Keras Resources PLC Appointment of COO and Update on Nayega Mn Project (3187X)
29 April 2019 - 4:01PM
UK Regulatory
TIDMKRS
RNS Number : 3187X
Keras Resources PLC
29 April 2019
Keras Resources plc / Index: AIM / Epic: KRS / Sector:
Mining
29 April 2019
Keras Resources plc ('Keras' or the 'Company')
Appointment of Chief Operating Officer and Update on Nayega
Manganese Project
Keras Resources plc, the AIM listed mineral resource company, is
pleased to provide an update on activities at its flagship asset,
the Nayega Manganese ('Mn') Project in northern Togo ('Nayega' or
'the Project') and to announce the appointment of Mr. Graham Stacey
as Keras Chief Operating Officer.
Highlights
-- The Government of Togo and Keras have finalised the drafting
of the Nayega Mining Convention and all documentation related to
the Nayega Exploitation Permit application
o The agreements require ministerial authorisation prior to the
granting of the permit
-- Mr. Graham Stacey appointed Chief Operating Officer to ensure
a seamless transition into commercial production at Nayega
-- Shipping vessel departed Port Lomé on Thursday 26 March
completing the 10,000 tonnes bulk sample
Russell Lamming, Chief Executive Officer of Keras, commented, "I
am pleased to provide this update which is the result of 6 months
of hard work by our management team and the authorities in Togo. We
have spent a significant amount of time with the Togolese
authorities to secure an agreement which will underpin the success
of Nayega over the next decade and provide robust cashflows going
forward. In addition to the commercial benefits to both the
Republic of Togo and Keras shareholders, the agreements include a
Social and Labour plan which will provide funding into the local
communities surrounding the mining operation. We expect
authorisation prior to the wet season starting in the next few
months.
"The conclusion of the successful bulk sample confirms all the
technical, financial and logistical assumptions of our internal
feasibility study and we now look forward to progressing into
commercial production. As part of our progression from explorer to
producer we have appointed Graham Stacey as Chief Operating
Officer. Graham and I have worked together at Chromex Mining where
he was responsible for the construction of the successful Stellite
chrome mine in South Africa. I look forward to working with Graham
to build the Nayega mine and continue to grow the Keras manganese
portfolio."
Details
Keras continues to make notable progress at its 85% owned Nayega
Manganese Project in northern Togo, which hosts a current JORC Code
Mineral Resource of 13.97Mt @ 12.4% Mn. As part of a bulk sampling
metallurgical testwork programme at Nayega, the Company produced
10,000 tonnes of manganese ore which is now being shipped to a
third-party producer of manganese-based alloys.
As the Company focuses on commencing commercial production, it
has appointed Graham Stacey as Chief Operating Officer (non-Board).
Mr. Stacey, who was previously Project Manager at Nayega, is a
qualified Mining Engineer with +20 years' experience across a range
of commodities including underground and opencast mine design,
project execution, operations management and mineral resource
management. He has worked with several international mining
companies, including Anglo American plc, Venmyn Rand Pty Ltd,
Chromex Mining plc and Keaton Energy Holdings Limited. Mr. Stacey
will be appointed a Director of Keras' 100% owned subsidiary,
Southern Iron Limited, which holds the 85% interest in Nayega.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of Russell Lamming, Chief Executive Officer. This
announcement contains inside information for the purposes of
Article 7 of Regulation (EU) 596/2014.
**ENDS**
For further information please visit www.kerasplc.com, follow us
on Twitter @kerasplc or contact the following:
Russell Lamming Keras Resources plc info@kerasplc.com
Nominated Adviser / Joint
Broker
Ewan Leggat / Charlie SP Angel Corporate Finance +44 (0) 20 3470
Bouverat LLP 0470
Financial PR
Isabel de Salis / Cosima +44 (0) 20 7236
Akerman St Brides Partners Ltd 1177
Notes
Keras Resources plc is focused on building a strategic portfolio
of resource assets. The Company provides investors with exposure to
a portfolio of development assets, including manganese, cobalt and
nickel in Togo, West Africa. It also has a significant interest in
Calidus Resources Limited ('Calidus'), a highly prospective gold
exploration and development company in Australia, which is
currently undertaking a Pre-Feasibility Study at its Warrawoona
gold project. Keras benefits from a highly skilled management team,
which has extensive operational experience in Africa and Australia
and proven success in advancing assets up the value curve.
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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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