44 7827
290 849
Tel: +44 7590
216 657
SP Angel (Nominated David Hignell / Caroline Rowe Tel: +44 20 3470
Adviser) 0470
----------------------------------- -----------------
Brandon Hill Capital Jonathan Evans / Oliver Stansfield Tel: +44 20 3463
(Joint Broker) 5000
----------------------------------- -----------------
WH Ireland (Joint Harry Ansell / Adam Pollock Tel: +44 207
Broker) / Katy Mitchell 2201666
----------------------------------- -----------------
EAS Advisors (US Matt Bonner / Rogier de la Tel: +1 (646)
Corporate Adviser) Rambelje 495-2225
----------------------------------- -----------------
Blytheweigh Tim Blythe / Megan Ray Tel: +44 20 7138
(Financial PR) 3204
----------------------------------- -----------------
Notes
Phoenix Copper Limited is a North American focused, base and
precious metal explorer and developer, which has carried out a
drilling programme and generated a copper, gold, silver and zinc
resource on which it is carrying out a feasibility study to bring
the historically producing Empire Mine in Idaho, USA, back into
production. It is also evaluating the silver and gold resources
around three other past producing mines within the 23 km (2) Empire
claims block as well as cobalt in two claims blocks north of Empire
in Idaho.
Phoenix's primary operations are focused near Mackay, Idaho in
the Alder Creek mining district. This district includes the
historical Empire, Horseshoe, White Knob and Blue Bird Mines, past
producers of copper, gold, silver, zinc, lead and tungsten from
underground mines in the first half of the twentieth century.
Additionally, the district includes Navarre Creek a Carlin-trend
gold discovery which hosts a 6.1 km gold strike length within a 9.8
km(2) area.
Phoenix acquired an 80% interest in the historical Empire Mine
property in 2017 and, based on a total of 320 drill holes, an oxide
resource was completed in late 2017. A NI 43-101 compliant PEA
(preliminary economic assessment) for an open pit heap leach
solvent extraction and electrowinning ("SX-EW") mine was completed
in April 2018. In 2018 a further 8,600 metres in 93 holes was
completed to upgrade the oxide resources, provide samples for
ongoing metallurgical test work, geotechnical and hydrological
studies and condemnation drilling for the heap leach pad site,
waste dump and plant site. An updated NI 43-101 compliant resource
was completed in early May 2020 and October 2020 for all metals.
Present contained metal in all NI 43-101 compliant categories of
resources, measured, indicated and inferred, stand at 355,523
ounces of gold, 129,641 tonnes of copper, 10,133,772 ounces of
silver and 58,440 tonnes of zinc.
Since acquiring the Empire project, Phoenix has increased the
claim area from 818 acres to 5,717 acres, mainly to the northwest
and west, and in so doing has increased the potential for
additional oxide and sulphide copper resources, as well as the
potential for stand-alone gold and silver resources, along a strike
length of approximately 5.4 km towards the other brownfield mines
of the Horseshoe, White Knob and Blue Bird Mines now within the
property boundary. In particular, a new discovery at Red Star, 330
metres north west of the Empire Mine proposed open pit, has
revealed sulphide ore and from three shallow exploration drill
holes a NI 43-101 compliant maiden resource of 1.6 million silver
equivalent ounces was reported.
At Empire, it is estimated that less than 1% of the potential
ore system has been explored to date and, accordingly, there is
significant opportunity to increase the resource through phased
exploration.
More details on the Company, its assets and its objectives can
be found on PXC's website at www. phoenixcopperlimited.com .
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