Cadence Minerals PLC European Metals Cinovec Project Update (4973C)
01 October 2018 - 6:17PM
UK Regulatory
TIDMKDNC
RNS Number : 4973C
Cadence Minerals PLC
01 October 2018
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
European Metals (AIM: EMH) Cinovec Project Update - DFS Level
Drilling Permits granted and Lithium Hydroxide Testwork
commenced.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
the update published today by European Metals Holdings Limited
("European Metals") highlighting further significant advancements
made in the development of the Cinovec Lithium-Tin Project
("Cinovec").
Highlights:
-- Permits required for the DFS resource drilling campaign have
been granted, and European Metals has received permission from the
relevant statutory authorities in the Czech Republic for the
commencement of the planned comprehensive diamond drilling
campaign.
-- A total of 13 drill holes for a total drilled length of 3,386 metres have been permitted.
-- The first 4 geotechnical drill holes at the proposed site of
the mine portal have been completed. The rig is continuing with
drilling a further five geotechnical holes along the planned mining
decline route to allow final development ready designs to be
completed for the portal and decline designs.
-- Testing of the revised lithium hydroxide product flowsheet
commenced on schedule at Dorfner Anzaplan in Germany.
Cadence holds approximately 20% of the equity in European
Metals, which, through its wholly owned Subsidiary, Geomet s.r.o.,
controls the mineral exploration licenses awarded by the Czech
State over Cinovec.
The full release can be found at:
https://investegate.co.uk/european-metals-hldg--emh-/rns/dfs-level-drilling-permits-granted---liho-testwork/201810010700034704C/
Cadence Minerals CEO Kiran Morzaria commented: "The permitting
and commencement of the Cinovec DFS drilling programme ahead of the
winter season is a big step forward for European Metals. This,
along with the progress made with the lithium hydroxide flowsheet
has very positive implications for Cinovec project economics and
future valuations. We look forward to the results"
Cadence Holdings
As at the 31 August 2019 Cadence had the following key
investments: 19.7% of the equity in European Metal Holdings, which,
through its wholly owned Subsidiary, Geomet s.r.o., controls the
mineral exploration licenses awarded by the Czech State over
Cinovec; 7.5% of the equity in Bacanora Lithium Plc and 30% of
Mexalit and Megalit joint venture companies. Mexalit is the owner
of the El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 mineral
concessions, which forms part of the 20-year mine plan of the
Sonora Lithium Project in Northern Mexico; 6.6% of Auroch Minerals
Ltd; 4.5% of Clancy Exploration Ltd; 12.1% of Macarthur Minerals
Ltd and 4% of the San Luis lithium exploration project in
Argentina.
- Ends -
For further information:
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 Sinclair-Ford
Hannam & Partners LLP (Joint Broker) +44 (0) 207 907 8500
Neil Passmore
Giles Fitzpatrick
Novum Securities Limited (Joint
Broker) +44 (0) 207 399 9400
Jon Belliss
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.
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.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to
be forward-looking statements. Forward-looking statements are
identi ed by their use of terms and phrases such as "believe"
"could" "should" "envisage" "estimate" "intend" "may" "plan" "will"
or the negative of those variations or comparable expressions
including references to assumptions. These forward-looking
statements are not based on historical facts but rather on the
Directors' current expectations and assumptions regarding the
Company's future growth results of operations performance future
capital and other expenditures (including the amount. nature and
sources of funding thereof) competitive advantages business
prospects and opportunities. Such forward-looking statements re ect
the Directors' current beliefs and assumptions and are based on
information currently available to the Directors. Many factors
could cause actual results to differ materially from the results
discussed in the forward-looking statements including risks
associated with vulnerability to general economic and business
conditions competition environmental and other regulatory changes
actions by governmental authorities the availability of capital
markets reliance on key personnel uninsured and underinsured losses
and other factors many of which are beyond the control of the
Company. Although any forward-looking statements contained in this
announcement are based upon what the Directors believe to be
reasonable assumptions. The Company cannot assure investors that
actual results will be consistent with such forward-looking
statements.
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END
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