TIDMPXC
RNS Number : 6417W
Phoenix Copper Limited
27 April 2021
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
27 April 2021
Phoenix Copper Limited
("Phoenix" or the "Company")
Appointment of Director and Creation of Advisory Board
Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLF), the AIM quoted
North American focused base and precious metals emerging producer
and exploration company, is pleased to announce that Catherine
Evans has been appointed a Non-Executive Director of the Company
with effect from 1 May 2021. In addition, Dennis Thomas is retiring
as a Non-Executive Director from the same date and will join the
Company's newly created Advisory Board. He will also continue with
his executive role as VP Investor Relations in a non-board
position. Harry Kenyon-Slaney has also agreed to join the Advisory
Board.
Following these changes, the Board will continue to consist of
seven Directors, three executive and four non-executive, of whom
two will be deemed to be independent, including Catherine Evans.
The Advisory Board will consist of two members.
Marcus Edwards-Jones, Executive Chairman, commented:
"I would like to welcome Ms Catherine Evans as an independent
Non-Executive Director. Catherine has over 20 years of experience
in institutional investment sales in the UK, Europe, Hong Kong and
South Africa. She started her career with a US brokerage firm,
before joining Pictet Asset Management. Catherine then spent 10
years working in alternatives, specifically hedge funds, before
joining the founding team of Fundsmith as Institutional Sales
Director prior to the launch of the highly successful Fundsmith
Equity Fund. As the Company grows and nears production, we are on
the radar of institutional investors, some of which participated in
our recent fundraising. Catherine's experience will enable us to
engage more effectively with this wider universe of investors.
"As we expand and look to develop several of our projects
simultaneously, the necessity of having high quality advice becomes
increasingly important. To this end we have formed an Advisory
Board. Our founder, former CEO and Head of Investor Relations,
Dennis Thomas, has kindly agreed to be its first member.
"We are also delighted that Harry Kenyon-Slaney is joining our
new Advisory Board. Harry is Chairman of Gem Diamonds Limited, a
non-executive director of Sibanye-Stillwater Ltd, a member of the
advisory board of Schenck Process AG and a senior advisor to
McKinsey & Co. Harry, who is a geologist by training, has more
than 37 years of experience in the mining industry, principally
with Rio Tinto PLC. As a member of Rio Tinto's Group Executive
committee, he held the roles of Chief Executive - Energy, and
before that, Chief Executive - Diamonds and Minerals.
"Harry's participation in our projects and his operational
experience are highly welcomed as we advance from exploration into
development and production."
Catherine Evans
The following information regarding the appointment of Catherine
Corrinne Evans, also known as Catherine Corrinne Horlick (aged 50)
is required to be disclosed under Schedule 2(g) of the AIM Rules
for Companies:
Current Directorships Previous Directorships within
the last five years
Chipping Norton Literary Festival Sensify Solutions Limited
------------------------------
26 Queensberry Place Limited Sensify (UK) Limited
------------------------------
Catherine Evans, together with her husband, are the beneficial
holders of a total of 401,094 shares in the Company which
represents 0.35 per cent. of the total issued share capital of the
Company.
There are no further disclosures to be made under Schedule 2g of
the AIM Rules for Companies.
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
Limited Dennis Thomas 954 7039
Richard Wilkins Tel: +44 7827
290 849
Tel: +44 7590
216 657
SP Angel (Nominated David Hignell / Caroline Tel: +44 20
Adviser) Rowe 3470 0470
----------------------------------- ---------------
Brandon Hill Jonathan Evans / Oliver Stansfield Tel: +44 20
Capital (Joint 3463 5000
Broker)
----------------------------------- ---------------
WH Ireland (Joint Harry Ansell / Adam Pollock Tel: +44 207
Broker) / Katy Mitchell 2201666
----------------------------------- ---------------
Panmure Gordon John Prior / Hugh Rich / Tel: +44 20
(UK) Limited Ailsa Macmaster 7886 2500
(Joint Broker)
----------------------------------- ---------------
EAS Advisors Matt Bonner / Rogier de la Tel: +1 (646)
(US Corporate Rambelje 495-2225
Adviser)
----------------------------------- ---------------
Blytheweigh Tim Blythe / Megan Ray Tel: +44 20
(Financial PR) 7138 3204
----------------------------------- ---------------
Notes
Phoenix Copper Limited is a USA focused, base and precious metal
emerging producer and exploration company, 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. Following the latest NI 43-101
compliant resource, Phoenix updated its economic model in February
2021 to include the processing of all contained metals through a
two phased approach.
Since acquiring the Empire project, Phoenix has increased the
claim area from 818 acres (3.3 sq km) to 6,877 acres (27.8 sq km),
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 high grade silver / lead 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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