Cadence Minerals PLC Update - Bacanora Minerals (3927V)
02 November 2017 - 9:00PM
UK Regulatory
TIDMKDNC
RNS Number : 3927V
Cadence Minerals PLC
02 November 2017
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Feasibility Study Update and Surface Rights Secured for Sonora
Lithium Project
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to
announce that Bacanora Minerals (AIM: BCN, TSXV: BCN) ("Bacanora")
has secured access and surface rights for the Sonora Lithium
Project ("Sonora" or the "Project") in Mexico. This is in line with
Bacanora's strategy to construct an open-pit mine and large-scale
beneficiation processing facility at Sonora, which is one of the
world's larger deposits. In addition it has further progressed its
Feasibility Study ("FS") for a 35,000 tonnes per annum lithium
carbonate operation at Sonora. The FS is on course for completion
in late 2017.
Highlights from the Bacanora Release
-- The access and surface rights mainly relate to the land area
covering mineral resources contained within the La Ventana, Fleur
and El Sauz areas.
-- Bacanora has entered into binding agreements to acquire the
freehold to two parcels of land which, following completion of the
FS, will provide with unrestricted access to develop the Project
and operate it for the initial life of mine.
-- Siginificant progress toward the completion of the FS by the end of 2017 has been made;
-- Vendor quotes for the supply of equipment have been received
-- Reagent and chemical supply pricings have been received
-- Mass and Energy Balances and detailed flow sheets completed
-- The pilot plant in Hermosillo continues to operate to produce
battery grade lithium carbonate product samples and Bacanora
receives ongoing feedback from future customers in Asia.
The full release can be found at:
https://web.tmxmoney.com/article.php?newsid=7518385809616384&qm_symbol=BCN
Kiran Morzaria, Chief Executive Officer of Cadence,
commented:
"Securing the access and surface rights represents another major
step for the Sonora Project in delivering its planned, large scale
lithium production facility."
- Ends -
For further information,
please contact.
Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD
& Broker) +44 (0) 207 220 1666
James Joyce
James Bavister
Hannam & Partners LLP (Joint
Broker) +44 (0) 207 907 8500
Neil Passmore
Giles Fitzpatrick
Square1 Consulting +44 (0) 207 929 5599
David Bick
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the
information contained in this announcement. Kiran holds a Bachelor
of Engineering (Industrial Geology) from the Camborne School of
Mines and an MBA (Finance) from CASS Business School.
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world.
The planet needs rechargeable batteries on a global scale -
upcoming supersized passenger vehicles, lorries and buses - require
lithium and other technology minerals to power their cells. Cadence
is helping find these minerals in new places and extracting them in
new ways, which will meet the demand of this burgeoning market.
With over GBP25 million vested in key assets globally, Cadence is
helping us reach tomorrow, today.
Cadence invests across the globe, principally in lithium mining
projects. Its primary strategy is taking significant economic
stakes in upstream exploration and development assets within
strategic metals. We identify assets that have strategic cost
advantages that are not replicable, with the aim of achieving lower
quartile production costs. The combination of this approach and
seeking value opportunities allows us to identify projects capable
of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing,
fund management and deal structuring knowledge and experience, that
is supported by access to key marketing, political and industry
contacts. These resources are leveraged not only in our investment
decisions but also in continuing support of our investments,
whether it be increasing market awareness of an asset, or advising
on product mix or path to production. Cadence Mineral's goal is to
assist management to rapidly develop the project up the value curve
and deliver excellent returns on its investments.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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