Strategic Minerals PLC Cobre Magnetite Stockpile Access Extended (4563E)
February 09 2018 - 6:02AM
UK Regulatory
TIDMSML
RNS Number : 4563E
Strategic Minerals PLC
09 February 2018
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.
9 February 2018
Strategic Minerals plc
("Strategic Minerals" or the "Company" or "SML")
Cobre Magnetite Stockpile Access Extended
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), the diversified
mineral development and production company, is pleased to announce
that the Company's access to the Cobre magnetite stockpile in New
Mexico, USA has been extended to 31 March 2019.
Southern Minerals Group ("SMG"), the wholly owned subsidiary of
the Company, has an existing contract with the owner of the Cobre
Mine for access to the magnetite stockpile, which is subject to an
annual extension. SMG has received confirmation from the Cobre Mine
owner that the existing contract will roll over providing
guaranteed access until 31 March 2019. In line with the contract,
an automatic one-year extension will occur should the owner, prior
to 28 February 2019, fail to notify SMG, in writing, of its
intention to terminate the contract.
Commenting, John Peters, Managing Director of Strategic
Minerals, said:
"We are delighted to have our access at Cobre extended until
April 2019 considering our expectation that the strong sales
achieved in 2017 will continue this year. We have a good working
relationship with the mine owner and, on this basis, it would
suggest that the contract will ultimately continue to rollover
until the entire stockpile is removed.
The expected Cobre sales and existing cash balances place the
Company in a strong position from which we hope to be able to
internally fund exploration programmes at Hanns Camp/Mount Weld and
Redmoor and provide capital to restart the Leigh Creek Copper Mine
operations.
The Board believes that the contract extension augurs well for
another important year for the Company."
For further information, please contact:
+61 (0) 414
Strategic Minerals plc 727 965
John Peters
Managing Director
www.strategicminerals.net
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Notes to Editors
Strategic Minerals Plc is an AIM-quoted, diversified mineral
development and production company with projects in the United
States of America, the UK and Australia. The Company is focused on
acquiring and developing cash generative, high quality projects
which meet local market demand for commodities and utilising this
cash flow to undertake value added exploration.
In September 2011, Strategic Minerals purchased its first
cash-generating asset; the Cobre magnetite tailings dam project in
New Mexico, USA which it brought into production in 2012 and which
continues to provide a revenue stream for the Company. The
portfolio was expanded in January 2016 with the acquisition of
shares in Central Australian Rare Earths Pty Ltd, which holds
tenements in Western Australia that are prospective for cobalt,
gold, nickel sulphides and rare earth elements. The Company has
since acquired all shares in Central Australian Rare Earths Pty
Ltd. In May 2016, an additional exploration asset was acquired when
the Company entered into an agreement with New Age Exploration
Limited to acquire up to 50% of the Redmoor Tin/Tungsten project in
Cornwall, UK. This 50% acquisition was completed in February 2017
and the first drilling programme at the project has been completed.
The Company has also exchanged contracts for the acquisition of the
Leigh Creek Copper Mine, situated in the copper rich belt of South
Australia, which is subject to Conditions Precedent.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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