Cadence Minerals PLC Update - Macarthur Minerals (6739V)
07 November 2017 - 12:27AM
UK Regulatory
TIDMKDNC
RNS Number : 6739V
Cadence Minerals PLC
06 November 2017
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Macarthur Minerals - Agreement to Acquire New Tenement in
Pilbara, Western Australia
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to
report that that Macarthur Minerals Ltd (TSX-V: MMS) has announced
it has entered into an agreement to acquire 100% of granted
exploration license E45/4685 covering an area of 35 square
kilometers in the Pilbara region of Western Australia ("Tenement"),
following the Letter of Intent announced on 12 September 2017.
The Tenement immediately adjoins Macarthur Minerals' Exploration
Licence Applications E45/4824, E45/4708 and E45/4709, comprising
the Hillside Gold Project.
Cadence has a 15.2% equity interest in Macarthur, which is an
Australian mining exploration company focused primarily on lithium,
iron ore and gold in the Pilbara region of Western Australia. It
also has a lithium project in Nevada, USA. On the 25 October 2017,
Macarthur issued a further 3.5 million shares as a result of the
conversion of warrants into shares as a result Cadence equity
position in Macarthur was reduced from 15.7% to 15.2%.
The full release can be found at:
https://web.tmxmoney.com/article.php?newsid=6904021430165222&qm_symbol=MMS:APH
Kiran Morzaria, Chief Executive Officer of Cadence,
commented:
"Historical sampling suggests that this area is highly
prospective for gold with rock chip sampling returning results up
to 447 grams per tonne gold and 7.8% copper. Previous prospecting
has also found surface nugget gold in the area. Adjoining its
three, existing tenement Exploration Licence Applications, we are
pleased that Macarthur Minerals has enlarged its exploration
position in the region."
- 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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