BMR Group PLC General Update (9708D)
03 May 2017 - 4:00PM
UK Regulatory
TIDMBMR
RNS Number : 9708D
BMR Group PLC
03 May 2017
BMR Group PLC ("BMR" or the "Company")
GENERAL UPDATE
The Directors are pleased to update shareholders on BMR's
progress in respect both of the construction project at Kabwe and
of its interests elsewhere.
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
KABWE
Plant construction
The Directors are pleased to report that construction of the
Kabwe plant remains on track with construction scheduled to
complete in the fourth quarter of 2017, ahead of the start of
commissioning by the end of the year. Provided construction and
commissioning remain on track, the Directors would anticipate
production commencing in the first quarter next year.
ACI drawdown
As announced on 31 March 2017, the Company initiated the first
drawdown under its $5.2 million project construction and trade
finance facility with African Compass International Limited
("ACI").
ACI has advised BMR that it expects to complete the transfer of
$900,000 as the first stage payment under the facility in early May
2017. These funds are scheduled to be deployed to finance the
ongoing construction and for working capital purposes.
The Directors intend to announce each drawdown as it is
completed.
Zambia Environmental Management Agency ("ZEMA")
Subject to clarifying the location of monitoring stations, ZEMA
has given its in principle 'non-objection' approval to the plans
submitted by the Company's environmental consultants, J A
Consultancy, for the monitoring of air, water and personal health
conditions attached to the issuance of the ESIA (Environmental
Social Impact Assessment). Such formalised approval would permit
the Company to operate the plant to process the WPT and LPR waste
products.
J A Consultancy has now started work on the EPB (Environmental
Project Brief) for approval to build the vanadium pentoxide
recovery processing circuit, which is expected to be submitted to
ZEMA within the next two months.
Imperial Smelter Furnace Slag ("ISFS")
The Directors announce that BMR has initiated testing of the
recovery of vanadium from the ISFS with Alfred H Knight.
Drone video
A video of the Kabwe mine tailings, ongoing site construction
and Kashitu exploration has been released and can be found on the
Company's website (www.bmrplc.com).
STAR ZINC
The Directors intend to complete the acquisition of Bushbuck
Resources Limited's Large Scale Prospecting Licence 19653-HQ-LPL
(Star Zinc") as further funds are drawn down under the ACI
facility.
KASHITU EXPLORATION PROGRAMME
In respect of BMR's geological exploration programme in the
Kashitu section of the Kabwe large scale mining licence, the
Directors are pleased to report that independently verified assay
results by Misenge Environmental and Technical Services Ltd of the
Phase 2 drilling samples have returned grades up to 24.86% of zinc,
10.73% of lead and 206 g/tonne of Silver. The average Zinc grades
in Phases 1 and 2 drilling programme which was based on a one metre
deep auger drilling programme and a 50m x 50m grid, have in the BMR
geologist's opinion delineated a core high grade zone in excess of
5% zinc.
In light of these results, the Company has initiated a Phase 3
and 4 to the east of its large scale mining licence, to further
delineate the extent of the surface mineralisation.
ESTER LICENCE, PORTUGAL
Finally, the Board is pleased to announce that, having concluded
the mineralogical examination of samples from the Regoufe area of
the Ester licence, a UK metallurgical laboratory has commenced
scoping metallurgical test work based on materials collected from
that area to identify potential process routes and metal recoveries
of tungsten, tin and precious metals.
Note: This announcement has been reviewed by Geoff Casson, B.Sc.
(Hons), PhD, R Eng (Zambia), Member Engineering Institute of Zambia
(Metallurgy), General Manager of the Company's Zambian subsidiary,
Enviro Processing Ltd, who is a Qualified Person in accordance with
the guidance note for Mining, Oil & Gas Companies issued by the
London Stock Exchange in respect of AIM Companies.
Alex Borrelli, CEO and Chairman, commented: " We are pleased to
announce good progress in all areas of our activities and note
particularly the progress on the construction of our Kabwe
plant."
Ends
For further information:
BMR Group PLC 020 7734 7282
Alex Borrelli, CEO and Chairman
WH Ireland Limited 020 7220 1666
NOMAD and Joint Broker
Chris Fielding, Head of Corporate Finance
Peterhouse Corporate Finance 020 7469 0930
Joint Broker
Lucy Williams/ Duncan Vasey/ Heena Karani
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCMMGGKNZLGNZM
(END) Dow Jones Newswires
May 03, 2017 02:00 ET (06:00 GMT)
BMR Mining (LSE:BMR)
Historical Stock Chart
From Apr 2024 to May 2024
BMR Mining (LSE:BMR)
Historical Stock Chart
From May 2023 to May 2024